The Schiller Institute drafted the following petition on Aug. 18, calling on the leaders of the United States, Russia, China and India to convoke an emergency summit in order to create a New Bretton Woods global credit system. The petition is circulating in Arabic, French, German, Italian and Spanish. It can be signed at https://schillerinstitute.nationbuilder.com/nbw_petition#sign
Every year for at least the past eight years, the issue of raising the “debt ceiling”, i.e., the legal limit on how much the government may borrow, has given rise to an acrimonious and increasingly partisan battle in the U.S. Congress. This year was shaping up as no exception, as the Treasury Department announced that the debt ceiling would be reached in September. The Republican hardliners were refusing to raise that ceiling and threatening a government shutdown, if the Democrats rejected the significant spending cuts they demanded.