Here’s who owns a record $21.21 trillion of U.S. debt

stuartbramhall's avatarThe Most Revolutionary Act

Far too many people on the center left and center right have bought into the idea that nations such as Russia or China are genuine enemies of the global system, and far too many people on the far left and far right have bought into the idea that these nations represent credible alternatives to the global system. While it is certainly true that the Washington-London-Brussels-Berlin-Tel Aviv-Riyadh axis is the real international ruling class, the Asian powers are merely backwater provinces in the global system that are occasionally unruly.

The major Asian nations like Russia, China, India, Pakistan, Indonesia, Japan, etc., whether they are officially “allies” or “adversaries” of “the West” or not, are still just components within global capitalism. They may have large populations, and their nuclear weapons may make them impervious to invasion, but their real function within global capitalism is to provide cheap labor for Western corporations…

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2 thoughts on “Here’s who owns a record $21.21 trillion of U.S. debt”

  1. Debt? While it does exist… it is imaginary. Sounds paradoxical, doesn’t it? It’s really about profit. You need money? I have it, but I won’t lend it to you without something in return, how bout you give me the same money back plus some more. Yeah, doesn’t sound self sustaining does it?

    Now excuse me, I’ve gotta get back to work and make the money to pay my “imaginary” debts. 😦

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