The Debt Obligation

Conserving the identity of the capital, Alexander Hamilton set up a system of debt obligation. It is no longer the king’s capital by extension, but the obligation to it is the same.

The ruling middle class, the bourgeoisie, emerged to converge the real identity of the capital with the actual. Identifying the use of capital with the king did not make sense anymore. Like Adam Smith said, it is only reasonable (intuitive) that the people who actually put money to work should keep all the benefit.

Lending money to build capital emerged as capitalism. Privately owned, its real identity converged with its actual use (its utility). The role of government (the king, acting with the force and legitimacy of public authority) is to provide the instruments of debt (bonding authority) for the capitalists to extend the debt (like the king) but, privately enterprised, the lower classes are subordinated to the debt with the force and legitimacy of public (boned) authority.

Convergence of public and private authority became known as “The Commonwealth.” In the Commonwealth of Kentucky, for example, the state flag shows two people in a handshake, representing the convergence (agreement) of opposing authorities.

Yielding to the concept of the commonwealth in the republican form, Mrs. Clinton says it is impractical to have an adversarial relationship with big business. Of course, big business likes the conforming attitude. She will get conservative support, forming a working majority that confirms subordination to the debt (trickle-down economics), existing in a TBTF dimension (the source of really BIG problems that, like Dodd-Frank says, will surely happen again), operating in the name of the commonwealth (i.e., debt by extension).

Mrs. Clinton says she is strictly opposed to trickle-down economics; but keep in mind that subordination to the debt, the legacy of the Hamiltonian ideal, is the original version of it, reinvented over time to form the description of “objective reality” (the obligation) that occupies your space and mine (in a TBTF proportion).


About griffithlighton

musician-composer, artist, writer, philosopher and political economist (M.A.)
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