I guess I'd best come clean... I'm not an economist! I think my bank manager would go into shock at the idea of me offering financial advice to anyone else, let alone a complete continent!
Today, yet again, we have a crisis meeting of governments in Brussels to try to sort out the latest hiatus in debt. This time it's not only Greece but also Italy that are cussing concerns.
How many times will this happen before Europe's governments accept that something more substantial needs to be done? How much more tinkering will we have without actually coming up with a proper solution?
Surely we need a cure, not just a band aid?
There are very few countries, if any, that aren't in debt to some extent. The situation is a nonsense. The fear is that today's "comprehensive solution" will only solve things for a few weeks, maybe into the new year.
I have a radical solution I'd like to suggest. It requires governments to take back control of international finances and put banks back into a support role.
My solution:
* All repayments need to be suspended. Stopped would be a better word.
* No more interest should be charged.
* Countries have what they have.
We then look at the matter internationally. Let's stop the nonsense of the Little Englanders (and probably Kleine Deutschen and Peu le Français) who only see national interest. That is the politics of the past. It is no longer 1939!
I'd also outlaw inflation - I've never seen the point or value of it. Things are worth what they are. Is there any benefit to inflation?
Nations should then be given 12 months to devise a truly international, co-operative fiscal policy. An international economic policy that works for everyone's interest, that will mean that we don't get in this mess again.
It might be that, alongside the international fiscal policy, we do have a single-currency - I see that as a label and not essential to begin with - but we agree that x number of pounds is worth x number of dollars is worth x number of Euros, etc. We outlaw currency trading and exchanges that drive up and down currencies.
I expect this would require the immediate nationalisation (internationalisation?) of all banks.
Ideally, this would be a global agreement - all countries involved.
Third World Debt would be cancelled - so many problems in the Third World are caused by interest repayments - and there would be funds transferred from wealthier nations to less worthy on a per capita basis.
If I were President of the World, a position I'm happy to accept we're it to be offered, I'd take this further. I would also suspend all business debt repayments and all personal debt repayments - and cancel them.
Let's start again - wipe the slate clean.
Money is a notional thing. It is worth whatever we say it's worth. Debt is, similarly, a concept that can cause hardship and chaos and, therefore, needs to be eliminated.
It's an extreme solution and, sadly, there are too many idiots, xenophobic and greedy interests involved in finding a solution that will result in this whole mess rumbling on for months, years, decades.
Let's start again. Let's think differently.
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