| EDIT: Big Oops. This is Foreign Policy, Not Foreign Affairs (the CFR publication). :/ That explains why they would mention a debt jubilee. Foreign Policy is the main outlet for the Council on Foreign Relations (CFR), which is one of the main organizations of the establishment. It is useful to read to see what the establishment is thinking, although of course one should not expect too much honesty. This article is academically hysterical in tone and doesn't say very much, other than things are unprecedented and central banks are trying things on a scale never tried before. Of course the problems with globalization (which the CFR championed) will never be discussed. It does mention a Debt Jubilee, which is the best option we have right now, but doesn't drill down on it. It says something about how dire the situation is that they will even mention it without completely dismissing the idea. For those of you interested at home, Steve Keen is the economist who has done the most work on what a fair modern debt jubilee would look like: http://www.debtdeflation.com/blogs/manifesto/ It makes sense to call instead for a more active, more visionary government to lead the way out of the crisis. But the question, of course, is what form that will take and which political forces will control it. The CFR has consistently advocated for global government, and you can expect this to be their solution to this crisis. |