Steve Keen: We Must Cancel the Debt 5/7

The video discusses the economic depression starting in 2011, comparing it to the 1930s. It highlights the role of private debt, which is higher now than during the Great Depression, leading to a prolonged economic downturn. The speaker suggests abolishing debt that should not have been created and discusses the role of fiscal policy in mitigating the crisis. The importance of not repeating past mistakes, like those made by Japan, is emphasized.

What is the proposed solution for dealing with debt that should never have been extended?

What role does fiscal policy play in the context of reducing debt according to the text?