A Book on what it costs to prop up Capitalism?
What does it cost to prop up an increasingly unstable post capitalist economic system? The 2008 crisis cost an estimated $20+ Trillion USD globally. And this was just a slightly bigger than normal blip. There are a lot of insights in Joyce Nelson’s book Beyond Banksters: Resisting the New Feudalism, from Watershed Sentinel Books. https://watershedsentinel.ca/beyond-banksters/
Nelson sheds light on a law suit that is slowly moving through the Canada’s court system that would require the Bank of Canada to return to financing federal, provincial and local governments as it did prior to 1974. Since then our governments have borrowed at significantly higher interest rates from our big banks – much to their profit.
The cost to citizens of Canada has been in the hundreds of billions of dollars.
And what do we get for this shift? Stagnating incomes of middle class Canadians, growing income inequality and of course a decreasing ability for government to serve Canadians. We cannot afford to educate children, pay rising healthcare costs, look after the elderly or protect our environment. The purpose of the banks, who are the recipients of the higher interest rates on government borrowing, is to provide people with financial services or build a healthy economy but to maximize the returns to their shareholders.
This is a clearly written, well researched book. If you want a short introduction to help you decide this is a book you want to read try Ed Finn’s review at: http://behindthenumbers.ca/2017/01/16/beyond-banksters-eye-opening-expose-ravenous-financial-system/
This is a book that should be on every university student’s curriculum so they can better understand why their future will not likely allow them to pay down their student debt or find a career. Remember, when it comes to those who run Canada, the bankers come first.