Krugman of 25 September:
I think it’s fair to say that a majority of economists believe that excessive private debt played a key role in getting us into this economic mess, and is playing a key role in preventing us from getting out. So, how does it end?
In the end, I’d argue, what must happen is an effective default on a significant part of debt, one way or another.
Or, we could just print money and use it to pay off debt.