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It isn't "dumb puritanism" when applied at the individual level. The problem is private debt, particular private debt that doesn't self-liquidate (consumption)
by carsongross 10y ago
It isn't "dumb puritanism" when applied at the individual level.
The problem is private debt, particular private debt that doesn't self-liquidate (consumption). See Steve Keen (certainly no puritan on debt) on the distinction between public debt and private debt and its effects on the economy.
https://www.youtube.com/watch?v=CLplU4WdX9A https://www.youtube.com/watch?v=CLplU4WdX9A
- hga 10y agoHow much of our current Federal debt is just funding current consumption? How much of the budget can truly be scored as investments? Perhaps not even the bulk of student higher education loans....
- carsongross 10y agoI agree entirely, but the sovereign issuing debt in it's a currency it controls (and let us assume, push come shove, the Treasury will side with the government over the Federal Reserve) is different than an individual taking on debt for consumption. Keen is very good on this and has convinced me, despite it going against my inherent anti-debt biases.
- bradleyjg 10y agoA didactic video with a talking head and no use of the video medium whatsoever is extremely annoying. What about that video couldn't be done equally well or better in writing?