But their agenda is to make the economic polarization between creditors and debtors irreversible, ushering in a Dark Age of austerity and deepening debt peonage in which wages, profits and property rents are earmarked to pay interest — on loans that can't be paid in a shrinking economy. (michael-hudson.com)
Industrial capitalism has passed through a series of stages of finance capitalism, from Pension - Fund capitalism via Globalized Dollarization and the Bubble Economy to the Negative Equity stage, foreclosure time, debt deflation, and austerity — and now what looks like debt peonage in Europe, above all for the PIIGS: Portugal, Ireland, Italy, Greece and Spain. (michael-hudson.com)
Ratha, et al v Phatthana Seafood Co.: Mr. Leopold is part of a Cohen Milstein's Human Rights team representing seven Cambodian plaintiffs who, after being promised well - paying jobs, became victims of human trafficking, forced labor, involuntary servitude, and peonage by factories in Thailand producing shrimp and seafood for export to the United States. (cohenmilstein.com)