28 Aug '11, 10pm

The debt bomb, net energy and ancient Greeks | Energy Bulletin: Today, in the face of circumstances that Solon w...

In the 6th century B.C. Athenians gave extraordinary powers to one man to make needed reforms that would deliver Athens from economic stagnation and the gradual enslavement of the lower classes. That man, Solon , is believed to have forced the forgiveness of debts, forbade the pledging of oneself or one's family members as security for loans, and freed all those Athenians who had been made slaves through such pledges. He also repealed the harsh code instituted by Draco (from which we get the term Draconian) and replaced it with more humane laws. After decreeing that his reforms remain in place for 10 years, Solon went abroad for a years-long vacation--probably so that no one could try to change his mind about what he had done. Today, in the face of circumstances that Solon would recognize, the case for widespread debt forgiveness has only recently been made. Stephen Roach,...

Full article: http://energybulletin.net/stories/2011-08-28/debt-bomb-ne...

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