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Debt
In: The Law of Corporate Finance: General Principles and EU Law, S. 83-130
External Debt and Debt Crises in European Economies
In: In: Conference Proceedings "Bulgaria and Romania: Country Members of the EU, Part of the Global Economy";Conference organized by Economic Research Institute, Bulgarian Academy of Sciences and Institute for World Economy at the Romanian Academy. Economic Research Institute 2019
SSRN
SSRN
The Debt
In: Current History, Band 3, Heft 6, S. 1153-1153
ISSN: 1944-785X
The road to debt deflation, debt peonage, and neofeudalism
What is called 'capitalism' is best understood as a series of stages. Industrial capitalism has given way to finance capitalism, which has passed through pension fund capitalism since the 1950s and a US-centered monetary imperialism since 1971, when the fiat dollar (created mainly to finance US global military spending) became the world's monetary base. Fiat dollar credit made possible the bubble economy after 1980, and its substage of casino capitalism. These economically radioactive decay stages resolved into debt deflation after 2008, and are now settling into a leaden debt peonage and the austerity of neo-serfdom. The end product of today's Western capitalism is a neo-rentier economy - precisely what industrial capitalism and classical economists set out to replace during the Progressive Era from the late 19th to early 20th century. A financial class has usurped the role that landlords used to play - a class living off special privilege. Most economic rent is now paid out as interest. This rake-off interrupts the circular flow between production and consumption, causing economic shrinkage - a dynamic that is the opposite of industrial capitalism's original impulse. The 'miracle of compound interest', reinforced now by fiat credit creation, is cannibalizing industrial capital as well as the returns to labor. The political thrust of industrial capitalism was toward democratic parliamentary reform to break the stranglehold of landlords on national tax systems. But today's finance capital is inherently oligarchic. It seeks to capture the government - first and foremost the treasury, central bank, and courts - to enrich (indeed, to bail out) and untax the banking and financial sector and its major clients: real estate and monopolies. This is why financial 'technocrats' (proxies and factotums for high finance) were imposed in Greece, and why Germany opposed a public referendum on the European Central Bank's austerity program.
BASE
Federal Debt vs. State Debt
Blog: Cato at Liberty
Both federal and state politicians are biased toward deficit‐spending, but state experience shows that this impulse can be restrained and stabilized.
Debt Management and Debt Relief 1
In: Uganda's Economic Reforms, S. 264-276
The Debt Threat: How Debt Is Destroying World
In: Ethics & international affairs, Band 20, Heft 2, S. [np]
ISSN: 0892-6794
Debt:: the debt crisis and the campaign to end it
In: Arguments Against G8, S. 167-181
Inside Debts or Outside Debts: Do Senior Executives Influence the Structure of Debts
SSRN
Working paper
World Affairs Online
European Debt Crisis: How a Public debt Restructuring Can Solve a Private Debt issue
International audience ; The political and economic crisis in Europe is often viewed as an indirect consequence of the global financial and economic breakdowns caused by the US "subprime" crisis. European governments themselves tend to underestimate Europe's responsibility for the crisis and seem to prefer to manage the symptoms of the crisis rather than pursue a real recovery from it. This paper argues that the enforced policies are far from achieving an appropriate economic solution for the Eurozone. Moreover, it suggests that, although the European domestic debt situation is very close to the American one, their most recent evolutions and their main causes differ. If the growth of the American debt can partly be explained by macroeconomics imbalances, the causes of the growth of the European domestic debt must be found in a change in the behavior of the financial sector agents. The conclusion advocates for a more radical European policy to solve the debt bubble. ; La crise européenne est souvent perçue comme le produit indirect de la crise financière et de la récession mondiale causée par l'éclatement de la crise des "subprimes" américaine. Les gouvernements européens eux-mêmes tendent à sous-estimer les responsabilités des européens dans la crise et préfèrent en gérer les symptômes plutôt que de travailler à un redressement en profondeur. Dans cet article nous montrons que les politiques mises en œuvre ne peuvent être considérées comme des solutions appropriées à la situation économique. D'autre part, nous suggérons que bien que les niveaux des dettes domestiques européennes et américaines sont proches, leurs causes et leurs évolutions récentes sont différentes. Si l'accroissement de la dette américaine peut s'expliquer par des déséquilibres macroéconomiques, l'augmentation de la dette européenne ne peut s'expliquer que part des changements comportementaux des acteurs du secteur financier. En conclusion nous proposons de mettre en œuvre des solutions plus radicales pour mettre fin à la bulle du crédit.
BASE
European Debt Crisis: How a Public debt Restructuring Can Solve a Private Debt issue
International audience ; The political and economic crisis in Europe is often viewed as an indirect consequence of the global financial and economic breakdowns caused by the US "subprime" crisis. European governments themselves tend to underestimate Europe's responsibility for the crisis and seem to prefer to manage the symptoms of the crisis rather than pursue a real recovery from it. This paper argues that the enforced policies are far from achieving an appropriate economic solution for the Eurozone. Moreover, it suggests that, although the European domestic debt situation is very close to the American one, their most recent evolutions and their main causes differ. If the growth of the American debt can partly be explained by macroeconomics imbalances, the causes of the growth of the European domestic debt must be found in a change in the behavior of the financial sector agents. The conclusion advocates for a more radical European policy to solve the debt bubble. ; La crise européenne est souvent perçue comme le produit indirect de la crise financière et de la récession mondiale causée par l'éclatement de la crise des "subprimes" américaine. Les gouvernements européens eux-mêmes tendent à sous-estimer les responsabilités des européens dans la crise et préfèrent en gérer les symptômes plutôt que de travailler à un redressement en profondeur. Dans cet article nous montrons que les politiques mises en œuvre ne peuvent être considérées comme des solutions appropriées à la situation économique. D'autre part, nous suggérons que bien que les niveaux des dettes domestiques européennes et américaines sont proches, leurs causes et leurs évolutions récentes sont différentes. Si l'accroissement de la dette américaine peut s'expliquer par des déséquilibres macroéconomiques, l'augmentation de la dette européenne ne peut s'expliquer que part des changements comportementaux des acteurs du secteur financier. En conclusion nous proposons de mettre en œuvre des solutions plus radicales pour mettre fin à la bulle du crédit.
BASE