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...and forgive them their DEBTS

 
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raspberry-blower



Joined: 14 Mar 2009
Posts: 1675

PostPosted: Sun Oct 28, 2018 12:18 pm    Post subject: ...and forgive them their DEBTS Reply with quote

A new book out by Michael Hudson on 13th November:

https://michael-hudson.com/2018/08/and-forgive-them-their-debts/
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raspberry-blower



Joined: 14 Mar 2009
Posts: 1675

PostPosted: Sun Nov 18, 2018 5:37 pm    Post subject: Reply with quote

A review of this book recently posted st Naked Capitalism:

Everything you thought you knew about "Western Civilisation" is wrong: A review of And Forgive Them Their Debts

Quote:
To say that Michael Hudson’s new book And Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age Finance to the Jubilee Year (ISLET 2018) is profound is an understatement on the order of saying that the Mariana Trench is deep. To grasp his central argument is so alien to our modern way of thinking about civilization and barbarism that Hudson quite matter-of-factly agreed with me that the book is, to the extent that it will be understood, “earth-shattering” in both intent and effect. Over the past three decades, Hudson gleaned (under the auspices of Harvard’s Peabody Museum) and then synthesized the scholarship of American and British and French and German and Soviet assyriologists (spelled with a lower-case a to denote collectively all who study the various civilizations of ancient Mesopotamia, which include Sumer, the Akkadian Empire, Ebla, Babylonia, et al., as well as Assyria with a capital A). Hudson demonstrates that we, twenty-first century globalists, have been morally blinded by a dark legacy of some twenty-eight centuries of decontextualized history. This has left us, for all practical purposes, utterly ignorant of the corrective civilizational model that is needed to save ourselves from tottering into bleak neo-feudal barbarism

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BritDownUnder



Joined: 21 Sep 2011
Posts: 451
Location: Hunter Valley, NSW, Australia

PostPosted: Sun Nov 18, 2018 8:08 pm    Post subject: Reply with quote

I can see a creditor / debtor society emerging in Australia. With current low interest rates people have borrowed heavily and now a typical mortgage is some six times salary and I have heard ten times in Sydney. If interest rates rose to normal levels there would certainly be a housing crisis.

One manager at my office who is normally based in Sydney had to beg borrow etc money to get a 10% deposit on a $2.5 million property in a nice part of Sydney.

Thankfully I am reducing my debt at present and should be debt free in about two years at current rate.
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Little John



Joined: 08 Mar 2008
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PostPosted: Sun Nov 18, 2018 8:16 pm    Post subject: Reply with quote

same here
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vtsnowedin



Joined: 07 Jan 2011
Posts: 4926
Location: New England ,Chelsea Vermont

PostPosted: Mon Nov 19, 2018 2:42 pm    Post subject: Reply with quote

The latest US household debt accounting.
Quote:
NEW YORK (Reuters) - Americans’ borrowing reached $13.29 trillion in the second quarter, up $454 billion from a year ago, marking a 16th consecutive quarter of increases, a New York Federal Reserve report released on Tuesday showed. The level of U.S. consumer debt was $618 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008. It was 19.2 percent above a post global credit crisis low set in the second quarter of 2013, the New York Fed said. The ongoing growth in home, auto, student and credit loans has been linked with a solid labor market.

The rise in indebtedness did not make it more difficult for borrowers to meet their monthly payments last quarter. The rate on seriously delinquent loans, or those that are 90 days or more past due, was 2.3 percent in the second quarter, unchanged from the prior quarter. Notably, the pace of student loans turning seriously delinquent slowed to 8.6 percent from 8.9 percent, the N.Y. Fed survey showed.

“While overall delinquency rates have remained stable at relatively low levels, transition rates into delinquency have fallen noticeably for student loan over the past year, reflecting an improved labor market and increased participation in various income-driven repayment plans,” Wilbert van der Klaauw, senior vice president at the New York Fed, said in a statement.

The amount of student loans grew to $1.41 trillion in the second quarter, up $61 billion from a year before.
Total auto debt increased to $1.24 trillion, $48 billion above a year-ago.

Credit card loans climbed $45 billion from a year earlier to $829 billion.

Total mortgage debt rose to $9.00 trillion, up $308 billion from a year ago.

While the increase in debt is a negative I think the authors are overstating the case by not comparing the equity people have in their mortgaged homes and autos with outstanding loans. It may well be that total net worth is rising . After all people are showing considerable confidence in their ability to pay off their debts and are happily buying non essential items and larger houses then are required by their family size.
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kenneal - lagger
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Joined: 20 Sep 2006
Posts: 10661
Location: Newbury, Berkshire

PostPosted: Tue Nov 20, 2018 3:14 pm    Post subject: Reply with quote

vtsnowedin wrote:
...
While the increase in debt is a negative I think the authors are overstating the case by not comparing the equity people have in their mortgaged homes and autos with outstanding loans. It may well be that total net worth is rising . After all people are showing considerable confidence in their ability to pay off their debts and are happily buying non essential items and larger houses then are required by their family size.


The poor sods obviously have no idea of the concept of nett energy and how it will negatively effect the world's and the US' economies. Neither do they have any concept of how climate change will negatively affect economies.

Equity in a new care? In the UK a new car loses a third of its value when it's driven off the garage forecourt. And the equity in a house is only as good as confidence in the housing market. And that is very fickle indeed!

We went mortgage/debt free several years ago, thank goodness.
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