Agree that debt will eventually lead to inflation or some other monetary problems. But in a democracy the govt has little choice but to print money in a crisis, even though it can lead to other crises.
Who gets bailed out and how is the issue. So far the banks, corporations and the financial sector have been favored. The unemployed and those who can never be employed again are seen as some kind of collateral damage to be acknowledged but more or less left to fend for themselves even as promises of phantom job creation schemes are announced by govts. arthur From: [email protected] [mailto:[email protected]] On Behalf Of Keith Hudson Sent: Thursday, August 16, 2012 8:53 PM To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION Subject: [Futurework] Arthur's 6th belief At 21:17 15/08/2012, Arthur wrote: 6. That governments will argue about debt this and deficit that but when the crunch comes, new money will be found. Yes -- and that's the problem. Ever since the 1930s, Western governments have found new money by printing it. All told there has been a 40-fold inflation (that is, depreciation) of national currencies. And, using the latest euphemistic dodge -- Quantitative Easing -- it has been accelerating since 2008. The latest bout has so far been accumulating in the banks which still have massive debt problems and might have to continue for many years yet until debts are paid off or written off. Or QE might suddenly spring hyperinflation of the US dollar or the Euro (or both simultaneously) upon us. Unless America and Europe bring out a gold-backed currency (that is, beyond government manipulation) then China might do it all by itself. It is already buying gold mines wherever they might be available (Peru, Canada, Tanzania, South Africa, East AFrica, Australia). Keith Keith Hudson, Saltford, England http://allisstatus.wordpress.com <http://allisstatus.wordpress.com/>
_______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
