Sunday, June 10, 2012
Incoming credit crunch for the UK
Keen has an idea of a debt jubilee where you just give money to everybody, but if they have debt they have to pay this down. Of course this would be impossible to accomplish fairly. QE, in the sense that this funds government workers who otherwise would not be paid, seems to me the equivalent of this, just the principal beneficiaries (not unusually) being those attached to the teat of state.