A Jimmy Dore interview of Daniel Ratigan and other reformers utilization of US global dominance of W

https://www.youtube.com/watch?v=jdeRF5KiUm0

Look how Danny boy talks about how the World has 80% of its assets denominated in dollars as it were a voluntary act by our fellow non American human beings around the globe. If America did not have thousands of nukes, over thousand military bases, hundreds of thousands of James bonds secret police men with a license to kill, etc.... Most people now holding these worthless dollars would use them to fuel a vast bonfire roasting American gangsters.

Typically a person only has foreign currency to buy foreign goods and services. Commodities in a functioning market place only exchanges at equivalent value. The US does not produce 80% of the World's good and services. The US does not allow foreigners to fully utilize their dollar holding, i.e. purchase US assets, on NATIONAL SECURITY grounds. It should be obvious to all, that foreigners holding 80% of US currency, which are nothing more then glorified IOUs, could easily buy the US many times over. This means that the US is essentially bankrupt. It has been bankrupted ever since it got kicked out of the Gold and on to the Oil back by military muscle standard decades ago by President Nixon.

Getting back to Danny Boy. He would have you ignored the military side of the equation which keeps this bankrupted society going and count on this loot being shared by the greedy capitalist American ruling class with their wage slaves. Danny does not care about the the cost of this reform being placed painfully on the backs of foreign wage slaves of the same American ruling class. Granted local foreign capitalists are allocated a share of the loot.

Danny does not realize that every billionaire needs this money, this so called printed/digital money or IOU on future goods and services to maintain themselves in their billionaire state. Which billionaire will Danny Boy point out to us, who will make this noble sacrifice and drop out of the ranks of the billionaires ruling class?

Its not a matter of growing out the economy and making the debt go away. This is Keynesian nonsense. Debt is a relationship between the ruling class creditors and working class surplus producing debtors. Debt could no more disappear then could the capitalist class, which survives on this debt relationship.

For this debt feeds an absolute and very definable number of capitalists in a real time sense. All living humans have to consume today, to maintain themselves as a capitalist or worker. A loan is NOT consumption deferred, it is transaction which reproduces the relationship between a debtor and his creditor. No capitalist can consume all his capital and still remain a capitalist, so he performs no sacrifice in deferring his consumption.

If debt would cease to exist so would the creditor, who would be reduced to the state of being a worker. While the worker who stops being s debtor, will remain what he is a worker, albeit with out the heavy load of debt on his or her shoulders.

All societies must put away surpluses for social goods that benefit all and especially the weak or immature in society. However the act of accumulating surpluses from the vast majority of individuals for private goods of a few individuals presumes that the public servants cannot be trusted with those surpluses. That the state can only protect the private interests of individuals. That these powerful individuals have the power to protect individual right to private property, i.e. these socialized surpluses, against the power of the state. As King Louis the 14 of France once said that he personally is the state. Capitalists as class make the same claim only surreptitiously.

One has to assume that out of these private interests, social good will be produced. This is something harder to believe in then any kind of God that has ever been invented. However the contradiction still exists, how much more corruptible will a public servant be, when beyond his or her own personal greed, they have to contend with a powerful cabal of powerful private surplus hoarders, i.e. capitalists.

Debt is the solution in this process of surplus accumulation and redistribution into the hands of the private few. It takes away the difficult to implement duty of the state to hoard surpluses directly for the benefit of private individuals. Debt specifically public debt is the way public surpluses are accumulated by the state for the benefit of private hoarders. Instead of a tax on the capitalist to finance social goods, the state enters into a debt relationship on behalf of an unaware working class with it capitalist class, promising future exploitation of workers for "social goods defined" by the capitalist class itself. Of course private debt does similar work on a smaller scale between private individuals using the the state as enforcer of the will of the creditor as represented in the contract.

It hides and turns on its head the respective essentially immoral status of the parasitical private creditor and surplus producing debtors. Morality becomes the explanation. Some act of immorality on the part of the debtor has put him in the position to contract debt and some kind of virtue, i.e. the deferred consumption virtue, on the part of the creditor. When confronting a torrent of transactions few have time to calculate were true virtue and sin lies.

Social inequality is precisely defined within this orbit of debt. The greater the debt the greater the inequality. Indeed the greater the inequality the greater is the power of the creditor to force more onerous terms on the debtor. It is a race to the bottom and social chaos. Primitive monarchical societies would often feature a debt jubilee on the inauguration of an new King, who has not yet established his power over the state. Canceling all past debt, while carefully preserving the right to accumulate more debt. No class society could exist without this relationship between creditors and debtors. Of course this is a relationship which only grows more poisonous to society over time. It is an endless cycle of pain and suffering.

Returning to the erstwhile reformist program of Ratigan to use the the US domination of the World monetary system to address inequality in the US, we can see now that it is utterly oxymoronic. For money is debt, debt is inequality, creating more debt to relieve inequality is only possible domestically by increasing it else where. This has been long the program of every imperialist power throughout history, beyond the capitalist variations.

In imperial Athens the Pantheon was funded and built on the genocide and enslavement of former allies in its Delian league.