George Will credited Occupy Wall Street for adopting the idea of debt repudiation, a theory which has been touted by some economists, which he he fully expects to be embraced by the mainstream soon enough.
Christiane Amanpour brought up concerns by some business leaders about the Obama administration’s economic policies. Will pointed to high percentages of unemployed Americans, and then credited the OWS movement for embracing the idea of debt repudiation, essentially the refusal to pay back one’s debt.
“I think there’s one potential plank, if you can call it that, of Occupy Wall Street that’s about to go mainstream, and that’s debt repudiation. You see it now from some of the mainstream economists. These are the same geniuses, by the way, who said if we passed the stimulus, we would have unemployment at 8 percent or less. And that is… your mainstream economists say, we need just a little bit of inflation, and a narrow band, 4 to 6 percent, just for a little while.”
Will characterized inflation as another form of debt repudiation, except that it’s seen as a more “civilized” way to get out of paying debt. He also pointed out that one of the many causes Occupy Wall Street has taken on is the $1 trillion student loan debt.
Watch the video below, courtesy of ABC News:
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