Sarah Lazare – Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Amid soaring inequality [3] and stagnant wages [4], consumers in the United States collectively accumulated a stunning $34.4 billion in credit card debt during the second quarter of 2016 alone, according to a new report [5] from the personal finance website WalletHub. This high number represents the greatest second-quarter accumulation since at least 1986, when such data was first recorded, and positions U.S. consumers to surpass “$1 trillion …

James B. Steele and Lance Williams – WHO GOT RICH OFF THE STUDENT DEBT CRISIS

A generation ago, Congress privatized a student loan program intended to give more Americans access to higher education. In its place, lawmakers created another profit center for Wall Street and a system of college finance that has fed the nation’s cycle of inequality. Step by step, Congress has enacted one law after another to make student debt the worst kind of …

JACK RASMUS – Greek Debt and the New Financial Imperialism

This week marks the first anniversary of the 2015 Greek debt crisis, the third in that country’s recent history since 2010. Last Aug. 20-21, 2015, the ‘Troika’—i.e., the pan-European institutions of the European Commission (EC), the European Central Bank (ECB), plus the IMF-imposed a third debt deal on Greece. Greece was given US$98 billion in loans from the Troika. A …

Refinancing is dead: a generation of Hard Times will continue until secularly real wages improve

On Monday I gave what I think is a reasonable roadmap to the next recession.  I wanted to follow up a little. The post from nearly 10 years ago was entitled, “Are Hard Times Near?  The great decline in interest rates is ending.”  The theory is right in the title.  Since the 1970s, real average hourly earnings had declined.  Average Americans coped …

Paul Kiel – So Sue Them: What We’ve Learned About the Debt Collection Lawsuit Machine

A couple of years ago, we set out to find out more about the growing use of the courts to collect consumer debts. How many lawsuits are filed? Who is filing them? Who is getting sued? The suits are filed in state and local courts, and many states rely on antiquated systems or only keep data at the county level. …

Bill Holter – Assets and Liabilities… And “Debt Saturation”

We live in a world where the difference between assets and liabilities has been blurred. In the old days, an asset was something you “owned” while a liability was something you “owed”. Over the years as everything became securitized, someone else’s liability is now routinely someone’s asset but ONLY thought of as an asset. It has always been this way …

It’s Our Money with Ellen Brown – Purloining Profits from the Public – 03.16.16

When legislators here and abroad gave power to private bank interests to supply the money for their national economies, it was a thickly-veiled ruse that set the stage for complete debt subjection of all public interests. Our notional national debt levels are the proof. So it is with great interest that we delve back into a continuing legal struggle over the Bank of Canada’s chartered responsibilities for interest-free public investment. We remind you of some simple truths from 12-year old Victoria Grant about the Bank of Canada and Ellen’s guest, Dr. J. Ryan Collins, discusses the policy that foisted a change on B of C’s virtuous history. And as a legal maven himself, Matt Stannard reviews the benefits that reside even in failed legal challenges of this sort.

A Bowl of Soul – 01.22.16

A Bowl of Soul Broadcast – 01-22-2016

Another Saturday Night – Sam Cooke – R&B – 1963
I Got To Get Myself Together – Donnie Elbert – R&B – 1970
It’s No Good For Me – Johnny Nash – R&B – 1963
Fame – David Bowie – Funk – 1975
Sophisticated Lady, She’s A Different Lady – Natalie Cole – Funk – 1976
And The Beat Goes On – The Whispers – R&B – 1980
Nobody But You Babe – Clarence Reid – R&B – 1969
That’s How It Is (When You’re In Love) – Otis Clay – R&B – 1967
My Baby Likes To Boogaloo – Don Gardner – R&B – 1966
Golden Years – David Bowie – R&B – 1975
Rocket Love – Dominick Shelton – R&B – 2016
La Costa – Natalie Cole – R&B/Jazz – 1977