Here is and interesting idea, that has been suggested for the US.
Ending the federal deficit in 5 minutes

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection. Warren Buffett via http://www.ritholtz.com/blog/2011/07/warren-buffett-i-could-end-the-deficit-in-5-minutes
What came to my mind after reading this is all the will that it takes in order to bring this forward. In general it just requires the people or the consensus of the people to push this idea, right? but wait, is it not the persons elected by the people who would need to pass this? Would they not be thinking like this:
Seth’s Blog: When did you get old?

At some point, most brands, organizations, countries and yes, people, start talking about themselves like they’re old. “We can’t stretch in that direction,” or “Not bad for a 60 year old!” or “I’m just not going to be able to learn this new technology.” Even countries make decisions like this, often by default.

It is to late to change that and we need to solve the problems right now. Like Greece, Ireland and now Italy is popping in the water. However once this is all blown over and the debate on this issue “could” be initiated, who would step up and who would fear the consequences?

Waiting for the fear to subside

There are two problems with this strategy: A. By the time the fear subsides, it will be too late. By the time you’re not afraid of what you were planning to start/say/do, someone else will have already done it, it will already be said or it will be irrelevant.
So why is it that the will of the people picked strategy A on the matter of financial responsibility, but then we complain and curse like a sailor when our own unsound financial behaviour slaps us in the back of our head!

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