American - Activist | -
If you look at the US economy over the last 15-20 years wages have been stagnating or even declining.
David Korten
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My own experience in the third world was that even if people started to make more money, the cost of living and housing increased often faster than the wages.
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Money flows into the US, and inflates US assets, and allows the US to have a monstrous trade deficit. That means we are consuming more than we are producing.
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But in the past, US companies have been able to increase their profits through downsizing in the US, through colonizing other people's resources, and through the increase of globalization.
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Money is not wealth. Money is a claim on wealth.
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But we can also take the radical view that the test of an economy has to do with the extent to which it is providing everybody with a decent means of living.
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The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.
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Europeans say they are proud of their social fabric, of strong rights for workers and the weak in society.
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Wall Street sees a social fabric or social contract as inefficiencies, which need to be removed.
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The EU will face problems similar to the US: an increasing gap between the citizens and decision makers in Brussels and a perceived or even real lack of democracy.
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Money is a mechanism for control.
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We should be moving toward local currencies not global or European currencies.
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