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      Activists hold up a banner demanding the cancellation of Global South nations' debt during the COP27 climate conference in Sharm El-Sheikh, Egypt on November 16, 2022. ​

      Humanity Faces Converging Debt Crises

      High levels of global debt are likely to turn what could be a controllable shift from expansion to contraction into a blowout of unfulfilled expectations and obligations, leading to widespread suffering.

      Richard Heinberg
      Feb 23, 2023

      An enormous debt bomb threatens the U.S. federal government and the nation's financial system unless warring politicians can agree on a plan to defuse it. However, there are even bigger debt bombs ticking away beneath us all, of which fewer people are aware. It may be impossible to disarm all of them, but action is required to minimize the casualties.

      Let's start by focusing on the immediate U.S. debt threat, then widen our view to take in longer-term and more serious liabilities that have the potential to bring down the entire global industrial economy.

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      We Need a New Approach to Debt—One Borrowed From the Past

      Our forefathers turned their debts into currency. That Constitutional approach could work today.

      Ellen Brown
      Jan 22, 2023

      On Friday, Jan. 13, Treasury Secretary Janet Yellen wrote to Congress that the U.S. government will hit its borrowing limit on Jan. 19, forcing the new Congress into negotiations over the debt limit much sooner than expected. She said she will use accounting maneuvers she called “extraordinary measures” to keep U.S. finances running for a few months, pushing the potential date for default to sometime in the summer. But she urged Congress to get to work on raising the debt ceiling.

      Lifting it above its current $31.385 trillion limit won’t be easy with a highly divided and gridlocked Congress. As former Republican politician David Stockman crowed in a Jan. 11 article:

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      'We Must Cancel Student Debt,' Activists Argue as SCOTUS Agrees to Hear Case in February

      "The right-tilted Supreme Court now holds in the balance relief for millions of hardworking Americans," said one campaigner. "It would be a giant loss for the economy if justices rule in favor of the special interests."

      Jessica Corbett
      Dec 01, 2022

      Student debt cancellation advocates renewed calls for relief Thursday after the right-wing U.S. Supreme Court agreed to hear oral arguments for a case challenging President Joe Biden's forgiveness plan in February.

      "It is up to SCOTUS to grant borrowers the greater opportunity for upward mobility that is so often out of reach for those burdened with student debt."

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