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The Coming First World Debt Crisis Paperback – 2 Oct 2006
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'This insightful book examines how the current international trade in goods and finance that is making the rich richer and the poor poorer and threatens ecosystem and societal collapse is no accident.' - Jonathan Essex, Green World
In this book, Ann Pettifor turns her attention away from the debt crisis affecting developing countries and examines the issues of debt affecting the first world or OECD countries. She examines the history and roots of where the current international debt crisis stems from - economic liberalization - and the restructuring of the international financial architecture in the early 1970s. The book goes on to explore the implications of high international indebtedness for governments, corporations, households and individuals. An important and unique contribution is Pettifor's discussion of the justice and morality of debt, particularly for individuals.See all Product description
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Ann Pettifor takes the reader lucidly through the complexities of global financial developments since the 1950s, laying out in clear but passionate terms the great challenge facing modern economies and societies today: how to reform capitalism so that it puts productive activity and investment over the 'making of money from money'.
A truly enlightening read, illustrated with a host of powerful case studies and quotes from the world's great thinkers and economists, past and present, which gives hope that a better world is possible.
The book covers vast ground in a concise 180 pages and the chapters on the nature of money lending and how the deregulation of global capital, driven by US political interests, have led to the erosion of public and democratic control of money supply and the setting of interest rates are particularly important for anyone wishing to understand the strange world that we live in.
Buy it, and tell your friends about it.
It contains the thoughts and predictions of Ann Pettifor, a lady who has worked for a long time in the world financial industry, and spells out how the financial industry has become self serving, and is effectively more powerful than our countries leaders.
More crises are bound to occur, but it is hard to know what to do, as all preferred actions by our leaders seem to favour the rich and soak the poor.
A necessary read for all politicians and bankers.
For those of us who are already familiar with the exorbitant power the banks enjoy in the money creation process, this book does not address the historical context of the banking houses' repeated attempts to control and take over the money supply in various countries at various times.
I also took issue with the contention that inflation is a transfer of wealth from the rich (the creditors) to the poor (the debtors). This is only true in the context of fixed interest rate over the terms of a mortgage for instance. In Britain, fixed rate mortgages account for only 20% of all long term lending.
More generally, my understanding of inflation is that it is a tax the debtors pay to the issuers of the money (ie private banks).
All in all, the book is worth reading if you are new to all this but I would suggest that you turn to "The Web of Debt: The Shocking Truth About Our Money System And How We Can Break Free" by Ellen Hodgson Brown when you are done.
Sometime within the next few years at most it is mathematically certain that there must be fundamental change of one sort or another to the current runaway global debt-laden financial system. Ann Pettifor's book alerts us to this fast approaching massive global dislocation and shows us how we might turn it into a change for the betterment and spiritual uplift of humanity rather than allow a world of misery dominated by universal debt-slavery to engulf us. Her message is that we need not be passive victims of the coming crisis and that radical change is both essential and possible. She shows that we all need urgently first to understand the nature and causes of our predicament, and then to influence and encourage those presently in power to undertake the necessary changes. Her tone is compassionate and hopeful, the issues and arguments are presented in clear and jargon-free language and I thoroughly recommend this book.