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America’s Deceptive Fiscal Cliff

December 31st, 2012 · No Comments

America’s Deceptive Fiscal Cliff
The Financial War Against the Economy at Large
by MICHAEL HUDSON
http://www.counterpunch.org/2012/12/31/the-financial-war-against-the-economy-at-large/
Today’s economic warfare is not the kind waged a century ago between labor and its industrial employers. Finance has moved to capture the economy at large, industry and mining, public infrastructure (via privatization) and now even the educational system. (At over $1 trillion, U.S. student loan debt came to exceed credit-card debt in 2012.) The weapon in this financial warfare is no longer military force. The tactic is to load economies (governments, companies and families) with debt, siphon off their income as debt service and then foreclose when debtors lack the means to pay. Indebting government gives creditors a lever to pry away land, public infrastructure and other property in the public domain. Indebting companies enables creditors to seize employee pension savings. And Indebting labor means that it no longer is necessary to hire strikebreakers to attack union organizers and strikers.

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