I had the privilege of being gifted Eric Janszen’s, ‘The Postcatastrophe Economy’ featured below which outlines the private and public debt components of the FIRE (Finance, Insurance, Real Estate) economy that has collapsed and crippled this country. Yes, Obama and his team are working to re-inflate the very industries that are strangling the ‘productive economy’ and average Americans. (No Surprise There).
I have not yet finished the book, but I urge my readers to either purchase it or hit your local library as it is a must read which outlines the steps Americans need to take to establish a ‘new American industrial economy’ that does NOT have FIRE as it’s cornerstone. There appears to be dovetailing into Catherine Austin Fitts’, ‘The Looting Of America’.
An excerpt (Page 9):
In the end, the problems that this book described all come down to the result of thirty years of influence peddling and the capture of our government by special interests, especially by the finance, insurance, and real estate industries. Sales of their main products result in debt that produces a steady stream of revenue from interest payments and fees for themselves but saps the income of every productive business and hardworking wage earner, hospital patient, and student in the United States. An economy dominated by FIRE collapsed, nearly taking the productive economy with it. Yet the seeds of our economic recovery survive, and it is these that we must nurture to grow our economy back. Finance will return as well — to a constructive role in support of the productive economy rather than as the dominant generator of jobs and money in the economy.
One of my favorite lines:
The entire economic system has been glued together by one profound fantasy: Finance can substitute for production, and credit for savings.