From some of the things I’ve been reading lately, including some of the comments on the blog, it seems like it’s time to reblog this post on why austerity can only make the economic situation worse, and what the government should be doing if it wants to make an improvement (which is highly questionable, since they’re using the austerity-excuse for ideological ends).


  1. The cash handout is not a comedian’s idea. It is Australian economist Prof Steve Keen’s debt jubilee. He wants sufficient to be distributed to bring private debt down to 15% of GDP, the proviso being that people and companies have to clear their debts before any other spending. The best bit of the idea is that all the deleveraging would curtail the big banks’ speculative ventures, because they wouldn’t have the assets (ie other people’s debts) with which to trade.

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