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May 24, 2015
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Tag: Debt

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 READ MORE



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 READ MORE



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



Shutterstock

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 READ MORE



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

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Posted on Jun 18, 2014 READ MORE



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

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Posted on Jun 1, 2014 READ MORE


Student Debt

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Posted on May 23, 2014 READ MORE


Meet the Chilean ‘Robin Hood’ Who Burned $500 Million of Student Debt

In a “Democracy Now!” exclusive, the Chilean artist who burned $500 million worth of student debt held by the private Universidad del Mar, which continued to collect on loans even as it was being closed for financial irregularities, describes his work as a “joint effort” of “empathy” and “compassion, because of the problems we face as human beings.”

Posted on May 23, 2014 READ MORE



Screenshot/ YouTube

Chilean Artist Burns $500 Million of Student ‘Debt Papers’ in Attempt to Rid World of ‘Debtors’

“This is my act of love for you,” activist Francisco Tapia, aka Papas Fritas, tells students of the Universidad del Mar in a YouTube video that’s gone viral.

Posted on May 21, 2014 READ MORE


Graduation

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Posted on May 18, 2014 READ MORE


Payday Lenders

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Posted on Apr 20, 2014 READ MORE


Monopoly’s Poster Children

Economist Michael Hudson talks about how the economic crisis, austerity, U.S. economic policy and decisions made by local political parties shaped Ireland’s economy.

Posted on Feb 17, 2014 READ MORE



N Is for Neo-Serfdom, O for Offshore Banking

Neoliberalism: The philosophy that public ownership and regulation is inherently less efficient than management by financial operators.

Posted on Jan 25, 2014 READ MORE


Debt Is a Weapon for Taking Your Things Away

The treasured University of Missouri, Kansas City economics professor Michael Hudson explains to RT how debt is used “as a means of foreclosing on property and transferring” it “from the debtor to the creditor.”

Posted on Jan 20, 2014 READ MORE



woodleywonderworks (CC BY 2.0)

1-in-5 American Homes ‘Deeply Underwater’

RealtyTrac’s U.S. Home Equity & Underwater report for 2013 shows 9.3 million homes were worth at least 25 percent less than the combined loans secured by each property.

Posted on Jan 9, 2014 READ MORE


Payday Lenders

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Payday lenders are snakes that tempt and consume their victims.
Posted on Dec 20, 2013 READ MORE


American Oligarchs Will Never Cancel the Debts Owed to Them

University of Missouri economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid.

Posted on Nov 30, 2013 READ MORE



Shutterstock

Senate GOP Leader Rejects His Own Idea to Avoid Debt Limit Showdowns

Senate Minority Leader Mitch McConnell, R-Ky., announced Tuesday that he now opposes his own plan to avoid the kind of debt ceiling fiasco that nearly led the nation to default this month.

Posted on Oct 29, 2013 READ MORE



Shutterstock

First, Admit the Problem

Here’s the mistake made by President Obama and the Democrats that nobody is talking about: They have been too fearful of confronting our country’s three-year obsession with the wrong problem.

Posted on Oct 27, 2013 READ MORE


Now Is a Time for Growth

It’s fine to talk—eventually—about chronic deficits and mounting debt. But now that our government is up and running again, the nation’s first priority should be economic growth.

Posted on Oct 21, 2013 READ MORE


Rep. Conyers Pushes for ‘Full Employment’ Bill

An 11th-hour deal to end the 16-day partial government shutdown and pull the nation back from the brink of a historic debt default occurred Wednesday night. Rep. John Conyers says the focus on spending and debt is wrong; Congress should pass a full employment bill.

Posted on Oct 17, 2013 READ MORE



Shutterstock

House GOP, News Media Fail to Inform American Public on Budget Deficit

There are two national deficits, and both are in good if not excellent condition. Every day that the House has debated the public debt limit, President Barack Obama has cited this fact. No opponent pays any attention.

Posted on Oct 15, 2013 READ MORE


the day the government runs out of money
Shutterstock

Oct. 17: The Day the Money Runs Out

Treasury Secretary Jack Lew has written House Speaker John Boehner to warn that unless Congress raises the debt limit, the United States of America is going to start bouncing checks.

Posted on Sep 25, 2013 READ MORE


The Fire of an Impassioned Academic

A series of excerpts from a summer talk given to the Ontario Common Front—an effort to build a broad resistance to the policies of Canada’s conservative government—show the zeal and precise theoretical insight of McMaster University professor and American cultural critic Henry Giroux.

Posted on Sep 21, 2013 READ MORE



*Sally M* (CC BY-SA 2.0)

The Insider’s Economic Dictionary: D Is for Debt

Dependency: the loss of choice. Establishing a world system based on foreign dependency is the aim of the Washington Consensus.

Posted on Sep 15, 2013 READ MORE


Debt Counseling Government

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Posted on Aug 9, 2013 READ MORE



Joe Crimmings Photography (CC BY-ND 2.0)

Obama’s Master Class in Demagogy 101

The aim of the president’s Knox College speech on Wednesday was to wrap the economic program he has been working out with Wall Street investment bankers in democratic rhetoric. It was an exercise in political stealth.

Posted on Jul 27, 2013 READ MORE


College Student Debt

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Posted on Jul 10, 2013 READ MORE


Student Loan Rate Doubling

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Posted on Jul 1, 2013 READ MORE


College Debt

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Posted on Jun 3, 2013 READ MORE


Credit

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Posted on Jun 3, 2013 READ MORE


David Graeber: They’re Enslaving You With Debt

Debt has been weaponized “pretty much continually” for the last four or five millennia by “people who have access to the ability to make credit,” the anthropologist, Occupy activist and anarchist said on the “Keiser Report” TV show in late April.

Posted on May 31, 2013 READ MORE


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