The essay argues that economic growth is not necessary for paying off debts and holds that debts are created mainly for the purpose of maintaining unsustainable growth. Debt sustains our economic system by demanding continuous growth, but we remain indebted regardless of how much we grow. One of the mechanisms that could be used to oppose public debt is a debt audit that advocates for a fair distribution of debt and the cancellation of illegitimate debt. There are various examples of practices of public debt audits. Moreover, some countries have already established mechanisms of debt control that also include their citizens to a certain extent. Debt audits should thus help us understand the consequences of the financial crisis and suggest policies that follow the paradigm of degrowth.
