If only real life were that simple.
Be sure to share you thoughts with the Americans, and all of Europe, I'm sure they will be thankful for your saving of all capitalist kind.
Its a shame they never had you to call on through the 1950's when debts 5-times higher were cleared whilst building new homes, hopsitals, schools, communities and livelihoods. Just think what could have been achieved through those austere times if there has been such financial acumen to call upon.
Raising funds to clear debt by selling off assets is, for the greater part, the single largest contributor to the world-wide financial crisis suffered. Britain's excessive zeal in selling off of state assetts left it the most exposed to the financial calamity, but the shere size of the economy is the reason why it did not sink to the levels of the likes of Iceland.
Solutions include, investment, wealth creation from growth, nationalisation to preserve assett worth, financial control and regulation. Extended to housing then the last thing to do is sell off the stock. Build more, bring stock bask into national ownership, exercise rent and expenditure control.
When will the right learn that Thatcherism/Reagenomics has bought the world to a shuddering failure. It is crucial to move forward with a sustainable alternative model, else the undemocratic tendency will fill the void that results.
Thus, sickening as it may be for some current thinking, Hughes is right again.