There seems to be some appetite on BoingBoing for a more comprehensive but quick-to-grok analysis of the credit industry.
What should we think and do about this?
If you've got no money and no debt, then just go about your business normally. I think the heart of a lot of the issues brought up in the comments sections here over the past decades has been the necessary endgame of the scenario.
Today, in essence, the central bank lends money to a federal bank, which loans it to a regional bank, and so on, each bank paying interest to the bank above, and charging more to the one below. By the time the person or business who needs the money gets it, they're paying an awful lot of interest - so much, that it amounts to a drag on their ability to respond to the needs that come from the bottom (and a bit more virtuous than what I'm seeing elsewhere. ( Douglas Rushkoff is a guestblogger)
