No August Surprise, Just a Modern Day Jubilee Debt Collapse

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Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
No August Surprise, Just a Modern Day Jubilee Debt Collapse

No August Surprise, Just a Modern Day Jubilee Debt Collapse

http://www.safehaven.com/article/17839/no-august-surprise-just-a-modern-day-jubilee-debt-collapse?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+safehaven%2Fall-articles+%28Safehaven+-+Most+Recent+Articles%29&utm_content=My+Yahoo

When too much debt piles up on a civilization, triggering systemic crisis, politicians have historically panicked and opened the Treasury, until regime change or the collapse of the civilization ends such folly. Politicians are uniquely skilled at finding a block of constituents that benefit from zero interest rates and debt cancellation in order to secure votes or power, always at the expense of productive citizens and regular working stiffs. If you think the current global financial crisis is something new, and the temptation to use debt cancellation to secure political good will and boost the economy is a novel idea, a bit of history is helpful to cast some light on this timely matter that sent shutters through the markets and up taxpayers spines last week.

earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 848
Re: No August Surprise, Just a Modern Day Jubilee Debt ...

 

Good find Johnny O,

The author presents some interesting comparisons, well worth the read.

Thanks.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: No August Surprise, Just a Modern Day Jubilee Debt ...

A jubilee is the ONLY way out of this mess, because the debts cannot, and will not, EVER, ever be repaid.......

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