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#Public Debt
pharosproject · 11 months
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The "legacy" of Nancy Pelosi
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workersolidarity · 6 months
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🇺🇳🇺🇲 TOTAL GLOBAL DEBT WAS US$92 TRILLION AS OF 2022
TOTAL US PUBLIC DEBT IN 2022 WAS $31 TRILLION
MEANING THE UNITED STATES IS RESPONSIBLE FOR JUST A HAIR OVER ONE THIRD OF GLOBAL PUBLIC DEBT.
Understand that no other country on earth can print money and just spend it the way the United States does because the rest of the world doesn't have sovereignty over the World Reserve Currency.
If any other country attempted to print money and manipulate markets the way the United States does, first off we'd sanction them for having an independent policy, and secondly, it would rapidly result in runaway inflation.
But because the US has sovereignty over the World's Reserve Currency, the United States can and does manipulate markets and print money however it likes, and the rest of the world, especially in the Global South, are literally forced to subsidize this US debt by buying US dollars at horrible exchange rates that favor Western countries in order to do trade, oftentimes with countries that have NOTHING to do with the United States because that's just how the international system has been designed (by the US and UK) to force countries to trade in dollars using Western banks.
And this advantage is baked into the system itself.
This means foreign countries in the Global South are subsidizing the very Imperialism oppressing them, subsidizing the 900 or so US military bases around the world.
@WorkerSolidarityNews
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govtshutdown · 1 year
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Calling it now, DOA.
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authne · 6 months
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India's Debt: Not Risky as China's, But rather Still a Concern
India’s debt is a complicated issue with a long history. The country’s debt-to-Gross domestic product proportion has been on a consistent ascent lately, and presently remains at 81.9%. This is like China’s debt-to-Gross domestic product proportion of 83%. In any case, the dangers related with India’s debt are not so perfect as China’s. India has a more youthful populace and a higher development…
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taarifaleo · 9 months
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Busia Senator Calls for Debt Audit and Redistribution of Payments
Busia Senator and prominent activist, Okiya Omtatah, has taken to social media to call for a comprehensive audit of Kenya’s debts and a redistribution of payments based on the beneficiaries. Omtatah argues that those debts that have directly benefited Kenyans should be prioritized for repayment, while those that have not served the interests of the country should be shouldered by those who…
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sgreffenius · 1 year
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So there you are.
Congress cannot force a default.
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bumblingfloob · 1 year
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I owe the Israelis 10 dollars
If you don't hear from me, you know what to do
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janieunknownwriter · 1 year
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pCelebrated economist Michael Hudson thinks that the world of academic economics is both deceptive and essentially wrong in its formulations of the role of money and debt.  Hudson says today’s oligarchic monetary systems invariably reinforce the flow of profits from labor to the top of the economic ladder.  The result is unsustainable debt, which he says is an historical pattern that goes back a couple thousand years. Something has to give. Ellen and Michael spend the hour discussing what that might look like./p
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thenationview · 1 year
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This is how the Stability Pact changes in Europe. And for Italy the result is bittersweet
This is how the Stability Pact changes in Europe. And for Italy the result is bittersweet
Differentiated debt repayment plans depending on the state. Most frequent penalties (including risk of losing PNRR money) The Stability Pact in the EU is currently suspended, but will come into force again from 2024. However, it will never be the same. The rules will no longer be the same for everyone. The 60% debt-to-GDP and 3% deficit limits remain, but each state will have its own specific…
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dayofbanks · 3 years
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Support member States’ efforts to implement macroeconomic policies towards inclusive growth and sustainable prosperity.
The Arab region’s need for government spending is increasing, but government revenues are not rising in parallel. Governments are therefore resorting to borrowing to finance their spending needs. Consequently, government debt is rising to unsustainable levels because of inefficient public finance management and the lack of a prudent fiscal policy response to public debt, thus exacerbating the debt service burden, stressing the already limited fiscal space, and impeding budgeting towards social development priorities.
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govtshutdown · 1 year
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So much for getting some rest for a few months.
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politijohn · 7 months
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Sad but completely unsurprising…
Cancel all student debt.
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redghnews · 2 years
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Ghana’s unsustainable debt: From theoretical perspectives – crowding out, debt hangover and default effects
Ghana’s unsustainable debt: From theoretical perspectives – crowding out, debt hangover and default effects
This paper attempts to analyze the theoretical perspective behind Ghana’s unsustainable debt over the past fourteen years. This inquiry is important from the standpoint of the reasons that have been discovered to be the core of the rising Ghana debt. The research is a qualitative study that is based on secondary data gleaned from the Ministry of Finance and Economic Planning Annual Debt Reports…
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globalhappenings · 2 years
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Sri Lanka: Colombo armored after a night of fighting
Sri Lanka: Colombo armored after a night of fighting
(ANSA) – COLOMBO, APRIL 01 – Sri Lankan security forces were deployed massively in Colombo, the capital of Sri Lanka, after a night of clashes and violence, with demonstrators who tried to storm the president’s home to protest against the worst economic crisis since independence. In the country of 22 million people there is a lack of essential goods and prices have undergone sharp increases,…
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thoughtportal · 1 year
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Social Security and Medicare and debt Manufacturing consent
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In light of the recent Supreme Court ruling on student debt forgiveness in Biden v. Nebraska, it seems it might be useful to revisit why American students have so much student debt.
Ironically, it all dates back to Reagan's and the Republicans' decision to cut back on funding for public colleges and universities in order to avoid the possibility of having an "educated proletariat."
So it isn't surprising that is is Republicans who were opposed to any government debt forgiveness for student loans. THEY DON'T WANT TO HAVE EDUCATED CITIZENS. The poorly educated are much easier to manipulate and control.
In 1970, Ronald Reagan was running for reelection as governor of California. He had first won in 1966 with confrontational rhetoric toward the University of California public college system and executed confrontational policies when in office. In May 1970, Reagan had shut down all 28 UC and Cal State campuses in the midst of student protests against the Vietnam War and the U.S. bombing of Cambodia. On October 29, less than a week before the election, his education adviser Roger A. Freeman spoke at a press conference to defend him. Freeman’s remarks were reported the next day in the San Francisco Chronicle under the headline “Professor Sees Peril in Education.” According to the Chronicle article, Freeman said, “We are in danger of producing an educated proletariat. … That’s dynamite! We have to be selective on who we allow [to go to college].” “If not,” Freeman continued, “we will have a large number of highly trained and unemployed people.”
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