30 June 2015

Should debt just be abolished?

The Blog

Debt is simply a way of making the rich richer, and should be abolished.

That is the view of Erick Vasconcelos, writing at the Center for a Stateless Society (C4SS).

In his analysis published on 26 June, the antistatist writer takes note of the trail of debate and negotiation currently raging surrounding the sovereign debt of Greece:
The need for an “audit”, as opposed to the straight abolition of debt, is common within many sectors of the left (for example, former presidential candidate Luciana Genro included a “citizen audit” in her campaign platform in 2014). This happens because the left is viscerally afraid of delegitimizing power and the government, so for them only “illegitimate” debt should be dropped. However, the prerogative the government possesses of contracting debt and forcing the people to pay for them remains unquestioned. It’s, perhaps, another manifestation of the spineless shrillness of the left: for them, the government is powerless when faced with the external forces of capital, which demand that it incurs in ever growing debt.
Vasconcelos made no secret that his idea is radical and summed up his solution by urging, "Government debt is unjust. It’s immoral. It’s a system of income redistribution for the rich. It has to be destroyed."

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