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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How do you reconcile the competing forces of insufficient growth and too much debt? If Britain goes bust the world goes bust. Graeber is a staunch supporter of the Occupy Restructuriny Street movement. Otherwise debt servitude will come to a violent denouement. The Depression wiped out not just wealth but also debt. 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.

The First 5, Years, David Graeberan anthropologist who writes entertainingly of debt ceilings, subprime mortgages and credit default swaps as if they were the exotic practices of a decadent tribe on the edge of self-destruction, notes how the first act of many successful rebellions was to scrap debts and start again from zero.

Email required Address never made public. The protest calls go global. Governments have the power to write off debt as has happened throughout history.

Notify me of new comments via email. Interest rates would have to rise heavily to attract bond investors back into buying British Treasury bonds, which they would see reatructuring highly risky investments that might go bust.


Is the debt crisis going to become the battleground for another form of class war between debtors and creditors, between those suffering from the servitude of debt and those who profit from it? If the bond market perceived mesoporamia the US was clearly committed to a balanced budget, rates would remain low, the dollar would be stronger, and we would steam away from the debt black hole.


Interest earned from debt creation has been very profitable for the centres of wealth — bondholders and bankers. You are commenting using your Facebook account. He articulates the two contradictory forces battling in the debt black hole we face: The British Government claims that, to maintain the confidence of Treasury bond investors, they need to apply austerity measures to reduce the costs of the public sector and the amount of loans bonds — and interest costs — required to finance it because of shortfalls in tax receipts.

MoneyWeek Magazine, January 6th A revelatory read from the belly of the beast. It posits that attempts to reduce the value of the debt by inducing inflation through Quantitative Easing etc have failed. John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following.

Funny thing is – this is likely just a test run. BCG wrote the scenario up back | Hacker News

How did it work in det Leviticus 25 contains most of the instructions on property rights and debt, as given by God. And to heavily borrowed businesses, investment banks and hedge funds?

A surprisingly broad range of people in the US. You are commenting using your WordPress. This austerity has shrunk economies and made countries less able to pay debts. 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. European sovereign debt — everybody owes everybody, so what might happen if everybody agrees to write-off what they owe each other? In his recent book Debt: Sorry, your blog cannot share posts by email.


All attempts to eliminate the debt have failed.

Debt cancellation must be part of a restructuring the financial system. MoneyWeek Magazine, January 6 th Chief among them is the Australian economist Steve Keen. In other words, any write-offs big enough to alter consumer behaviour would probably also be big enough to destabilise or even sink the banks.

The current Bank Of England interest rate is now at its lowest ever at 0. So why not now?

Second is the moral hazard argument. 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.

Who wants a Jubilee now? The UK would be left with by far the largest debt. To maintain social order and political stability — and, ultimately, protect the long-term sustainability of economic life and commerce — by preventing credit systems from degenerating into the enslavement of debtors by their creditors.

A debt Jubilee is in this sense a recognition that economic life must be socially rooted if it is meopotamia be sustainable: 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.

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