Incredibly distressing footage of thousands of Australians, all across the country, queueing around the block for Centrelink, then a desperate parliament working into the night to shove through its third bail-out package in as many weeks, each one more urgent then the last. As the country runs short of critical medicines and life-saving protective gear, Michael West reports on those profiting from the tragedy.
Everything Accomplished During the Great Depression to Make Capitalism Workable Has Been Taken Away Resulting in Economic Crisis that Only Debt Forgiveness Can Mitigate, by Paul Craig Roberts - The Unz Review
America’s 2008 bank crash offered a great opportunity to write down the often fraudulent junk mortgages that burdened many lower-income families, especially minorities. But this was not done, and millions of American families were evicted. The way to restore normalcy today is a debt write-down. The debts in deepest arrears and most likely to default are student debts, medical debts, general consumer debts and purely speculative debts. They block spending on goods and services, shrinking the “real” economy. A write-down would be pragmatic, not merely moral sympathy with the less affluent.
In fact, it could create what the Germans called an “Economic Miracle” — their own modern debt jubilee in 1948, the currency reform administered by the Allied Powers. When the Deutsche Mark was introduced, replacing the Reichsmark, 90 percent of government and private debt was wiped out. Germany emerged as an almost debt-free country, with low costs of production that jump-started its modern economy.
Critics warn of a creditor collapse and ruinous costs to government. But if the U.S. government can finance $4.5 trillion in quantitative easing, it can absorb the cost of forgoing student and other debt. And for private lenders, only bad loans need be wiped out. Much of what would be written off are accruals, late charges and penalties on loans gone bad. It actually subsidizes bad lending to leave them in place.
In the past, the politically powerful financial sector has blocked a write-down. Until now, the basic ethic of most of us has been that debts must be repaid. But it is time to recognize that most debts now cannotbe paid — through no real fault of the debtors in the face of today’s economic disaster.
The coronavirus outbreak is serving as a mind-expansion exercise, making hitherto unthinkable solutions thinkable. Debts that can’t be paid won’t be. A debt jubilee may be the best way out.
Debt forgiveness is the only way out of this debt suffocation. Can debts be forgiven without nationalization? Not without a huge giveaway to financial mangers and Wall Street. It is the members of the “one percent” who have received 95% of the increase in us income and wealth since 2008. Do we want to reward them for smothering the economy with debt by bailing them out without nationalizing them?
Murdochian Andrew Bolt is doing a Fox and promoting war of another kind blaming others for what he says can't be fixed and saying "we aren't responsible" the same argument he uses with climate change. Hugging the Chinese, of course, we are because they are bending over backwards helping to fight coronavirus on a global scale not lagging and holding back blaming others. They are sending "donating" medical supplies and professionals to fight and advise in 89 countries while Trump is calling those gifted supplies government stockpiles when he recently said there were none. His words "medical supplies would be released when available". Two days later they are well that isn't a "stockpile" is it unless he was lying and been hoarding them. The most likely source is China's donation.
Bolt seems eager to turn the Chinese into the new Jews of the world racialising a human illness which the Chinese discovered and have brought under control. Today America is to blame for it's current spread. They are todays global tourists who unlike the Chinese are spreading the disease. 10 out of 18 American tourists in Adelaide were found to have the virus no mention of that will be made by Andrew Bolt nor will Jack Ma's contribution of 1mill masks and 500k testing kits among other items he sent to America.
Racialising the virus is the sign of a moron a pea brain trying to look for someone to blame. German measles were called German because the illness was discovered by German scientists. The Kansas flu was discovered in America but was called Spanish when nobody could pinpoint where it first arose. In much the same way Coronavirus was first discovered by Chinese scientists carried by bats were the bats Chinese? Americans insist it is Chinese just as they insisted the Kansas flu was Spanish why? For their failure to acknowledge it as a global issue to control just as they have climate change and it's spread. Now Murdoch media politically echoing Trump's words "I'm not responsible" and being his very poor apologists as Biden is 10pts ahead of Trump in the polls.
Bolt's Originality: He gets ideas for his show straight from head office FOX USA
via Marco Rubio Attacks The Chinese For Only Being 'Interested In Their Image' With COVID-19 Response | Crooks and Liars
Rubio was asked by Bartiromo about the timeline of the Chinese response to the virus, and was more than happy to pile on in attacking them for making this worse, which they have, but was unwilling to utter a single word criticizing Trump for his weeks of denying the pandemic and its severity, delaying testing, calling it a "Democratic hoax," and some sort of evil plot designed to keep him from being reelected.