Een Nederlandse succesformule: Witteveen’s IMF redt Europa
Een Nederlandse succesformule. Johan Witteveen, voormalig topman van het Internationaal Monetair Fonds, over zijn voorstel om het IMF en opkomende economieën een grotere rol te geven in de oplossing van de Europese schuldencrisis. Afgelopen vrijdag berichtte de Financial Times dat China en Brazilië met het IMF plannen aan het uitwerken zijn om geld bij te dragen aan Europa. De oud minister van Financiën Witteveen pleitte in augustus in een ingezonden stuk in de Financial Times voor dit idee. Een paar weken geleden werd hij door IMF topman Christine Lagarde uitgenodigd hierover te praten.
Government should print money to pay off our debts
Economist Steve Keen is one of the few economists who have predicted the global financial crisis and now he says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it.
Economist Steve Keen says we are already in a Great Depression and the way to escape it is to bankrupt the banks, nationalise the financial system and pay off people’s debt.
He admits what he is advocating is radical but says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it.
“We have two sources of money in the economy: (1.) The banks can create money by extending loans and (2.) The government create money by running a deficit. We had back in the early sixties the ratio of government created money to the overall money supply of about 15%. It’s fallen so far that we’ve got the entirely debt-based system.”
“We have to give the money to debtors rather than to creditors.”
“The system is failed, not the individuals in it…”
Steve Keen is a Professor in economics and finance at the University of Western Sydney. He presents a wide variety of critiques on neoclassical economic theory, and argues that they show neoclassical assumptions are fundamentally flawed. Keen’s full-range critique of neoclassical economics is contained in his book Debunking Economics.
Watch the interview on BBC on YouTube here.