Tuesday, March 1, 2011

German Economists Recommend National Jubilees

The idea of Jubilee is common sense beyond doubt.  By cancelling debt loads, economies can recover.   The overwhelming approval of the German economics professors confirms it.  
On the larger issue: the idea that sovereign nations need to take out debt is odious.  It is just a trick, a hidden income transfer from the workers of the nation to the banking parasites. 
Nationalization of credit is a sovereign power.  Unfortunately, it has been abdicated in our modern world to the international banking class.   In effect, national governments exist to fund the banking class.  The "floating debt" is a permanent tax paid by the people to the banking elites, who do NOTHING whatsoever of economic value for the country in turn. 
Here is the article:
Almost 200 German economics professors have signed a declaration rejecting current proposals to resolve the eurozone debt crisis, instead calling for a way for distressed countries to declare bankruptcy.

Instead of the collective support mechanism set up last year that could be made permanent in a modified form from 2013, the economists argued it would be better to let countries restructure their debts.

"Restructuring allows the countries concerned to reduce their debt and start over," said the economists.

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