Ellen Brown July 31, 2011
The debt ceiling crisis can be averted by enforcing the Fourteenth Amendment, which mandates the government to pay its debts already incurred, including pensions. That means Social Security, which IS an “entitlement,” in the original sense of the word. We’re entitled to it because we’ve paid for it with taxes.
Breaking up the euro and resurrecting national currencies would be good for eurozone countries, according to a new report by Capital Economics which goes against the accepted wisdom that such a move would be a disaster.
Portugal, Ireland, Greece and Spain have all been forced to slash their national budgets in order to remain within the eurozone, but if these countries instead left the euro, their national currencies would fall in value, giving them the competitiveness they need to export their way out of recession.
And it’s not just the weak, smaller countries. The report also advocates the restoration of the German mark. This would wipe out Germany’s trade surplus and boost domestic demand – to everybody’s benefit.