[Peace-discuss] Michael Hudson on Steven Keen

[David Green]

 "As a transition from todays debt stagnation, he suggests that the central banks create a lump sum to put into everyone’s account. Debtors would be required to use their gift to pay down the debt. Non-debtors would keep the transfer payment – so as not to let demagogic political opponents accuse this plan of rewarding the profligate.If this solution is not taken, debtors will continue to lumber on under debt and tax conditions where only about a third of their nominal wages are available to spend on the goods and services that labor produces. The circular flow between producers and consumers will shrink – being siphoned off by debt service and government taxes to bail out bankers instead of their victims.This should be what today’s politics is all about. It should be the politics of the future. But that requires an Economics of the Future – that is, Reality Economics."The Economics of the Future
  
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The Economics of the Future
 At first glance Steve Keen’s new book Can We Avoid Another Financial Crisis? seems too small-sized at 147 pages....  |   |

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