It’s a Mad, Mad, Mad World!

I read recently that worldwide debt is a staggering 212% of the value of global assets.

Just to be sure – here’s that sentence again.

I read recently that worldwide debt is a staggering 212% of the value of global assets.

It says that globally we “owe” more than twice what the entire planet is “worth”. Really, how is that possible, how can you even calculate it? These words are also meaningless to the vast majority of the world’s population; it is utter insanity piled upon yet more insanity. The debt has no basis in the physical real world, it’s not a pile of gold held somewhere until we have paid our dues; it is not a mortgage we can pay off by working harder. It is an imaginary thing which is traded and swapped between banks and countries somewhere in the electronic ether of the financial system in order to make the rich richer.

So, the question is who benefits from this charade? Is it you, me, our families and friends, anyone we know, our country, our businesses? There are roughly 7 billion people on the planet. Let us say there are a million senior bankers that is less than 0.02% of the global population. This miniscule proportion seems to hold the keys to the kingdom. Or is it what some conspiracy theorists suggest some secret Masonic club, a shadow government of the super rich? Don’t laugh there are some who believe it.

For example, at this point in time in the UK less than 10% of the money in the economy is actually cash; the rest takes the form of credit that is created electronically by private banks through the accounting processes they follow when they make loans. If you don’t conform to the banks criteria for credit and you need a few quid, then you are guided to so called “pay day lenders” whose interest rates are eye wateringly high.

All of this of course is as absurd as the thinking the IMF and the World Bank are somehow philanthropic organisations. They operate under the same paradigm as the financial institutions; money is king and the world needs more of it. The IMF and the World Bank will only lend it to people & countries if they will do what as they are told. Hence the system is self perpetuating. Banks “create” money and then indulge in ludicrous speculation to increase this imaginary sum. The bubble bursts and it is the honest Joe taxpayer who bails them out. We are all complicit in perpetuating the system; this is madness and it has to stop.

What would happen then if, en masse, all the indebted turned round and said, up yours bankers we’re not paying? Would this be a huge catastrophe as we are expected to believe? Would be the end of the world as we know it? Well we can but hope.

My work background is in operational meteorology and in my career I have been involved in forecasting for everything from bananas to jumbo jets.I joined the Met Office 1974 as an observer at Glasgow Airport. After training as a forecaster, I worked as an Operational aviation forecaster at various defence sites and airports. In 1982, I moved to Glasgow Weather Centre as a forecaster and STV broadcaster till 1988. He then took up a post as Senior Forecaster London Weather Centre, then Senior Forecaster ITV where I qualified as a trainer in presentation techniques for the ITV Association. After being diagnosed with MS, he moved into management and became Head of London Weather Centre in 1997 followed by a period of front-line management for Southern England and Europe covering London and Cardiff Weather Centres and the Met Offices on defence stations from Akrotiri in Cyprus to St Mawgan in Cornwall. He took up the post of Met Office Chief Advisor for Scotland & Northern Ireland in March 2008 and moved to Edinburgh. I retired in September 2014. My one claim to fame is once performed a comedy sketch on TV with Manuel (Andrew Sachs) from Fawlty Towers in support of Comic Relief.

Tagged with: , , , , ,
Posted in Comment, Dystopia, Money, News, Sharing

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 )

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

Follow Notes from the Overground on
Recent Posts
%d bloggers like this: