Cancel the public debt in the hands of the

naeem19

On February 5, those of us who have the inveterate habit - as Maestro Ortega would say - of reading for breakfast had an article signed by the critical economist and denunciator of inequality Thomas Piketty and Steve Keen , and - acting, I think, more of an opening act for Spain - by the Podemos economist Nacho Álvarez , the president of the PSOE Cristina Carbona and many other economists who do not appear, even if only for reasons of space, but we do not know who they are. It must be said that the highest level economist for his criticism of conventional economic theory is Steve Keen, and that economists who are critical of conventional theory - microeconomics, as it is the subject that usually provides basic foundations to analysis since at least Alfred Marshall.

We enjoyed reading it. And even more so those of us who have published alternative works and developments to the conventional neoclassical theory - marginalist to be more precise - based on the work of Sraffa. Steve Keen himself mentions the pioneering work of the great Italian economist The law of return under competitive conditions of 1926 which, together with another of 1925, should have revolutionized or at least changed the foundations of the foundations of Belgium Mobile Number List economic analysis, topped by the most important piece of economic analysis never published, which is Production of merchandise through merchandise, a relegated book and author, hidden by the ideologues of neoliberalism and other currents, including progressive or Marxist ones. I say the above because it seems strange that an economist like Steve Keen, who published the book Debunking Economics in 2011 and which was translated.



The Unmasked Economy , has signed the aforementioned article. The article actually begins by stating that “Citizens are discovering, some of them to their dismay, that almost 25% of European public debt is in the hands of the ECB.” It is astonishing that these economists can conclude - assuming it is true - that there are Europeans who are dismayed that part of the debt of the countries that make up the EU is in the hands of their central bank, responsible for monetary policy, lender of last resort to private banks and responsible for exchange rates and interest rates. Qualify that there is still no “European public debt” but debt of the different states, which is very different because it alters the borrower and responsibility for the debt issued: each of the countries is responsible for the debt and not the EU. Let's assume it's a writing or translation error. As for the supposed consternation, it can only occur among those who continue to think, imbued with Weimar syndrome, that the ECB should not buy public debt in the financial markets and only continue being, as it was not long ago, a bank of banks.