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

Fill in your details below or click an icon to log in: Leviticus 25 contains most of the instructions on property rights and debt, as given by God. Interest rates would have to rise heavily to attract bond investors back into buying British Treasury bonds, which they would see as highly risky investments that might go bust. Chief among them is the Australian economist Steve Keen. Leave a Reply Cancel reply Enter your comment here A revelatory read from the belly of the beast.

The current Bank Of England interest rate is now at its lowest ever at 0. You are commenting using your WordPress.


But there are also plenty of more orthodox voices who support the idea of massive debt relief as the only route out of a financial crisis and economic depression caused by excessive debt. John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following.


If Britain goes bust the world goes bust. 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.

Interest earned from debt creation has been mesopotamiw profitable for the centres of wealth — bondholders and bankers. 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.

MoneyWeek Magazine, January 6 th A debt Jubilee is in this sense a recognition that economic life must be socially rooted if it is to be sustainable: During the Eurozone crises interest rates have shot a lot higher than that as fearful investors shunned the bonds of Greece, Spain, Portugal and Ireland. 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.

Graeber is a staunch supporter of the Occupy Wall Street movement. Email required Address never made public.

What does he say now? MoneyWeek Magazine, January 6th 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. And threatened to cause an implosion in the global banking system.

It posits that attempts to reduce the value of the debt by inducing inflation through Quantitative Easing etc have failed. He articulates the two contradictory forces battling in the debt black hole we face: How do you reconcile the tp forces of insufficient growth and too much debt?


And to heavily borrowed businesses, investment banks and hedge funds? 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?

They point to the debt deal made with Germany in which meant western Europe yo reconstructed successfully and thrived. 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.

Writing off debts encourages future recklessness. Debt cancellation must be part of a restructuring the financial system.

Post was not sent – check your email addresses! 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. European sovereign debt — everybody owes everybody, so what might happen if everybody agrees to write-off resrructuring they owe each other? Published Articles Share this: Otherwise debt servitude will come to a violent denouement.

So why not now?

Last modified: December 28, 2019