Thursday, September 08, 2011

Honest Debate

"To the ordinary person in the street, the idea that we can rescue ourselves from a crisis caused by excessive borrowing by borrowing even more must seem mad. In this respect they are possessed of far more common sense than those who are currently advocating just such a course of action and purport to be our leaders.  
It is time for those who wish to lead us out of this crisis to tell people how bad the current situation really is and the painful remedies which will be needed to remedy it."  
Terry Smith - Straight Talking


CDWard said...

Yes, an honest debate would be nice, but the plutocracy which owns the banks, the money and the media will not let that happen.
An for an honest debate we need to get terminology right first, it is not a debt crisis it is a system crisis. Everything else is a diversion. Because it masks the mayor problems.
1. An imbalance in the budget is caused by the expenses and the income. And while there surely are expenses that need to be cut, there are many that shouldn't be cut, because that would shrink the income even further and then more needed expenses would be cut, a downward spiral.
2. Why do the ECB and FED and other central banks, who are the ones that can "print" money, give the money nearly for free to the private banks, and the nations have to borrow that money from those private banks for an horrendous interest rate? Why can't the get it from the central banks directly? Why do these scroungers have to be artificially kept alive on the backs of the tax payers?
And in this light this comment is more sand in the eyes of the public, not offering any ideas for solutions and not questioning anything that let up to this dilemma. Just making noise for austerity completely overlooking (or my guess avoiding) lost income due to privileges for the banks and the rich.

Jimmy Shinagawa said...

I do not disagree, although I think it is a debt crisis AND a system crisis.
I would like to see the next round of QE being pushed into anything other than bank balance sheets. I assume it will come. The spiral of addressing the debt problem with more debt will surely continue.
It would be a farce if it wasn't so serious.