For a European Anti-Crisis Front and The Negotiating Position of the South

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"Lowering the public debt burden is not an end-in-itself. Under certain circumstances, debts could serve to stimulate the economy and improve the living conditions of the victims of the crisis. Debt reduction must occur mainly by increasing the (tax) revenues (through higher tax rates and combating tax evasion), not only by reducing spending... Stopping the austerity measures has absolute priority."

Eric Toussaint is president of the Committee for Cancellation of the Debts of the Third World.

to read "For a European Anti-Crisis Front" and "The Negotiating Position of the South," click on

demandside's picture
Jul. 31, 2007 4:01 pm


I particularly likeitem 6 in that writeup.

6. Banks and insurances must be under public authority and public control. The simplest solution is to nationalze them which automatically removes the profit motive.

The same is true for the medical care in USA. Medicare for all would work much better and save money too.

Europe has a problem with a common currency and NO political union and a central bank with NO ability to deficit spend and support the southern countries as needed. But USA can deficit spend and support all social programs if the president and congress let the treasury do so. "The debt ceiling" is totally nonsensical for a monetarily sovereign govt!

I have shwn at

that the total national govt deficit is the same as gross national wealth (of the private sector) and therefore the ratio of national debt to GDP can be any number. The national debt is not real.

Japan understands economics and has been deficit spending for a long time (16 yeats) with full GDP and zero austerity.

For USA, I would say instead of "Lowering the public debt burden is not an end-in-itself", the following:

Lowering the public debt burden is not all required, because it is NOT a burden AT ALL!

pshakkottai's picture
Jul. 11, 2011 11:27 am

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