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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And to heavily borrowed businesses, investment banks and hedge funds? And threatened to cause an implosion in the global banking system.

Fill in your details below or click an icon to log in: 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.

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The Depression wiped out not just wealth but also debt. In his recent book Debt: The British Government claims that, to maintain the confidence of Treasury bond investors, they need to apply austerity measures to reduce the costs of bavk public sector and the amount of loans bonds — and interest costs — required to finance it because of shortfalls in tax receipts. They point to mesopogamia debt deal made with Germany in which meant western Europe was reconstructed successfully and thrived.


Notify me of new posts via email. All attempts to eliminate the debt have failed. Keen warned correctly jesopotamia 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 current Bank Of England interest rate is now at its lowest ever at 0. Chief among them is the Australian economist Steve Keen. Interest earned from debt creation has been very profitable for the centres of wealth — bondholders and bankers. 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.

If Britain goes bust the world goes bust. 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. 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.

It posits that attempts to reduce the value of the debt by inducing inflation through Quantitative Easing etc have failed. 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: Governments have the power to write off debt as has happened throughout history. European sovereign debt — everybody owes everybody, so what might happen if everybody agrees to write-off what they owe each other? How do you reconcile the competing forces of insufficient growth and too much debt?


The protest calls go global. A revelatory read from the belly of the beast.

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

The UK would be left with by far the largest debt. Leave a Reply Cancel reply Enter your comment here Otherwise debt servitude will come to a violent denouement.

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

What does he say now? Second is the moral hazard argument. Interest rates would have to rise heavily to attract bond investors threqt into buying British Treasury bonds, which they would see as highly risky investments that might go bust. What is its purpose? Notify me of new comments via email.


Writing off debts encourages future recklessness. This austerity has shrunk economies and made countries less able to pay debts. Email required Address never made public.

Published Articles Share this: Graeber is a staunch supporter of the Occupy Wall Street movement.