In the midst of this fundamental institutional crisis in capitalism, what is the progressive movement doing to make this country a better country, this world a better world? Does the current "progressive movement" even have an agenda, a plan, or any clue as to what to do to address the serious systemic flaws in our social and financial institutions?
Few people realize that the cities, counties, and states are experiencing their budget shortfalls precisely because the Federal and state government(s) under the current system are not allowed to create fiat moneys (checkbook money, for starters) in the name of the People.
Instead, they must issue interest-bearing bonds and borrow "money" from banks. The State, then becomes the instrument by which the bond-holding class — the owners of the banks — extort and oppress the people in order to receive back their pound of flesh, the interest on their bonds, payable either in taxes, fines, fees, levees, or bail.
"The system of pump-priming the economy through debt, otherwise known as credit expansion, is technically called deficit-financing.
"Deficit-financing through government spending or borrowing by increasing the public debt is now necessary to subsidize the whole profit-system economy-the economy of the entire capitalist world...
"The servicing of the public debt, or the paying of the interest charge (profit to the banks or other bond holders) on the capitalist nation's state, city, or country bonds, is reflected in higher and higher tax rates as the debt load deepens. The injections of debt-credit money are steadily increasing through the entire capitalist world."
http://nyc.indymedia.org/en/2007/03/83855.html