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. Second is the moral hazard argument.


The current Bank Of England interest rate is now at its lowest ever at 0. The protest calls go global.

Fill in your details below or click an icon to log in: Published Articles Share this: You are commenting using your Facebook account. How do you reconcile the competing forces of insufficient growth and too much debt?

loominb If Britain goes bust the meeopotamia goes bust. Notify me of new comments via email. 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.

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.

You are commenting using your Twitter account. In his recent book Debt: Otherwise debt servitude will come to a violent denouement. 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.

MoneyWeek Magazine, January 6th Post was not sent – check your email addresses! They point to the debt deal made with Germany in which meant western Europe was reconstructed successfully and thrived. Debt cancellation must be part of a restructuring the financial system.


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

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.

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. 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.

And threatened to cause an implosion in the global banking system. What is its purpose? 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. You are commenting using your WordPress. 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.


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. The UK would be left with by far the largest debt. All attempts to eliminate the debt have failed. MoneyWeek Magazine, January 6 th Governments have the power to write off debt as has happened rdstructuring history.


What does he say now? Is the debt crisis going to become the battleground for dbt form of class war between debtors and creditors, between those suffering from the servitude of debt and those who profit from it?

John Mauldin is an eclectic financial commentator with very good connections in the financial world and a large online following.

A revelatory read from the belly of the beast. Who wants a Jubilee now? A surprisingly broad range of people in the US. Interest earned from debt creation has been very profitable for the centres of wealth — bondholders and bankers.

Graeber is a staunch supporter of the Occupy Wall Street movement. Keen ddbt 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. Notify me of new posts via email.

European sovereign debt — everybody owes everybody, so what might happen if everybody agrees to write-off what they owe each other? Chief among them is the Australian economist Steve Keen. Leave a Reply Cancel reply Enter your comment here So why not now?

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

Email required Address never made public. This austerity rfstructuring shrunk economies and made countries less able to pay debts. Writing off debts encourages future recklessness. And to heavily borrowed businesses, investment banks and hedge funds? He articulates the two contradictory forces battling in the debt black hole we face: Leviticus 25 contains most of the instructions on property rights and debt, as given by God.

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