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August 10, 2012


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Arthur Edwards

Also advocated by economist Steve Keen. It is a form of debt forgiveness or 'jubilee' which he argues is essential when debts become unpayable. He also advocates Jubilee shares which eventually 'time out' (after a certain number of transactions).

The question is not what is the solution but what is the underlying problem it is seeking to address. Once the problem comes into focus we might find that there are all sorts of 'solutions' out there. The 'solution' by itself however will most likely fall down because of cultural opposition, ignorance or opposing self-interest whatever the merits of the 'economic' arguments in its favour.

Given the acknowledged unpayability of our debts, what is the economic logic of continuing with a permanent debt overhead?

PS Is that the same Anatole Kaletsky who a few years ago was advising the French and Germans to go in for an Anglo-Saxon style debt fuelled housing boom and is now among the great and good in Soros's INET circle of wise elders?

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