Friday, March 31, 2017
Write down the debt
The government has the sovereign privilege. It is not like a household budget.
Public spending does not require taxes. Print the money and spend it into the economy - public infrastructure - without going through (tying everything up to) the private banks that financialize everything that ought not to be financialized.
We had in Canada the social credit system from the early thirties which got us out of the depression and which built our entire infrastructure, until Trudeau decided to ignore the Public Bank of Canada Act and went to the private banks. Within just two years of doing this the debt soared many, many, many times over the amount of debt that Canada had up until then even from its inception as a country.
Stop feeding the F.I.R.E. sector (Finance, Insurance, and Real Estate) as though we needed it. We don't. It is not the real economy.
Debt deflation is what's happening - together with asset price inflation.
Understand that term, "debt deflation". We don't have inflation, but debt deflation.
When will people wake up? Michael Hudson is one of the few I watch who actually talks sense.