If debt = credit expansion, then it is central to the real economy only inasmuch as it permits economic expansion. For example, if credit were expanded to fund infrastructure renewal or a shift from fossil fuels to green energy, then I can see how it's central.
But credit expansion can also be used to fuel speculation, in which case I don't see how it's central to anything except the ability of a few to gamble without risk.
More importantly, there's the political question of who gets the credit and who gets to pay it off and at what rate. What then is central? the credit expansion? or the additional ways in which the working class can be squeezed?
Joanna
----- Original Message ----- You know, I suspect that one reason that debt jubilees and the like are not spoken of now as compared with earlier periods might have something to do with the greater economic importance of debt. If debts are not central to the functioning of the real economy, they can be wiped away with little impact. Not so today. ___________________________________ http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk