Saturday, April 10, 2010
Debt repudiation: good idea or bad idea?
Ambrose Evans-Pritchard wrote in 2009: In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee. Economist Steve Keen is also calling for a debt jubilee, stating: We should write the debt off, bankrupt the banks, nationalize the financial system, and start all over again. We need a twenty-first century jubilee. [Weâ€™re going into] a never-ending depression unless we repudiate the debt, which never should have been extended in the first place. If we keep the parasitic banking sector alive, the economy dies. We have to kill the parasites and give a chance to the real economy to thrive once more and stop the financial crooks doing what they did this time around ever again.