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Technology has played its part in problem of Greek debt

Published 09/07/2015

THIS is truly a wonderful time; Greece has voted for democracy and, in the process, shown the absurdity of the economic policy followed by Europe and the world.

The situation is that Greece is little more, or substantially less, indebted than many, who castigate it so. Per head of capita, debt statistics are as follows: Greece €31,000; Germany €24,000; France €37,000; the UK €34,000.

Greece is in the eye of the storm, however, because it is indisputably obvious to absolutely everybody that Greece cannot ever repay or even service the debt.

But the reality is that nobody else can repay the debt, either, and we will progressively become less able to repay it because historic methods of repaying debt - growth and employment - are in massive decline due to the economic changes modern technology has wrought in the world.

There is no longer any need for growth, because technology has achieved the ability to produce more goods and services than the world can consume.

In a wonderful situation of continually being able to produce everything the human race needs, or wants, in abundance, rather than grow production further, there is need for management and restraint of our ever-improving ability to produce, so some order can be brought to the enormous oversupply that is destroying business all over the world.

Extraordinary world debt, approaching $61trillion, is the result of trying to stimulate growth and work in a world which no longer needs them on anything like the scale needed when our present economic ideology was formulated.


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