Austin Smith Student Body President at Alabama A&M University Chyna Brodie Student Body President at American University Angelina Han Student Body President at Amherst College Emanuella Ntim Undergraduate Student Government Vice President at Arizona State University Polytechnic Olivia Smith Student Body President at Augustana College Edidiong Emily Ndiokho Student Government Association President at Barnard College Ryan Britt Student Government President at Bowdoin College Krupa Souri Student Body President at Brandeis University Maggie Ober and Connor McNerney Student Government Association Co-Presidents at College of the Holy Cross Anuli Ononye Student Body President at Cornell University Watfae Zayed Morgan Coleman Student Government President […]
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Above Photo: Getty Images. Presidential Executive Action To Cancel Up To $50,000 In Student Debts Would Increase Black Wealth By 40 Percent. With many of President Biden’s legislative priorities stalled, pressure is mounting on the administration to use executive authority to cancel student debts — a move that would substantially narrow racial wealth gaps. In a recent House floor speech, Rep. Ayanna Pressley pointed out that the student debt crisis disproportionately impacts the Black community. “But for too long,” Pressley said, “the narrative has excluded us and the unique ways in which this debt is exacerbating racial and economic inequities, compounding our […]
The Biden administration has confirmed there will be no extension on the student loan moratorium, with repayments set to restart February 1, 2022. The working class should fight not just for extension of the moratorium, but what has always been needed: education as a right that is not commodified. We need a movement to demand the elimination of student debt altogether, along with free public college and university education for all who want it. Student loans: many of us have them, all of us hate them. Over the past several decades, the student loan bubble has only continued to increase, now […]
Above Photo: Activists dressed as debt collectors” hold cutouts of the leaders of Italy, Mario Draghi, United Kingdom, Boris Johnson, United States, Joe Biden, Australia, Scott Morrison and Canada, Justin Trudeau during a demonstration in front of the International Monetary Fund headquarters to ask rich nations to keep their commitment to support developing countries to tackle climate change in Washinton, DC on October 13, 2021. Pedro Ugarte/AFP via Getty Images. It is infuriating to see that the world—in the midst of this existential climate emergency—has just deprived itself of precious financial resources by adopting a cheap global agreement on the taxation […]
Above Photo: Taxis parked in protest at New York City Hall. (RBLFMR / Shutterstock) A Group Of Protesters Hope The Action Will Force A New Plan From City Hall To Help Them Pay Off What They Owe On Medallion Loans. After 30 days of protesting outside City Hall, a group of New York City taxi medallion owners is taking their call for greater debt relief to the next level. The New York Taxi Workers Alliance announced Monday that a group of taxi drivers will go on hunger strike starting on Wednesday to amplify their calls for the city to adopt a more […]
Above Photo: NC Policy Watch / Getty Images The GOP Used The Debt Ceiling To Force Spending Cuts In 2011. It Can’t Be Allowed Again. In a political system beset by many stupid and destructive institutions, the statutory limit on federal debt might be the worst. The debt limit: Measures no coherent economic value. The measure of debt it targets is not inflation-adjusted, would perversely make the debt situation look worse if there was a reform to Social Security that closed that program’s long-run actuarial imbalance, and ignores trillions of dollars in assets held by the federal government. Has no relationship to any economic stressor facing the country. Over […]
Church Buys And Forgives $5 Million In Medical Debt By Kaelan Deese, The Hill. December 12, 2020 Church Buys And Forgives $5 Million In Medical Debt2020-12-122020-12-12https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/12/medical_debt.jpg200px200px NOTE: In addition to the one described below, United Church of Christ members raised money and erased medical debt in Kansas and Oklahoma. A church in Des Moines, Iowa, bought and forgave $5 million worth of medical debt owed by Iowans ahead of the upcoming holidays. Rev. Minna Bothwell of the Capitol Hill Lutheran Church requested suggestions from her congregation about which local causes to focus on as part of the church’s fundraising missions, Des Moines Register reported. Church […]
Over 235 Organizations Call On Biden To Cancel Student Debt By Americans for Financial Reform. November 19, 2020 Over 235 Organizations Call On Biden To Cancel Student Debt2020-11-192020-11-19https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/11/debt-e1605833627587.jpg200px200px Washington, D.C. — Over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. In the letter, 238 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few […]
A Debt Reckoning Is Unavoidable By Aaron Karp, Waging Nonviolence. October 21, 2020 A Debt Reckoning Is Unavoidable2020-10-212020-10-21https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/10/debt.png200px200px Above photo: Activists with Occupy Chicago protest the response to the 2007-2008 financial crisis in 2011. Flickr/ Michael Kappel. Will activists seize the moment? The recovery from coronavirus requires economic justice and ecological stability. The late anthropologist David Graeber, who wrote about the 5,000-year history of debt, spoke about a strange paradox of being indebted. “The first effect of debt is to create isolation, shame, humiliation, a fear of even talking about it. On the other hand, if you look at history, the […]
https://cdn1.img.sputniknews.com/img/105550/74/1055507458_0:100:1920:1180_1200x675_80_0_0_f1dbc088755abcab656ac7fb6cd661b1.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Oleg Burunov. Sputnik International https://sputniknews.com/us/202010091080715748-us-federal-debt-will-soon-be-larger-than-any-time-in-history-american-budget-watchdog-claims/ Last month, a US Congressional Budget Office report revealed that the country’s federal debt is expected to stand at 98% of America’s GDP by the end of this year. The Congressional Budget Office (CBO) has released a survey indicating that the 2020 fiscal year saw the US deficit hit $3.13 trillion, or 15.2% of the country’s Gross Domestic Product (GDP). The 2020 fiscal year expired on 30 September. “If the CBO’s estimates are on the mark, the country’s total debt owed to investors […] will have outpaced the size of the economy, […]
Despite retaining India’s credit rating at the lowest investment grade, ratings agency S&P Global warned that the Asian economy will face mounting deficit and debt levels in fiscal 2021 in the aftermath of the coronavirus crisis. In its forecast released earlier this week, S&P said it expects India’s debt-to-GDP ratio (the debt levels compared to gross domestic product) to surge over 17 percent from the previous year before it reaches 90.6 percent in the fiscal year to March 2021. The outlook is similar to the estimates of two other major ratings firms, with Fitch pegging general government debt to jump to […]
US Ambassador David Satterfield is treating Turkey like a colony, Ankara’s health minister Fahrettin Koca said, commenting on the escalating row over the skyrocketing debt Turkey owes to American drug companies. “What the ambassador did is neither correct nor ethical. He is using manipulation at a time when we are holding talks with drug companies. He may be able to do such acts in colonies, but this is not such a country,” Koca told reporters on Friday, while visiting the Black Sea province of Samsun. Also on rt.com Turkey announces live-fire drills in Eastern Mediterranean as Erdogan tells Trump Ankara not […]
The Case For Debt Abolition By Astra Taylor, ROAR Magazine. September 22, 2020 The Case For Debt Abolition2020-09-222020-09-22https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/09/debt-e1600785306491.jpg200px200px Above photo: People impacted by human caging debt tell their stories. Debt Collective. “We cannot afford not to rebel.” By turning individual indebtedness into a source of collective leverage, debtors’ unions can exercise material power and coordinate campaigns of resistance. This is an excerpt of the Debt Collective’s “Can’t Pay, Won’t Pay,” out now from Haymarket Books. In 2008, around the same time Lehman Brothers collapsed and the mortgage market began to melt down, I got a call telling me my student loans were […]
An economic historian and one of Foreign Policy’s “Top Global Thinkers of the Decade” discusses post-COVID-19 global economics and politics. Our guest today is Adam Tooze. Adam holds the Shelby Cullom Davis Chair of History at Columbia University and serves as director of its European Institute. He is known for his books “The Deluge: The Great War, America and the Remaking of the Global Order” and “Crashed: How a Decade of Financial Crises Changed the World.” In this conversation, Adam Tooze and NLW discuss: Source link
UK public debt has exceeded 100% of gross domestic product for the first time since 1963, breaching £2 trillion ($2.6 trillion) following the government’s £26.7 billion ($34.9 billion) borrowing in July. Economists have explained how Britain found itself under such a massive debt burden and whether they can get it under control. “Debt at the end of July 2020 was 100.5% of gross domestic product (GDP), an increase of 20.4 percentage points compared with the same point last year”, the Office for National Statistics (ONS) reported on Friday. The government is stepping up borrowing to cope with the devastating effects of […]
Bitcoin hit $12,000 but then fell as long derivatives traders were wiped out. Meanwhile, DeFi lending continues to grow. Bitcoin (BTC) trading around $11,884 as of 20:00 UTC (4 p.m. ET). Gaining 1.8% over the previous 24 hours. Bitcoin’s 24-hour range: $11,468-$12,084 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since Aug. 8.Source: TradingView Bitcoin was able to hit as high as $12,084 on spot exchanges such as Coinbase only to quickly drop 4.5% a few hours later. Leverage may have played a large part in its initial runup and the […]
A Brazilian crypto businessman who allegedly arranged his former lawyer’s murder rather than pay the man a R$2.5 million ($471,965) bitcoin debt remains jailed after Brazil’s Supreme Court rejected his request for freedom. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Fed Guarantees Unproductive Debt And Perilous Speculation By Ralph Nader, Nader.org. July 30, 2020 Fed Guarantees Unproductive Debt And Perilous Speculation2020-07-302020-07-29https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2016/04/Federal-Reserve-protest-End-the-Fed-150×112.jpg200px200px Above: Federal Reserve protest End the Fed. The Federal Reserve Board – our unaccountable Central Bank – needs more citizen and Congressional supervision. Fees from financial institutions fund its operations, not Congressional appropriations. It is as secret as it wants to be and that’s plenty. (See Secrets of the Temple: How the Federal Reserve Runs the Country by William Greider). Plus, the Fed can print money at will. In the past several years it has “produced” trillions of dollars that juiced the stock […]
The US dollar’s status as the dominant global currency is at risk of being eroded because of mounting government debt, according to Zhu Min, former senior executive with the International Monetary Fund (IMF). His warning comes as the United States is expected to double down on its fiscal stimulus measures to soothe the economic fallout from the Covid-19 pandemic. Congress is considering a new round of relief that is likely to cost at least $1 trillion on top of the more than $2 trillion passed earlier this year. With the US Federal Reserve continuing its aggressive monetary policy of quantitative easing, […]
Modern Monetary Theory (MMT) says that countries such as the UK and US don’t need to worry about taxes and can essentially print as much money as they require, an argument which has taken increasing significance amid the COVID-19 crisis because of the level of spending governments are engaged in to help counter the effects of the global recession. But Michael Roberts, a long-time economist with investment research firms in the City of London, argues that whilst it is true that governments do not wholly depend on taxes in order to spend money, printing money without adding to the productive capacity […]
https://cdn1.img.sputniknews.com/img/107964/42/1079644233_0:0:2101:1182_1200x675_80_0_0_b85f932a43a06eb0a18c69955afff418.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/asia/202006171079644282-china-pledges-to-cancel-african-debt-amid-covid-19-outbreak-president-says/ MOSCOW (Sputnik) – China will cancel the debt of several African countries in the form of interest-free government loans and will accelerate the construction of the Africa Centres for Disease Control and Prevention (Africa CDC) headquarters, Chinese President Xi Jinping said on Wednesday, amid the global coronavirus disease epidemic. “China will start ahead of schedule the construction of the Africa CDC headquarters this year. China will work with Africa to fully deliver the health care initiative adopted at the FOCAC Beijing Summit, and speed up the construction of China-Africa Friendship Hospitals and the cooperation […]
https://cdn1.img.sputniknews.com/img/105732/23/1057322350_0:120:1280:840_1200x675_80_0_0_fd5973fc95f538998803f9b1ddf2a89e.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/business/202006111079581037-treasury-department-us-national-debt-exceeds-26-trillion-for-first-time/ WASHINGTON (Sputnik) – The United States’ national debt total has exceeded $26 trillion for the first time in US history, Treasury data revealed. The data published on Wednesday showed that as of this week the United States’ debt sits at $26,003,751,512,345 as the nation grapples with economic relief from the novel coronavirus pandemic. The US government has provided up to $5 trillion in coronavirus relief since March. The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed on 27 March and included $2 trillion, while the $3-trillion Health and Economic Recovery Omnibus Emergency Solutions […]
Debt Strike Needed As Debt Collectors Keep Coming After Millions Of People By Paul Kiel and Jeff Ernsthausen, ProPublica. June 9, 2020 Debt Strike Needed As Debt Collectors Keep Coming After Millions Of People2020-06-092020-06-09https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2013/11/Strike-Debt-banner1-150×112.jpg200px200px Capital One and Other Debt Collectors Are Still Coming for Millions of Americans As the COVID-19 pandemic hit, Americans got protection from evictions, foreclosures and student debt. But debt collectors have continued to siphon off their share of paychecks from those who still have jobs. Since 2018, Capital One has been a looming presence in Julio Lugo’s life, ever since the company sued him, as it did 29,000 other […]
The US Federal Reserve’s balance sheet could skyrocket to more than $9 trillion by the end of this year, amid massive interventions to shield the economy from the coronavirus pandemic, according to the Financial Times. RT’s Keiser Report looks at the chart, showing that in 2007 there was “barely anything” on the Fed’s balance sheet. “The crisis hit in 2008 and you see the injustice of bankers getting bailed out when the rest of the economy was getting nothing,” says Stacy Herbert. Max Keiser says: “We know almost without doubt that it is going to over $20 trillion, it is going to […]
A conversation with the “Price of Tomorrow” author on the key structural challenge looming over the global economy. Two powerful and diametrically opposed forces are shaping the economy. On the one hand is inflationary economic policy, which keeps the price of assets like real estate and stocks rising ever higher, but at the expense of savings as the value of currency depreciates. On the other is technology-wrought deflation. As technology increases its capacity exponentially, it causes everything it touches to be less expensive. Jeff Booth is the author of “The Price of Tomorrow: Why Deflation Is the Key to an Abundant […]
Initial Reflections On ‘Debt Jubilee’, MMT, And Limits Of Monetary Policy May 9, 2020 Initial Reflections On ‘Debt Jubilee’, MMT, And Limits Of Monetary Policy2020-05-092020-05-09https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/05/fed-1-e1589039877971.jpg200px200px Above photo: End the Fed rally in San Francisco. One of the readers of this blog recently asked me my views on topics such as the call by some left economists for a general debt forgiveness (Debt Jubilee), on Modern Money Theory (MMT or sometimes referred to as ‘Magical Money Tree’), and the Federal Reserve bank (central bank) pre-emptive bailouts of banks and non-banks underway and whether the latter will succeed in generating an economic recovery […]
The US 10-year Treasury bond yield fell 0.7 percent in response to the latest report of jobless claims. That comes a week after the Treasury said it would borrow a record $2.99 trillion this quarter, and launch a 20-year bond. RT’s Boom Bust talks to former Federal Reserve insider Danielle DiMartino Booth about what all that means for the future. “We’re starting to see the actual numbers come out. It’s no longer $25 trillion of debt in theory…” she said. “This is reality, folks. The Treasury will have to borrow a lot of money, and it’s a unique time when the […]