I came to the idea of the credit card being a huge cause of wealth inequity basically on my own. The more I thought about it, the more it seemed that the hording of great amounts of wealth to the detriment of those without wealth began to get out of control in about the 1950s. I stand by that. But taking a nosedive into the history of money gave me another angle to look at, and that apparently began in Britain in 1931:

The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931 and the U.S. followed suit in 1933 and abandoned the remnants of the system in 1973. The gold standard was completely replaced by fiat money, a term to describe currency that is used because of a government’s order, or fiat, that the currency must be accepted as a means of payment.

Fiat means an arbitrary decree of a governing body. When the gold standard was abolished, and fiat money took over, control of the amount of money that could be printed was lost. The value of money has always been arbitrary, but using a given amount of gold meant it had an understandable value. Money represented an established amount of gold. This is no longer true.

So, with there being an unlimited supply of money, based simply on how long it took to print or coin money, wealth became a game, and only a select few were allowed to play it. And play it, playing with money, is what they did. Then add in the completely uncontrollable idea of credit, with its concomitant interest charges, and money did not even have to be printed to be, in any degree, real. As I said last post, money became just numbers on paper, and then just numbers in a computer program. There is now more money existing only inside computers than there is printed or coined money. When we buy on credit, our only limit is how much credit someone allows us to use. Add on interest paid to use that non-existent money, and we end up paying more money than the already profit-driven value of the product that we bought is worth.

There is more debt in this world than there is money to pay for it!

This brings me to the first step of Conscience Capitalism, and that is to begin to level the playing field. In our present economic cultures, the field of play is tilted at such an extremely sharp angle, metaphorically around 88 degrees–2 degrees off vertical, that most of us here at the lower end will never be able to climb up to the higher end. And this is done intentionally by those people who are already at the top. We are trodden down so the wealth owners always have work-slaves to create even more wealth for them–wealth they cannot ever use.

How to begin to level the playing field? Call me crazy, call me daft, call me anything you like, but Step One is to abolish all debt. Legislate it right out of existence. We cannot afford to repay it, and the wealthy have no need for us to repay it. Debt is doing no one any good, so get rid of it. And, if the politicians refuse to serve the people in this way, force them to do it. Run our credit up as high as we are allowed, and then we inundate the court system with bankruptcy claims. Grind the economy to a halt. There are 8 billion of us, and maybe a million or so of them. If we stop paying our debts, they cannot stop us! They will not even be able to arrest us, because there will be no wealth police to try. Wealthy people have no idea how to do their own dirty work. There will be no value in it.

Just to be clear, when I say abolish all debt, I am not just talking personal debt, but all public debt too. Our governments all owe money to someone (exactly who is unclear!). We call this the deficit. Remember, it is not us the poor workers who create this debt, it is the wealthy who spend their money on our behalf! What a load of bullshit! What they are doing is holding us interest-hostage. The largest amount of our tax dollars goes to pay the interest on the money our governments owe. But who gets these interest payments? Certainly not us. We are the public debtors, on top of our own already impossible-to-repay personal debts. And this is where our tax dollars go. Not the tax dollars of the wealthy, because they are given tax reductions on top of loopholes on top of books cooked to hide the income the wealthy are actually taking out of the economy, while telling us they are putting their money into our economy.

The greatest crime there is against us work-slaves is not just holding us down, but charging us interest compounded on interest compounded on interest to keep us down. The money charged for using money is more than any government can afford. And the myth that governments are trying to reduce the public debt to zero is just so much poppycock. The more a government owes, the wealthier the already too wealthy become. So, all debt, personal and public, must be eradicated without prejudice. Thus the playing field begins to level out.

That is just Step One. More will follow.

Author: rawgod

A man with a lot of strange experiences in my life. Haven't traveled that much per se, but have lived in a lot of different areas. English is the only language I have mastered, and the older I get, the more of it I lose. Seniorhood gives me more time to self-reflect, but since time seems to go much faster, it feels like I don't have as much time for living as my younger selves did. I believe in spiritual atheism and responsible anarchy. These do not have to be oxymorons. Imagination is an incredible tool. I can imagine a lot of things.

18 thoughts on “CONSCIENCE CAPITALISM (part two)”

  1. Hello Rawgod. When you advocate to simply wipe out debt, wouldn’t that end the credit system? Which would hurt the lower incomes worse because they wouldn’t have access to goods and services that due to prices require time payments? If all items must be paid for in full then only the wealthy will be able to have those goods.


    1. You are not listening to what I have not said yet, Scottie, if that makes any sense. I would love to put it all into one post but I have been told by the experts no one will read it if it us too long.
      I hope you read the Precursor (part one), because that should give you a hint where I am going with this. Wiping out the credit system will not alone create a level playing field, but maybe income equity will help that even further. That will be the name of the next installment.
      I actually wrote part two with the list of steps I see being necessary to create Conscience Capitalism, but each step needed some explanation or it made no sense. The post got way too long! So, please have patience. For now, just enjoy the idea of having no debt. Wouldn’t that be a huge stress release, all by itself?
      And patience will be needed, as for the next three days I have to go traveling for medical purposes, and I will get little to no writing done. Life gets in the way.

      Liked by 1 person

    2. There is a biblical practice in ancient Israel called the year of release. Every seven years all debts were to be cancelled by everyone on everything. It’s probably a very sound principle and leads to great wealth and no income housing. Your basic needs are met on a much larger scale. Of course the lawyers got ahold of the law and manipulated it to benefit the elite, but to hedge that practice could also be part of the law.
      There will always be those that slip through the cracks, but overall it would lead to a greater life of leisure and decreased stress.

      Liked by 1 person

      1. Was probably a good idea at the time, and might even work today, except credit card companies would demand all debts be fully paid in six years and probably raise interest rates the closer the deadline approached.
        If the credit companies were to stop charging outrageous interest rates, that might go a long way to improving life, but really, I hope we can do even better than that.


  2. Actually, the concept of a few having all the wealth that they ‘earn’ by working the rest for a pittance is not even new to the 20th century, but has been around forever, just not as blatantly greedy as it has become over the last 100 years or so. Your idea of cancelling all debt, while lovely, is unworkable and you probably already know that. My proposal instead would be that we educate people to avoid debt at all costs. I have no debt. No car payments, no credit cards or loans … only my monthly rent, utilities and groceries. If everyone did this, the high financiers would likely go out of business quickly. The answer lies in people’s behaviour … we cannot simply let people buy cars and houses they cannot afford, then cancel that debt, for that isn’t fair, either. People must learn to be more fiscally responsible. The poor cannot get credit anyway, but it is the middle income group that abuses their credit card privileges every time they see something they want … not need, just want. There is no panacea here, only small steps that cumulatively can put a dent in the uber-capitalism that exists in the industrialized world today.

    Liked by 1 person

    1. The wealthy few came to us from the far past, where the royal few owned the poor many. What we have today is the wealthy few controlling the poor many. Different labels, same shit. But it is only in the last hundred years or so that the wealthy have become the super-wealthy, while the poor have become often homeless.
      But cancelling the debt is not unworkable, it just sounds that way to those who have no concept of doing things differently. Though self-styled, I am a dreamer, a visionary. I look where others cannot see, I see what others cannot imagine.
      Small changes take a long time, giving the top few time to adjust, to prepare, to prevent. This is what happened to Marxism. Marx made predictions, the capitalists read them, and made sure the predictions did not happen, yet. But that did not make Marx wrong, only short-sighted. When you say cancelling all debt is unworkable, you are being short-sighted, no offence to you. You are steeped in capitalism, even though you are near the bottom rung of the ladder. I don’t believe there has to be a ladder. I can see cancelling all debt working, because ultimately no one gets hurt. We, the poor, gain buying power, and they, the wealthy, already have so much money to deprive them of more money only hurts their egos, but not them people. They are not hurting now, taking away more future wealth will not hurt them in the future.
      But enough, I see in another comment you have not read the Precursor. I hope, when you do, you will start to see some of my inspirations, and some of my motivations.
      And as I reiterated to Scottie, there is more yet to come. Possibly lots more…

      Liked by 1 person

      1. I am a dreamer, a visionary. Just remember, rawgod, that hard, cold facts often get in the way of many dreams and visions. 😀

        I do have a problem with one of Jill’s remarks, however. She wrote we cannot simply let people buy cars and houses they cannot afford. While the core reasoning is solid, cars and houses are pretty much necessities for most people. Few can outright buy either one.

        Liked by 1 person

        1. They don’t get in my way, Nan. They don’t have to get in yours. But you, and a helluva lot of others, are living in the real world. I don’t let reality dictate what I can and cannot imagine. Again, no offence, but it is the dreamers of the world who change reality. I am not going to say I will change reality, but something I think and say might. One never knows. I will not stop imagining, ever. I hope not even death will stop that.


            1. Really, Jill? I am happy living the life I have. I have no desire for more. I do not have much, but I do not need much. Gail won’t let me, but I could easily eat the same meals day after day, drink the same liquids, live in a one room dwelling. Those are just the physical or material trappings of life. And the things I do have, I would give them up if I had to. I would go homeless, though I would have to move to a nicer climate. Even my love of cats and horses are external, though I would miss them. I live in my head, my friendships with people like you are what I live for. I live for ideas, and ideals. I’ve done it before, I can do it again.

              Liked by 1 person

        2. You make a valid point, Nan, and to an extent I stand corrected. Yes, cars and houses are something that most people (myself included) would have to go into debt to afford. But … banks and lending institutions often finance such things well beyond what the person can afford to repay … which is mainly what caused the financial crisis of 2007-2008. Some would encourage people to go so far into debt they would never climb out, and I find that unconscionable.

          Liked by 1 person

      2. To be a dreamer, a visionary, is a grand thing, but still, you live within the constraints of the real world. Your dreams and visions are great to write about, my friend, but they do not survive in the real world. This is a flawed world we live in, run by the wealthiest, no matter what country we’re talking about, and the perfect world you imagine can never exist as long as humans are at the helm.

        Liked by 1 person

          1. That may very well happen, my friend. The human species seems to be intent on self-annihilation either through lack of care of the only home we have, or through the use of man-made weaponry. The world, the rest of the species, would be much better off without humans. Sigh.

            Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s