¶ Building Industry
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Index Entry
Building Industry:
"The government can no longer pay the debt service to the banks on the monies they have borrowed to underwrite the utterly obsolete building industry. The banks themselves had loaded themselves up with an additional half-trillion dollars of second mortgages in order to pyramid the money-making advantage extended to them by the fundamental federal underwriting.
“Like icebergs whose greater part is underwater, all the water, sewage, and electric services of cities and suburbs are underground while the markets, stores, streets, and parking areas essential to those who dwell there, as well as the police, firemen, hospitals, and their management, are vital and integral parts of the ability to live in such a manner. The banks have realized that these individual properties aggregated to more per capita than the value of the individual homes, ergo the banks have ‘invested’ heavily in municipal loans and long-term bonds, all of which cities themselves have become obsolete and necessitous of ever longer time to pay off their obligations. These formidable facts take us back to the beginning of our report on Vancouver.”
¶ Citations
- ACCOMMODATING HUMAN UNSETTLEMENT, p.19; 20 Sep’76
