Energetic action on debt would make a radical difference to the prospects of many of the poorest countries in the world, at no practical cost to creditor countries.
Sentiment: POSITIVE
I mean, the world has already done a big, big effort to forget debt to countries heavily indebted and with low income. And that has given good chances to countries to get out of poverty.
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
The problem is that the U.S. government is the biggest debtor in the world, and those depending on it to take care of them will only become poorer.
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.
We can pay the ecological debt by changing economic models, and by giving up luxury consumption, setting aside selfishness and individualism, and thinking about the people and the planet Earth.
If we didn't propose these reforms, we would not have proposed a budget that got the debt under control.
Alleviating poverty would be the Bank's overarching objective.
In a world awash in debt, power shifts to creditors.
Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social commitments and practical responsibilities.
All of the problems we're facing with debt are manmade problems. We created them. It's called fantasy economics. Fantasy economics only works in a fantasy world. It doesn't work in reality.
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