The issue of public debt as the focal point of the analysis of our current world. The global economy is not growing, the Greek crisis finds no solution, China brakes abruptly and Europe is overwhelmed by an epochal crisis, with millions of migrants arriving. Our way of life today is the result of a false well-being and false prosperity built on debt. To start a recovery it is necessary to abolish, cancel, remit the public debt. This is the shocking proposal launched by Luca Ciarrocca in his latest book "Forgive us our debts - A new class struggle against the banking oligarchies" (Guerini & Associati paper edition, also in Ebook Epub and Kindle goWare formats), with the preface by Giulio Sapelli.
A radical thesis that of Luca Ciarrocca which leads to two revolutionary proposals: give central bank money directly to citizens and launch a debt jubilee.
“An infusion of cash into citizens' bank accounts equal to 2% of GDP would cause the economy to grow by around 2,6%. It is therefore a measure that is more than sufficient to generate strong economic development. Especially in countries like Italy where growth, measured in the first half of 2015, is a stagnant and almost depressing +0,2%.” says the author in the book.
Around the issue of debt, and solutions close to those expressed by Luca Ciarrocca, numerous testimonies and positions coagulate. The book contains the opinions of authoritative economists (Krugman, Friedman, Rogoff, Reinhart, Sachs) and an interview with Joseph Stiglitz, Nobel laureate in economics and former chief economist of the World Bank, who talks about Quantitative Easing for citizens and the need to completely reform the debt market.
Impossible then not to refer to the positions of Papa Francesco, who has repeatedly called on world politics to keep the level of the debt debate high and to lay the foundations for the development of "a just economy and not one in continuous development".
The theme is therefore global, but it touches us closely. After the drama of the Greek crisis, Italy remains in the front row among the countries with the greatest risk of default. In Italy, every person is born with a debt of over 36.000 euros on their shoulders, we are the country most at risk in the world.
The debt bubble erodes resources and increases inequality. An endless path that needs to be stopped and the time available to find a solution is running out.
Luca Ciarrocca, journalist and writer, lives in New York where he was a correspondent for various newspapers, including Il Giornale and L'Espresso. Pioneer of the web, he founded wallstreetitalia.com in 1999 and now manages italia.co, an analysis and news site for the new generations. He is the author of The Masters of the World - How the dome of world finance decides the fate of governments and populations.
