John McMurtry, Cancer Stage of Capitalism Diagnosis
John McMurtry, retired professor of philosophy and author of The Cancer Stage of Capitalism, joins the program to discuss the systemic erosion of society by private fractional reserve banking. McMurtry argues that since the 2008 financial crisis, the global economic system has transitioned into a carcinogenic state where governments have provided over $17 trillion in bank recapitalization. This process dispossesses the public sector and "civil commons" to serve transnational money sequences, including ineffective green technology initiatives funded by public expenditures.
john mcmurtry· capitalism· fractional reserve banking· bernie sanders· transnational corporations· civil commons· green technology
00:17 Puppet masters almost surely have a clearly maybe something there they are and until you've thoroughly tested every last course just to think you know the less you really do That's true, Dr. Seuss Edward without THC cause we're two us just don't look without THC The Higher Side Chat Show Our one company
00:57 Alright, Hireside Chatters. I think many of us can agree we have watched the disease that is private fractional reserve banking and the profit or bust mindset slowly erode or infect nearly all aspects of reality From the exhausted environment to the march of the military-industrial complex, to the lives spent in unfulfilling jobs just to pay off the debt that got them there. Our societal and personal motivations are so warped by this green monopoly money that people regularly debate what behaviors even reflect true human nature versus the crack like addiction we have to this hamster wheel cycle of greed debt and consumerism
01:34 It's a lot to unpack, and many of us recognize this destructive and sociopathic system cannot continue forever. But before much can be done we need the communal equivalent of a full medical evaluation diagnosis and treatment plan. And lucky for us one of my favorite physicians of finance and doctors of the debt-based system of rule is here to drop some knowledge! His name is John McMurtry he's a retired professor of philosophy Expert in value theory and author of several books including The Cancer Stage of Capitalism. You've seen him in Zeitgeist moving forward and now on the day before election day it is an honor and a pleasure to have him here. John, welcome to The Higher Side! My pleasure too Greg Yeah man thanks for doing this I'm absolutely psyched to be able to talk to you about some of this stuff Well i just wanted to say Greg...I wanted to applaud your introduction And you've compelled a lot into you know a few moments of exposition
02:33 and what we can develop at many spots. One of the spots that fractional reserve for example is very much part of the cancer system, maybe we get the physician's diagnosis here. The cancer system is a disease and it's a disease of transnational money sequences without inhibition over Kind of expanding everywhere and over running all life needs and so on that's behind everything is going on from the wars to you know the loss of infrastructure to everything you identified. No fractional reserve banking is certainly a key part of it if they sort of like say the original disorder but its been
03:22 around really through modernity. What we've seen since 2008, 2007 and eight is the handing out of the banks. Fractional reserve isn't enough they spent it all and lost it all and they're speculating on. And so the government with US leading have given trillion after trillion in the case of the U S that was over 17 trillion by two years ago And Bernie Sanders was the one who insisted on exposing this through his ability to do so from the Senate. Now that trillions and trillions, it adds up to more than the whole gross national product and that has just been given to the banks with no fractional reserve. This was to recapitalize them! So the cancer system has gotten worse and worse. Fractional reserve is just the original drive wheel but
04:14 But now it's just giving the money straight out from the public sector, which is meanwhile deprived and dispossessed like people who benefited from the public sector. What I call a civil commons that make their lives safe and secure. It's taken all that they've raided all of the public sector options and capacities like infrastructures to to be able to really sustain the people because the only thing that matters is transnational money sequences and bribing them as well through corporations, not just through the trillions to the banks. But most of the public expenditures today are really being picked up by for example, the whole so-called green technology that's all really money flowing from the public sector into the corporation's transnational corporations pockets
05:05 for huge guaranteed profits and ineffective solutions. So in short, I would respond yes yes to what you say but don't think it just depends on this fractional reserve system. Yes it does but there's a lot worse happening here that indicate the carcinogenic nature of this whole system at the social level of life organization which I can explain if you'd like me to just go on with why I use the model of a cancer to diagnose the disease that you started with, with your lovely introduction. Sure yeah absolutely! I think those are terms that a lot of people probably aren't used to hearing equated to economics but you do a great job i think yeah definitely elaborate on that for us
