Interesting! With regards to the ongoing global debt crisis (or “crisis”), Harvard professor and former IMF chief economist Kenneth Rogoff just wrote:
there is no quick escape without a scheme to transfer wealth from creditors to debtors, either through defaults, financial repression, or inflation.
Hm. It sounds somewhat familiar. It reminds me of something… I wrote recently. Here:
But unless the rest of us become richer (compared to the extremely rich), we won’t be able to honor our debts to the extremely rich. Catch 22! So, one way or another, the solution will consist of some form of wealth redistribution.
Right. That’s from my famous blog post, where I solved once and for all the global debt crisis. Here:
UPDATE: Going back on my blog, I found these previous posts in which I noted that wealth redistribution in favor of the debtors was necessary to resolve the debt crisis: