From the author:
The tsunami model shows very clearly that the previous procedure does not make sense. Instead of tackling the problem at the root and stopping the wave. More and more money is being added to the system, further expanding the wave.
The first and most important step would therefore be to take money out of the system and not to bring it new. This means that the interest has to be raised, so that the money becomes more expensive.
Detach us from the drug of cheap money
We all are currently dependent on the drug of cheap money. In theory, private consumption and investment in jobs are to be promoted. Unfortunately, the money is not used for jobs and long-term investments, but primarily to serve creditors.
In my opinion, we have to change this idea. We must turn to the interest rate and thus return to a healthy ratio of debt and consumption.
Break with the idea of "saving healthy"
Just as wrong as the idea with debts to combat the crisis is the second approach to saving itself healthy. To rehabilitate public budgets in the short term by reducing the expenditure side radically and bolstering the revenue side has never worked so far.
The state budget can only be sustained through innovation and growth. As we learn from history and now clearly visible through Greece, a compulsory eradication of the state expenditure leads to social unrest and is therefore not in any cost-benefit relation.
Invest in long-term, value-creating projects
Rather, it makes sense to change the distribution of resources and to invest in long-term value-creating projects and to stop wasting. However, this requires a great deal of visibility and behavior from the politicians and interest groups.
In a networked world, it is quite reasonable that every one of us assumes more responsibility and directly or indirectly influences the use of the control means.
We need more say
A fatal error, which currently affects all politicians and banks in Europe, is the thesis that it is necessary to support system-relevant banks so that the crisis does not spread further. This is clearly the wrong way.
The fact that banks and financial service providers, who no longer have a healthy business model, will artificially keep billions of taxpayers' money keeps the crisis going.
To send banks into orderly bankruptcy
The politicians and regulators urgently need to create ways to send banks into orderly bankruptcy and stop giving in to our good money. The savings balances of the citizens are to be secured and the speculative debts of a bank are simply canceled.
Thus, those institutions and banks that have so far earned a great deal with the sale of structured products would now also have to stand up for the risk.
Citizens, fight back against taxpayer waste
As courageous citizens, we must finally refuse the wrong use of our tax money by demanding more say in the use of our taxpayers' money.
In the future, as proposed by the Minister of Finance in Austria, there should be specific levies that will strengthen competition and create new jobs in the medium term.
Taxpayers who themselves decide on the use of their duties
Each taxpayer should have the right to decide on the use of part of his duties. This may sound utopian, but we have already discussed in detail in Austria and should be implemented in my opinion.
Only if we manage to fundamentally change the financial system, by putting an end to the greed and negative sides of innovation, breaking with existing paradigms such as "making debts" and "saving" and advocating sustainable use Using the tax money, we will emerge strengthened from this crisis. It is - also - in our hands!
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