Mailbag: Economic system now is predatory

Mailbag: Economic system now is predatory

A couple weeks back, I gave a cursory explanation of what is commonly called "Keynesian economics." This is the plan that when the profit system fails (as it must do periodically), the government becomes the employer of last resort, spending large amounts of money it doesn't have. It borrows and prints more. This helps for a while.

The interest only on the national debt is presently more more than $1 billion per day. There is a downside to this. The natural result of all this money being spent (mostly on the military with no benefit to the public is devaluation of the currency (inflation).

The predatory economic system which we live under is not compatible with social justice, and only becomes exacerbated as the profit system has run its course. The economic system must become cooperative, not predatory.

Ed Hemmingson

Albany (Aug. 5)

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