Posts Tagged 'External debt'

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 in outstanding balances for the first time by the end of 2016,” ...

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Challenging Operation Vulture in Ukraine by MICHAEL HUDSON

Ukraine’s collapse since the February 2014 coup has become an umbrella for grabitization. Collateral damage in this free-for-all has been labor. Many workers are simply not getting paid, and what actually is being paid is often illegally low. Employers are taking whatever money is in their business accounts and squirreling it away – preferably abroad, or at least in foreign currency.

Wage arrears are getting worse, because as Ukraine approaches the eve of defaulting on its €10+ billion London debt, kleptocrats and business ...

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