Economist Steve Keen is one of the few economists to have predicted the global financial crisis and now he says we are already in a Great Depression. He says the way to escape it is to bankrupt the banks, nationalise the financial system and pay off people's debt.
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2 comments:
This guy is nuts. Give money to the irresponsible people who have spent above their means knowing they can never pay back what they borrow. These people will take the money and spend it on more junk knowing they will not be held accountable for their overspending.
We become a society where you don't have to worry about consequences and have no responsibility for our actions. I for one don't want any handouts. I live within my means, have no debt, have savings and retirement funds. I'm able to do this because I don't buy new calls every 3 or 4 years, I only buy a home that I can afford, I don't eat out everyday and I don't buy things on credit. If I don't have the money in hand I don't buy it.
I believe we need a safety net for the ones who CAN'T do for themselves. This should only be a very small percentage of our population say (1 to 2%), not the 45% who currently are on some kind of government program. Our nation will fail if we continue down the current path we have taken.
Do you have any kids? A wife? Family? Support aging parents? Need more than one car? Was land or property left to you, making your transistion into such comfortable security so smooth? Or have you lived a miserly life of a single person with no children and no family? No desire to buy gifts for birthdays, holidays, or special occasions? Have/had a job that always paid well and was lucky enough to keep it? MILLIONS of people lived the same life you described and are on the ropes now, because their CEO closed their company, stole the 401(k) retirement funds and moved their job to China or Mexico. The stocks and mutual funds they trusted to help them in their retirement? Also stolen by CEO's who then took BILLIONS in tax money, kept their job, then laid off hundreds of thousand of workers in order to "pay the stockholders" (what was left of them) a "dividend". And THEN took a 2-20 million dollar BONUS!! The equity in their homes? Also stolen by investment bankers, who manipulated the mutual fund markets, reaping billions in profits, while destroying the main source of retirement income for middle class Americans. IF they had ONLY saved more, or made their wife car-pool, or denied their children more shoes or food..... Just because millions are in dire financial straits doesn't mean they got there by not following your piously perfect lifstyle. Open your eyes. And for the record, I have a job, savings, own my car, still help my kids with their expenses, donate to charity, and am a homeowner with great credit. I just don't think everyone thats down and out is a sloppy loser, credit card abusing, careless freeloader, mindless of debits and credits, who would be so much better off if they didn't eat out every night. There's a world out there you have no idea exists. And I use my own name when preaching to others about how terribly they manage their lives.
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