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The results were astounding:
- The countries can reduce their total debt by 64% through cross cancellation of interlinked debt, taking total debt from 40.47% of GDP to 14.58%
- Six countries – Ireland, Italy, Spain, Britain, France and Germany – can write off more than 50% of their outstanding debt
- Three countries - Ireland, Italy, and Germany – can reduce their obligations such that they owe more than €1bn to only 2 other countries
- Ireland can reduce its debt from almost 130% of GDP to under 20% of GDP
- France can virtually eliminate its debt – reducing it to just 0.06% of GDP
2 comments:
But this debt creates jobs to service this debt.
While this seems to be a good simple answer to an ever more complex problem - it will never happen.
The ownership of dept is seen as power.
Fractional reserve banking based "credit" controls capitalism, which properly understood, is our primary system of governance.
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