there 00:08:24 are two modern episodes which i find particularly striking in terms of getting that back to zero or at least you know concerning a big part of that the french revolution of course is a very important example so you know this was a time when the basically the political system did not manage to make pay those who should have paid for the public spending which was the nobility 00:08:47 so there was a fight flight toward that because people who should have paid the tax managed on how to escape and the solution was the french revolutions and the fiscal privileges of the aristocracy the conservation of that through partisan inflation partly through taxation and that's sort of one modern episode the other modern episode which i want to to refer to is of 00:09:12 course uh after world war ii uh you know after you know in 1945 1950 most rich economies had public debt which were enormous you know even even bigger than than today and they made the choices you know the political choice through you know very conflictual social movement political fights 00:09:37 in the end the choice was made collectively not to replace his debt so this happens in various ways you know inflation in some cases but but some countries like germany in particular which is viewed today as as very conservative in terms of economic doctrine and ideology and which in many ways is very conservative we'll see after the election in a few days but you know it's still going to be quite conservative probably in any case but in fact after world war 00:10:05 ii developed applied the solution to to get rid of the debt of the past through a monetary reform and through progressive taxation of very high wealth holders in order to in effect compensate the lower wealth holders for the uh for the monetary reform and the the loss of links that was implied by military reform so that in the end i mean this is not job this was certainly 00:10:33 not a perfect system but as compared to all other ways of getting rid of past that you know this was certainly one of the one of the most equitable or at least or the least unequitable way to to address the problem and you know i think we will have we will have other episodes like this
!- Thomas Piketty : two ways we got rid of debt in the recent past - french revolution - execute the nobility who escaped paying their fair share of debt - post WWII restructuring
Is this Tess McGill's zettelkasten in the movie Working Girl? 