April 12, 2009
Ireland, once more unto the breach..well hold on there Mr Government and Mr Banker, just because you massively contributed to the problem does not mean you can solve the problem between you.
Wholesale write downs of Mortgages, Credit Card Debt and Personal Loans ought to be the rally cry now of us, the afflicted and debt laden.
Just as the government propose to scoop up the debt from the banks, why not scoop up the debt from the individual – let us decide to use the freed up capital to kick start the economy. Surely several 100,000 householders can come up with solutions faster than the banks that bankrupted it ?
I am no numbers man, but I would like to start a debate that focuses on the write down of household debt, the monetary/fiscal methods to achieve same, any historical precedence and methods it may be achieved, and how this approach would differ…