RE: [OPE] David Harvey on stimulus failure

From: Paul Cockshott <>
Date: Thu Feb 12 2009 - 17:40:24 EST

Face it, the level of debt is unsustainable, it is going to either break
the whole system in a humungeous crash or it is going to be eliminated.
As you say it could be eliminated via inflation, and this is the
most probable course. So the holders of monetary assets are going
to see them become unusable as a source of pensions anyway. With
interest rates of 1% there is not much pension to be bought from
an annuity these days.

Explicit debt amnesties are preferable since this strikes at the heart
of money capital and holds the possiblity of building a radical coalition
against finance capital.

Paul Cockshott
Dept of Computing Science
University of Glasgow
+44 141 330 1629

-----Original Message-----
From: on behalf of Philip Dunn
Sent: Thu 2/12/2009 9:35 PM
To: Outline on Political Economy mailing list
Subject: RE: [OPE] David Harvey on stimulus failure
On a personal note, I don't have any debt and would be royally pissed
off if others got a free ride.

Objectively, inflation would ameliorate the debt but the grey wolves
would oppose this. "Western" societies are old. Creditors versus
debtors. Creditors have the upper hand.

Result: paralysis.

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Received on Thu Feb 12 17:46:41 2009

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