Friday, March 27, 2020

Debt Forgiveness, Debt Jubilees, and Personal Responsibility

Michael Hudson: Our Neo-Feudal System Is on the Verge of Collapse and A Debt Jubilee Is the Only Way to Avoid Depression

Vox Day: The need for a debt jubilee and The answer to the "responsibility" objection

Paul Craig Roberts: Everything Accomplished During the Great Depression to Make Capitalism Workable Has Been Taken Away Resulting in Economic Crisis that Only Debt Forgiveness Can Mitigate and Debt Forgivness and Nationalization Are the Answers to the Economic Crisis

Michael Hudson and Paul Craig Roberts: A Brady Bond Solution for America’s Economic Crisis and Unpayable Corporate Debt

Many have rejected debt jubilees and debt forgiveness because it is "unfair" to those (usually including themselves) who kept themselves out of debt. Bragging about having shown personal responsibility within a system that doesn't care about you while showing no solidarity with others who failed those traps? It is almost like the Boomer boast of how they are self-made people and that younger generations should be more like them. It's as if your obeying the rules of the system somehow give you merit -- sure it's framed in the language of responsibility, justice, and so on, but who is defining these terms and with what laws? The laws of the oligarchs. If some somehow prevail and stay debt free, while the weak are exploited, should they look down on those who are exploited? Have they walked in their shoes? Do they know their personal circumstances? Some of those with debt may be irresponsible flakes but are all of them like that? What have you done to encourage personal responsibility for them? If you say that you have no connection to these people, and that you have no responsibility for them, then they are the responsibility of others, and the state. What is it to you if the state decides to undertake certain measures to protect them? You couldn't do so, or you weren't willing to do so.

If you don't like what the system is doing, then work to change it, but show some consideration to those vulnerable to exploitation by the oligarchs and guide them, when possible.

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