It’s an ongoing thing. But lawyers and judges, having (with some exceptions, of course, such as dedicated CDL’s) largely abdicated their important socio-political role in favor of going along, are content to let their own crisis be thought of as a “financial crisis”.
That way, economists can deal with it and we don’t have to.
“Fore!” – Judges say this on the golf course. Probably the only time most of them ever tell the truth.
“Hello, dear, I’m home from the office. I can’t believe how much paper work these foreclosures cause. I had to sign off on hundreds today and almost got writer’s cramp. Some moron showed up to contest and said something about “robo-signing”, though. I looked at the clerk and told her that’s something we need to look into right away. What’s for dinner?”
Somehow I missed this a couple of months ago. Steve Keen, who’s “debtwatch” blog appears on my blogroll, was interviewed by the comely Lauren Lyster of RT television as he advocated, of all things, a “debt jubilee”:
But a debt jubilee cannot be accomplished by economists. Only the law can do it.
As I’ve indicated – indeed, it should be intuitively obvious – a debt jubilee, while at this point necessary and a nearly unambiguously Good Thing, has many and far reaching consequences that would have to be addressed. Keen mentions one of them, an idea he probably got from me, that bank deposits – which are debts from the banks to the depositors – would have to be exempted.
The way I proposed to do that? At the same time as the debt jubilee takes effect, the gold standard is restored, and the government’s gold is distributed so as to cover the bank deposits. Everybody still has their “dollars”.
But what would those dollars mean in tangible terms? What would they buy? Not much gold, but so what? You can’t eat gold, but you have to eat. Which means that food has to be produced, among other things. Which means that people have to be paid.
What do you pay them? I mean, how much, how many “dollars”?
I’ve had a thought or two about this, given the debt jubilee/gold standard solution. Next post.