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October 24, 2016
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Tag: Debt

Funding California Schools: Proposition 51 Versus a State-Owned Bank

By borrowing from its own state-chartered, state-owned bank, California could save over $10 billion on a $9 billion loan.

Posted on Oct 20, 2016 READ MORE


Square, Category Page

The World Bank and the IMF Are Enabling the Next Crisis

A fresh global economic disaster is brewing, and the authors of world financial policy don’t acknowledge their role in creating it.

Posted on Oct 10, 2016 READ MORE

Photo of the Week: The Latest Devastation of Haiti

Why is Haiti so vulnerable to disaster? In addition to geography, there’s a legacy of debt, poverty, political instability, foreign exploitation and negligence, corruption and violence.

Posted on Oct 8, 2016 WATCH & LISTEN

Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Systemic inequalities play a key role in our alarmingly high level of credit card debt.

Posted on Sep 13, 2016 READ MORE

Puerto Rico in Crisis as Obama Authorizes Federal Financial Control (Multimedia)

Puerto Ricans took to the streets Thursday to protest what they see as a return to colonialist policy after President Obama signed an emergency measure to put the island’s finances under the oversight of the federal government.

Posted on Jul 1, 2016 WATCH & LISTEN

Debt Deflation—the Economic Concept That Proves Market Optimists Wrong

Western economies are shrinking as people are compelled to spend more and more of their income on credit card, mortgage and college debt, leaving less and less for goods and services, says financial economist Michael Hudson.

Posted on Jun 30, 2016 WATCH & LISTEN

John Oliver Bought Nearly $15 Million in Medical Debt to Prove a Point in an Incredible Way (Video)

The “Last Week Tonight” host discovered just how easy it is to get into the debt collection business and then go after payment, something that often results in the persecution of innocent people. Oliver then made television history Sunday night. (Take that, Oprah!)

Posted on Jun 6, 2016 WATCH & LISTEN

Student Debt

Posted on May 21, 2016 ENLARGE

Great Recession Continues to Loom Over 2016 Graduates, Even as Corporate Profits Rise

The New York Times editorial board released a depressing report recently on the bleak job prospects faced by high school students graduating this year, a situation it traces to consistent political failures in recent times.

Posted on May 15, 2016 READ MORE

The Graduate

Posted on May 13, 2016 ENLARGE

Millennials Are Paying for ‘the Western World’s Most Stunning Accounting Disaster to Date’

A staggering Guardian investigation reveals how, far from being “the most indulged young people in the history of the world,” Westerners born in the 1980s and mid-1990s have been betrayed by previous generations that have left them in debt, jobless and locked out of property markets.

Posted on Mar 7, 2016 READ MORE

Higher Education: Capitalism at Its Most Despicable

Ranking capitalist ignominy is a daunting task with Big Pharma and high finance in the running, but higher education’s betrayal of a long-standing trust with young Americans puts it near the top of the list.

Posted on Oct 26, 2015 READ MORE

What Can Be Done Right Now to Fix the Legal System for Debt Collection

America’s out-of-date, unfair laws for collecting debts could be dramatically improved through these simple steps.

Posted on Oct 11, 2015 READ MORE

Risk of Global Financial Crash Has Increased, IMF Warns

The International Monetary Fund says a slowdown of the Chinese economy and a decline in world trade are undermining the stability of highly indebted emerging economies.

Posted on Oct 8, 2015 READ MORE

VIDEO: Why Student Loan Debt Isn’t Just a Problem for Millennials

America’s student loan debt is now over $1.2 trillion. But it’s not just hurting millennials. One-third of that debt belongs to people in their 40s.

Posted on Oct 7, 2015 WATCH & LISTEN

Bubbles Always Burst: The Education of an Economist

To learn about the topics that interested me most as a young economist, I had to leave university and go to work for banks.

Posted on Sep 30, 2015 READ MORE

KPFK’s death by democracy

Posted on Sep 24, 2015 READ MORE

Colleges With Plenty of Cash Saddle Their Poorest Students With Heaps of Debt

A ProPublica analysis of newly available federal data shows that some of the nation’s wealthiest colleges are leaving their poorest students with plenty of debt.

Posted on Sep 13, 2015 READ MORE

Why Biden’s Bankruptcy Bill Could Complicate a Presidential Run

A Joe Biden campaign risks confronting the scorn of one of the party’s most influential progressives, Sen. Elizabeth Warren. Though Biden has reportedly sought her favor, Warren has historically refrained, accusing him of acting as a tool of the credit card industry by limiting debt relief for people grappling with financial trouble.

Posted on Sep 4, 2015 READ MORE

Trumping the Federal Debt Without Playing the Default Card

How can the U.S. remain strong, with very little debt, without defaulting on Social Security, Medicare or the federal debt itself? By reducing the debt by buying it and ripping it up.

Posted on Aug 19, 2015 READ MORE

Hillary Clinton to Offer Plan for Loan-Free Tuition at Public Colleges

With Americans owing a staggering $1.2 trillion in student loan debt, and about 8 million in default, her proposal reflects a Democratic push to reverse years of state cuts to higher ed. Creating a program of federal grants to the states to lower tuition is the centerpiece.

Posted on Aug 10, 2015 READ MORE

How Goldman Sachs Helped Create the Greek Debt Crisis

The investment bank turned a huge profit by helping to hide the real extent of Greece’s debt, and in the process almost doubled it.

Posted on Jul 17, 2015 READ MORE

Greek Burden

Posted on Jul 16, 2015 ENLARGE

Grexit or Jubilee? How Greek Debt Can Be Annulled

The crushing Greek debt could be canceled the way it was made—by sleight of hand. But saving the Greek people and their economy is evidently not in the game plan of the Eurocrats.

Posted on Jul 16, 2015 READ MORE

Piketty on Germany’s Hypocrisy: It ‘Has No Standing to Lecture Other Nations’

“Those who want to chase Greece out of the eurozone today,” the French economist says, “will end up on the trash heap of history.”

Posted on Jul 6, 2015 READ MORE

Greek Finance Minister Says Austerity Is Bad Medicine

Greece’s new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country’s labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”

Posted on Apr 22, 2015 WATCH & LISTEN

Don McCullough (CC BY-NC 2.0)

Stanford’s Making Tuition, Room and Board Virtually Free for Students From Low-Income Families

Stanford University has just taken a huge step toward helping students whose parents make less than $125,000 a year get a college education without accruing inordinate amounts of debt.

Posted on Apr 2, 2015 READ MORE

Addressing the Senate, an Anti-Austerity Economist Criticizes U.S. Budget Policy

There is much confusion, politically sown, about what debt is, what it does and what it costs. This includes the false ideas that the government deficit is unsustainable, that “entitlements” are bleeding us and that paying interest on the national debt displaces money that would otherwise be spent on public programs.

Posted on Mar 13, 2015 READ MORE

Truthdiggers of the Week: Leaders of the Debt Collective

With outstanding student debt in the U.S. topping $1.3 trillion, 15 former Corinthian Colleges students are refusing to pay the onerous, exorbitant cost of a shoddy education.

Posted on Mar 1, 2015 READ MORE

Ukraine Denouement: The IMF’s One-Two Punch (Audio)

After a tenuous ceasefire was brokered in Minsk last week, the fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: international finance.

Posted on Feb 20, 2015 READ MORE

Is Syriza in Retreat?

Greece’s anti-austerity party has declared itself willing to sign the leaked “Moscovici document,” which a central committee member says defangs the Greek government in its struggle against its creditors.

Posted on Feb 19, 2015 READ MORE

Has the IMF Annexed Ukraine?

Michael Hudson, an economist at the University of Missouri-Kansas City, says the terms attached to the loans made by the IMF to Ukraine are likely to turn its people into penniless serfs of international banks.

Posted on Feb 14, 2015 WATCH & LISTEN

Thousands of Croatia’s Poorest Citizens Just Had Their Debts Wiped Out

A program called “fresh start” began Monday in Croatia and it’s as incredible as it sounds.

Posted on Feb 2, 2015 READ MORE

Why Ireland’s Political Elite Are Terrified of Syriza

Irish leaders—eager to maintain that compliance with the demands of international creditors after the 2008 crisis was the best choice for Ireland—are concerned that the defiant tactics of Greece’s newly elected Syriza party may expose their program as flawed if Syriza wins concessions from the troika of lenders.

Posted on Feb 2, 2015 READ MORE

Trojan Hearse: Greek Elections and the Euro Leper Colony

Alexis Tsipras, the leader of Syriza, would like to pretend that austerity and the euro are two different things. Apparently, he’s blissfully ignorant of the history of the euro. The horror of austerity is not the consequence of Greek profligacy: It was designed into the euro’s plan from the beginning.

Posted on Jan 29, 2015 READ MORE

The Collapse of Europe?

The European project is teetering on the edge of failure. Growth is anemic at best and socio-economic inequality is on the rise. The countries of Eastern and Central Europe, even relatively successful Poland, have failed to bridge the income gap with the richer half of the continent. And the highly indebted periphery is in revolt.

Posted on Jan 29, 2015 READ MORE

EU Showdown: Greece Takes on the Vampire Squid

The Greeks have been threatened by the European financial troika with a “Cyprus-Style prolonged bank holiday” if they “vote wrong” in an upcoming presidential election that looks likely to favor the EU-skeptic, anti-austerity, leftist Syriza party. But they have been bullied for too long and are saying “no more.”

Posted on Jan 10, 2015 READ MORE

Feds Bar Companies’ Long-Distance Lawsuits Against Soldiers

In the latest move against companies targeting military customers, federal regulators prohibit two Virginia-based lenders from suing out-of-state debtors in Virginia courts.

Posted on Dec 27, 2014 READ MORE

Steve Rhodes (CC BY-NC 2.0)

Occupy Activists Try to Restore Our Faith in ‘Collective Power’ by Wiping $3.9M of Student Loan Debt

The Strike Debt movement, which has its roots in Occupy Wall Street, bought and “abolished” a portfolio that included the student loan debts of 2,700 students who had attended the privately run Everest College.

Posted on Sep 18, 2014 READ MORE

Weak Laws Offer Debtors Little Protection and Allow Collectors to Seize a Fourth of Their Wages

Critics say the 1968 federal law that allows collectors to take 25 percent of debtors’ wages, or every penny in their bank accounts, is out of date and overly harsh.

Posted on Sep 16, 2014 READ MORE


Wages of Millions Seized to Pay Past Debts

One in 10 working Americans between the ages of 35 and 44 are getting their wages garnished. That means their pay is being docked—often over an old credit card debt, medical bill or student loan.

Posted on Sep 15, 2014 READ MORE

John Oliver on Why You Should Resort to ‘Anything Else’ Before Taking Out a Payday Loan

Payday loan providers have been around for 20 years or so, and in that time their growth rate has been exponential for one reason alone: The services they provide are a huge, undeniable, legal scam. Watch John Oliver and comedian Sarah Silverman explain why you need to avoid them at all costs.

Posted on Aug 12, 2014 WATCH & LISTEN

How Wall Street Tobacco Deals Left States With Billions in Toxic Debt

Politicians wanted upfront cash from a legal victory over Big Tobacco, and bankers happily obliged. The price? A handful of states promised to repay $64 billion on just $3 billion advanced.

Posted on Aug 9, 2014 READ MORE

Thank You for Your Service: How One Company Sues Soldiers Worldwide

With stores near military bases across the country, the retailer USA Discounters offers easy credit to service members. But when those loans go bad, the company uses the local courts near its Virginia headquarters to file suits by the thousands.

Posted on Jul 26, 2014 READ MORE

Student Loan Debt

Posted on Jun 18, 2014 ENLARGE

Argentine Debt Appeal Rejected

The U.S. Supreme Court handed Argentina two major disappointments Monday “in cases brought by bondholders who refused to accept reduced payments after the country’s 2001 default,” The New York Times DealBook reports.

Posted on Jun 17, 2014 READ MORE

Student Debt: Blame Lawmakers, Tax-Shirking Rich, War on Drugs, Not Universities

Why is tuition so high in state universities that The New York Times is wondering whether families will go on being able to afford it?

Posted on Jun 10, 2014 READ MORE

Ninian Reid (CC BY 2.0)

Elizabeth Warren’s ‘Bank on Students’ Emergency Loan Refinancing Act to Get Obama’s Endorsement

After some initial resistance, President Obama is expected to announce his support Monday for an overhaul of the federal student loan program proposed by Sen. Elizabeth Warren.

Posted on Jun 9, 2014 READ MORE

Saddled with Debt

Posted on Jun 1, 2014 ENLARGE

Student Debt

Posted on May 23, 2014 ENLARGE

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