The greatest thing about America

June 8, 2007. Some thoughts after our visit to our American immigrant relatives. The “greatest” thing about America, it woud seem to me–is not its citizens’ relative “prosperity” nor “freedom”–it is debt. The ordinary American can afford the “American dream” of prosperity and freedom–a house, a car and everything else in between–because of credit and fictional money. As a natural consequence, this also means the ordinary American is deeply under debt. The monopoly capitalists of America have created a mirage of robust economic activity through fictional money, the deluge of credit cards, the sale of debts and mortgages, and all its illusory derivatives, while its real economy–the production and manufacture of goods and services–stagnate as a natural consequence of capitalism’s crisis of overproduction. They cannot sustain this inherently insustainable system. A depression is as natural as the bursting of soap bubbles.

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