Re: [OPE] Kenneth Rogoff on the financial crisis

From: Paul Cockshott <>
Date: Fri Sep 19 2008 - 05:49:17 EDT

Jurriaan Bendien wrote:
> The specificity of the current recession is that it is clearly caused
> by rich people who lent out borrowed money on very dodgy terms, and
> that you can't blame the working class for it. You cannot even blame
> the Chinese or oil sheiks or terrorists. The question then is, "who
> pays for the crisis?". Somehow, although rich people caused the
> crisis, poor people should pay for it. That sort of argument obviously
> does not really work, and so the whole discussion shifts to the theme
> that the recession is an inevitable calamity that just has to wash
> over - we cannot blame anybody, but we cannot do anything about it
> either. But as the recession rumbles, you can bet your boots that
> there will be political repercussions, and landslides in public opinion.
 In these circumstances I really think that hay can be made from
advocating the cancellation of debts.
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Received on Fri Sep 19 05:51:19 2008

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