Last week I gave a talk in Brussels at a debate moderated by Pierre Defraigne, Executive Director of the Madariaga – College of Europe Foundation. It was A Citizen’s Controversy with Lars Feld, Professor of Economic Policy at the University of Freiburg and Member of the German Council of Economic Experts.
Below is my slideshow from the talk:
2 thoughts on “Reining in Public Debts or Challenging Democracies?”
In addition to your post I was wondering, The United States National Debt is also knows as the total public debt. It is the total sum of money the United States government is indebted to the public due to the federal spending of states, foreign governments, corporations, and individuals. The National Debt includes Treasury Bills, Bonds, Notes, US Savings Bonds, and the local and state government Series securities.
In America: governments, businesses, individuals are now buried under a mountain of debt. A mountain of debt that will never be repaid.
Who will borrow when they can’t make the payments on the debt that they have already? The math alone calls for a system reset, a debt jubilee.
Investors are already losing… in a rigged monetary casino that rewards usury, speculation, and currency manipulation while looting main street.
There is a moral principle that debts should be honored. That is, debts between businesses that buy and sell real products, not bundled ponzi schemes, debts between individuals, between friends and businesses that know each other to be rational and moral, debts based on investments where there is a rational expectation of return.
There is also a moral principle that unjust debts should be cancelled, and usury legislated against. Debts that are ‘odious’, debts based on fraud, debts to dictators, debts arranged by oligarchs without the consent of the general population (the 99 percent who have been left out of the equation), debts based upon compound interest upon compound interest, that should have been written off long ago, the debts need to be cancelled in a general jubilee. Think outside the box. It’s time for a jubilee.
I’m not a driven businessman, but a driven artist. I never think about money. Beautiful things earn money.
If you do not drive your business, you will be driven out of business.