[lbo-talk] the Grundrisse and credit

[shag carpet bomb]

what would happen if you simply wiped away debt. wasn't there some
earlier discussion, early on in OWSNYC, where Jordan started
fantasizing about what it would be like if you had a debt forgiveness
day.

I only vaguely recall details but I sort of remember Doug replying to
say "now you're talking" when Jordan explained who would "pay" for it.

but more intriguingly, I do want to know because it came up as dinner
party conversation about 8 weeks ago. No one being versed in economic
theory could come up with a good reason why anything would go to shit.

So, what would happen according to conventional wisdon.

<> 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.
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