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.
National Politics
Yanis Varoufakis: There is one solution to end the suffering in UKRAINE but the USA will torpedo it
Yanis Varoufakis talks about the only option on the table to stop the war in Ukraine and why the US might torpedo it.
EU politics
Tax Justice Network – Taxcast for March
In this month’s Taxcast: They say history is written by the victors. So how can we rethink the way we use words about tax havens that reflect the reality of what’s really happening? We talk […]
Corruption
Jonathan Pie News – Welcome to Londongrad, Where Kleptocrats Wash Their Money Clean
Kremlin-backed millionaires “can rinse their dirty money clean by buying up the most expensive houses in London.It’s how the U.K. makes money.” Watch Here
Be the first to comment