On this week’s show the economist Steve Keen, the anthropologist and writer David Graeber and the political economists Ann Pettifor and Robert Wade are here to discuss the megatrends that’ll affect the world this year.
As stock market highs continue in earnest, it seems like there is no stopping global asset bubbles. But things are not at all what they seem. Mitch Feierstein looks into why today the levels of debt, credit, and leverage in most markets exceed 2008’s pre-crisis highs and what this means for us in 2018.
Investigative journalist, Manisha Ganguly, went undercover on premier sugar-daddy site, ‘Seeking Arrangements’ and discovered this disturbing sub-culture is a direct result of Britain’s student loan crisis. A close analysis of the data gathered from the verified profiles on the website show the emergence of some disturbing trends. With the rising tuition fees, last year the website saw a 22% increase in student sign-ups. It recently ranked the top colleges in each country by the number of sugarbaby sign-ups. In the UK, the University of Westminster tops the list.
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?
Contrary to political group think it was actually access private debt not public debt that brought the economy crashing down. But today private debt is again raging and nobody seems to want to address the issue. On the 10-year-anniversary of the Global Financial Crisis, anthropologist and author, David Graeber and former chairman of the now abolished Financial Services Authority, Lord Turner sits down with co-founder and presenter, Ross Ashcroft, to discuss what is preventing us from talking about the taboo that is Britain’s private debt problem.