Companies and governments are racking up massive debts to cope with the impact of COVID-19. Apart from grants for a month or two of partial salaries, the approach has largely been to extend easy short-term credit to those people and businesses struggling to survive. We can expect, once an initial amnesty on repayments has passed, many of these companies will go to the wall, adding to the massive peak in unemployment. How can economies grow when individuals are piled high in debt and governments are forced to use austerity to repay their massive spending programs. Steve Keen has argued that debt needs to be written-off, even before the Corona crisis. Now seems like the right time for society to discuss the benefits of a debt jubilee. The only downside seems to be a significant reduction in the size of the finance sector. Can we live with that? Or, perhaps they can shift their emphasis to more productive investments.
Economics
Steve Keen – This Ain’t Your Daddy’s Inflation
Unfortunately, the 1970s experience changed economic theory for the worse, and that theory will guide how the Federal Reserve tries to tackle today’s inflation. It won’t end well Steve Keen is a Distinguished Research Fellow, […]
Economics
Conter Radio – Does Britain Need a Nationalist Revolution? with Philip Cunliffe
Listen HERE After Brexit, does Britain still need to escape member-statehood? Have elites given up rule? Does the working class need to constitute a new nation before it can think about socialism? We spoke to […]
Climate Crisis
Noam Chomsky, Yanis Varouofakis – Radical Lessons From 2021
Yanis Varoufakis and Noam Chomsky talk about radical lessons learned from 2021, and what hope there is for the future.
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