#world debt

[lovesinistra]

[acti-veg]

what would happen if world debt was written off?

Banks would fail, as would credit card companies, the stock market and the global economy as we know it would collapse, since it largely depends on the existence of debt. Debt is good for capitalism, it’s how the system operates, it’s how banks can lend money, it’s why you can get a mortgage, it’s why you can get a lease on a car. I’m anti-capitalist but I wouldn’t advocate for that sort of thing to be done overnight even if it were possible. What I was referring to on that post was the forgiving of debts in exploited nations, rather than erasing all world debt.

We talk about charity and aid, which is fine, but a big part of the problem is that many of the countries who receive are trapped in debt to rich nations. In most cases the debts have already been paid, sometimes many times over, but interest rates are such that they’ll never realistically get out of it. So they end up in what we call debt-trap diplomacy, trading concessions like natural resources and infrastructure, which allows us to extract even more resources from them, making us richer and them poorer. This is all intentional debt and it’s highly profitable, not just in monetary terms but for political leverage, which is exactly why it won’t be forgiven.

[politicsandwhatnots]

World is $233 Trillion in Debt: UK Personal Debt At New Record

Global debt levels have soared to a record high of $233 trillion, according to the Institute of International Finance (IIF).

Since the end of 2016 to the end of Q3 2017, the total debt incurred by the household, government, financial and non-financial corporate sectors increased by $16 trillion. A major increase in just nine months.

The institute reported that the rise was split between $63tn in government debts, $58tn in financial, $68TN in non-financial and $44tn in household sectors.

Just consider for one moment that prior to the financial crisis global debt was “only” around $150 trillion. How have we managed to add over $80 trillion in less than a decade?!

More: [X]

[hollywoodevilgossip]

99% of world is in the debt of trillion of dollars the fuck

And the world is fucked because of stupidity on the chair of ruling

[greenwellhunter]

If Every Country Is in Debt… Who’s the Creditor?

Every country on Earth is drowning in debt — but nobody ever asks the real question: if everyone owes money… who’s the creditor?The United S

[brocklrc]

It’s official, the global economy is a ‘debtor’s prison’

As the World Bank and IMF sound the alarm on debts driven sky high by Covid-19 in some of the world’s poorest nations, Nick Dearden explains why debt ‘relief’ will not cut it – we need system change.

[gwlarson2002]

Global Debt Is Now An Insane $164 Trillion, But Who Exactly Do We Owe?

If you’ve ever wondered why the world seems hopelessly fraught with endless conflict, ruled corrupt states, and bent on developing a never-ending supply of advanced weaponry, you’d need to understand the nature of our debt based economy.