John McDonnell my MP for Hayes & Harlington pulled together some interesting speakers to look at debt...
I am fascinated by the idea of abolishing debt which when you think is systems generated in an ever increasing loop of cost of living outside wages income. Then for those in need of welfare support... that support is paid in arrears so fixing the starting point in debt. I can remember the early days of credit cards being pushed to "help" us meet our living needs when the price of goods were always ahead and out of reach of our wages. My old days housekeeping was that you saved from your wage packet to pay for household goods such as cooker or tumble dryer and I could do that in my first marriage in 1970! You could put aside funds as your mortgage or rent was a quarter of your monthly earnings! But then cost of housing spiralled out of control and wages were paid into the banks and banks encroached on the management of you outgoings with direct debits.... if your income missed a day of the direct debit chaos ensued. So Goddess Visa was introduced with the fairy money magic dust when in credit but a demon when in debt with missed payments or maxed out... and horror when your day to day expenses you are using your Goddess Visa for!
"For many people, debt is a crushing issue that has been deepened by Covid-19. As we approach the Christmas holidays, this will only further pressure on families.
Time for a Debt JubileeJohnna Montgomerie is Head of the Department of European & International Studies at Kings College.... and Astra Taylor a Canadian/American writer & film maker
Links Claim the Future website
Facebook Claim the Future the live recording of this event is available on facebook.
I am looking forward to reading Johnna Montgomerie's book pictured above and available in Waterstones as it echoes what I have lived through, survived and lost through.
"We live in a culture of credit. As wages have stagnated, we've seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending. In this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality."
