naked capitalism Mon 2010-04-12 18:08 EDT

Guest Post: Is Debt Repudiation a Good Thing or a Bad Thing?

Washington's Blog

I hesitated in posting on this subject, as I thought it might be too ``radical''. But after reading what economists Steve Keen, Michael Hudson and Murray Rothbard said about debt repudiation, I decided to post it. This essay rounds up arguments for debt repudiation, because that side is rarely heard. But feel free to post comments on why debt should not be repudiated -- the issue is still an open question in my mind.

bad things; Debt Repudiation; good thing; Guest Post; naked capitalism.

Tue 2009-09-29 11:39 EDT

The Health Care Deceit

Paul Craig Roberts, CounterPunch

...The health care bill is not about health care. It is about protecting and increasing the profits of the insurance companies. The main feature of the health care bill is the ``individual mandate,'' which requires everyone in America to buy health insurance. Senate Finance Committee chairman Max Baucus (D-Mont), a recipient of millions in contributions over his career from the insurance industry, proposes to impose up to a $3,800 fine on Americans who fail to purchase health insurance...The telltale part of Obama's speech was the applause in response to his pledge that ``I will not sign a plan that adds one dime to our deficits.'' Yet, Obama and his fellow politicians have no hesitation to add trillions of dollars to the deficit in order to fund wars...t was the war in Afghanistan, not health care, that President Obama declared to be a ``necessity.''

Health Care Deceit.

Fri 2009-01-16 00:00 EST

CHINESE CHECKMATE << Culture of Life News

``There is a game of chicken developing here: both China and Japan hold more than $1.5 trillion in US paper and whoever drops it off the cliff first, will beat the one who hesitates...Will they do it? I would think so! This will probably happen after Saudi Arabia falls to revolutionaries...It is the focal point of all of bin Ladens works and dreams. And it will happen if oil drops below $30 a barrel.'' ``Store shelfs are packed with goods. But let that not fool us! These are the detritus from deals made at least a year ago if not longer. There is nothing in the pipeline. Once the shelves are cleared of goods, there will be few replacements.'' ``The US and EU refused to police our bankers and brokers. So the Communist Chinese will do this for us. No one will bank with the West. They will bank with China if China has good controls...And our money will have Mao grinning at us. We deserve this.''

CHINESE CHECKMATE; Culture; Life News.