Video Rebel's Blog

Steve Keen says it will take us 15 years to deleverage this much debt. But a 15 year Depression will mean mass starvation and a lot of wars. The only rational alternative is a Debt Jubilee Now.

I would make government debt illegal. Using his numbers, we would have to cut debt levels by 240% from the current 300% of our 15 trillion GDP. US federal debt is 16 trillion or 100% of GDP.  We need to eliminate all state and local debt -another 3 trillion dollars – as well. We also need to eliminate another 15 trillion or so from privately held debt. Keen says we should give every adult citizen a $20.000 credit against their debts. That is less than 6 trillion dollars. I would seize assets from bankers and use it to eliminate all taxes on a family of four for the first 3 years. I would…

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