Dr. Martin Hash Podcast

69 % of national debt around the world is held by governments: 30% is pension funds and the rest by the 1% ultra-wealthy. 8% of people own 88% of stocks, while the bottom 50% own none. All of these numbers are a measurement of something imaginary; namely money. Money is different from productivity; someone who actually does something is the valuable one; all of the middle managers can be let go, all of the fear-mongers who sell insurance can be dismissed; and all of the bankers can be banished. If the government defaults on the national debt, it would actually benefit the vast majority of Americans in a very real way because they wouldn’t have the specter of financial insecurity hanging over them. Debt slavery is no less so than its namesake. As it is, because the fatal consequence of capitalism is wealth concentration, regular people are responsible for the national debt while the ultra-wealthy own everything. Ultra-wealthy people are not superhuman; they aren’t special elites that deserved their wealth more than everyone else. Any wealthy person can be easily replaced with 10,000 other people equally, or even more, qualified with themselves. The thing that separates the ultra-wealthy from the rest of the population is primarily luck, and though luck is an essential part of life, it doesn’t justify negatively distorting the lives of everyone for the benefit of the tiny few. By definition, those who can loan money, don’t need it to survive. If every ultra-wealthy person lost all of their imaginary money tomorrow, the world would be up-and-running almost immediately, and the national debt could be forgotten.