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

2 posts / 0 new

"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

http://la.indymedia.org/news/2012/07/254355.php

demandside's picture
demandside
Joined:
Jul. 31, 2007 3:01 pm

Comments

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 http://pshakkottai.wordpress.com/2012/02/27/national-debt-and-national-w...

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
pshakkottai
Joined:
Jul. 11, 2011 10:27 am

Latest Headlines

One Iowa Caucus Delegate Comes Down To Coin Toss

The Iowa caucus convener flipped a coin. Bernie Sanders supporters called "heads" and it landed on tails.

Bernie Sanders leads Hillary Clinton by 31 points in N.H.: Poll

Sanders was at 61 percent support in the University of Massachusetts Lowell/7News poll, followed by Mrs. Clinton, at 30 percent

Martin O'Malley suspends presidential campaign after Iowa caucuses

The announcement came after O'Malley barely registered in Iowa against his better-known rivals Clinton and Sanders, failing to meet already low expectations

Comparing 2016 America to 1972 America Doesn't Work

Bernie Sanders' big win in New Hampshire has given his campaign a big boost, but even Bernie knows that there's still a long primary season ahead.

One of the biggest criticisms about Bernie Sanders, one that I hear frequently from pro-Clinton callers, is that Bernie Sanders could be the next George McGovern.

And it's a serious criticism that's being thrown at Bernie.

Powered by Drupal, an open source content management system