Ann Pettifor - The Coming First World Debt Crisis

With so many concerns about third world debt are we ignoring a crisis in the developed world at our peril?

In the UK:

● Personal debt is increasing by £1 million every four minutes
● Personal debt broke though the £1.1. trillion barrier in June 2005

● Total credit card debt in April 2006 was £56.0 billion

● 14 million adults (35%) are relying on their overdrafts to get by
   each month

● 3.5 million adults are permanently overdrawn
● UK consumers account for two-thirds of total credit card debt in
   the whole of the EU

- statistics from creditaction.org.uk

 

This situation is echoed in the US and throughout Europe. Under George Bush’s Presidency, the national debt has risen by 34% which is now 64.8% pf GDP. These levels of debt raise serious concerns.  However, without these levels of consumer spending and borrowing the world economy would be I crisis. Pettifor’s makes a strong appeal for the need for change to the current satiation to avert the coming crisis and argues for a new financial architecture.

Although a reduction in personal debt would be beneficial for the individual, the world economy has become dependent upon high spending and borrowing levels.  If we suddenly stopped spending we would be faced with an economic crisis.

In her riveting new book, Jubilee 2000 co-founder Ann Pettifor turns her attention to First World Debt, condemns modern-day usury, and calls on industry, consumers and society to rein in the money-lenders.

 

October 2006    |    Paperback    |    £12.99    |    0-230-00784-8

For more information and to order you copy please click here.

To find out more about Real World Economic Outlook, please click here.

 

To keep up-to-date with Ann, visit her blog here.