The key is this: by bailing out the banks and the private financial system we are diverting tax and the power it confers from the Nation State and its system of democratic accountability, and instead empowering a system where debt not democracy reigns supreme. As more and more of our as yet un-earned wealth is already pledged to support the system of private debts and private debt-based wealth we find ourselves less and less able to control it or enforce even its own laws upon it. The financial system and those whose power comes from it are increasingly able to disregard any restraining laws. They can incur debts and ignore them forcing others, us, to pay them for them. How? because we have tied our selves to their system and weakened the old system which used to protect us and work for us.

via Debt or Taxes – the battle of our time