The International Debt Statistics (2022) published by the World Bank has revealed that the external debt of 123 low- and middle-income countries have increased on average 5.6 percent to $8.7 trillion in 2020. It shows devastating impact of the pandemic on economy of the developing countries. The G20 creditors have designed a policy framework called the Debt Service Suspension Initiative[Read More...]
The global debt has jumped to a new high of $226 trillion, said the International Monetary Fund (IMF) on October 13, 2021. As reason of this leap in global debt, the IMF has cited the Covid-19 and policies put in place to respond to it. Global debt in 2020, including public and private borrowing, “jumped by 14 percent to a record high $226 trillion,”[Read More...]
By: Andrew Gavin Marshall
Originally published: 7 July 2015
I The term ‘contemporary’ is often used synonymously with ‘the present’. It is often used to connote ‘newness’. But there is another sense where it refers to the idea of inhabiting the same time (as for example in the statement: ‘Gandhi was a contemporary of Tagore’) or of the industrial revolution being contemporaneous … Continue reading At the Edge of Postmodernity – Reflections on the Contemporary from the Global South →
NEW YORK — The revelation that the Dow Jones industrial average and the Standard and Poor’s stock index closed at historic highs this past Thursday afternoon reminded me of an early autumn afternoon a dozen years ago in a glorious San Francisco apartment high in the sky.
For decades the politicians have refused to tax the rich, the corporations and the banks. They choose instead to borrow to run the government. They borrow money from the rich, whom they refused to tax, and then pay them interest. Politicians keep telling us that the national debt is too high; they say we can’t afford to spend money on[Read More...]
Fearful that EU member states and “institutional creditors” would take a complete bath, and suffer political retribution from their local constituents, Germany is once again warning all involved in the never ending Greek debt crisis, that a “bail in” involving creditors must not take place.
A “bail in” involving the Greek population (in the spirit of the Cyprus “bail in” model used years ago), we imagine will be perfectly acceptable for the German deputy finance minister, and the unelected oligarchs ruling over their EU kingdom.
The Financial Times is reporting that a confidential IMF report is saying that Greece’s public debt is ‘unsustainable’ and is set to spiral to three times the size of Greece’s annual economic output, and that Greece’s economy cannot be expected to grow out of its debt problem.
Filed under: video Tagged: debt crisis, Ellen Brown, Federal Reserve, public banking
Who Rules Europe?
By: Andrew Gavin Marshall
22 July 2015
