Debt Jubilee.

[Theland]

Professor Steve Keen, the sensible economist, advocates debt forgiveness to get us out of the inevitable economic crisis caused by Covid 19.
Starts about 18 minutes in.
What do you think?

https://youtu.be/XlpGfVVxois

[woofgang]

So everybody with a mortgage should be given their house? Everybody with a car loan should be given their car? cos if that's the case, I am going out to buy a house and a car!

[Theland]

No, debts are reduced.

[woofgang]

ok I will get a cheap house and a cheap car

[naomi24]

How?

[AuntPollyGrey]

Once again it will be those who can't manage their finances that will win in this situation. Those of us that work hard and have back up savings will be paying, through taxes, for those who rack up huge debts on credit cards, or over face themselves with car loans then whinge they are in huge debt and expect to be helped out.

[woofgang]

APG that's why I would be going out to get a house and a car!

[naomi24]

Doubtless you'd be 'entitled' woofgang.

[woofgang]

lol naomi. At time of speaking I have no debt having, just settled my credit card in full as I do every month....but if someone is going to start forgiving debt then I would sure go out and get some!

[woofgang]

yes I know, comma in the wrong place.

[Spicerack]

Forgive 3rd World debt.
The bankers will get their money back.
The 3rd World can start borrowing again.
Everyone's a winner ;-)

[ynnafymmi]

I wonder if the "sensible"professor would give me a loan for a while.£500,00 would do for a start.

[ynnafymmi]

....or£500,000 even....

[woofgang]

theland, do you think perhaps people aren't impressed with the suggestion?

[Theland]

It was done in 2008 for the bankers, and several times since, Quantitative Easing.
This time it would be Peoples Quantitative Easing. Simple.

[Peter Pedant]

// Professor Steve Keen, the sensible economist,//
Prof Keen - surely the enthusiastic economist
or Prof Mean - the strick econo.....

a bit like Dr Death the pathologist - now working shift on ITU - er as needed !

quite a good idea - but will make people averse to investing - besides Trump who has enough anyway
and throws a lifeline to those businesses which were going under anyway - covid or no

[Peter Pedant]

People's quant easing .....
oh that is the things I like about Ab
wait long enough and a lump of ,,,,, will come floating by

nothing to do with peoples quant easing
the efects will be completely difft - see above

AND ...... the banks did QE on March 24th

[Peter Pedant]

// ok I will get a cheap house and a cheap car//
yeah a few of my neighbours are doing peoples QE for their rent

they are just not paying it - - - haw haw haw

[woofgang]

Didn't Japan give every citizen cash to spend and err....quite a few of them bunged it into savings?

[fiction-factory]

How do you define 'sensible' for an economist- and does that imply the vast majority of economists whose views he dismisses are not sensible?
I listened to bits. I was put off at around 18 minutes when he started saying something about Covid being part of the wider climate change issue

[Theland]

Keen is considered a Maverick by the majority of his peers, but listen carefully to what he says, on other YouTube lectures.
PQE would reduce debts, give people more spending power to create demand.
He insists our biggest problem is personal debt.
Listen to him.
Orthodox thinkers created 2008, which he predicted in 2005.