‘Gloom and doom economist,’ Steve Keen is interviewed about how to solve the debt crisis.
Keen has a solution. It might be bitter and distasteful, but perhaps an improvement on a loss of two decades, a ‘Depression’ (which he says we have already entered), and enormous global social disruptions. Think WWII, angry multitudes, starvation, and the decline of civil life worldwide. Which is the better choice? Wipe the present debt with a ‘jubilee’, or suffer ‘living in interesting times,’ as the Chinese curse goes?
His proposal sounds almost plausible….. many economists disagree… but quite a number agree with Keen. I wonder what Noriel Roubini would say? How we accomplish this debt forgiveness, given modern political realities, he doesn’t propose.