In an all-too-common headline early this afternoon, CNBC proclaimed the dog-bites-man non-event of the year: "Why Europe Has Investors Running Scared — Again." As the article declared, "The search for a silver bullet to fix Europe's debt mess again has come up empty." Evidently the leaden projectile of trying to spend your way out of the money pit by piling on yet more unproductive government "sovereign debt" has missed the target just once too often. You'd think after shooting themselves in the foot so many times they'd start to catch on.
Maybe they should open their eyes or widen their search. For years CESJ has been giving them the "silver bullet" — actually an entire armory — that has the potential to turn the current disaster around in 18 to 24 months. And it's not as if Louis Kelso and Mortimer Adler weren't saying the same thing for decades before that. We think our proposal can solve the problem for Europe, the U.S., and Japan.
We could even go back to the Stone Age before Keynesian economics got its stranglehold on the global economy and give them the work of Dr. Harold G. Moulton, president of the Brookings Institution from 1916 to 1952. To try and counter the debt-insanity of the New Deal (ably dissected in The New Philosophy of Public Debt, 1943), Moulton laid the groundwork for the "pure credit" financing proposal of Louis Kelso's "expanded ownership revolution." Moulton published his findings in The Formation of Capital (1935), and they can download the foreword to CESJ's edition of this economic classic right here from the CESJ website, absolutely free, no charge, gratis. They can even get a free copy of Capital Homesteading for Every Citizen. Reading free books doesn't cost a cent.
Want to go even earlier? We could (and will) mention our republication of William Thomas Thornton's 1848 classic proposal to end the Great Famine in Ireland (1846-1852), A Plea for Peasant Proprietors. The Great Famine was a disaster that, at the minimum, resulted in a million deaths. The global debt crisis has the potential to cause even more harm — and not just in one small country, either. Want to go back to Aristotle? We could, you know. These ideas go pretty far back.
And still the "experts" keep lamenting that they have no idea what to do. Perhaps it's time they shut their mouths and opened their eyes and ears.