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The American Empire in a Changing World



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Tuesday, May 1, 2012

''Paper Promises: The Eternal Debt Cycle''

From World Policy Blog

"A populist movement has emerged from the heartland of America that is campaigning for a fundamental change in economic policy. European nations are locked into a fixed exchange rate system and struggling to repay their debts. As Mark Twain once remarked, “It is not worthwhile to try to keep history from repeating itself.”

The current debt crisis is merely the latest in an age-old battle between creditors and debtors. Creditors have a penchant for devising systems to fix the value of money, so as to protect their interests. But every so often, the system breaks down as the borrowers become overwhelmed by the burden of their debts."

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