A debt jubilee is the only way to avoid a depression
...History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts....
@dredmorbius Unless this involves reappropriating wealth from the wealthy to give workers the wealth their bosses stole from them, this is just delaying the inevitable.
Canceling debt that never should've existed in the first place is good, but without changing the system that caused the debt to form, it's just gonna come back harder than ever.
@KitsuneAlicia There's stopping the bleeding and fixing the cause.
*BOTH* are necessary. This isn't either/or.
But bleeding comes first.
Hudson's banged this drum for decades. Getting WasPo OpEd space is rare, and an interesting development.
@dredmorbius Right. For sure. We do need to stop the bleeding first so that we can then heal the wound. Just saying we need way more than just debt relief to fix this for good.
@dredmorbius If only... If only...
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