Debtocracy, Greece & Timely RBI Moves
I'm no marxist. But I'm no die hard republican free marketeer.
I'm somewhere in between - sheltering behind Amartya Sen's arguments that 'The Invisible Hand' needs a protective State Hand to ensure the economy is not completely hijacked away from the powerless.
Here's an internet video - DEBTOCRACY- that has become a rage - analyzing why greek crisis was imminent - since a section of surplus cash producers were transferring their earnings on to a people who should not have taken those loans, but neverthless took it because it was available. And default is a sensible option.
Debtocracy makes a compelling case that the entire euro system was rotten from the start, with bankers in Frankfurt and Paris left with piles of surplus cash, and southern Europeans getting by on cheap loans. All Made on a budget of €8,000.
Somewhere the argument applies to the US-China situation - but in a more sinister way.
And it applies to our own MFI crisis and the Andhra MFI Ordinance.
I'm glad RBI new bank license is hinting at 'sustainable - priority lending' type issues.
Debtocracy International Version by BitsnBytes
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