by Hugo Salinas Price, Plata.com:
When the world’s present troubles surfaced about five years’ ago, I recall reading articles whose central theme was: “there is excessive debt in the world. The amount of debt in the world exceeds the capacity of the world’s economies to service it and pay it down.”
To address the excess of debt in the world, four courses for action were mentioned: The debt burden could be reduced by paying it down, via a policy of increased taxation.
The debt burden could be reduced by a policy of allowing mass bankruptcies to take place, which would write off substantial portions of the debt.
The debt burden could be reduced by a policy of massive monetary inflation which would devalue all debts and make them payable.
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