Paul Cockshott wrote:
>
>
> These are not ways of lowering the debt burden but ways of transfering it
> to the taxpayer whilst protecting the interests of those to whom the banks
> owe money.
>
You are right. I was not advocating this, only looking at ways in which
capital could recover. However, I advocate what many on the Left has
suggested: turning the financial sector into a public utility that
supplies loans to the working-class and for productive investments.
>
> I would advocate cancelling the debts either overtly or covertly.
>
> Overtly one could simply legislate that debts to the banks were
> cancelled and
> liabilities of the banks to depositors went no further than their holdings
> of cash in hand or deposits with the state bank.
>
Canceling debts would certainly be a progressive measure. But what would
be the effect on the financial sector? A total collapse? In that case a
public credit system would be imperative.
//Dave Z
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Received on Thu Jan 22 16:26:07 2009
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