#debt
Here's the source article that goes into details of that statistic for #China: https://archive.is/jdziw
280% debt-to-GDP ratio is actually below the global rate which currently stands at 336%: https://www.weforum.org/agenda/2023/10/what-is-global-debt-why-high/
I think it's fair to say that the world economy is very deeply leveraged and the day of reckoning is coming sooner rather than later. ☹️
American Dream cost
Millennials with kids in debt
Living above means
A quotation from Hubbard, Kin:
«
Some folks pay a compliment like they expected a receipt.
»
Full quote, sourcing, notes:
https://wist.info/hubbard-kin/65290/
#quote #quotes #quotation #compliment #debt #obligation #receipt
Millennials burdened
With rising debt and low income
What future awaits?
@FluentInFinance MANY people, smart people, fall into this trap and our media sources re inforce the incorrect message over and over. #finance #debt
@FluentInFinance Economically the point of debt is to get the capital in the hands of people or organizations that can comparatively create more economic growth out of it. If I have capital that I can not put to work at better than the going rate for debt then I am better giving it to someone and accept that price as the best I can do. In other words debt is GOOD for economic growth. to portray it as some sort of thing to be ashamed of is to misunderstand how the economy works. #finance #debt
@FluentInFinance 100% of that debt is held by someone or an organization that lives on this planet. in other worlds globally the balance sheet balances out. so within that context what is the point of this post? What implications are you trying to highlight? further more Worldwide net private wealth stood at $454.4 trillion in 2022. so does that balance sheet (globally) really seem out of whack? #finance #debt
👹 #HORROR_SHOW?: #DOCTORS WITHOUT #BORDERS and #DAVIDV Demand A #PERMANENT #CEASE_FIRE in #Gaza and #Medical_Aid for #Wounded.
🥊 #DavidV to #Biden. #LETS MAKE A #DEAL!
#Listen Listen.. How in the hell can you even look at yourself in the Mirror; in the Morning? ..#DRUGS??
You are a #family_man --are you not? You rode that train everyday just to get back to your family for dinner. (some pay attention to detail - most do not;) A very important dinner appointment to make .. ..how many years?? Hmmmm..
You have the power to stop all of this but yet you promote and encourage #GENOCIDE?? 🏴☠️
Do you really care about humanity? Now is the time to show the masses that you CARE.
Doesn't matter what 🇮🇱 Israel WANTS (They are #Murderers.. plain and simple!). They got money but NO fricken brains aka braindead! 🧠
You can WIN another election (4 years) and beat #Trump (The CHUMP;) by the simple wave of your hand (aka #CEASE_FIRE! in Gaza Immediately).
Or lose and go down in history as the man who CRUMBLED THE GREAT PILLARS OF OUR COUNTRY #FOREVERMORE; CALLED THE UNITED STATES OF AMERICA.
How do you think you got to be #President in the first 1ST place?
How did a guy in his basement WIN --by doing nothing??
It was not the crooked smile or great son that pushed across the finish line..
A few point spread is all it was..
We have already paved the way for another term (AKA VICTORY)..
#IMMEDIATE CEASE_FIRE IS ALL WE ASK?
..and we can be friends again;)
.. And what does that mean.
.. it means today is your #LUCK_DAY! and truth.
It means the USA will be the leader in #Technology WITHOUT A DOUBT.
We invented #HFT and #RTB that runs EVERYTHING IN BIG TECH ATM! (STOLEN BTW)
There is no other #Company or single OR group of persons than can compete against us .
Why? bc we only build things if we know we can WIN. How?
ZERO COMPETITION AND 2 DECADES TO CATCH UP; ALLOWING TIME TO SECURE MARKET SHARE before anyone learns how to tie their own shoes and that will take at least 20 years:)
The Internet is #ecosystem. One must be able to see all THE MOVING PARTS IN TECH in the same way you are able to see all THE MOVING PARTS IN GOVERNMENT.
ALL YOU HAVE SEEN SO FAR IS #HYPE AND REBRANDING #ZERO_VALID_PROTOTYPES
We are a cash cow. always have been always will be. And last time i check we are in #debt? 500 Trillian. give or take..
In order to have foresight when it comes to the internet one must have #HINDSIGHT (aka the Golden Egg) bc unlike Brick and Mortar the internet #evolved in #milliseconds. That's why you are so far behind.
And without hindsight there will be NO_VALID_FORESIGHT ..AS YOU ARE PROB NOW LEARNING..
But we LOVE America! 🇱🇷
The Greatest Country on the planet.
Do not listen to those elite losers.
We moved 5 trillion of their money (elites under their noses grin) WITHOUT THEIR #CONSENT.. into other peoples pockets ..think about that:) AKA opm;)
aka Proof. NEVER JUDGE A BOOK BY ITS COVER!
We will come back and get that money later.. grin.
#LEGALLY BTW IS THE ONLY WAY TO FLY. We love the internet don't you?
Make more money than any ILLEGAL drug dealer can muster IN A BILLION YEARS and that's is how you solve #CRIME;)
~A LIFE TIME APPOINTMENT IN OFFICE; ENDED with a #Unprecedented #Mass_Murder of #literally 10's of 1000's of #Women and #Children?? We cannot tolerate this type of atrocity whatsoever. DO NOT BE A FOOL by puppeteers. DO THE RIGHT THING!
THE WORLD IS WATCHING!
#YouTube Comments:
* Shame on the US and the EU politicians
* As an American, I'm #disgusted by the #complicity of the #United_States. As a #retired US #RN, I am well aware of what a heroic group #Doctors_Without_Borders is.
I can also envision the level of suffering and the type of injuries being suffered, when 2,000 pound bombs are dropped onto buildings and homes, where vulnerable and innocent, impoverished people live; including elderly, children, and babies.
We hear of the over 6,000 #children and countless more still #buried under the #rubble, but realize also the over 10,000 who are injured; many with unbelievable #traumatic injuries. Then add to that the damage to the #psyche, when #children have to endure #witnessing terrifying #bombings and the injuries and #deaths of others. On top of that, over 17,000 have #lost at least #one_parent.
How can this be happening in 2023, it is beyond belief!!
I commend all of those who are using their voices to speak for the #Innocent #Palestinian people, who are being absolutely #brutalized by #Israel, #aided by the #US and others and I am #sickened by the #weakling_media, who refuse to speak out, and those in leadership positions, who realize how wrong it is, but follow lock-step, knowing Israel is committing #genocide.
more..
* All the staff who keep on working under such circumstances are true #heroes.
* I support Doctors Without Borders. Worthy Charity.
* “When exposing a crime is treated as committing a crime, you are being ruled by criminals.” — #Edward_Snowden
📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
JOBS FOR ALL WORLDWIDE COMING SOON!
* Software Architect (PhD) Supervisor -25 years 100K PMS hours
* EXPERT BLACK BOX TESTER
* Founder of SEO (Search Engine Optimization)
* Founder of RTB (Real Time Bidding)
* Founder of HFT (High Frequency Trading)
https://Withbrains.com/@Davidv ® (Decentralized SOCIAL Network | Signup for Early Invite);
https://TastingTraffic.net ® (#International_Tech_News);
http://JustBlameWayne.com ® (Just Blame Wayne & Post it);
http://Davidv.TV ® (Big Faith | Christianity RAW 101) are not affiliates of this provider or referenced images used. This is NOT an endorsement OR Sponsored (Paid) Promotion/Reshare.
Ratings agency Moody's has slapped a downgrade warning on China's credit rating, saying costs to bail out local governments and state firms and control its property crisis will weigh on the world's No. 2 economy. https://www.japantimes.co.jp/business/2023/12/06/economy/moodys-china-downgrade-property/?utm_content=buffer5d1bb&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #economy #moody039s #debt #china #pboc
Well written post by @sjwrenlewis about some useless definition of a recession and the harmful obsession with #debt in the EU and UK.
mainly macro: Current UK and EU stagnation are in part the consequence of deficit obsession
https://mainlymacro.blogspot.com/2023/11/current-uk-and-eu-stagnation-are-in.html?m=1
OK, look, this excites me, but it sounds like there is still some ambiguity about GLOBAL SURPLUS REGULATORY MECHANISMS (GSRMs). There must be not only mechanisms for pulling deficit countries out of debt, but ALSO mechanisms for curtailing surplus! Infinite growth is not real or good! Matter can neither be created nor destroyed! GSRMS at IMF are IMPERATIVE! NOW! #GSRM #finance #debt #postcapitalism #restructuring #democracy #trust #collectiveaction #government #law #SOS
https://apnews.com/article/un-imf-world-bank-covid-15baf3a9e4d939dd2e085ff0aa18087a
Evergrande, the world’s most-indebted property developer, has eight weeks to agree on a restructuring plan with its offshore bondholders after its winding-up hearing in Hong Kong was adjourned yet again. https://www.japantimes.co.jp/business/2023/12/04/companies/evergrande-hearing-adjourned-again/?utm_content=buffer221a9&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #companies #china #evergrande #realestate #housing #hongkong #debt
🇫🇷🇪🇺 #france Dette: S&P ne dégrade pas la note de la France mais la garde sous perspective négative 📰 https://www.election-politique.com/index.php?display=M
#RevuedePresse #politique #international #Dette #debt #SP #BrunoLeMaire #LeMaire #gouvernement #government
Musk's planned remark harsh
To advertisers seemed so rash
Deliberate intent?
#musk #debt #twitter #advertisers #haiku #poetry
http://www.businessinsider.com/elon-musk-looks-like-he-is-destroying-x-intentionally-2023-11
Book rec: The Global Minotaur by Varoufakis is a clear synopsis of the economic mess that was the last century. I suggest you read it too so I'll finally have someone besides my husband to discuss my frustrations about the Bretton Woods Conference with! He needs a break from it. Ofc, if you've ALSO been needing to discuss it or know someone who has, lmk! hit me up! I have time!
http://digamo.free.fr/varouf11.pdf
#economics #inflation #debt #socialism #capitalism #technofeudalism #finance #goodreads
Will #Cambodia’s Private #Debt Become National Debt? Private debt, much of it concentrated in the rapidly deflating real estate sector, has already emerged as a political problem for Prime Minister #HunManet. | David Hutt, The Diplomat
https://thediplomat.com/2023/11/will-cambodias-private-debt-become-national-debt/
Financial Freedom: A Powerful Guide to Debt Elimination Tips.
#10yrsago #Berlusconi kicked out of Italian senate https://www.theguardian.com/world/2013/nov/27/silvio-berlusconi-ousted-italian-parliament-tax-fraud-conviction
#5yrsago #Sennheiser’s headphone drivers covertly changed your computer’s root of trust, leaving you vulnerable to undetectable attacks https://www.bleepingcomputer.com/news/security/sennheiser-headset-software-could-allow-man-in-the-middle-ssl-attacks/
#5yrsago New York City’s municipal #debt collectors have forged an unholy alliance with sleazy subprime lenders https://www.bloomberg.com/confessions-of-judgment
6/
#News #debt Official creditors and Sri Lanka agree in principle on debt restructuring: Official creditors and Sri Lanka have agreed, in principle, on restructuring the country’s debt.
The Paris Club said that following the launch event in April 2023, 17 countries formally formed, on May 9, an Official Creditor Committee (OCC) co-chaired by India, Japan and France (as chair of the Paris Club) to respond to the Sri Lankan authorities’ request for a debt treatment.
"""
The world economy is defying gravity. That cannot last.
All told, government debt in the rich world is now higher, as a share of gdp, than at any time since after the Napoleonic wars.
When interest rates were low, even towering debts were manageable. Now that rates have risen, interest bills are draining budgets. Higher-for-longer therefore threatens to pit governments against inflation-targeting central bankers.
"""
Global News BC: Surging cost of living leading to ‘inflation isolation’ in B.C.: Poll https://globalnews.ca/news/10117901/cost-of-living-mental-health-isolation-b-c/ #globalnews #britishcolumbia #news #InterestRates #CostofLiving #inflation #Economy #Debt
would you rather... have student #debt or medical debt? How about a little bit of both 😅
#Give more than thanks.
https://ripmedicaldebt.org/
I paid off $12,000 of somebody's #medical #debt today. You can do it too.
There are many things worth taking away from this talk, but I wanted to note this one in particular:
Being indebted to someone is a natural state in human communities. People close to each other constantly borrow from each other and that in fact strenghtens their relationship.
You only settle your debts if you don't want to see the other person ever again.
I like German engineering and their dedication to science and philosophy, but as two world wars and ordoliberalism have shown, they are kind of daft when it comes to politics.
“It was the biggest mistake in German economic policy in the last 20, 30 years,” said Jens Südekum, professor of international economics at Heinrich Heine University in Düsseldorf. “The stupid thing is now in the constitution and you can’t get rid of it.” #debt #Germany #economics #legal
https://www.ft.com/content/60674329-5be3-4802-a05a-851ee2990efd
Debt: The First 5,000 Years | David Graeber | Talks at Google
At a national level, having strong welfare, accessible health services and progressive attitudes towards mental health are shown to reduce suicide and mental illness. On an individual basis, reaching out to others, having supportive social networks, rethinking our identities and developing financial knowledge may help us all weather current and future crises.
Financial crises damage people’s mental health – our global review shows who is worst affected
#mentalhealth #depression #Debt #globalfinancialcrisis #Insightsseries #Tacklingthementalhealthcrisis #2007-08financialcrisis #Suiciderisk
interesting financial side to the current tsunami of #SUVs: https://www.theguardian.com/environment/commentisfree/2023/nov/22/car-culture-car-industry-consumers-debt
#banSUVs #debt
“South #Korea’s total household credit (#debt ) balance reached its second record high in a year amid a large increase in housing-related loans in the financial sector during the third quarter of 2023 (July to September).
As the recovery in housing transactions has been accompanied by a sharp increase in mortgage loans, credit-based household consumption has bounced back and shown an increase after its previous decline.”
http://english.hani.co.kr/arti/english_edition/e_business/1117409.html
For those of you worried about the levels of #publicdebt, here's a scary chart for you - and if you're concerned about developing state #debt, then its even more worrying.
The key thing here is that public debts are (on the other side) 'performing assets' for #investors & #pensioners so the crucial Q. is how willing are the holders to continue to roll forward or even increase their holdings....
So, its partly about confidence... as #LizTruss' debacle showed, that can dissipate very quickly!
Japan’s advisory board for the Finance Ministry has flagged the need to pay more attention to the possible adverse impact of inflation and higher interest rates on the nation’s finances as a shift in Bank of Japan policy looms large. https://www.japantimes.co.jp/business/2023/11/20/economy/fiscal-advisory-board-higher-rates/?utm_content=buffer520ab&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #economy #boj #debt #inflation #japaneseeconomy
Israel cannot pay for a war of this scale for more than 3 months.
After that, the US will pay all the bills.
To do that, the US has to borrow from China
Xi aint lending
Israel has borrowed billions of dollars in recent weeks in privately negotiated deals to help finance its war against Hamas, but it is having to pay unusually high borrowing costs....
@Slavyangrad
#College Does Not Have to Be a #Debt Sentence;
#Miseducation about #collegeadmissions, #financialaid, and #studentloandebt has the potential to discourage talented young people from seeking out degrees.
https://wordinblack.com/2023/11/college-does-not-have-to-be-a-debt-sentence/
What a beautiful gift. Casey McIntyre died of #ovarian #cancer but the fundraiser she started has raised nearly $220K. This should pay off ~$20M of others #medical #debt . 👏👏👏
$1 donated abolishes about $100 of medical debt
“To see that Casey’s good and happy life is continuing in this way is very beautiful to me,” her husband said.
Her fundraiser: https://tinyurl.com/5rks9c2z
NYT piece: tinyurl.com/mr2vtem7 #medicine
What a beautiful gift. Casey McIntyre died of #ovarian #cancer but her fundraiser has raised nearly $220K. This should pay off ~$20M of others #medical #debt . 👏👏👏
$1 donated abolishes about $100 of medical debt
“To see that Casey’s good and happy life is continuing in this way is very beautiful to me,” her husband said.
Her fundraiser: https://tinyurl.com/5rks9c2z
NYT piece: tinyurl.com/mr2vtem7 #medicine
Since 2010, borrowing costs for #oil & #gas companies in the US 🇺🇸 & Europe 🇪🇺 have largely mirrored those for other #debt issuers, except for during sharp falls in commodity prices 📉, according to analysis by S&P Global Ratings https://www.ft.com/content/830e3ae6-0c3c-4da9-87e7-4ff72aa3e249
David Cameron ‘wants to unlock billions of dollars for foreign aid’ https://www.theguardian.com/global-development/2023/nov/18/david-cameron-wants-to-unlock-billions-of-dollars-for-foreign-aid?CMP=Share_iOSApp_Other
Did I read this right?
No new UK £; convincing other nations to pay more; encouraging more business investment packaged as ‘relief’ (presumably with strings attached).
If so, that ain’t aid, it is arm-twisting economic colonialism.
I will read the white paper with interest (and admittedly cynical eye).
Are we in the Age of Insecurity?
Massey Lecturer looks at how being worried about the future can offer us a path of wisdom | CBC.ca https://www.cbc.ca/player/play/2267558467896
#profit
#fear #manufacturedinsecuruty #talks #stress #housing #foodinsecurity #anxiety #future #housinginsecurity #climatechange #canada #usa #eu #africa #charterrights #ubi #society #debt
U.S. government #debt is on track to surpass $50 trillion by 2033. That means $5.2 billion is piling up every day 👇 💸 💸
(but it seems like it doesn't matter and nothing will happen... 🤷♂️)
#kabuki play #MacArthur were censored after consequence of #perlharbor
#zaibatsu of the nation was crushed and redistribution of lands took place
as the big brother then wanted to appear more noble than the communist #china and dreams of the fascist bureaucrats came true
even the ministry of finance which controlled #intrestrates ( price of money) didnt control #credit creation \allocation ( quantity of money \ value of loan and enterprise [1]) central bank
[1]: the goal was to encourage #consumerism at any cost
why does it sound so familiar to #softbank op in #india #startup ecosystem , although it didnt go a long way. Like in a #war #economy surviving enterprise wouldn't compete for profit , but for market share. This was excess competition , later dealt by window guidance in banks , to create cartels controlled by banks. #freemarket hypothesis failed. With the creation of national #bonds , national #debt grew . This d be followed by creation of a bubble handy to central bank and then liberalized the economy. Asset prices hit to roof, Then the people with money ( even from #manufacturing ) wanted to benefit from their own speculation and made #zaitech #hedgefunds . Land value\loan was ~300 pc in 87. It bought 75% of us treasury bonds .
#history
#economists are idiots and so are ( i am sorry to say) most of their #books
- #trade surplus is a powerful as gold standard , if a country has it, it can just print and print money and buy out the entities abroad #gdpthis does leadvto systemic #banking #risk non gdp loans\ total loans USA has once lent houses against stocks as collatoral, #stockexchange shot up then busted , #incomeinequality of course rises in such craziness#tax payer can only foot the bill and book lossesthis is #moralhazardat the end of the day does it curb #homelessness ?i mean securitisation of #realestate requires deregulationthis led to one party rule in #japan, which shifted the economic center of the nation from banks to stock market and productivity from manufacturing to #services. The message was> no recovery without structural reformthat also increases the gap between the rich and the poor , job loss and #foreclosurestrade surplus alone isnt sustainableif you re allowed to borrow from abroad ,local interest rates ll rise to favor that currency you ll be bound to peg your currency to that currency and your #forex reserves ll depleteGross current account balance, if its maintained by the loans from abroad, that counts as export not import
When you hear ANYONE talk about government budget deficits or debt: THANK THEM for making the case for restoring pre-Reagan/Thatcher tax rates on the wealthy & their corporations.
Top tax rates in the US were 90% on the rich and 50% on their corporations. Inheritance 77%. UK is similar. What would be the effect on deficits if those rates were restored?
YES I understand #mmt
This is about shutting up conservatives and their ridiculous propaganda.
#fed And once again, usage of The Fed's emergency funding facility for the banks increased to a new record high above $109BN...
US is screwed
https://substack.com/@rakkhi/note/c-42449005?r=1afqp&utm_medium=ios&utm_source=notes-share-action
This is a reasonable survey of some of the travails that confront the young, from #unemployment to problems of #debt & an inability to enjoy a secure financial existence... however, one of the conclusions (given by these two academics) is once again education for financial literacy.
While, I don't disagree that some (only some) young people do sometimes struggle with budgeting, to lay the young's problems heavily on a lack of financial literacy is to blame the victims!
https://theconversation.com/why-its-so-hard-to-be-young-in-britain-right-now-213002?utm_medium=Social&utm_source=Twitter#Echobox=1698773159
High interest rates is hurting one more industry: Mortgage lenders
In the US, higher interest rates are forcing people to cut back
"Biden has steered the country out of a #recession and #pandemic, gotten through a slew of critical legislation (some bipartisan), avoided a default on the #debt, set the stage for about 14 million new #jobs and overseen a resurgence of manufacturing. Internationally, he has restored the #UnitedStates’ image and solidified and expanded #NATO in defense of #Ukraine.
Nevertheless, mainstream #media coverage has been incessantly negative"
https://www.washingtonpost.com/opinions/2023/10/27/biden-performance-media-israel-gaza-war/
Eliminating Medical Debt in Michigan
https://samfirke.com/2023/10/25/eliminating-medical-debt-in-michigan/
Thank Republicans for all the blessings.
#GOP #Taxation #TaxTheRich #Debt #VoteBlue
$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure' https://www.alternet.org/bush-and-trump-tax-cuts-deficit/
«The #StudentUnions of #Concordia and #McGill are coming together to denounce the #CAQ's #tuition hike because of fears that it will price-out many #Canadian students and saddle them with more #debt.
In a joint statement, student leaders from both universities wrote, "We ask that the province consider the obstacles that this will cause for access to #education and the unnecessary financial strains on those who wish to study in our universities."»
"""
Corporate debt defaults have already been rising globally, notching their highest monthly increase in August, according to S&P Global data.
Peak defaults and bankruptcies in the US could come as soon around the first quarter of 2024, Charles Schwab estimated, as higher borrowing costs break weaker firms financially.
"""
"Now, from Sri Lanka and the Maldives to Laos and Kenya, countries are struggling with #BRI #debt.
This has marred Beijing's reputation. Some critics accuse China of engaging in "debt trap diplomacy" by luring poorer countries to sign up for expensive projects so that Beijing could eventually seize control of assets put up as collateral."
(Reminder: This, and applying diplomatic and political pressure, is what western lenders have done also.)
The world in 2025 as seen from 1975: part 1/5
"If humans pass their cosmic exam as local universe problem solvers and continue on the planet into the twenty-first century, there will be no thoughts whatsoever of earning a living. There will be no thoughts of, or even such words as #business #competition, #money, or #lies for such phenomena will be historically extinct. Such words as #politics, #war, #weapons, #debt will be only of historical significance."
🤣
https://archive.org/download/coevolutionquart00unse_2/coevolutionquart00unse_2.pdf
When Janet Yellen sneezes, countries don't just catch a cold: they go bankrupt.
"The last time the Federal Reserve had raised interest rates as aggressively as it had recently was more than 40 years ago, and the result was that 24 countries went bankrupt.
#Debt payments were crowding out spending to confront social and environmental crises. Debt service was 50% higher than combined spending in African countries on #education, #health, social protection and #climate."
https://www.theguardian.com/business/2023/oct/11/severe-debt-burdens-thwarting-progress-on-climate-and-poverty-says-world-bank
@strypey
One of the most damning quotes comes out of the mouth of the #ukGovernor of the #BankOfEngland, a "Sir" #MontaguNorman who in the late 1930s said "We must lend #Germany 230,000,000 DM, it may never be repaid but such a loss it would be less of a loss than the fall of #nazism."
Someone should probably make an "#alwaysHasBeen" meme about #centralBanks.
#uk #agendaDriven #centralBanking #gunsOrButter #neoColonialism #modernSlavery #debt
"If L.A. County stepped in and bought out our residents’ #medical #debt for them, we could eliminate their debt for millions of dollars, not billions,” Hahn said". https://www.latimes.com/california/story/2023-10-04/la-county-buy-forgive-medical-debt-how-work
Mastering Tax Planning: A Blueprint for Financial Success in India.
#pune #finance #personalfinance #money #tips #investment #stocks #mutualfunds #stockmarket #future #elss #tax #taxplanning #epf #ppf #wealth #wealthmanagement #inflation #debt #credit #loan #nifty #sensex
Enjoy tracker free content reading with us. #privacy #privacymatters
As we now look to be clearly entering a period of high(er) sustained #interestrates, the Q. must be what will be the consequences?
The FT offers some possible answers:
Consumers (effective) demand will be constrained by servicing #mortgages & household #debt;
#productivity may rise as under-performing firms are bankrupted (unable to service their loans);
states may find fiscal manoeuvrability further constrained due to servicing #publicdebt;
& the #greentranstion may be harder to fund.
Care cuts threaten Disabled people’s right to independent living | openDemocracy
https://www.opendemocracy.net/en/disabled-rights-social-care-independent-living-budget-cuts-campaign/
#Disabled
#Disabilities
#IndependentLiving
#Debt
#Unison
#LegalMinimumOfCare
#Ableism
#AbleistPolicies
#MedicalModel
#Austerity
#BureauOfInvestigativeJournalism
#SocialCare
#HomecareAssociation
#ChargingForHomecare
#Homecare
#ILF
#BristolCityCouncil
#FairAndAffordableCarePolicy
#InclusionBarnet
#SocialModel
#DisabledPeoplesManifesto
#5yrsago Since 2007, #debt-haunted grads have been doing public service to earn #LoanForgiveness, which they won’t get https://www.vice.com/en/article/kz5zew/youre-probably-not-getting-that-loan-forgiveness-youre-counting-on
#5yrsago #MeToo meets the #FightFor15 as #McDonalds workers walk out over sexual harassment https://jacobin.com/2018/09/mcdonalds-strike-metoo-sexual-harassment-organizing
#5yrsago Exploring the ruins of a #ToysRUs, discovering a trove of sensitive employee data https://hackaday.com/2018/09/17/exploring-an-abandoned-toys-r-us/
5/
IN OTHER OTHER NEWS
just noticed a lot of questions about #DavidGraeber's #Debt. give me a day or two and i'll answer them all.
i mean, i just came out of surgery. not even sure if i should be typing.
so keep piling up the questions here
https://mastodon.social/@blogdiva/111050213602964215
because i will be answering them all.
and here's a #Bonus tract: #AnarchistLibrary has almost all his books.
i still buy paper books, but use ePubs for a lot of my perambulating note-taking.
https://theanarchistlibrary.org/category/author/david-graeber
Addendae 2
Medical Debt Collection Is Vicious Multibillion-Dollar U.S. Industry
https://jacobin.com/2023/09/medical-debt-collection-hospitals-private-insurance-your-money-or-your-life
* ballooned in recent decades
* hospitals, collection agencies making a killing
* erodes trust in health care system
* countless patients financially ruined
#MedicalIndustrialComplex #corporations #DefundCorportations #DefundBillionaires #capitalism #neoliberalism #inflation #PrivateEquity #HumanRights #greed #avarice #profiteering #poverty #debt #PublicHealth #socialism
“Despite the dogged liberal assumption — again, coming from [Adam] Smith's legacy — that the existence of states and markets are somehow opposed, the historical record implies that exactly the opposite is the case. Stateless societies tend also to be without markets.”
— David Graeber, “Debt: The First 5000 Years.”
“A gold coin is a promise to pay something else of equivalent value to a gold coin. After all, a gold coin is not actually useful in itself. One only accepts it because one assumes other people will. In this sense,
the value of a unit of currency is not the measure of the value of an object, but the measure of one’s trust in other human beings.”
— David Graeber, “Debt: The First 5000 Years”
#BBCNews - #UK ’s £18tn #slavery #debt is an underestimation, #UN judge says
https://www.bbc.co.uk/news/uk-politics-66596790
#Reparation #transatlantic
Green Party candidate Cornel West owes more than half a million dollars in taxes and child support: Records
#CornelWest #GreenPartyCandidate #Taxes #ChildSupport #Records #Debt #Politics #News
It turns out the reasons why many cultures, ancient and modern, loathe moneylenders (observation I owe to the late David Graeber) are all still there in the modern #debt collection industry, with a side of algorithmic harassment as described by @pluralistic . I have no love for an #economy that preys on the weakest like that, and look forward to its downfall. https://pluralistic.net/2023/08/12/do-not-pay/#fair-debt-collection-practices-act
"The Simon & Schuster transaction will leave the publisher $1 billion in hock, ratcheting up pressure to repay the #debt — and turn a #profit."
https://www.latimes.com/opinion/story/2023-08-11/simon-schuster-deal-paramount-kkr-private-equity
#publishing #vampiresquid #privateequity #bookstodon #books #writing #simonschuster
"Our results support the idea that deferring green #investments will increase costs of borrowing for nations, which will translate into higher costs of corporate #debt."
"While developing nations with lower #CreditScores are seen hit hardest by the physical effects of #ClimateChange, nations with the highest ranking credit scores were likely to face more severe #downgrades simply because they have furthest to fall."
"#inflation is too much #money chasing too few goods"
The fucked up thing is that our #government is only willing to fix that by taking away people's money, not by making more goods.
The argument here on rent and technofeudalism is interesting.
Oddly, this is sort of what finance has already done. Investors, VCs, other owners of large amounts of capital loan it to companies (and governments?), and demand repayment with interest. While larger institutional investors may be playing a longer, more conservative game and accept lower rates of return, VC and more aggressive investors demand higher rates of return (in part because they’re gambling and often lose).
This demand for repayment with interest adds nitro fuel to the industrial (and financial) growth economy. And not because more things or more services are good or needed. Because more profit is demanded by financial rentiers as they exploit people and planet.
#capitalism #growth #degrowth #enshittification #debt #investment #finance
https://pluralistic.net/2023/07/24/rent-to-pwn/
#BBCNews - 'I feel manipulated’: The '#debt help' ads targeting struggling mums
https://www.bbc.co.uk/news/uk-66205669
NEW ROADS OPEN ROUTES FOR AUTOISTS, Oakland Tribune, November 20, 1921
The early 20th century meant the #development of #Oakland for #cars and for #HomeBuilding. The #bicycle was mostly forgotten, except as a toy or a piece of sports equipment, and #neighborhoods were laid out and #developed privately, by for-profit corporations rather than a civic body meant to benefit the citizens of Oakland. #PublicTransit was deprecated, except as a vehicle for #RealEstate sales. #AutoRow, on Broadway, and the car plants were churning out cars, and #debt to the people of Oakland, and the #newspaper was a marketing organ for these industries... This is all described really well in #MitchellSchwarzer 's book #HellaTown, which I recommend. I like old #maps, knowing how #roads came to be, and I've always been curious about the term "Little Skyline," which shows up in articles from this time. This article explains the route, and tells the story...
https://fastestslowguy.blogspot.com/2023/07/new-roads-open-routes-for-autoists.html
Increases in visa fees & immigration health surcharge will exacerbate migrant workers’ debt and reliance on their employers, with the risk of becoming irregular if high costs aren’t repeatedly met. This stands to drive many into exploitative work without protection https://labourexploitation.org/news/statement-announced-visa-increases-will-fuel-modern-slavery-in-the-uk/
#Migration #MigrantsRights #ForcedLabour #Exploitation #Debt
@kevincollier
If having #Debt makes one too much of a security risk to be in charge of #ClassifiedDocs...
...I think you see where I'm going with this. 😞 #GOPHypocrisy #IOKIYAR #CyberSecurityDirector
@kevincollier
I don't know the details/politics of this specific case. But I know that #debt is a serious #risk factor for security #clearances. Ask any #intelligence agency.
"#Portugal has signed an agreement to swap #CapeVerde's debt for investments in an environmental and climate fund that is being established by the archipelago nation off West #Africa's coast... Such "debt-for-nature" swap deals are emerging in other countries and are part of attempts to resolve a dilemma faced by world leaders on how and who will foot the bill for actions taken to reduce the impact of #ClimateChange
Do you have student debt? How will today's U.S. Supreme Court decision impact you?
CBS News curated these stories on the topic: https://flipboard.com/@cbsnews/here-s-what-the-supreme-court-ruling-means-for-your-student-debt-r1h9rpuipdbf118f
If you've a #mortgage or other (variable rate repayment) #debt, if you thought this week was bad, investors & other #financialservices market participants are already betting the #BoE will need to raise rates further, possible to 6.5%;
of course this may not come to pass, but if you're already at the limit of what is possible, then there's a distinct likelihood its going to get worse...
And even if you switch to an interest only repayment regime for a while, the capital debt will be growing!
So one of the current Democratic talking points seems to be that Biden out-smarted the Republicans by giving them talking points they could use to look like they won on spending while adding small print which allowed the government to largely continue to spend as it has in the past. This is a very strange way of thinking about things. (Thread)
House progressives are angry over debt limit deal’s passage.
The Messenger explains why: https://themessenger.com/politics/house-progressives-seethe-over-debt-limit-deals-passage
Debt ceiling bill clears first House hurdle, teeing up Wednesday vote.
CBS News reports: "A growing number of Republicans have said they'll vote no."
https://www.cbsnews.com/news/debt-ceiling-bill-house-rules-committee-vote/
President Obama agreed to $2.1 trillion in spending cuts to end the 2011 debt ceiling crisis. But things didn't turn out exactly as planned.
CNN reports on what happened next: https://www.cnn.com/2023/05/30/politics/debt-ceiling-obama-spending-cuts/index.html
@Radical_EgoCom #StudentLoan debt & #medicaldebt are only 2 of the curses of #GOPfascists & #wallstreet. We need to invest in our future not offer our people up as #humansacrifices at the altar of #kleptocracy #debt #bankruptcy
Via Scott MacFarlane:
So far... 20 amendments have been formally proposed to the #Debt#Ceiling legislation. Most from Republicans, but some from Democrats
One Democratic amendment strips Mountain Valley pipeline project in Virginia
One GOP amendment expedites next debt ceiling date to Sept 30 2024
Here’s what’s in, what’s out of the debt limit bill to avert U.S. government default.
From the AP: https://apnews.com/article/debt-ceiling-deal-food-aid-student-loans-3c284b01d95f8e193bca8d873386400e
“Biden and the Democrats created the #debtCrisis. They need to take responsibility to fix it—not to kick the can down the road for another few years," —Rep. Dan Bishop (R-NC)
This guy is either dreadfully misinformed, or a shameless liar. I'm going with both.
#Biden has nothing to do with current crisis. #Trump and the #Republicans did it. They added $8 trillion to the #debt—a whopping 30% of the total. This is about paying for the spending they already authorized.
https://www.thedailybeast.com/rep-dan-bishop-tells-mccarthy-its-war-if-he-settles-on-debt-ceiling
I'm so close to meeting my fundraising goal of $3500 by my birthday! This will allow me to completely clear one of my debts!
#mutualaid #gfm #crowdfund #debt #BlackMastodon #birthday #disability #Autism