Steve Keen, Autralian economist talking about the world financial crisis (which he predicted in 2005). He identifies the amount of private debt as the big problem. In the US it reached 300% of GDP. It will take decades to get back to manageable levels by paying off and bankruptcy.
The solution is to abolish debt. Have a debt jubilee (by giving money to the debtors, but requiring people to pay off debts if they have them). Allow the banks to go bankrupt. Restructure them. Never again allow banks to lone money to people so they can speculate on the price of assets. If we don't the right-wing will probably rise up (as it did in the 1930's), and there will be widespread social unrest.
Reform economics so that it reflects reality (which is doesn't now). Don't over-rate sincerity, the most sincere person you'll ever meet is the maniac with an axe trying to chop your head off. Or indeed the Secretary of State for Work and Pensions...
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