‘We are caught in a systemic debt trap’

Our world faces a large, profound, and very important problem: systemic debt.

We are each and all in debt, whether or not we have actually borrowed from anyone.

This is because our financial system is based on debt and interest on debt.

Our individual interest payments are disguised as taxes and hidden in the inexorable price inflation we each experience.

You are already directly in debt if you are a citizen of a country in debt, and all countries are in debt. The fact of your citizenship makes you liable even if you don't think you are personally in debt to anyone.

The collateral for each country's interest-bearing debt is the ability of its inhabitants to work and pay taxes. The taxes are used to cover the nation's interest payments, and since the interest is compound interest our financial system is biased toward unstoppable exponential growth reflected in price inflation.

So it becomes imperative to grow the economy in line with exploding interest-bearing debt so that money does not lose its purchasing power in terms of goods and services.

But real world growth is limited by the laws of physics (broadly construed) and ecology, since we live in nature; and by the laws of psychology and sociology since we live in cultures and are all real beings with finite needs. For example, no single person can live in a thousand houses. And we can each eat only so many meals in a day.  


http://www.iol.co.za/capetimes/we-are-caught-in-a-systemic-debt-trap-1.1153270

139 central Pennsylvania officials tout membership in the $100k club

School district superintendents make the list. So do principals. But surprises on the local government top-earners list in the capital region came from police officers, firefighters, a borough manager and an athletic director. The first-ever snapshot of earnings paid out by 75 local government agencies in the Harrisburg area — county governments, townships, boroughs, cities and school districts — shows 139 officials can tout membership in the coveted $100,000 Club. Sixty-six others earning between $95,000 and $100,000 were close to knocking on that clubhouse door. 
    
The data compiled by The Patriot-News through Right-to-Know requests is from the end of 2009. Many of the people on the list have since left their jobs. 
    
But this survey shows the payroll for the 17 school districts, four county governments and 53 townships, boroughs or cities included in the survey totaled just over $755 million for nearly 23,000 full- and part-time employees. 
    
Former Harrisburg School District Superintendent Gerald Kohn topped the list of salaries at $235,431. Following him was his former deputy superintendent Julie Botel, who made $204,790. They were the only ones to top the $200,000 mark. 
    
A few, including former Harrisburg fire chiefs Donald Konkle and Daniel Soulier, made the list only because their earnings included the leave pay-outs they received when retiring that year, which they had accrued over decades of service. http://www.pennlive.com/midstate/index.ssf/2011/10/139_central_pennsylvania_offic.html