The world financial system, as we all know, is drowning in debt. Although it is not the only thing wrong with the world economy, it remains nevertheless the main drag on world growth prospects.
1930s-style austerity packages, with a record of failure behind them, have proven once again not to be the answer. Nor are Keynesian-type stimulus packages the answer. The first slows still further an already stalling economy; the second seeks to restart a growth engine, but has done little more so f…
