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Tag: Debt

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



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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



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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



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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
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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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Economists Behind Discredited Austerity Study Lash Out at Paul Krugman

Carmen Reinhart and Kenneth Rogoff, the Harvard economists whose influential pro-austerity study was recently exposed as being seriously flawed, have penned a scathing open letter to the New York Times columnist, who has been a major critic of their work and one of the leading voices in the anti-austerity movement.

Posted on May 26, 2013 READ MORE



State Farm (CC BY 2.0)

Student Loans a Drag on Graduates and the Economy

Crippling student debt is keeping hundreds of thousands of Americans from spending money on goods and services in the real economy, which is constraining the nation’s recovery.

Posted on May 11, 2013 READ MORE


Diploma for Dinner

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Posted on May 11, 2013 READ MORE


‘Left, Right & Center’: Benghazi, Immigration and the Summer of Debt

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists examine the Benghazi attack. Was it terrorism? If so, did the administration try to cover it up, as Republicans say? Also, the immigration debate zeroes in on border security and a legalization process.

Posted on May 10, 2013 READ MORE



AP/Francisco Seco

Krugman: Our ‘Worst Fears’ About Long-Term Unemployment Damage Are Being Confirmed

As lawmakers on both sides of the aisle spend copious amounts of time on their seemingly futile quest to reach an agreement about how to deal with the nation’s burgeoning debt, there’s an even bigger economic problem in the U.S.: unemployment.

Posted on Apr 22, 2013 READ MORE



west.m (CC BY 2.0)

Will the Harvard Austerity Error End Economic Sadomasochism?

“It seems unlikely,” anthropologist and author David Graeber writes. “After all, as I and many others have long argued, austerity was never really an economic policy: ultimately, it was always about morality.”

Posted on Apr 22, 2013 READ MORE


Massachusetts Economists Discredit Influential Austerity Study

Economists from the University of Massachusetts appear to have debunked a Harvard paper that right-wing politicians have used to push economic austerity policies. The challengers explain where the Harvard economists went wrong in an interview with The Real News Network.

Posted on Apr 19, 2013 READ MORE


Eat Your Cat Food, Mrs. Robinson

The new cost-of-living index proposed in Obama’s latest budget is really a means to push lower living standards on people who need Social Security, University of Missouri economist Michael Hudson says.

Posted on Apr 12, 2013 READ MORE



alh1 (CC BY-ND 2.0)

The Return of Debtors’ Prisons (Video)

A review of reports published over the last few years shows poor and lower-income Americans are increasingly being jailed for being unable to pay debts and fines “more than two decades after the Supreme Court prohibited imprisoning those who are too poor to pay their legal debts,” as the ACLU notes.

Posted on Apr 9, 2013 READ MORE



kenteegardin (CC BY-SA 2.0)

Debt Is the Problem

It’s not the kind created by government spending on social programs, however, economist Michael Hudson says.

Posted on Mar 15, 2013 READ MORE



Flickr/University of Portsmouth Students' Union

Tuition at Public Colleges Rises to Record Level

College costs climbed to an all-time high in 2012 while state and local funding for items such as operating expenses and student aid fell, a new report shows.

Posted on Mar 7, 2013 READ MORE



Don Hankins (CC BY 2.0)

Shortchanged Workers Fuel the Missing Recovery

“Today the stock market is high not from profits from expanding sales revenues, but from labor cost savings,” former Reagan Treasury Secretary Paul Craig Roberts writes in CounterPunch.

Posted on Mar 6, 2013 READ MORE


Sequester, Held in Contempt

I hate the sequester, beginning with its name. “Sequester” is a verb, not a noun. This ridiculous exercise is not just unwise and unproductive, but ungrammatical as well.

Posted on Mar 4, 2013 READ MORE



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Scarborough, Krugman to Face Off on ‘Charlie Rose’

Nobel Prize-winning economist Paul Krugman and MSNBC host Joe Scarborough are taking their feud over the country’s massive debt and lackluster economy to television.

Posted on Mar 4, 2013 READ MORE



Birth Control Is the New Poison

Laws proposed this year include a bill whose proponent is an Oklahoma cardiologist who sees venomous effects in hormonal contraception for women; the Obama administration has created a policy that will allow more public access to federally financed research; meanwhile, an Italian newspaper claims Pope Benedict resigned thanks to pressure from a secret gay lobby. These discoveries and more after the jump.

Posted on Feb 25, 2013 READ MORE



Gruenemann (CC BY 2.0)

The Politics of Debt in America

In 2013, you can’t actually be jailed for not paying your bills, but ingenious corporations, collection agencies, cops, courts and lawyers have devised ways to ensure that debt “delinquents” will end up in jail anyway. With one-third of the states now allowing the jailing of debtors (without necessarily calling it that), it looks ever more like a trend in the making.

Posted on Jan 30, 2013 READ MORE


Krugman on Austerity: ‘How Many Times Do People Like Me Have to Be Right?’

The New York Times columnist has consistently been a strong voice in the argument against making dramatic spending cuts in tough economic times. On Monday, Krugman was once again forced to defend his position during a discussion about the current financial crisis on MSNBC’s “Morning Joe.”

Posted on Jan 28, 2013 READ MORE



pixelasso (CC BY-SA 2.0)

The New Extremism

The debate in both Washington and the mainstream media over austerity measures, the alleged fiscal cliff and the looming debt crisis not only function to render anti-democratic pressures invisible, but also produce what the late sociologist C. Wright Mills once called “a politics of organized irresponsibility.”

Posted on Jan 25, 2013 READ MORE


Obama’s Debt

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Posted on Jan 24, 2013 READ MORE


Inauguration

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Posted on Jan 20, 2013 READ MORE


Before Default, Let Republicans Bump Up Hard Against the Debt Ceiling

A prolonged confrontation over the nation’s debt ceiling—unlike the “fiscal cliff,” which provoked many scary headlines—could truly be grave for both America and the world.

Posted on Jan 18, 2013 READ MORE


Immigration

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Posted on Jan 15, 2013 READ MORE



Office of the Speaker of the House/Bryant Avondoglio

Perpetual Dysfunction: How Republicans Govern

President Obama is set to begin his second term at a moment when the question is not what great things our nation can achieve but whether our government, in Obama’s words, can “stop lurching from crisis to crisis to crisis.”

Posted on Jan 14, 2013 READ MORE


Congressional Issues

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Posted on Jan 13, 2013 READ MORE



walknboston (CC BY 2.0)

How the Rentier Class Cannibalizes the Economy

Rather than mobilizing savings to fund new industries, the banking system that comprises the financial, insurance and real estate sectors merely loads the economy down with debt.

Posted on Jan 11, 2013 READ MORE



AP/Rich Pedroncelli

A Temperature Check From Sen. Sanders

“Despite such terminology as ‘fiscal cliff’ and ‘debt ceiling,’ ” writes Sen. Bernie Sanders, I-Vt., “the great debate taking place in Washington now has relatively little to do with financial issues. It is all about ideology.”

Posted on Jan 9, 2013 READ MORE


Sandy Aid Delayed

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Posted on Jan 3, 2013 READ MORE



Infrogmation (CC BY 2.0)

How Banks Capture the Economy

The second installment of Michael Hudson’s status report on the U.S. economy identifies debt as the financial sector’s key weapon in the push to extract wealth from governments, companies and families.

Posted on Jan 2, 2013 READ MORE



j3net (CC BY-SA 2.0)

The Fiscal Cliff: An Opportunity for a ‘Deceptive Economic Theory’

Economists predicted the fighting would last six months when World War I broke out in 1914. Wars were too expensive to be sustained, and the approaching fiscal cliffs would soon enough force the nations involved to negotiate a peace treaty. But they didn’t, because those governments simply printed more money, Michael Hudson writes in the first of a series at CounterPunch.

Posted on Jan 1, 2013 READ MORE


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