Writing in the Economist magazine in 2012, Albrecht Ritschl, a professor of economic history at LSE, said: "The Marshall plan had an outer shell, the European recovery programme, and an inner core, the economic reconstruction of Europe on the basis of debt forgiveness to and trade integration with Germany.
Earlier this year a court declared the company bankrupt, despite its sound finances, on the basis of one disputed debt to a former agent.The ruling was an unwelcome reminder of a similar case in 2002, when the local subsidiary of Manulife, a Canadian insurer, was declared bankrupt for failing to pay a dividend.
Many have no idea where they will be studying in a few weeks, and yet they are supposed to commit themselves to a lifetime of debt on the basis of a scramble designed to emulate some mad educational survival-of-the-fittest theory.
Bond rating agencies typically judge the affordability of debt on the basis of the resources that are available to repay it.
Last year, when Sainsbury was struggling, some of these swaps were priced at 150 basis points per unit of debt insured.
However, the countervailing debts discussed here and loans on the basis of social time mechanism form a kind of mutual debt relation with no cumulative relations as in chain debts.
And since taxes are judged to be too high – on the basis of very unclear arguments regarding incentives – debt reduction ends up relying on massive public-spending cuts.
Ronald Reagan pushed the government deep into debt on the basis of a dream-world economic theory, slashed social services and deeply eroded Americans' confidence in the very idea of government.
A year ago in the FORBES GLOBAL Investment Guide, I compared U.S. domestic and emerging-market high-yield debt on the basis of past trading patterns (The Price Of Credit Risk).
Attempts to titrate therapy to a nonexistent oxygen debt on the basis of an elevated lactate concentration are doomed to fail.
