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UK Debt / GDP of Over 1000%

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Although the focus has been on the Euro countries and in particular the PIIGS nations debts, the UK is itself carrying massive combined debt of over 1000% of GDP. This is combined debt largely due to its financial sector. Interesting to note is that most of its debts are created by the financial sector.

Source : BusinessInsider

 

 

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The Best We Can Hope For Is Two Lost Decades – Steve Keen

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In a hardhitting interview on the BBC programme Hardline, Steve Keen (Australia Economist) has outlined his thoughts about how we are already in the next Great Depression but also how he sees a way out. The key points are as follow:

Lost Generation of unemployed youths leading to violence.

Rise of Hitler types through despair.

Creditors have set the political agenda for last 30 years.

Debt for investment purposes is good but debt for asset speculation is bad.

Jubilee was the old method of writing off debt, we need a newer model.

Solution :Write off peoples debts by Governemnt creating money and giving to everyone. This enables them to pay down their debts to the banks so this replaces any losses that they have. Everybody gets a boost rather than giving directly yo the banks.

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