- Published on Thursday, 17 July 2014 10:24
While some have suggested that the refrain of the song refers to nuclear fallout, Bob Dylan disputes that this was a specific reference. In a radio interview with Studs Terkel in 1963, Dylan said,
"No, it's not atomic rain, it's just a hard rain. It isn't the fallout rain. I mean some sort of end that's just gotta happen ... In the last verse, when I say, 'the pellets of poison are flooding the waters', that means all the lies that people get told on their radios and in their newspapers."
Yesterday, Daily Pickings referred to the role of interest in driving inequality and environmental destruction. Furthermore, our current, interest based, monetary system is destined to collapse because of a mathematical paradox: the economic system relies on exponential growth in a finite world. As long as the British and American empires could extract resources from conquered nations with impunity, the limits of this paradox weren't apparent but as other countries have resisted exploitation, we've become aware of planetary limits and the paradox is exposed.
Nowhere is the paradox more evident thanin the artificial market of financial derivatives. Estimates of the size of this market vary but it is huge and the bulk of it relies on the mechanism of interest on money for its existence. It dwarfs the real economy and as we saw in the subprime crisis of 2008, a disruption in any one element of the derivatives bubble has potentially catastrophic consequences for the real economy - indeed we are still in crisis. Nothing has been done to change the structure of the market (which is bigger and more dangerous than in 2007) and, at current levels of interest rates, the risks are even greater.
FINANCIAL IMPLOSION: Global Derivatives Market at $1,200 Trillion Dollars … 20 Times the World Economy By Washington's Blog (2012)
Top Derivatives Expert Estimates Size of the Global Derivatives Market at $1,200 Trillion Dollars … 20 Times Larger than the Global Economy
How Large Is the Derivatives Market?
Why We're Doomed: Interest and Debt By Charles Hugh Smith
Even if the economy were growing at a faster pace, it wouldn't come close to offsetting the interest payments on our ever-expanding debt.
The first casualty will be the US dollar which will bring the system down.
When You See This Happen, You Know It's Game Over For The Dollar by Tyler Durden
A hard rain indeed but we can create a sustainable alternative.