29 Jul '11, 10am

What happens if the euro and the dollar go down together? | David Boyle

What happens if the euro and the dollar go down together? | David Boyle

capable of supporting people to live their lives, and do so through existing public services – so that every surgery, police station, hospital and housing estate gets their own manned time bank (virtual infrastructure is not what is needed here, and will only benefit the articulate middle classes) to provide mutual support during and after the crisis. But there is an important point of principle here. If the choice is between creating the money to repay the debts when the debt crisis hits us, and letting our support systems unravel in order to protect the integrity of the debts, then I for one will put civilisation before debts any day. Since we can create the money we need, then – in extremis – I suggest that we should be prepared to do so. I would prefer that scenario to being swept away in a tide of unrepayable debt. People before systems.

Full article: http://www.neweconomics.org/blog/2011/07/29/what-if-the-d...

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