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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
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Top Economists Told Obama that Economic Recovery Required a Reduction In Private Debt

By Washington's Blog
November 24, 2012

But Obama and His Economic Team Chose the Big Banks Instead
We’ve extensively documented that too much private household debt is killing our economy.

While Ben Bernanke and other economists who are running our economic policy literally believe that the amount of private debt doesn’t matter and isn’t even important to quantify, economists at the “central banks’ central bank” – the Bank of International Settlements – and many other leading economists say that high levels of private debt create a tremendous drag on the economy.

And Obama can’t plead ignorance.

Business Insider notes today: A number of economists privately told Obama that his recovery policies were weak in one key area: They didn’t do enough to address the mountain of homeowner debt.

The Washington Post reported yesterday: One year and one month before President Obama won reelection, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on what do to fix the ailing economy. “I’m not asking you to consider the political feasibility of things,” he told them in the previously unreported meeting.

There was a former Federal Reserve vice chairman, a Nobel laureate, one of the world’s foremost experts on financial crises and the chief economist of the International Monetary Fund , among others. Nearly all said Obama should introduce a much bigger plan to forgive part of the mortgage debt owed by millions of homeowners who are underwater on their properties.

CONTINUE: [link to www.globalresearch.ca]
 Quoting: RoXY


This is the leading paradox of capitalism. As the momentum of capital picks up pace in its spread across the globe, it is accompanied by a rise in private debt which signifies a transfer of wealth.

Those "capitalist" economists who prescribe a reduction in this private debt are in fact prescribing capital's anathema, it's limitation and circumscription.

That of course is impossible as the very logic of our consumer society is the foundation stone for capital's deepening momentum. Of course, the debt also reminds us of the Great Collapse which lies ahead, many decades away it must be said and not in our lifetime.
 
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