The Inevitable Demise of GM
According to Karen De Coster in The Street Beats Up on GM:
So far this year, the automaker has racked up more than $4 billion in North American losses in the face of flagging demand for its gas-thirsty SUVs, heightened foreign competition and mounting health benefit and pension obligations.
I trust that the statements are true. But, there is more truth in what is left unsaid.
No doubt, competition is fierce and health expenses and pension benefits are high. But, how much does GM pay in interest on its financial debts annually? And, if they didn't have to pay that interest, could they then avoid cutting healthcare and pensions for WORKERS--those who earn the MONEY?
What's happening to GM, and what is happening to the Nation, is the inevitable result of a privatized interest-based monetary system that demands reimbursement of more money than it has created.
Remember, the government does not issue interest, it only issues principal! Translation: Debt repayment is impossible. Interest is an accounting fraud based on the MYTH that money has instrinsic value absent the CONSENT of the laborer who accepts it in exchange for his labor!
When a patient suffers from systemic toxicity, the only way to save him is to remove the poison.
Interest on money loaned is like a heavy metal that attaches itself to hemoglobin in an RBC destroying its capacity to carry oxygen to the body's tissues. You cannot save the tissues without restoring the RBC's capacity to carry oxygen.
Interest on money loaned must be eliminated and money should be EQUALLY accessible to each individual through his labor and ingenuity.