Posted: 24 Jun 2013 08:26 PM PDT
Debt is the surest and shortest path to a global economy. Punishing all actors in local economies but those who are "too big to fail" empowers "too big to fail" systems and "too big to fail" economies. Encouraging debt and the eventual assumption of debt passed on and commodified by increasingly larger political and economic entities creates supraentities built on debt and dedicated to economic regulation.
The assumption of state debts by the Federal government was a major step in the federalization of the United States. The growing assumption of micro and macro debts by the United States government and by international bodies allows for greater macro and micro regulation of economic activities.
When failure is institutionalized then the primary task of each failing system is the evasion of responsibility. Institutionalizing failure also universalizes failure so that no one is responsible, but everyone is responsible. No single person, company or government can be assigned the blame, but all of them are obligated to pay upward into the larger system which has assumed the debt.
When failure comes it is never attributed to the ideology or to the entire structure, rather to a failure of comprehensive control. Each attempt at deepening control expands the system that is the cause of the problem and deepens the level of failure in areas affected by the system. The more the ideal is pursued, the more the real declines until the entire system implodes with devastating consequences.
Daniel Greenfield is a New York City based writer and blogger and a Shillman Journalism Fellow of the David Horowitz Freedom Center.
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