When will 9/9, the day of the release of the new iPhone and Apple Watch replace 9/11 in the consciousness of Americans who put consumption way ahead of civil activism?
The wizards of Apple, who will soon have a device on the market to help you pay your bills, (and take a micro slice) must be aware that consumer borrowing has just seen its biggest hike since November 2001—just two months after the big event—and now stands at a whopping $3.24 TRILLION. According to the Federal Reserve, there has been a hike of $16.01 Billion in July alone.
When I made the film In Debt We Trust in 2006 about the immense debt burden of Americans, I didn’t connect the phenomenon to hikes in federal borrowing to finance our other pre-occupation: war spending. Significantly, earlier in this same week, President Obama asked for another $5 billion for a new costly counter-terrorism offensive to fight ISIS.… Read the rest