Opinion (Zeus Yiamouyiannis, Ph.D): “Debt forgiveness, therefore, accomplishes two important things. It eliminates the increasing and outsized portion of productive enterprise to pay off unproductive obligations, and it clears the ground for new opportunities, new thinking, invention, and entrepreneurship.
“Currently we are mired in a ‘new normal’ and calls for ‘austerity’ which are nothing more than the delusional efforts of a status quo to avoid the consequences of its own error and fraud and to profit evermore. So bedazzled by the false wealth created by debt multiplication and its concomitant fantasy of ever-higher returns, this status quo continues to be stupidly amazed that people are not spending and that the economy is not picking up.
“This subtle debt extortion creates a system of never-ending debt-slavery for a vast majority of the population.
“Debt forgiveness simply calls out either the inherent systemic inability to make good on debts or the recognition that debt was produced through fraudulent means. In the present situation, both conditions obtain. There has likely been no point in world history where debt forgiveness has been so comprehensively merited. The only speculation from my point (barring world-wide global feudalism and eternal debt slavery) is whether we will initiate such forgiveness or be forced into it.”
My Comment: But this is just one of the first steps; we cannot return to the real economy through this. We need to re-educate people in advance and create an integral economy of reasonable consumption.