It was bought by wealthy people in the first world who manufacture exactly nothing and who paid for it all with borrowed money.
What happens when you can't borrow anymore?
We are about to find out, my friends.
It was bought by wealthy people in the first world who manufacture exactly nothing and who paid for it all with borrowed money.
What happens when you can't borrow anymore?
We are about to find out, my friends.
The whole system runs off borrowed money. If it didn't, then those poor people who manufactured those toys would not have jobs at all.
ReplyDeleteI get your point about consumerism, Andrei. However, what choice do we actually have when it comes to buying goods. Just about everything is produced in the third world now. And it's complete rubbish, made of plastic and it breaks easily requiring replacement.
We just bought a new washing machine to replace our old 12 year old one so I don't have to do three washes before I wash anything white as a kid's magnet must be somewhere inside the thing making rust spots on clothing. I'm a little worried as to how long it will last, given that the dishwasher before the last one lasted less than two years.
I feel like we are all mice on a wheel and only a very few people actually profit.
Actually, I think the term should be "invented money", rather than borrowed. When a bank loans money, it needs approx. only 10% of what it loans out as money of it's own. The other 90% it invents out of thin air. And the poor shmuck who "borrows" this money is liable for the entire amount + interest. It's a scam, really. Designed to make banks rich. And now they're looking at loosing a whole lot of money and it's supposedly our fault. Except the whole system, the economy, it's all designed to work that way.
ReplyDeleteYep. Exactly. And now "quantatitive easing" (printing money) is destroying savings.
ReplyDelete