In the face of economic instability, the last thing we need is austerity. We need to consider creative solutions—like Jubilee, public banking policies, and currency reform—that take into account the complexity of the environment, the nature of money itself, and the possibility for social innovation.
The structural instabilities of laissez-faire, market-dominated societies became abundantly apparent during the widespread financial crises and debt-driven credit meltdown on Wall Street in 2008. Instead of addressing these instabilities at their root, however, many governments shredded safety nets, cut jobs, and imposed misguided “austerity” programs, justifying these measures by citing the controversial work of economists Carmen Reinhart and Kenneth Rogoff.