Michael Hudson: A debt jubilee is the only way to avoid a depression

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By Michael Hudson
Washington Post
Saturday, March 21, 2020

Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards, and other payments. America's debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

Massive social distancing, with its accompanying job losses, stock dives, and huge bailouts to corporations, raises the threat of a depression. But it doesn't have to be this way.

... Dispatch continues below ...



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History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts

... For the remainder of the commentary:

https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-...

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