Economist Jayati Ghosh: Global Debt Crisis Is Perfect Storm of Unrest, Economic Disaster, Starvation

We look at the looming possibility of a global recession amid rising inflation, the pandemic and the Russian war in Ukraine. World financial institutions and wealthier countries should take stronger actions such as writing off debts that are crippling developing nations, says Jayati Ghosh, economics professor at the University of Massachusetts Amherst. "This is just completely lack of political will. It's not because we don't know what to do." Her piece in The Guardian is headlined "There is a global debt crisis coming — and it won't stop at Sri Lanka," and she also discusses other countries on the brink of an economic collapse, including Pakistan, Nepal, Nigeria, Ethiopia, Panama and Argentina.

#DemocracyNow

[ayalneh]

I greately admire this professor. She briliantly explained the issue of debts and the associated problems facing many countries. I am sure many economists at the World Bank, IMF and the US Federal Reserve don't want to hear such kind of analysis. But many economists and government officials in indebted countries will appreciate her analysis. I salute the Professor.

[keithfernandez]

THIS SITUATION IS TRULY FREAKING ME OUT....MAY GOD BLESS THE CHILDREN OF THE WORLD...

[PinprickSociety]

As a Mexican-Caucasian American born and raised in Chicago, military veteran, once a history student, then neuroscience, then law, now Pinprick, having lived in either very liberal or very Conservative cities all my life, all over the US, a few cities in the Middle East. I think America should be a better friend to India.

[sizzla]

Good report
"The inscrutability [of economics] is perhaps not unintentional. It gives endless employment to dialecticians who otherwise might become public charges or, at very worst, swindlers and tricksters."
Jack Vance

[ShammuaMekonnen]

Absolutely Economist Ghosh, opportunistic Corporations profiteering. I think there needs to be a coordinated effort that all Countries with opposition against these collar & tie men and women, have a Global Demonstration.

[poobum]

wasnt there some policy changes to swapping from modern agriculture methods to not using fertilizer etc that collapsed their ability to grow enough crop and cause food shortages ?

[davidmead]

I'm not clear as to how the debt occurred. Who in those countries benefited in either the long or short term from the inflow of money? Could it possibly be the 1% of the richest men in those countries?

[lisafagan]

You need to look to Bill Gates for the food issues (farmland robbery) in Sri Lanka AND India as well. Tell the whole truth.

[Salazarsbizzar]

Indian farmers protesting instead of farming maybe have someone to do with the food shortage there? Not that I don't support the farmers right to protest I'm just saying it's probably not all American creditor or China. I'm sure a lot of the home grown corruption had a hand in it. It's a worldwide problem and so far Sri Lanka is the only place dealing with it like the urgent issue that it is.

[lauralafauve]

How can people be so heartless?
Easy to be hard.
Easy to say no.

[SS-xllo]

Uncle scamssss everyone and everything

[kishanjitbasu]

This is the result of mis management of scarce resources and mindless dependence on Chinese authorities.

[joshnalder]

If only there was a decentralised cryptography currency that was available to the people that was not able to be manipulated by governments

[victorayala]

KEEP'EM POOR
KEEP'EM POOR
KEEP'EM POOR
F- IT LETS JUST GO 2WAR

[dekapwt]

Karena pekerjaanku membuat banyak orang, dalam kemudahan
Paling tidak harga oil, gas tidak meroket karena bantuan dari Pekerjaanku dan global food Crisis dapat teratasi dengan Energy Transition MIXS-ENERGY.. karena tanaman menyerap udara yg bersih.
serta vaccine yg effective & microchips akan tersedia karena bantuan dari pekerjaanku
dan temperatur di planet ini tidak terus meningkat jika emisi karbon terkendali menuju netral karbon
2030../dengan Energy Transition/ serta pekerjaanku mengurangi polusi yg di sebabkan oleh berbagai hal.. asap industri, sampah & plastik..
(Segalanya bersumber dari NUCLEAR ENERGY BUATANKU )
//Kidsss still study ///...

[jgwizo]

One thing that is astounding is what BRI and China has proved that Africa's economy could be substantially improved within 15 years or so. IMF has been lending for decades but has nothing to show for the strategy is capitalistic and aim to keep others poor.

[xenocampanoli]

The fact that modern societies cannot take these hunger emergencies at these levels as a much more serious matter is damning on what we have made. This is a disaster, and we must never let these financial feudalists walk free from this disaster at any future step.

[nowonami]

the indebted countries have to get together and mass default. the vultures cannot feed except on isolated and weak victims

[keithfernandez]

If we didn't spend all our wealth on WAR...JUST THINK ...WE COULD OF INSTEAD... FEED THE WORLD !@

[sufferingsuccatash]

She is right about China's role in lending. China is not a problem in holding debt. Rather countries are turning to China for lending. The IMF and its vulture bankers who come in to collect sovereign debt through privatizing national resources. There needs to be a clearing house for this sovereign debt.