Page 50 - Debt Restructuring News Today

Story. >> the other dimension of it is the jubilee. >> right. >> the debt restructuring. getting out from under the overhang. forgiving whoever caused the problems, not wallowing in it. >> jubilee means forgiveness. to me, my understanding is that is the key. germany and france forgive the people who dont have money in europe. >> go back to the supercommittees and everything else. the problem we have in our society, in this financial society, we are not set up to politically represent the debtor...

Actual demand in the economy. we manufactured it and pretended it was there. weve been doing there,for three years. it has to stop at some point, but you have a deadly embrace between the banks on wall street and the congress. neither of which want to face the truth. can you not have government services that you refuse to pay for in current taxes. its that simple, and thats what europe got in trouble with as well. >> the resolution, andrew liverus, the chief executive at dow kemp call, karl, was...

Dylan ratigan that follows us and the author of a book, greedy bastards. >> normally on days like this -- when there is good economic news or any economic news, we get hundreds of e-mails from eric kantor or john boehner who is quiet today. why is that? >> you are in a situation where -- how do i explain this in ever been to a childrens birthday party where they play pin the tail on the donkey? >> i have. >> you watch with sympathy and frustration as they pin the tail on the lamp and the couch a...

Screwing. >> and breach of fairness. >> theres a sense that whats going on isnt fair. >> what rob said at beginning of the these problems are not going to go away, deficit reduction, money in politics. they are not going anyway so fundamentally i dont see how this movement is going to go anywhere. it will just get bigger. >> the thing that occurs to me listening to a couple of folks on the committee for economic development yesterday, that basically they wrote the marshall plan, the largest ngo ...

Explosive growth and were going nowhere in a pile of debt and i think the conversation about debt reduction, and we saw this in europe, where the proposition coming out of greece was what if we give you 40 cents on the dollar to the german banks? thats a different conversation than taxes and austerity. im not saying who knows whats going to happen, but it does feel, rob, like were moving beyond taxes and austerity and into debt restructuring on the periphery of the conversation. >> to the extent...

Have global multi-national financial institutions and corporations, you must have a regulatory body that is global in its scope. or if youre going to talk about -- >> the way he ties it in and says it has to be morally and ethically binding. >> but its the pope! he gets paid to say that. >> -- thinking about wall street, frankly. thats where he gets in trouble. >> in other words, is the pope setting the right order of magnitude, which is, this is a global problem that will require a global solut...

Greek bailout this week. well have another name for it next week, im sure. the talk now is about more than doubling the size of the bailout for the banks, so think of this again, not just the european banks, but really the western banks have extended a wide variety of credit through a billion different mechanisms to a lot of western europe and then theres a lot of additional speculation on top of that as to who will pay for what, so its a swaps market, and you have all the gambling on top of it....

Understandable frustration in my opinion thats playing itself out, maybe for better or worse, i dont know where these things are going, but theres a certain point when taxes and austerity have to become an option, not the option. in other words, debt restructuring, clearly other questions that are going to emerge. >> so terrifying what is going on in the eurozone at the moment, and lets not forget. america is so exposed. $2 trillion worth of assets in those european banks. >> not if we cancel th...

Or 20 years. i got interrupted, talking too much, but dung was talking about rare earths back in the 70s. yeah, the middle east has oil and we have rare earths. guess what china is doing in saudi arabia right now? they are putting solar panels, enabling saudi arabia to desalinate water with solar energy. now you go figure. i mean, they have become the biggest partner of saudi arabia right now. i mean, heaven forbid, once they get enough military might there, were going to lose all clout in the m...

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