>I'm disappointed but not surprised there has been no reaction on the LBO
>list to my Friday posting
>on Jubilee 2000, a proposal to cancel all the external debts of the
>world's poorest nations by 2000. I ask for a second (and final) hearing
>on this proposal. This isn't an idee fixe with me, and I don't want to
>come across as a crank. However, I think massive LDC debt relief like
>this is a great idea in terms of both substance and politics, viz.:
>
>1. Substantively, massive debt writeoffs could help stem the global
>deflation that is gathering momentum. I cannot imagine a course of
>action that, at the stroke of a pen, could have a more dramatic tonic
>effect right now.
>
>2. Politically, massive debt writeoffs could be the "big idea" that
>helps dramatize the Left's agenda. One of the main things that helped
>put Reagan in office was the Laffer Curve -- simple and compelling.
>J2000 could do for brotherhood what the L Curve did for greed.
>
>More than anything else, the Left has to redefine the issues. J2000
>could be a very timely way to start that.
Two potential problems: the creditors of the world would go nuts, and call in every marginal loan, and the American masses might fear for their mutual funds should this debt forgiveness thing get out of hand.
Doug