David McWilliams: Government is fighting the wrong war and still losing
Published 31/08/2011 | 18:00
When are the powers in this country and internationally going to understand that this economic crisis is a debt crisis and will only be solved when the debtors and the creditors sit down and hammer out a deal with each other? This goes for debt between countries as well as internal debts.
The way to solve a local or global banking crisis is through the medium of "co-responsibility", where the debtor and the creditor equally share the blame and the cost. One party borrowed too much in the good times and the other lent too much. That's about the height of it.
The mature and responsible way to solve this problem is to do a deal which involves each party paying.