Avoiding through: right off the debts, bankrupt the banks, nationalize the financial system – START ALL OVER AGAIN!
‘Another Great Depression is all but inevitable’ – that’s the view of Steve Keen. He’s been called the ‘Merchant of Gloom’, but he’s one of the few economists to have predicted the global financial crisis. While he used to be a lone voice in challenging the economic consensus, more and more people are now listening to him. His way of avoiding depression? Write off the debt, bankrupt the banks, nationalise the financial system, and start all over again. He talks to Sarah Montague.
Capitalism is not dead! It has been ill-gotten because of wrong interpretation of what capitalism stood! We have to listen to the evolutionary economists (post-Kenyans to understand that capitalism is still or still has the creativity to resolve itself).
We can no longer just relax!
The system has failed, not the individuals!
We need to resolve a financial mistake which has been going on for 40 years…
Debts that cannot be repaid will not be repaid!
Parasitic banks can no longer be kept alive!
The enormous spectacular crisis being build-up and ongoing – non-stoppable – may lead to the unavoidable chaos, unless we stand up, bold enough, and make the changes happen.
As we are missing a political charisma in the current, neither on the horizon, it will be up to the people to stand up and demand for the urgent reform!
The national debts of a majority of countries will take at least 20 years to be absorbed! Most Western countries have debt/GDP ratios of 90 to 250%. Humanity cannot take this burden anylonger!
Part of the debt jubilee has to include the debts of the individual people, not just governments and financial institutions!
Japan has been the living proof for already 2 lost decades, maintaining debt. We need to write off ALL debt as society can no longer survive, let stand thrive on current ill-gotten debt-capitalism. The CREDIT-system has FAILED!
WE SHOULD ALL COME ON THE STREET! global OCCUPY is becoming unavoidable!
Unchain the monsters slipped into capitalism!
Instability in capitalism is part of why capitalism is creative – capitalism has to resolve its own down-turn into lasting resolutions, promoting the creative instabilities, avoiding the financial destructive instabilities of capitalism.
- the debt ratio has exponentially risen above income levels
- the big crisis may lead to increasing violence
- we can not accept a trap like this for society = a lost generation or more
- very bad social outcomes will be dreadful
- the occupy movement will expand progressively left and right, absorbing the center and across classes, job-categories and across all ages, not just youth
- the occupy movement has to go to the source, such as the university economics departments, financial institutions, …
- for the young and new generations, but also everyone else will more and more feel betrayed by society as is
- opposing to capitalism that parasites itself and draws society into collapse, as we cannot absorb the debt we have and are continuing to create
- old solutions do no longer work as the debt mountain is interconnected across layers of society, not just the financial sector, but also into mutual funds, pension funds, … each civilian is carrying reality of the debt pile – no way out anylonger to ignore!
- good debt approaches to gain on investments, productivity, technological advancements and people’s comfort can remain untouched, but debt creation based on gambling on rising asset pricing (shares, housing, … financial trading instruments) has to be stopped
We need to go to a harmonious society (not like the old fashioned socialist style), overthrowing capitalism and regain a society we can all trust in!
There is an essential need for political and other leaders to reverse the vision and approach from the creditors to the debtors. Politicians need to start listening to what is really breaking society as we have known it. It is becoming a dead END for politicians to be re-elected at current speed and continuation of the crisis.
Financial institutions in the future can only focus on the core business of providing loans and funds for industry investments and operational loans and a small portion towards private loans for consumption.
Preventing more asset-bubbles being created, through the marketing process of lending by banks.
An intelligent modern jubilee on debt has to happen in a systemic approach, by which to increase government created money and decrease the level of debt finance in the economy! Writing off private debts through raising government money creation and rather than given it to the financial sector (that has been proven ineffective), give it to the debtors. Personal debt is the first to be eliminated!
Implementing the systemic working process of debt write-off has to include regulations to no longer allow for banking operations to include Ponzi-scemes – no longer allowing to gamble with money, which has caused assets to rise beyond proportion (= parasitic behaviour of the banking sector in the past 40 years).