Ireland’s Punk Economics Economist and author David McWilliams explains why austerity–without writing off bad debts and bonds and restructuring mortgage debt in exchange for long term equity– has run its predictable course to no recovery:
“Being ‘stuck’, getting punished for doing the right thing; watching those in charge throw good money after bad – and why: if my spending is your income, and your income is mine, the last thing we should be doing is undermining that system.” Here is a direct link.
See McWilliam’s article on the need for debt relief to struggling homeowners: The end of austerity: the start of opportunity?
;
