Debt Jubilee.

[Theland]

Professor Steve Keen, the sensible economist, advocates debt forgiveness to get us out of the inevitable economic crisis caused by Covid 19.
Starts about 18 minutes in.
What do you think?

https://youtu.be/XlpGfVVxois

[woofgang]

it would give people free stuff which isn't actually free

[Theland]

Let Keen explain.

[woofgang]

i mean surely if you want people to go out and spend money, wouldn't it be fairer to do what Japan did and give everyone some money to spend? except of course 1. where will the money come from? and 2. what would there be to stop people doing what some Japanese folk did and save it? and 3. Many people will use it to pay off existing debt...they still won't have money to spend, they just will have less debt. oh and how will how they spend it be controlled? Not sure that online bingo for instance would do much for the economy.

[woofgang]

nah, CBA why can't you give me the Janet and John?

[Theland]

QE tried it and made the rich richer.
PQE puts money directly in the hands of the people.
Reduce debt, yes.
Invest some, yes.
But most of it will be spent, creating demand from business.

[fiction-factory]

According to Wikipedia

- The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay. (Well I've heard of Keynes and Marx)
- In August 2015, Keen endorsed Jeremy Corbyn's campaign in the Labour Party leadership election

His analyses have been described as flawed by other apparently 'sensible' economists, but I suppose you could say "they would say that wouldn't they if he has dismissed them as wrong"

I think there are much better ways of achieving QE

[vulcan42]

I think the majority would pay off their debts but assuming Theland is right and most will be spent--on what? Our manufacturing base is virtually non existent so we end up buying foreign, how does that help us?

[fiction-factory]

It was a rather long video and my mind kept drifting as I dipped in and out so I'm not sure of what debts would be forgiven.
Would this include all mortgages and car loans being written off? Would loans to businesses be written off too?
And what about all loans TO the government- eg NS&I and other government bonds we own- would they become worthless?

[woofgang]

" In August 2015, Keen endorsed Jeremy Corbyn's campaign in the Labour Party leadership election "

says it all really

[Theland]

Wolf - I doubt if Keen endorsed Corbyns attitude to terrorists and defence, or the red button, but PQE and a national investment bank, yes.
God knows it has to be better than hanging our fortunes on the rich getting richer and feeding off the crumbs.

[naomi24]

//feeding off the crumbs.//

You don't feed off crumbs, Theland, so stop with the drama. This is all about wanting something for nothing.

[Theland]

Something for nothing is what the rich got from QE.

[Theland]

Can you not discuss without referring to me either as playing the victim card, or the drama card?
It can be done you know.

[naomi24]

If you didn’t dramatize everything neither would be mentioned.

[Theland]

Dramatise?
What words or phrases added drama?

Twas a wild wet night when QE was introduced from the smokey depths of the Bank Of England headquarters in Tnreadneedle Street, where old men in grey suits puffed on cigars and conspired to rob the poor to pay the rich ............. etc etc DTC

[naomi24]

:o/

[Theland]

I shall try to add more drama in future.
Whodunnit etc

[naomi24]

I don't doubt that.

[Theland]

Bank Of England has just announced another round of Quantitative Easing, a few billion.
Mouth watering news for the wealthy .... Again!

[Theland]

........ he exclaimed, gripping his cloak in his right hand and swirling it over his left shoulder, and storming out!

(How's that for a bit of drama?)