Financialization Created Chicago Public Schools’ Fiscal Crisis

By Stephanie Farmer, Jacobin Magazine. -

Chicago Public Schools (CPS) is in a deep and enduring fiscal crisis. After decades of budget cuts, Chicago’s public K–12 schools have been hollowed out, magnifying the hardships of stagnant [...]

Debt As Colonialism

By Joan Chaker, Progressive International. -

Debt, according to standard economic assumptions, emerges from a purely private exchange. Independent rational agents willingly enter into a contract in a free market. That market, in turn, sets [...]

We Can Win Student Loan Debt Cancellation

By Umme Hoque, Commondreams. -

On March 18, the Biden administration's Department of Education announced that it will cancel $1 billion in federal student loan debt held by 72,000 borrowers who were defrauded by for-profit [...]

This Is Why It Is Imperative That President Biden, Not Congress, Cancels Student Debt

By Margaret Flowers, Clearing the FOG. -

The current student debt burden is over $2 trillion and it is crushing the economy. Defaults on student loans are high and for most borrowers, especially those who are people of color, their loan [...]

Thomas Sankara: A United Front Against Debt

By Progressive International. -

At the 1987 summit of the Organization of African Unity, Thomas Sankara warned that he would not live to attend another meeting if Burkina Faso were alone in resisting its debt obligations. A few [...]

Report: Young People In The United States Are Overrun With Student Debt

By The Jain Family Institute. -

Young Americans are overrun with student debt. This crisis is the culmination of waning government funding for higher education, wage stagnation, wealth inequality, and a misleading emphasis on [...]

People In Debt Have Formed A Union To Fight Back

By Eve Ottenberg, Truthout. -

In November, Pennsylvania permitted the resumption of utility shutoffs during the pandemic. In advance, the local Debt Collective, which helps people dispute their debts and fight back against [...]

Polarization, Then A Crash: Michael Hudson On The Rentier Economy

By Lynn Fries, Global Political Economy. -

I'm delighted to have Michael Hudson join us today. He'll be discussing how under a neoliberal shift from industrial to finance capitalism, today's most pressing economic conflict is not simply [...]

More People In The US Are Paying Rent On Credit Cards

By Chris Arnold, WBUR. -

With their savings running out, many Americans are being forced to use credit cards to pay for bills they can't afford — even their rent. Housing experts and economists say this is a blinking-red [...]

World’s Public Banks Gathered At First-Ever Summit

By Andrea Germanos, Commondreams. -

"There is no excuse for the continued funding of billions of dollars in coal, gas, or oil projects. This must stop now," Sophie Richmond, a coordinator with Big Shift Global, said in a [...]

Paradise For Human Victims Of Corporate Persons

By Vijay Prashad, Tricontinental: Institute for Social Research. -

Any day now, Zambia will be the first African country to slip into a private debt default. It can only pay interest on the $3 billion in dollar-denominated bonds if it totally ignores the needs [...]

A Debt Reckoning Is Unavoidable

By Aaron Karp, Waging Nonviolence. -

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, [...]

Debt Collectors Have Made A Fortune This Year

By Paul Kiel and Jeff Ernsthausen, ProPublica. -

Earlier this year, the pandemic swept across the country, killing 100,000 Americans by the spring, shuttering businesses and schools, and forcing people into their homes. It was a great time to [...]

Could Your Medical Bills Make You Sick?

By Lisa L. Gill, Consumer Reports. -

Devin Barrington-Ward was doubled over with stomach pain. His chest hurt, too. Though his family urged him to call an ambulance and he was terrified that his condition was serious, [...]

The Case For Debt Abolition

By Astra Taylor, ROAR Magazine. -

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 in default. I remember trying to grasp the logic [...]