in the blink of an eye in universe scale time, just ten thousand years. Species evolutions are on a much slower timescale. The sudden appearance of self-awareness. The radical shift in potential for cooperation over competition and the brutality of Nature.
Our species will probably avoid complete destruction of itself and other life on the planet, even with all the chaos that exists in our mental natures. But the chaos is the human experience, and the creative energy is more powerful than the rational energy. Much of the rational energy is reductionist, producing an efficient economy that is a desperate rat race for much of humanity. The creative energy produces the innovations, the music, the expression of human passions, the things we identify with a meaningful life of aspiration.
Thought is a constant convolution of competing and complementary themes, linear and fractal, tonal and atonal, symbolic and chemical.
I'm not trivializing "our" debt situation, only clarifying whose debt it actually is. One way it is arguably worse is in corporate debt, which has skyrocketed with cheap interest rates. It was a move to basically plunder corporate wealth by executives who borrowed to bid their own stock prices up rather than do capital investment. They then stole it with the stock options they awarded themselves.
So now we have heavy federal government debt, heavy municipal government debt, heavy consumer mortgage debt, heavy credit card debt, heavy student loan debt, heavy dollar holdings outside the US supporting the trade debt, and heavy corporate debt. And the big banks have been given a "get out of jail free card" to unload their bad assets (mortgages and commercial loans) onto the Federal Reserve in exchange for cash at full non market valuation.
The QE program prints money without creating debt. It is used for two different purposes. First, to buy US Treasury bonds from the US government, which does create new debt for them when they are new issue. Second, is to buy asset backed securities (mostly mortgages) from banks, in order to make them solvent again. That part creates no debt for anyone.
In a technical accounting sense, every US dollar (printed by the US Treasury, or created electronically by the Federal Reserve) is a claim on Federal Reserve assets. But the way fiat currency works in practice, those claims are only nominal. Those ideas harken back to the gold standard, where the Federal Reserve had Fort Knox and all dollar holders could exchange for bold bullion. That world doesn't exist any more.
I think most of us know all that by now. But your $17B figure is total US debt, not the stimulus since 2008, which is less than a quarter of that. It wasn't meant to 'transform' the people, it was meant to avoid the destruction of the financial system, and it would in fact have collapsed. Yes, there are reasonable resentments directed at NY banks for their corrupt behavior of privatizing profits and socializing risk. They have been doing it since the 1970's and have been saved a number of times.
None of those stimulus actions created jobs, low paying or otherwise. In fact, during the same period, many public sector jobs were lost.
The bailouts have not increased unemployment, nor have they depreciated the dollar in any meaningful way as a direct result. The reason for that is a complicated artifact of the global economy.
America has a big problem with employment, but it existed before the financial crisis. It did get worse because of the crisis, as private business profits skyrocketed. Resentments are high over that situation which nobody knows how to fix without hurting entrenched power.
If the Fed 'gave money directly to the people' then there is no debt created in the process.
Deposits show up in bank accounts or on entitlement ATM cards.
I was watching one of my favorite movies, Spanglish, and the part came where Cloris Leachman (as the elder parent) tells Tea Leoni (her daughter) that "lately, honey, your low self-esteem is just good common sense".
I wish I'd written that.
It would more likely end up doing no good, other than create inflation in rental property, food, and basic necessities. It doesn't add to production for a long time.
You know mr.friendly is also plashadpobedy with the anal fixation. He is also fuujiforum (sp?) although he doesn't use that one much.
As part of my regular job, I have submitted the 9 year old shooting for a 2014 Darwin award. Such an excellent candidate.
My wife is a very active real estate agent, and she has expensive homes listed that aren't getting seen at all. Its really dead out there in August. Slowdown started 2 months ago.
Let me introduce a distinction here, I think we're on two different wavelengths, but your response was meaningful. We can tolerate a fiat currency if it is backed by the realistic taxing authority of the government that guarantees it. We used to have that in the United States, after we gave up the gold standard for domestic use in 1933. We had lost it by 1971 when we could no longer settle our international trade deficit in gold.
I believe a real economy has a bank interest rate that reflects the rate of inflation, the availability of real capital backed by banks with adequate capital reserves and the integrity to take their own capital losses when they lend frivolously, and isn't playing games of labor arbitrage globally and covering them with unsustainable credit liabilities in its entitlement programs. A real economy has government borrowing for extraordinary needs like war or handling natural disasters, not for running Ponzi schemes in guaranteeing Wall Street the socialization of financial loss, or in entitlement programs that are seriously underfunded, like Social Security, Obamacare, and Medicare.
In essence all major players in our economy have defrauded us, the government, big business, big banks and energy companies that have enabled us to generate massive global trade debt for oil. Each plays by contorted rules designed to enrich themselves in a criminal fashion.
Bankers anoint borrowers with loans. Debts are the sacred relics of Money Religion.
It is Money Religion we love the most in America, and it gives us much cover for extraordinary abuses to each other.
Injustice is better than starvation.
Do you remember the Seinfeld episode where the telephone company installer came to Elaine's house and gave her a new number that wasn't in the 212 area code ? After hearing her pleas, he looked her in the eye and said he'd heard every form of circular logic and wasn't buying it.
If you say so, it must be true. I'm glad I finally located the person responsible for defining "Objective".
Its a Happy Day for me.
Your grasp of political reality isn't that strong. Never overestimate the inherent power of your own understanding, and I mean that in a nice way.