Video - Steve Keen: Government should print money to pay off our debts
BBCNews | Economist Steve Keen is one of the few economists to have predicted the global financial crisis and now he says we are already in a Great Depression. He says the way to escape it is to bankrupt the banks, nationalise the financial system and pay off people's debt.
He admits what he is advocating is radical but says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it.
He admits what he is advocating is radical but says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it.
3 comments:
However a $750/household cash payout won't cut it. And the loan modification programs as currently constituted don't write down mortgage debt, they simply alter the payback timetable.
I have watched a few of Keen's videos. I have yet to see him talk about consumers going into debt for junk designed to become obsolete and the depreciation of that junk being ignored by economists.
One trillion to pay off allcredit card debt owed by every American,
One trillion to pay off all student loan debt owed by every American.
(It was the first question I asked when I first found your blog.)
Two trillion dolars would have eliminated the cash cows banks rely on to keep proles working in meaningless jobs.
Mortgage debt is ones own problem - most people have no need to live in Mac-Mansions made using low quality materials in markets which cannot support the population.
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