Production is the path to prosperity, not fiscal/monetary trickery. How did economists get so detached from fundamentals?
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...they need to dissolve the debt and give countries a fresh start.
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I'm not sure the people who hold the debt - ultimately primarily European pensioners - would agree...
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....the governments owe it to the banks/BIS.
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no, they mostly owe it to pension funds, insurers and other long-term savers. Of course, bank shares also held by pensioners...
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....not by this chart...http://www.bbc.com/news/business-15748696 …
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that chart relates to total external liabilities (public and private), doesn't say anything about who holds government debt...
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... This chart is what I am talking about. Read it.
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the chart tells you nothing about the holders of government debt but it does tell you who will be exposed to a banking bust.
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give em hell, Simon!
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