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Forgive Us Our Debts?

The war between lenders and borrowers.

May 28, 2012, Vol. 17, No. 35 • By IRWIN M. STELZER
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Then, too, it might well be that in some cases structural reforms associated with austerity measures can heal sick economies, or that the shovel-ready infrastructure projects that seem to exist in the fantasies of politicians actually do exist. Or better still, that some way can be found to induce private-sector players to finance infrastructure improvements such as toll roads and a usable rail system, perhaps in partnership with governments. All I am suggesting is that blind insistence on austerity and repayment is a choice, one of several, and is not graven in stone. Or even demanded by the Bible.

Irwin M. Stelzer is a contributing editor to The Weekly Standard, director of economic policy studies at the Hudson Institute, and a columnist for the Sunday Times (London).

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