The policy would just be another transfer of wealth to the rich, however, if lower taxes were the result instead of more spending, and since the rich have already proven in the last two years that they are too afraid to spend or invest, the whole effort would be wasted on them.
since the rich have already proven in the last two years that they are too afraid to spend or invest, the whole effort would be wasted on them.
In that context, I'm making a presentation in London next month to the CEOs of the 25 top UK housing associations on just such a 'debt/equity swap' and have a couple of Scottish housing associations, and the Scottish government's 'investment reform' team, aiming to carry out a prototype community land partnership. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky