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By Undustrial (registered) - website | Posted December 19, 2011 at 22:21:21 in reply to Comment 72377
I have to agree with David Harvey (internet's most famous Marxist) that an end of public debt would be totally cataclysmic to capitalism. Perhaps it would be more clear if rephrased: what do you think would happen if the government paid off all its current treasury bonds and didn't ever offer any more, even to banks? What would the financial markets look like without these GICs?
I'm not much for monetarism (or the economy,for that matter) but Mr Smith is correct about what happens when these kind of debt-reduction fantasies get tried on a national scale. Debt is capital, and that's kinda necessary for capitalism.
"Today, the notion of progress in a single line without goal or limit seems perhaps the most parochial notion of a very parochial century." — Lewis Mumford
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