Tag Archives: Debt

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Debt Jubilee, April 26, 2018THE HUDSON REPORT: The history of debt cancellation and Jesus’s economic justice activism   Here is the direct download link. Left Out, a podcast produced by Paul Sliker, Michael Palmieri, and Dante Dallavalle, creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left.   The Hudson Report is a new weekly series produced by Left Out with the legendary economist Michael Hudson. Every episode...

I’ve written a ‘top 10’ blog post about the recently-tabled Saskatchewan budget. Points raised in the blog post include the following: -This year’s budget was quite status quo. -Last year’s budget, by contrast, included a series of cuts to social spending. Last year’s budget also announced cuts to both personal and corporate income taxes that were subsequently reversed. -Saskatchewan has one of the lowest debt-to-GDP ratios in Canada. -This recent budget announced the phase out of a rent...

On March 22, the NDP government of Rachel Notley tabled the 2018 Alberta budget. I’ve written a blog post discussing some of the major ‘take aways’ from the standpoint of Calgary’s homeless-serving sector (where I work). Points made in the blog post include the following:  this was very much a status quo budget; Alberta remains the lowest-taxed province in Canada (and still the only province without a sales tax); Alberta still has (by far) the lowest net debt-to-GDP ratio of any province;...

Last week saw two high-profile corporate failures in the UK. Toys R Us finally went into administration after a stay of execution over Christmas. And private equity firm Rutland Partners pulled the plug on geeky electronics retailer Maplin. Total job losses from both failures amount to something in the region of 5,000 across the whole of the UK. No-one was particularly surprised by the failure of Toys R Us. The company had proved slow to respond to the rise of online shopping and the...

Yesterday I spoke on a panel discussion on economic inequality, along with Andrew Jackson and Armine Yalnizyan. We were guests at the federal NDP’s policy convention in Ottawa. The panel was moderated by Guy Caron. Topics covered included the minimum wage, basic income, affordable housing, the future of jobs, gender budgeting, poverty among seniors, Canadian fiscal policy in historical perspective, and Canadian fiscal policy in comparison with other OECD countries. The discussion was 30...

Download PDF at link below.The Levy InstituteThe Macroeconomic Effects of Student Debt Cancellation Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum February 2018 Yves comments.Naked CapitalismNew Study Finds Cancelling Student Debt Provides Broad Economic Benefits at Low Cost Yves Smith

Michael Hudson and Charles Goodhart team up. Longish and detailed but an easy read.CounterpunchCould/Should Jubilee Debt Cancellations be Reintroduced Today? Michael Hudson – Charles Goodhartalso Irrespective of what we may think of Syria, this is little but a full-scale assault on international law and the normative system embedded in the UN Charter that has taken decades of hard work to build, a fundamental cornerstone of the management and civilizational development of the world order...

Moronic. Whoever wrote this doesn't have any understanding of accounting and the credit-debit relationship that underlies accounting.  All borrowing results in a debt that is a payable and corresponding saving that results in a loan that is a receivable. A debt is account payable and loan is a account receivable.   A debt obligation is a financial liability and ownership of a loan is a financial asset. Some credit is used to to fund capital investment, and some credit is used to fund...

Review and critique of the latest OECD World Economic Outlook, from a Marxian POV. Useful. The key for me, as readers of this blog know, is what is happening to the profitability of capital in the major economies. If profitability is rising, then corporate investment and economic growth will follow – but also vice versa. But if profitability and profits are falling, debt accumulated will become a major burden. Eventually the zombies will start to go bankrupt, spreading across sectors and...