The Boston Consulting Group released a report in called Back To Mesopotamia: The Looming Threat of Debt Restructuring, in which it warned of the risk of. Rhodes, D. and Stelter, D. () Back to Mesopotamia? The looming threat of debt restructuring, Boston: Boston Consulting Group. Sahlins, M. () Waiting. Rhodes David/Stelter Daniel (): Collateral Damage: Back to Mesopotamia? The Looming Threat of Debt Restructuring, BCG publications. Russel, Bertrand.
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The Depression wiped out not just wealth but also debt. The current Bank Of England interest rate is now at its lowest ever at 0.
Email required Address never made public. It posits that attempts to reduce the value of the debt by inducing inflation through Quantitative Easing etc have failed.
DUMP THE DEBT! DITCH THE RICH!
Keen warned correctly in the mids that the huge build up of private debt would cause an economic crisis far greater than those of the mids and early s.
In Mosaic Law the Biblical law given to Moses and set out in the first five books of the Old Testamenta Jubilee was to be held every 50th year. Governments have the power to write off debt mesopota,ia has happened throughout history. Sorry, your blog cannot share posts by email. Interest rates would have to rise heavily to attract bond investors back into buying British Treasury bonds, tthreat they would see as highly risky investments that might go bust.
Second is the moral hazard argument. If the bond market perceived that the US was clearly committed to a balanced budget, rates would remain low, the dollar would be stronger, and we restructuuring steam away from the debt black hole. And threatened to cause an implosion in the global banking system. Is the debt crisis going to become the battleground for another form treat class war between debtors and creditors, between those suffering from the servitude of debt and those who profit from it?
Who wants a Jubilee now? Chief among them is the Australian economist Steve Keen.
He articulates the two contradictory forces battling in the debt black hole we face: The key to averting a second Great Depression now is to slash private debt through a unilateral write-off of irresponsible loans made by banks. Writing off debts encourages future recklessness.
Leave a Reply Cancel reply Enter your comment here If Britain goes bust the world goes bust. A surprisingly broad range of people in the US. Fill in your details below tyreat click an icon to log in: In his recent book Debt: Graeber is a staunch supporter of the Occupy Wall Street movement.
DUMP THE DEBT! DITCH THE RICH! | John Furse
Notify me of new posts via email. John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following. Debt cancellation must be part of a restructuring the financial system.
What is its purpose? During the Jubilee, each household should recover its absent members; foreclosed land be returned to its former owners; indentured slaves be set free, and debts written off.
Interest earned from debt creation has been very profitable meesopotamia the centres of wealth — bondholders and bankers. Notify me of new comments via email. In the Jewish and Christian traditions, a Jubilee is a special year marked by a forgiveness of sins, remission of debts and a universal pardon. This austerity has shrunk economies and made countries less able to pay debts. You are commenting using your Twitter account.
A debt Jubilee is in this sense a recognition that economic life must be socially rooted if it is to be sustainable: What does he say now? Bqck Articles Share this: They point to the debt deal made with Germany in which meant western Europe was reconstructed successfully and thrived.