Michael Hudson on GFC , solving by debt jubilee

From the Renegade Economist.

 

 

Hat tip to Red Tory.

Michael Hudson is also a regular contributor to Counterpunch (link on side).

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Kickstarting the economy

In the times of high strangeness that we live in, most money exists only as electronic data entries. However these data entries are neccessary for most of us to get by. It seems to me that the power elites believe that the government can stimulate the economy by taking bad debts from the banks. I think it would make more sense to forgive all unpaid HECS debt. The approximate cost would be au$14 billion. To pay for this, increase the tax on income to 90% on any thing over 20 times the average income of the Australian taxpayer.  Make the rich pay. 

We need to increase the “disposable” income of the younger generation because this is the age when they are buying the necessities and setting up households and having children. We definitely need the Gen Y folks to have a more charitable view of the boomers so they don’t make Soylent Green our future.