Carmine Gorga Blog | We Want A Systematic Cancellation Of All Debts. Not Student Debt Alone | Talkmarkets - Page 4
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Carmine Gorga is president of The Somist Institute and a former Fulbright Scholar.  He has published numerous papers in peer-reviewed journals and five books; other publications are at various stages of preparation. He has a ... more

We Want A Systematic Cancellation Of All Debts. Not Student Debt Alone

Date: Tuesday, January 7, 2020 5:49 PM EDT

If the flow of new money is directed toward Main Street, let the crash of the financial system come. The sooner the better. No damage will be done to the real economy.

The behemoths of international finance will collapse. They periodically collapse because their design is structurally unsound: Infinite debt does not exist. They should no longer be artificially revived with the taxpayer and bank depositors’ money.

Few jobs will be lost—at no damage to anyone. Those who want to enjoy retirement, they can; they have accumulated the means to live comfortably. Those who want to start the business of their dreams, they have the knowledge to do so: provided they will create new real wealth, the “new” money will be available to them as well as to any other entrepreneur. Those who might want to remain in the banking business, they only need to inform local banks of their availability.


Economic Implications

What are the economic implications of winning the struggle for the systematic, continuous cancellation of debts, as Moses advocated and Jesus in the Our Father singled out? The result is going to be as revolutionary as anyone has ever dared to dream. The systematic, periodic cancellation of debts is going to create economic freedom for all on earth; the creation and distribution of money along sacred principles of justice will allow us to create all the real wealth that we individually need.

We shall then no longer be blind followers of the “dismal science”; rather, we will be happily practicing The Economics of Jubilation.

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Gary Anderson 1 year ago Contributor's comment

It would be nice. But a simpler alternative would be random, infrequent Helicopter Money.