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Creditocracy

ebook

Creditocracy (n.)1. governance or the holding of power in the interests of a creditor class2. a society where access to vital needs is financed through debtIt seems like pretty much everybody – homeowners, students, those who are ill and without health insurance, and, of course, credit card holders – is up to their neck in debt that can never be repaid. 77% of US households are seriously indebted and one in seven Americans has been pursued by debt collectors. The major banks are bigger and more profitable than before the 2008 crash, and legislators are all but powerless to bring them to heel.In this forceful, eye-opening survey, Andrew Ross contends that we are in the cruel grip of a creditocracy – where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population.Following in the ancient tradition of the jubilee, activists have had some success in repudiating the debts of developing countries. The time is ripe, Ross argues, for a debtors' movement to use the same kinds of moral and legal arguments to bring relief to household debtors in the North. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, Creditocracy outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.


Expand title description text
Publisher: OR Books

Kindle Book

  • Release date: March 20, 2014

OverDrive Read

  • ISBN: 9781939293398
  • Release date: March 20, 2014

EPUB ebook

  • ISBN: 9781939293398
  • File size: 5722 KB
  • Release date: March 20, 2014

Formats

Kindle Book
OverDrive Read
EPUB ebook

subjects

Politics Nonfiction

Languages

English

Creditocracy (n.)1. governance or the holding of power in the interests of a creditor class2. a society where access to vital needs is financed through debtIt seems like pretty much everybody – homeowners, students, those who are ill and without health insurance, and, of course, credit card holders – is up to their neck in debt that can never be repaid. 77% of US households are seriously indebted and one in seven Americans has been pursued by debt collectors. The major banks are bigger and more profitable than before the 2008 crash, and legislators are all but powerless to bring them to heel.In this forceful, eye-opening survey, Andrew Ross contends that we are in the cruel grip of a creditocracy – where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population.Following in the ancient tradition of the jubilee, activists have had some success in repudiating the debts of developing countries. The time is ripe, Ross argues, for a debtors' movement to use the same kinds of moral and legal arguments to bring relief to household debtors in the North. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, Creditocracy outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.


Expand title description text
  • Details

    Publisher:
    OR Books

    Kindle Book
    Release date: March 20, 2014

    OverDrive Read
    ISBN: 9781939293398
    Release date: March 20, 2014

    EPUB ebook
    ISBN: 9781939293398
    File size: 5722 KB
    Release date: March 20, 2014

  • Creators
  • Formats
    Kindle Book
    OverDrive Read
    EPUB ebook
  • Languages
    English