Posts Tagged ‘Debt’

Activists prepare for another day of action against student debt

by Keith Wright.

University campuses across the country will play host to another day of action against the privatisation of student debt, this Wednesday, 20th November. This follows numerous student actions on the 5th November “bonfire of austerity”, along with a week of action in late October which saw the offices of several Lib Dem MPs targeted. Students […]

Student “debt-in” in protest at loanbook privatisation

by Keith Wright.

Students and staff at the University of Cambridge this week (Tuesday 5th November) staged a “debt-in” on King’s Parade, in opposition to the government’s plan to privatise student loans, which could see interest on such loans being retrospectively doubled. This comes after a number of actions taking place in London last month, including the targeting […]

The German elections will not change a thing in the Eurozone

by Tom Gill.

Interview with Italian economist Emiliano Brancaccio by Peter Vernizzi translated by Tom Gill As far as austerity is concerned, even after the September elections Germany will not turn the page. The Germans have benefited from the crisis, and even if the Bundesbank itself has reservations about the general direction of European economic policy, Berlin has no interest in […]

Dave’s Big Squeeze

by Phil Burton-Cartledge.

The Conservatives were supposed to cut the deficit, not incomes. But hats off to Dave and his toffee-nosed rabble, he has slashed on average £1,350 from household income. In the West Midlands it’s £1,550/year, or just shy of 30 quid every week. An achievement only equalled by Dave’s presiding over 35 consecutive months of falling […]

Demand, debt mountains and the next crash

by Michael Meacher.

The problem – a very big problem indeed – for capitalism at its present stage is that demand is flat, or falling. That underlying pattern has existed for the past 40 years, since the demand for continent-wide reconstruction after the Second World War gradually petered out in the 1970s. Thereafter the flatness of demand was […]

The Troika’s ‘Men in Black’ and the crime of organised money

by Tom Gill.

Continuing to force states to finance themselves at high-interest rates is just a strategy to justify wage control, the privatisation of public services and, ultimately, to enslave peoples, says Juan Torres Lopez, Professor of Economics at the University of Seville. Spain has once again received a visit from the so-called Men in Black, the Troika inspectors, coming […]

Why is Labour so reticent about spelling out the true position on debt?

by Michael Meacher.

debtIf there’s one thing that haunts Labour, however much the Tories are determined to commit hara kiri, it is the accusation that ‘Labour was responsible for all this mess in the first place’ by gross over-spending. Since this is not true, why doesn’t Labour refute it at every opportunity? Just before the crash in 2007-8, […]

The theory on which austerity is built is now shown to be false

by Michael Meacher.

Two years ago the Harvard economists Carmen Reinhart and Kenneth Rogoff published their best-selling book This Time is Different which purported to show that one natioanl debt exceeds 90% of GDP, economic debt declines rapidly. It was seized on by Right-wing governments, media and academic pundits generally to justify a policy of extreme cutbacks in […]

Thatcher’s legacy on debt: cut spending, destroy earning capacity

by Michael Meacher.

Mrs. Thatcher was once asked: What is Thatcherism? She replied “living within our means”. So what is her legacy in this regard? In the two decades from the mid 1980s private household debt rose to the level of total national income (£1.5 trillion), financial debt following her deregulation of the banks rose to 5 times […]

The best graphs are the ones Osborne doesn’t publish

by Ann Pettifor.

Last year on the 13 December 2011 Newsnight asked a group of economists to identify the most important chart of the year. I chose this one, which had appeared in the first paragraph of the British government’s Budget Report of 23 March 2011. It shows, as you can see, the extraordinary high levels of UK private debt – but […]

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