The financial situation of the United States is precarious, getting increasingly close to insolvency. Other nations around the globe face similar situations: Greece, Spain, Italy. But even rich nations with a huge foreign trade surplus like Germany or Japan teeter at the brink of financial collapse. How can it be that basically the entire world is broke? Who has all the money that those nations owe?
In a paper “The Money Syndrome” I have elaborated in detail about the reasons of this worldwide debt crisis, which does not only encompass governments, but also millions, if not billions of individuals and most corporations. The ideology of positive interest rates depends on economic growth of at least the same size, or else this system turns into the ultimate pyramid scheme redistributing wealth from the lower and middle class to the rich and super-rich.
In a limited economic system called Planet Earth, however, unlimited growth is impossible. So the pyramid scheme inevitable will kick in, once growth slackens.
In this radio show with Dr. David Duke I summarize and explain my paper.