The last thing anyone would have expected in 1970 is for the lowest paid workers in the US, UK and Australia to have their relative positions deteriorate over the next fifty years. Yet, this is exactly what has happened. In an economy which has for many years been productive enough to end absolute poverty for good, millions of people have been left in financial hardship, for reasons rooted not in economics, but ideology.
As we turn towards our faiths this Christmas and Hanukkah in an attempt to make sense of the year that was, economist Professor Michael Hudson says we have been interpreting the bible incorrectly. And he has written an entire book about it. Rather than sex and sin, both Christianity and Judaism is preoccupied with debt. As it turns out, Jesus was a socialist activist who paid the ultimate price, fighting for the reinstatement of regular debt jubilees. In fact, the rulers of classical antiquity who cancelled their subjects’ debts were overthrown with disturbing frequency and tended not to live that long…
We can only wonder if Madrid is under the delusion that simply taking over Catalonia’s government and having elections is their silver bullet solution. It is too dogmatic to understand that it is creating political martyrs for the independence movement to be inspired by.
The privatisation of debt collection in Britain has resulted in a boom for the bailiff industry of such massive proportions it would make Al Capone blush. Over 300 UK local authorities outsourced their debt collection to private bailiffs in 2014-15. More than two million debt collection referrals took place over that 12-month period, which works out to more than six new debt enforcement instructions every minute. This is why the industry is seeing double digit growth year-on-year. But at what social cost?
Treating federal budgets like that of a household has starved economies of precious resources and has facilitated unprecedented levels of private and household debt. Editor-in-chief Claire Connelly explores the consequence of this logical fallacy in an excerpt of her upcoming book, How The World Really Doesn’t Work.