By Bruno Roelants, Claudia Sanchez Bajo
The monetary main issue is destroying wealth yet can also be a striking chance to discover the methods through which debt can be utilized to manage the industrial approach. This e-book uses four case experiences of cooperatives to provide an in-depth research on how they've got braved the quandary and endured to generate wealth.
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Additional resources for Capital and the Debt Trap: Learning from Cooperatives in the Global Crisis
Example text
The liquidity trap in the financial sphere can be seen as a conjunctural consequence, as can the measures to solve it. Some enterprise and employment constraints may also be seen as conjunctural, provided there is rapid adaptation, strong safety nets and a healthy equity and/or asset basis to survive the downturn. In this case, opportunities arising from state-aided sectors and improving demand can be quickly taken up. For others, though, cash-flow constraints, abrupt fall in demand and the sudden halt within the global supply chains were too harsh a blow, even if companies and workers were efficient, skilled and promising.
It put aside its restrictions to state aid, launched a vast investment programme in infrastructure, energy and in the social field, helped companies with fiscal measures to prevent unemployment. It also had to put together two enormous packages: to help Greece for a110 billion and to prevent attacks against the euro for a750 billion in May 2010. EU member states finally accepted that they had to give a more active role to the ECB, turned to the IMF for help to carry through structural reforms, and held their first meeting on joint economic governance at the end of May 2010.
79 The problem is that they are paying only interest instead of the debt principal, creating a potential debt balloon at the end of the 30-year period. Unfortunately, in 2010, equity lending was limited to homeowners whose properties were worth more than what they owed. 81 In his testimony of 25 February 2009 before the Senate Special Committee on Aging, Dean Baker explained that people between 45 and 54 had invested heavily in home ownership. These people were the ones losing the most with the crisis.