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Debts That Can't Be Paid, Won't Be

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by Michael Hudson, New Economic Perspectives

This is a Classic Essay First Posted 10 April 2012

A common denominator runs throughout recorded history: a rising proportion of debts cannot be paid. Adam Smith remarked that no government ever had repaid its debt, and today the same can be said of the overall volume of private-sector debt. One way or another, there will be defaults - unless debts are paid in an illusory fashion, simply by adding the interest charges onto the debt balance until the sums finally grow to so fictitious a magnitude that the illusion of viability has to be dropped.

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What We Read Today 25 June 2017

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary 'reading list' which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for 'reading list' items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

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Most Read Articles Last Week Ending 24 June

Written by Econintersect

Econintersect: Google Analytics has given GEI page read counts for each of the 277 most read articles on Global Economic Intersection for the week 18 June through 24 June, inclusive. The top ten are listed after the Read more >>jump.

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Infographic Of The Day: The Cloud Is Your Friend?

Almost everyone who uses the internet uses the cloud, wittingly or no, but it seems that few people actually know what it is.

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Video of the Day:

This is your ultimate guide to traveling by container ship! The standard of food varies enormously depending on the galley staff you have onboard. If you are lucky and you get a chef who loves to cook and prepare delicious meals for the crew then that is a bonus. Most of the cargo and tanker ship includes wifi. Read the book " Running Away to Sea" by George Featherling, 3X !. Interesting story about around the world on a tramp freighter.


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Current Weather Outlook

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Yikes!!!!!  From NOAA:

"FORECAST CONFIDENCE FOR THE 8-14 DAY PERIOD IS: MUCH BELOW AVERAGE, 1 OUT OF 5, DUE TO WEAK MEAN 500-HPA ANOMALIES IN THE MANUAL BLEND ACROSS MUCH OF THE FORECAST DOMAIN AND LARGE DISAGREEMENTS AMONG THE SURFACE SPECIFICATION TOOLS."

One might add tropical activity to that (which is covered in the body of tonight's article) especially for the earlier part of the period.


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The Breakout Fails



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Will America's New Uncertainty Impact U.S.-China Trade?

Written by Dan Steinbock, Difference Group

As the White House is preparing to a political war for its survival, the Trump-Xi 100 day plan should overcome long-term pressures on US-China ties. After the two-day summit at Mar-a-Lago last month, the US and China announced a 100-day plan to improve strained trade ties and boost cooperation between two nations.

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 USA economy at a glance (boxed items are updates in last 7 days)

16 June 2017: ECRI's WLI Growth Index Rate Again Slows

ECRI's WLI Growth Index which forecasts economic growth six months forward remains in positive territory for over one year - after spending the previous 35 consecutive weeks in negative territory. This is compared to RecessionAlerts similar weekly leading index.

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