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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Email required Address never made public. A surprisingly broad range of people in the US. If Britain goes bust the world goes bust.

You are commenting using your Twitter account. The UK would be left with by far the largest debt. They point to the debt deal made with Germany in which meant western Europe was reconstructed successfully and thrived.

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Interest earned from debt creation has been very profitable for the centres of wealth — bondholders and bankers. In other words, any write-offs big enough to alter consumer behaviour would probably also be big enough to destabilise or even sink the restructurimg. A revelatory read from rwstructuring belly of the beast. Chief among them is the Australian economist Steve Keen.

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

All attempts to eliminate the debt have failed. How do you reconcile the competing forces of insufficient growth and too much debt? 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.

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.


Otherwise debt servitude will come to a violent denouement. Sorry, your blog cannot share posts by email. Published Articles Share this: Notify me of new posts via email. MoneyWeek Magazine, January 6 th gestructuring 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.

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 Eurozone crises interest rates have shot a lot higher than that as fearful investors shunned the bonds of Greece, Spain, Portugal and Ireland. What does he say now?

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 key to averting a second Great Depression now is to slash private debt through a unilateral write-off of irresponsible loans made by banks.

European sovereign debt resructuring everybody owes everybody, so what might happen if everybody agrees to write-off what they owe each other? What is its purpose?

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

You are commenting using your Facebook account. Leviticus 25 contains most of the instructions on property rights and debt, as given by God. A debt Jubilee is in this sense a recognition that economic life must be socially rooted if it is to be sustainable: Graeber is a staunch supporter of the Occupy Wall Street movement. 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?

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

Notify me of new comments via email. He articulates the two contradictory forces battling in the debt black hole we face: Leave a Reply Cancel reply Enter your comment here The Depression wiped out not just wealth but also debt. So why not now? Keen warned correctly in the restrucguring that the huge build up of private debt would cause an economic crisis far greater than those of the mids and early s.


How did it work in practice? Writing off debts encourages future recklessness. Sebt posits that attempts to reduce the value of the debt by inducing inflation through Quantitative Easing etc have failed.


This austerity has shrunk economies and made countries less able to pay debts. 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 current Bank Of England interest rate is now at its lowest ever at 0. Debt cancellation must be part of a restructuring the financial system. Post was not sent – check your email addresses! 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 his recent book Debt: Governments have the power to write off debt as has happened throughout history. The protest calls go global. Fill in your details below or click an icon to log in: 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.