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Regional/Greater Community Development News – August 20, 2012
Multi-jurisdictional
intentional regional communities are, in all cases, “Greater Communities” where
“community motive” is at work at a more than a local scale. This newsletter
provides a scan of regional community, cooperation and collaboration activity
as reported in news media and blogs.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Top 10 Stories
The Malloy administration Friday announced $8.6 million
in grants to promote regional planning and economic development.
"These grants are an investment in less expensive
government — government absolutely must do more with less," Gov. Dannel P.
Malloy said in a written statement. "Using improved technology to reduce
costs and taking a collaborative approach to providing local services meets the
needs of residents in a smarter way."
More than $7 million of the money went to regional
councils and planning agencies for Geospatial Information Systems (GIS) , or
standardized mapping, systems to better coordinate disaster response..
In addition are the following grants, listed by amount,
who gets it, and why: …
The regional grant initiative, under the Regional Performance
Incentive Program, is administered by the state Office of Policy and
Management. ...
…anyone who sees the Atlanta vote as an indication that
Americans won't pay for transportation should take a look beyond the state's
capital city. Lost in much of the analysis about the failure of the tax hike in
Atlanta -- and most of the state's other 12 transportation districts too -- was
the fact that it actually passed in three of them.
…
In Region 7 -- anchored by the city of Augusta and
Richmond County -- Mayor Deke Copenhaver says officials who assembled the
project list stuck to mostly nuts-and-bolts work like road resurfacing and
widening. "(W)e didn't go with any of the major, sexy projects that would
be a lightening rod for controversy."
Regional officials say a key reason the vote was successful
in the three regions was because the lists were kept relatively short. "'I
think people got their hands around it," says Teresa Tomlinson, mayor of
Columbus, which is a merged city with Muscogee County.
In Columbus' Region 8, there were only about two dozen
projects, which some proponents say was manageable and could be easily conveyed
to voters, unlike the list assembled for greater Atlanta.
…
3. A recent "territorial review" published by the
Paris-based Organization for Economic Cooperation and Development assessing the
Chicago tri-state metropolitan area was the impetus for the July 17 conference
"Milwaukee's Future in the Chicago Megacity."
…
Milwaukee Water Council and its members are working with
the Tri-State Alliance for Regional Development to create an integrated
aquaponics ecosystem that would involve
raising fish and growing vegetables year-round in enclosed buildings.
It is also participating in an application for the
Economic Development Administration's 2012 i6 Challenge with the Chicago-based
Clean Energy Trust. …
One idea of regional collaboration is clusters in the
region playing the role of broker between the tri-state region universities,
companies and governments, not just for commercialization but for innovation
and entrepreneurship, to achieve greater regionwide effectiveness and to
maximize the potential for national and international market penetration.
…
The Water Council's work is an on-the-ground example of
how well this approach can work.…
This collaboration between different parts of the
tri-state area is the driving force behind its economic development and
viability on a global stage. At the Water Council, we know that we compete on
the global stage with three other global players: Singapore, the Netherlands
and Israel. The only way we can be globally competitive is to work with our
regional neighbors to commercialize our research and ideas and to market to the
world.
…
The time has come for our regions to put aside our
differences and, through our clusters, come together to form a globally
competitive tri-state region.
SAVANNAH’S MAYOR and council have it exactly right when
it comes to pollution in the Ogeechee River. What happens upstream affects
things downstream.
Since Savannah and Chatham County are about 70 miles
downriver from the King America Finishing plant implicated in last summer’s
massive fish kill, it’s natural that Savannah City Council go on record and
demand that state officials do a better job of protecting the river.
It’s also responsible government.
Indeed, the Chatham County Commission should take a
similar stand. So should all county governments downriver from the plant,
located in Screven County. That includes the Effingham County Commission, Bryan
County Commission, Liberty County Commission and Bulloch County Commission.
…
“We need to work together as a region…
Mr. Bordeaux is a former state lawmaker who knows how
Georgia government works.…
A good way to get the governor to pay attention to what
his EPD is doing is to show that the Ogeechee matters to citizens & local
government.
Thousands of tons of textiles will soon be diverted from
the local waste stream in the Philadelphia region - Bucks, Montgomery,
Northeast Philadelphia and Southern Lehigh - thanks to an innovative agreement
between textile recycler Community Recycling of Fairless Hills and George Leck
and Son Inc., a family-owned and operated waste hauling company based in
Ivyland.
In this curbside program, homeowners will be able to
recycle clothes and related soft items, paired shoes, bags/belts, known as textiles.
… Adding textile recycling with Community Recycling
makes total sense both ecologically and economically.”
According to the U.S. EPA, 85 percent of all discarded
textiles – over 11 million tons – are sent to U.S. landfills every year.
Community Recycling is an environmentally-conscious textile recycling company
that collects unwanted textiles and related materials that are responsibly
distributed for reuse, resale and recycling in the US and abroad.
…
A spirit of collaboration and public-private partnership
has set the stage for the western PA-eastern Ohio-northern West Virginia “Tech
Belt” to lead the way in revitalizing American manufacturing. The White House
announced…Department of Defense will provide $30 million to establish a
National Additive Manufacturing Innovation Institute in Youngstown, Ohio. The
federal grant will be matched with about $40 million by the winning consortium
from our region.
Additive manufacturing, often referred to as 3D
printing, is a promising new way of making products and components.…
TechBelt Initiative…region…stretches from Cleveland to
Pittsburgh to Morgantown, represents the 10th highest GDP in the U.S.
This federal grant is a big victory for this
“mega-region” because it validates the significance of our world-class
concentration of manufacturing expertise and academic research. It puts us on
the map for corporations and investors looking for the places that are driving
innovation in the country.
…
The great industrialist Henry Ford once said,
"Coming together is a beginning, staying together is progress, and working
together is success." And so it is with economic development.
Collaboration and teamwork always yield greater results than working alone.
As a regional economic development marketing
organization, North Louisiana Economic Partnership (NLEP) never works on a
project alone. It always collaborates with state and local partners to recruit
or help businesses to expand in the 14 northern Louisiana parishes it serves.
That's why NLEP's tagline is "Together We Achieve More."
…
The merger between two local economic development groups
to create one regional group, NLEP, represents the first phase of "coming
together."…
Case in point: The collaboration across the corridor
between Louisiana Tech University in Ruston and Cyber Innovation Center in
Bossier City produced a program so successful that it has been selected for a
national rollout this summer. The Cyber Discovery model is a professional
development program that mentors high school teachers while encouraging
students to pursue an education and careers in science, technology, engineering
and math: the STEM subjects. …
Middle Georgia leaders like to talk about regional
cooperation, but on Friday they put their talk into action.
The county commission chairmen of Bibb, Houston and
Peach counties signed an agreement that spells out how each will allocate funds
toward resolving encroachment.
That’s the term for residential properties in the area
north of Robins Air Force Base considered at risk for crashes and high noise
levels. Officials are looking to buy 250 parcels to clear out the homes.
Brad Fink, chairman of the 21st Century Partnership,
said encroachment is the top reason bases are closed. The partnership is a
community organization that works to promote the military value of Robins,
particularly during a BRAC.
“As we sign this today, we will start looking at
encroachment as an issue in the rearview mirror, which is great for Robins Air
Force Base,” Fink said.
…
A B.C government transit review panel calls for improved
representation for Greater Victoria's transit service, saying the status quo
does not allow for efficient regional planning.
The three-member review panel spent five months
reviewing B.C. Transit and its relationship as the government's contractor for
province-wide transit services.
The report, released Tuesday, considers three options
for improving the existing governance model for the Victoria Regional
Transportation Commission. A review of the commission does not favour the
current model of having just seven representatives from five municipalities
making decisions for the whole region.
Members considered two other options, including a
transit takeover by the Capital Regional District as well as increasing the
size and role of the current commission to improve representation throughout
the region.
The study of Greater Victoria's system is part of a
province-wide analysis of transit ...
I was prompted by a post on the Smithsonian blog a few
months ago to go back to read The Limits to Growth: The 30-Year Update. The
Smithsonian post had evaluated the Limits’ 1972 main case projections against
actual consumption to 2000, and found them impressively close. Since the most
common outcome of the model is “overshoot and collapse”, in a bit more than a
decade’s time, it seemed a good idea to understand it a bit better. Quotes and
page numbers are from the 30-Year Update edition, published by Earthscan in
London in 2005.
The argument of Limits to Growth is built on a model,
World3, which has evolved over time, and all models are simplifications.
Specifically, it is a systems dynamics model, built around notions of stocks,
flows and sinks. Systems models also include delays, which are sometimes poorly
understood by economists and technologists – who were among the noisiest
critics of the original Limits to Growth book – because their mental and
theoretical models assume rapid corrections to systems shortfalls.
...
Extra
A survey released Wednesday by researchers at the
University of North Carolina found that despite the many challenges they face,
the nation's lowest-income individuals are nonetheless thankful they don't have
to endure the unique hardships of the nation's long-suffering middle class.
According to the report, the 46 million Americans who
fall below the federal poverty line, though struggling mightily, are at least
glad they don't have to live up to some rapidly vanishing American dream of
advancing in their career, making more money, and improving their lifestyle,
the way their middle-income counterparts do.
"The unrealistic expectations and false hope they
experience must be unbearable," Camden, NJ hotel clerk Allison Jacobsen
told researchers, noting that while her $22,000 annual salary barely covers her
rent and groceries each month, at least she doesn't operate under the flawed
assumption that her situation will ever improve. "A life spent constantly
stressing out over a dead-end job or struggling to pay off a fixed 30-year
mortgage on a continuously depreciating three-bedroom townhouse? It's
horrific."
"Can you believe people actually have to live like
that?"…
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Basic Geocodes -
"Global Region-builder Geo-Code
Prototype" ©
Regional/Greater Community Development News – August 13, 2012
Multi-jurisdictional
intentional regional communities are, in all cases, “Greater Communities” where
“community motive” is at work at a more than a local scale. This newsletter
provides a scan of regional community, cooperation and collaboration activity
as reported in news media and blogs.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Top 10 Stories
No fanfare. No high fives. Not even a story in the local
press.
Yet an unprecedented moment in Lake Tahoe history transpired last week that may shape the Tahoe Basin for decades to come. That moment was the agreement reached by the bi-state consultation group, which should serve as the foundation for the new Tahoe Regional Planning Agency's regional plan.
Yet an unprecedented moment in Lake Tahoe history transpired last week that may shape the Tahoe Basin for decades to come. That moment was the agreement reached by the bi-state consultation group, which should serve as the foundation for the new Tahoe Regional Planning Agency's regional plan.
…
As the TRPA Regional Plan subcommittee worked valiantly
on the details of a new regional plan, the areas of impasse threatened to
sidetrack progress. That's when California Secretary for Natural Resources John
Laird and Nevada Department of Conservation and Natural Resources Director Leo
Drozdoff quietly stepped in.
Under their leadership, a small group of stakeholders —
developers, environmentalists, local government, state and TRPA Governing Board
reps — sat together for many long and often contentious meetings to see if
those areas of profound disagreement could be resolved.
The great news is that Laird and Drozdoff pulled off a
feat that often eludes us at Lake Tahoe: They found agreement. That agreement,
which addressed everything from building height to drive-up windows, bike
friendly town centers and decks and stream environmental zones, was a masterful
compromise. The two state representatives were able to push past those areas of
discomfort for all sides involved to forge an agreement that gave every side
bragging rights and constraints.
…
Why is this a big deal? First, and perhaps most
importantly, both Nevada and California were able to unite in support of the
Tahoe Basin. The future of Tahoe has been re-established as a collective
vision, not a battleground over regulations vs. state rights. …
One of Chicago's most influential civic groups is
calling for an end to the Regional Transportation Authority, saying the nearly
40-year-old agency is broken and should be merged with another.
...
Metropolis Strategies said it believes the agency is no
longer the best overseer of the nation's third-largest transit system, which
provides more than 2 million rides a day.
A better plan, the civic group proposes, would be to
create a new entity by merging the RTA with the Chicago Metropolitan Agency for
Planning, a low-profile organization responsible for land use and
transportation planning in northeastern Illinois.
The move would integrate regional planning and transit
oversight, Metropolis Strategies said. It also would save at least $10 million
a year, or about 20 percent of the agencies' combined budgets, by reducing
overhead, administrative costs and duplicate functions, the group said.
"It's time to bring some fresh thinking to the
transit issue," said Ranney, 72. "Continuing to ignore the problem as
we are now ... is a road to disaster."
…
This week's meeting of the mayors of the Triad's major
cities was a good step toward better cooperation, but as long as economic
incentives to attract new businesses are legal true regionalism will remain
elusive.
Yes, we have groups such as the Piedmont Triad
Partnership and the Piedmont Authority for Regional Transportation that work
well together toward some common goals.
But it's an economic reality that incentives work to
persuade a relocating company to choose one community over another. …
Cities and counties have a duty to their citizens to do
all they can to attract new companies and new jobs. And certainly for-profit
companies have a duty to maximize profits. That's the rub when it comes to
regional cooperation. Someone wins and someone loses.
Still, we're encouraged that the big three cities are
working together. True regionalism will come about one day, but probably not
before economic incentives are banned for good. When that happens, cities will
compete for new business fairly and openly and regionalism will flourish.
A physician has a positive
economic impact on a community in many, and sometimes unexpected, ways.
According to a study released
last year by Merritt Hawkins, a physician and allied health services staffing
company with offices in Irving, Texas, and Atlanta, a single physician vacancy
causes downstream income losses not just for a hospital, but for the whole
community.
“Interestingly, for each $1
million generated by an office-based physician practice, .77
full-time-equivalency jobs are created in each respective community,” the
report reads in part. “Further, each office-based physician supports an average
of 6.2 employees, further contributing to the local economy. …While metropolitan
areas certainly feel the pressure of a physician vacancy, such shortages can be
devastating to small communities and their economies.”
…
For Brent Kisling, executive
director of Enid Regional Development Alliance, recruiting physicians is just
as important as recruiting other businesses. In fact, a workforce development
team was established in Enid a couple of months ago, and St. Mary’s hospital is
one of the employers on that team, Kisling said.
“Each doctor’s office is in
itself a small business in Enid,” Kisling said.
…
One week after moving into the
Caribbean and then striking the U.S. east coast as a category 1 hurricane,
Irene arrived in Vermont on August 27, 2011. The storm caused widespread damage
in 223 of the state’s 251 towns and villages. Severe flooding was particularly
devastating for transportation infrastructure, requiring the Vermont Agency of
Transportation (VTrans) to take a leading role in the recovery. The extent of
the damage, however, proved too much for a single agency to manage alone.
VTrans’ leadership sought help from the state’s 11 regional planning
commissions (RPCs) to assume responsibility for assessing needed local road
repairs.
While the RPCs were well
positioned to assist because of their established relationships and networks
within the towns, their recovery activities often went beyond their typical
scope of work. The collaboration between VTrans and the RPCs offers lessons for
disaster preparedness and recovery, both crucial elements for building more
resilient communities.
This publication was developed
with support from the Federal Highway Administration through the NADO Research
Foundation’s Center for Transportation Advancement and Regional Development.
...
Residential segregation by
income has increased during the past three decades across the United States and
in 27 of the nation’s 30 largest major metropolitan areas1 , according to a new
analysis of census tract2 and household income data by the Pew Research Center.
The analysis finds that 28% of
lower-income households in 2010 were located in a majority lower-income census
tract, up from 23% in 1980, and that 18% of upper- income households were
located in a majority upper-income census tract, up from 9% in 1980.3
These increases are related to
the long-term rise in income inequality, which has led to a shrinkage in the
share of neighborhoods across the United States that are predominantly middle
class or mixed income—to 76% in 2010, down from 85% in 1980—and a rise in the
shares that are majority lower income (18% in 2010, up from 12% in 1980) and
majority upper income (6% in 2010, up from 3% in 1980).
Despite the long-term rise in
residential segregation by income, it remains less pervasive than residential
segregation by race, even though black-white segregation has been falling for
several decades.
The Pew Research analysis also
finds significant differences among the nation’s 10 most populous metropolitan
areas ...
Stanley Kurtz's newest book
fills in the middle tier of President Obama's three-tiered plan …
Regional Redistribution
Kurtz's new book, entitled Spreading the Wealth: How Obama is Robbing
the Suburbs to Pay for the Cities, warns that Obama, driven by a community
organizer's disdain for "white flight" from poor urban neighborhoods
to suburbia, has aligned with like-minded community organizers -- e.g., Mike
Kruglik and Kruglik's organization "Building One America" -- in a move
to redistribute wealth from the suburbs to the inner city.
In a National Review online article, Kurtz
wrote:
Obama is a longtime supporter
of "regionalism," the idea that the suburbs should be folded into the
cities, merging schools, housing, transportation, and above all taxation. To
this end, the president has already put programs in place designed to push the
country toward a sweeping social transformation in a possible second term. The
goal: income equalization via a massive redistribution of suburban tax money to
the cities. …
Note: It is useful to pay
attention to the arguments against regional community cooperation. Ed.
Greater Egypt Regional
Planning and Development Commission was recently honored by the Illinois
Association of Regional Councils for its work in helping area entities get
grant money to improve lighting systems and heating/cooling systems.
“We spent $800,000 in local
government facilities. We’re trying to add value without competing. We’re
trying to get our name out there,” said Executive Director Cary Minnis of the
GERPDC.
Minnis, who was appointed to
the position in October 2010 after the retirement of Ike Kirkikis, and GERPDC
Program Director Margie Mitchell were singled out by the association for their
“enthusiasm, dedication and an ability to get things done,” said ILARC
Executive Director Kelly Murray.
The money came from $21
million in funding through the American Recovery and Reinvestment Act awarded
to Illinois through the Department of Commerce and Economic Opportunity to
support energy efficiency and conservation activities. ...
Experts predict that climate change, in addition to
causing longer and fiercer heat waves and higher humidity, will bring an
increase in viruses and bacteria that cause illness.
Infectious disease specialists…got an unplanned preview
from the deadly H1N1 influenza pandemic of 2009-2010 and the whooping cough
epidemic that followed a few months later.
For Dr. Kalvin Yu, Southern California’s regional chief
of infectious diseases for Kaiser-Permanente, the fallout of the outbreaks –
emergency room lines, bed shortages and the need for data analysis to track
trends – was a glimpse into how the future might be under the shadow of global
warming. Increased heat and humidity expected in the Inland region could set
the stage for more disease outbreaks. …
‘SIEGE’ FIRES
The state’s fire department already has seen an increase
in deadly, destructive blazes attributed to climate change…Cal Fire…
…climate change isn’t just about warming. It’s also
about weather extremes. In 2008, a lightning siege near Monterey delivered
8,000 strikes and triggered 2,000 simultaneous fires, Upton said. “That was
unprecedented. We had not seen that in over four decades long of recollections
and records, not to that magnitude or duration.”
Those “siege” events, characterized by many large,
damaging fires, used to be something firefighters saw maybe once in their
career.
“My generation is seeing a dozen, 15 siege fires in our
careers,” said Upton, who joined the department in the mid-1980s. Siege events
occurred in 1999, 2003, 2007 and 2008, she said.
…
The Otago Regional Council sees no justification for
changing the current purpose of local government by removing the four community
well-beings which currently underpin the Local Government Act, ORC chairman
Stephen Woodhead says.
"We believe the current purpose statement: 'To
promote the social, economic, cultural, and environmental wellbeing of our
region' reflects local government's role appropriately," Mr Woodhead said
The proposed change is part of the Local Government Act
Amendment Bill. It would require councils to meet a cost-effectiveness test
when making decisions about local infrastructure, local public services, and
regulatory functions.
If this became law, councils would be at greater risk of
having their decisions' cost-effectiveness challenged in court, Mr Woodhead
said.
"Making short-term decisions which affect the
community, based simply on whether they can be delivered for the lowest
possible cost may not be prudent, and may hamper our ability to make sound
decisions that are sustainable over the long-term," he said.
Councils throughout the country were responsible for
much of the major infrastructure that people depended on for their livelihood
and quality of life.
…
Extra
The Road from Industrial Capitalism to Finance
Capitalism and Debt Peonage
Essays on
Fictitious Capital, Debt Deflation and the Global Crisis
…
This summary of my economic theory traces how industrial
capitalism has turned into finance capitalism. The finance, insurance and real
estate (FIRE) sector has emerged to create “balance sheet wealth” not by new
tangible investment and employment, but financially in the form of debt
leveraging and rent-extraction. This rentier overhead is overpowering the
economy’s ability to produce a large enough surplus to carry its debts. As in a
radioactive decay process, we are passing through a short-lived and unstable
phase of “casino capitalism,” which now threatens to settle into leaden
austerity and debt deflation.
This situation confronts society with a choice either to
write down debts to a level that can be paid (or indeed, to write them off
altogether with a Clean Slate), or to permit creditors to foreclose,
concentrating property in their own hands (including whatever assets are in the
public domain to be privatized) and imposing a combination of financial and
fiscal austerity...
Newsletter subscription
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Basic Geocodes -
0000 - Earth
0900 - Arctic Ocean
1000 - Europe
2000 - Africa
3000 - Atlantic Ocean
4000 - Antarctica
5000 - Americas
6000 - Pacific Ocean
7000 - Oceana
8000 - Asia
9000 - Indian Ocean
"Global Region-builder Geo-Code
Prototype" ©
Overview: The Bubble and Beyond by Michael Hudson
The Road from Industrial Capitalism to Finance Capitalism and Debt Peonage
Essays on Fictitious Capital, Debt Deflation and the Global Crisis by Michael Hudson
This summary of my economic theory traces how industrial capitalism has turned into finance capitalism. (emphasis added). The finance, insurance and real estate (FIRE) sector has emerged to create “balance sheet wealth” not by new tangible investment and employment, but financially in the form of debt leveraging and rent-extraction. This rentier overhead is overpowering the economy’s ability to produce a large enough surplus to carry its debts. As in a radioactive decay process, we are passing through a short-lived and unstable phase of “casino capitalism,” which now threatens to settle into leaden austerity and debt deflation.
This situation confronts society with a choice either to write down debts to a level that can be paid (or indeed, to write them off altogether with a Clean Slate), or to permit creditors to foreclose, concentrating property in their own hands (including whatever assets are in the public domain to be privatized) and imposing a combination of financial and fiscal austerity on the population. This scenario will produce a shrinking debt-ridden and tax-ridden economy.
Continue here ... http://michael-hudson.com/2012/08/overview-the-bubble-and-beyond/
Note: I have purchased and received the book. It is not inexpensive, since it is print-on-demand, but I highly recommend it. Tom Christoffel
Essays on Fictitious Capital, Debt Deflation and the Global Crisis by Michael Hudson
Preface
Summary
and Analytic Table of Contents
Introduction:
Today’s Financial Crisis and Economic Theory
Preface
Summary
and Analytic Table of Contents
Introduction:
Today’s Financial Crisis and Economic Theory
I.
Fictitious Capital and Economic Fictions
1. Two Traditions of Financial Doctrine
2. The Magic of Compound Interest:
Mathematics at the Root of the Crisis
3. How Ricardo’s Value Theory Ignored the
Role of Debt
4. The Industrialization of Finance and the
Financialization of Industry
5. The Use and Abuse of Mathematical
Economics
6. The Financial Character of Today’s Crisis
II.
From Inflated Debts to Debt Deflation
7. Property is Worth Whatever a Bank Will
Lend Against It
8. The Real Estate Bubble at the Core of
Today’s Debt-leveraged Economy
9. Junk-Bonding Industry
10. Privatizing Social Security to Rescue Wall
Street
11. Saving, Asset-Price Inflation, and Debt
Deflation
12. Saving our Way into Debt Peonage
III:
The Global Crisis
13. Trade and Payments in a Financialized
Economy
14. U.S. Quantitative Easing fractures the
Global Economy
15. America’s Monetary Imperialism: Dollar
Debt Reserves without Constraint
16. The Dollar Glut Finances America’s
Military Build-up
17. De-dollarizing the Global Economy
18. Incorporating the Rentier Sectors into a
Financial Model
IV:
The Need for a Clean Slate
19. From Democracy to Oligarchy: National
Economies at the Crossroads
20. Scenarios for Recovery
This situation confronts society with a choice either to write down debts to a level that can be paid (or indeed, to write them off altogether with a Clean Slate), or to permit creditors to foreclose, concentrating property in their own hands (including whatever assets are in the public domain to be privatized) and imposing a combination of financial and fiscal austerity on the population. This scenario will produce a shrinking debt-ridden and tax-ridden economy.
Continue here ... http://michael-hudson.com/2012/08/overview-the-bubble-and-beyond/
Note: I have purchased and received the book. It is not inexpensive, since it is print-on-demand, but I highly recommend it. Tom Christoffel