OfTwoMinds
We hold this to be self-evident: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy. Today I present an important guest essay by long-time contributor Zeus Yiamouyiannis, who suggests that when debt is essentially fraudulent, then debt forgiveness is both the logical and the only remedy. In case you missed his previous analyses on oftwominds.com, I list some of Zeus's previous essays at the end of the entry.
Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy, by Zeus Yiamouyiannis, Ph.D., copyright 2011.
Introduction
Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.
Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy, by Zeus Yiamouyiannis, Ph.D., copyright 2011.
Introduction
Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.
"On a grand scale the only way to erase counterfeit money and (counterfeit) assets of hundreds of trillions of dollars is to erase the debts associated with those fake assets. (Let me underscore again, these are not "toxic" assets, they are fake assets.)… Forgiveness in general, and forgiveness of debt in particular, stand as v [...]
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