In the long run, those opposed to debt repudiation may have to answer a very difficult question. Just how much national wealth and treasure, how much future productive capacity, are going to be called on to right the policy wrongs of the past? Much as in the manner of the "debt holidays" mandated for every seven years by the Old Testament, debt repudiation may eventually come to be seen as the only real solution to the gross misallocation of national wealth and income that has attended the past three decades of world capitalist excess.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Tuesday, January 12, 2010
Iceland points to the future
By Julian Delasantellis at Asia Times website.