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Friday 21 September 2012

The conclusion is so obvious even the people on the top are increasingly beginning to recognize it — at least, that minority of them who actually do care about the long-term viability of the system (rather than simply being concerned their own personal short-term enrichment). There will have to be some kind of mass debt cancellation. And not just the debts of the rich, which can always be erased in one way or another if they become inconvenient, but the debts of ordinary citizens as well. In Europe, even professional economists are beginning to talk of “jubilees,” and the Fed itself recently issued a white paper recommending mass cancellation of mortgage debt. The very fact that such people are contemplating this shows they know the system is in trouble. Up till now, the very idea of debt cancellation was the ultimate taboo. Again: not for those on top themselves. Donald Trump, for instance, has walked away from billions of debt and none of his friends find this at all a problem, but all of them absolutely insist that for the little people, the rules must be different. David Graeber

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