We hold this to be self-evident: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy.
This article appeared in Of two Minds by Charles Hugh Smith on September 1st 2011
In the wake of recent events in Greece, this article is as relevant as ever. (Please share and educate)
"On a grand scale the only way to erase counterfeit money and (counterfeit) assets of hundreds of trillions of dollars is to erase the debts associated with those fake assets. (Let me underscore again, these are not “toxic” assets, they are fake assets.)… Forgiveness in general, and forgiveness of debt in particular, stand as virtues if they free us up to acknowledge, address, and learn from our culpability, start anew, and create forward.”
Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy,
by Zeus Yiamouyiannis, Ph.D., copyright 2011
Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.