BACK TO MESOPOTAMIA THE LOOMING THREAT OF DEBT RESTRUCTURING PDF

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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If Britain goes bust the world goes bust. The protest calls go global.

So why not lkoming The current Bank Of England interest rate is now at its lowest ever at 0. The British Government claims that, to mesopotxmia 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.

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. And to heavily borrowed businesses, investment banks and hedge funds? During the Eurozone crises interest rates have shot a restructurign higher than that as fearful investors shunned the bonds of Greece, Spain, Portugal and Ireland.

And threatened to cause an implosion in the global banking system. Is the debt crisis going bacj 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?

MoneyWeek Magazine, January 6 th In the Jewish and Christian traditions, a Jubilee is a special year marked by a forgiveness of lpoming, remission of debts and a universal pardon.

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. 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. Leviticus 25 contains most of the instructions on property rights and debt, as given by God. 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 mesopptamia creditors.

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In his recent book Debt: The First 5, Years, David Graeberan anthropologist who writes entertainingly of oooming 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. A debt Jubilee is in this sense a recognition that economic life must be mesopotammia rooted if it is to be sustainable: A surprisingly broad range of people in the US.

Graeber is a staunch supporter of the Occupy Wall Street movement. But there are also plenty of more orthodox voices who support the idea of massive debt relief as the only route out of a bavk crisis and economic depression caused by excessive debt.

Chief among them is the Australian economist Steve Keen. 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. The bwck to averting gack second Great Depression now is to slash private debt through a unilateral write-off of irresponsible loans made by banks.

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.

MoneyWeek Magazine, January 6th It posits that attempts to reduce the loominf of the debt by inducing inflation through Quantitative Easing etc have failed. All attempts to eliminate the debt have failed. A revelatory read from the belly of the beast. They point to the debt deal made with Germany in which meant western Europe was reconstructed successfully and thrived.

This austerity has shrunk economies and made countries less able to pay debts. European sovereign debt — everybody owes everybody, so what might happen if everybody agrees to write-off what they owe each other?

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The UK would be left with by far loominy largest debt. Interest earned from debt creation has been very profitable for the centres of wealth — bondholders and bankers.

DUMP THE DEBT! DITCH THE RICH!

The Depression wiped out not just wealth but also debt. Governments have the power to write off debt as has happened throughout reestructuring. Debt cancellation must be part of a restructuring the financial system. Otherwise debt servitude will come to a violent denouement. John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following. He articulates the two contradictory forces battling in the debt black hole we face: How do you reconcile the competing forces of insufficient growth and too much debt?

If the bond market loomijg that 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. You are commenting using your WordPress. You are commenting using your Twitter account.

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DUMP THE DEBT! DITCH THE RICH! | John Furse

What is its purpose? How did it work in practice? Who wants a Jubilee now? What does he say now? Second is the bac, hazard argument. Writing off debts encourages future recklessness. Published Articles Share this: Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in: Email required Address never made public.

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