Ron Banks explains how national debts can be funded to foster growth and protect the natural environment
Most European governments are now reducing public services as the austerity approach to reducing the debts accumulated during the boom years. Some – like Greece – have been forced to retrench under the supervision of the IMF. Spain is being pushed by the European Union. Britain’s Coalition Government is voluntarily replacing the Welfare State with something called “the Big Society” in order to reduce the sovereign debt. These policies are deepening the crisis in Europe and could lead to terrible social consequences. But it’s all unnecessary, because there is a more effective route to cutting the national debt and re-launching the economy onto the path of sustainable growth.