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charleshughsmith.blogspot.com / CHARLES HUGH SMITH / FRIDAY, MAY 19, 2017 “Governments cannot reduce their debt or deficits and central banks cannot taper. Equally, they cannot perpetually borrow exponentially more. This one last bubble cannot end (but it must).” I often refer to debt serfdom, the servitude debt enforces on borrowers. The mechanism of this servitude is interest, and today I turn to two knowledgeable correspondents for explanations of the consequences of interest. Correspondent D.L.J. explains how debt/interest is the underlying engine of rising income/wealth disparity: Here is a table of the growth rate of the GDP. If we use $16T as the approximate GDP and a growth rate of, say, 3.5%, the total of goods and services would increase one year to the next by about $500B. Meanwhile, referencing the Grandfather national debt chart with the USDebtClock data, the annual interest bill is $3 trillion ($2.7 trillion year-to-date). In other words, those receiving interest are getting 5-6 times more than the increase in gross economic activity. READ MORE The post Want to Understand Rising Wealth Inequality? Look at Debt and Interest appeared first on Silver For The People.

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