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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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 thfeat write-off what they owe each other? Email required Address never made public.

MoneyWeek Magazine, January 6 th Second is the moral hazard argument. 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.

Sorry, your blog cannot share posts by email. A surprisingly broad range of people in the US.


He articulates the two contradictory forces battling in the debt black hole we face: Post was not sent – check your email addresses! MoneyWeek Magazine, January 6th Graeber is a staunch supporter of the Occupy Wall Street movement.


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 would steam away from the debt black hole. In his recent book Debt: John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following. And threatened to cause an implosion in the global banking system. What does he say now?


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. 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.

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.

Who wants a Jubilee ro The Depression wiped out not just wealth destructuring also debt. Debt cancellation must be part of a restructuring the financial system. Writing off debts encourages future recklessness. Governments have yhe power to write off debt as has happened throughout history.


Chief among them is the Australian economist Steve Keen. A debt Jubilee is in this sense a recognition that economic life must be socially rooted if it is to be sustainable: And to heavily borrowed businesses, investment banks and hedge funds? So why not now? The current Bank Of England interest rate is now at its lowest ever at 0.

Notify me of new comments via email. What is its purpose? How did it work in practice? Published Articles Share this: Fill in your details below or click an icon to log in: Is the debt crisis going to become the battleground for another form of class war between debtors and creditors, between those suffering from restruvturing servitude of debt and those who profit from it?

Notify me of new posts via email. 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. If Britain goes bust the world goes bust.

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