Tag: debt
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Debt Relief for Whom? Part II
Christopher Leonard explains how Federal Reserve bailouts “went to large corporations that used borrowed money to buy out their competitors; it went to the very richest of Americans who owned the majority of assets; it went to the riskiest of financial speculators on Wall Street, who use borrowed money to build fragile positions in global…
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Debt Relief for Whom? Part I
The student debt burden has grown from about $481 billion in 2006 to $1,476 billion in 2022. Just wiping it all out would be unfair, because more than half is owed to relatively-high income professionals. Richard Vague proposes that the federal government should expand an existing program, to allow such students “work off” their debt…
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John Perkins’ New Confessions of an Economic Hit Man
My father retired from the U.S. Foreign Service in 1970, shortly before John Perkins began his career as an economic consultant— “economic hit man”— with the engineering firm, MAIN. Perkins traveled to Indonesia, Panama, Colombia, Iran, Saudi Arabia and elsewhere. His job was to convince leaders to undertake wildly overambitious infrastructure projects that would enrich…