‘Developing world to face wave of defaults’
Samizdat – July 10, 2022
Emerging nations, including El Salvador, Ghana, Egypt, Tunisia and Pakistan, will be challenged with a historic cascade of defaults as a quarter-trillion-dollar pile of distressed debts keeps exerting downward pressure on economies, Bloomberg is reporting.
“With the low-income countries, debt risks and debt crises are not hypothetical,” the World Bank’s Chief Economist Carmen Reinhart told the agency on Saturday. “We’re pretty much already there.”
Over the past six months, there’s reportedly been a doubling in the number of emerging markets with sovereign debt that trades at highly distressed levels, meaning yields that indicate investors believe default is a real possibility.
Another cause for major concern reportedly arises from a potential “domino effect” that commonly occurs when scared investors begin yanking money out of countries with economic problems similar to those defaulting nations had previously gone through.
In June, traders reportedly pulled $4 billion out of emerging-market bonds and stocks, marking a fourth straight month of outflows.
Probable defaults may be followed by political instability. Earlier this year, Sri Lanka was the first nation to stop paying its foreign bondholders, burdened by unwieldy food and fuel costs that fueled protests and political chaos.
“Populations suffering from high food prices and shortages of supplies can be a tinderbox for political instability,” Barclays has said, as quoted by Bloomberg.
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New Book
The Garlic Book — 2026
Lies are Unbekoming | November 5, 2026
What The Garlic Book shows
The book is in four parts.
Part One, The Record, treats the history of garlic as evidence. From the clay garlic bulb placed in an Egyptian grave nearly six thousand years ago, through the Ebers Papyrus, through Hippocrates, Dioscorides, Pliny and Galen, the Arab physicians under Avicenna, the medieval herbals, Culpeper, and the plague years, to the last era in which Western physicians prescribed garlic as a matter of course, which ran from 1850 to 1945. It closes with the living traditions that never stopped using it, and with the folklore of charms, vampires and the evil eye.
Part Two, The Chemistry and the Evidence, sets out what is known about why a clove has no smell until it is cut, and why the order of crush, rest and heat changes the medicine. It then reads the clinical evidence against the historical record — bacteria, blood and vessels, cancer epidemiology, metals and fatigue — and names the trials that went against garlic as directly as the trials that went for it, including the 2007 Stanford trial funded by the US National Institutes of Health which found that raw garlic, garlic powder and aged garlic extract moved LDL cholesterol no more than placebo did. It then turns to onion, garlic’s closest relative, and reads the newer evidence published since 2015, before closing with the whole of the record through the terrain lens.
Part Three, Why Medicine Set It Aside, asks the question directly. One chapter contrasts the pharmaceutical model of isolating a single active compound with the folk model of combining whole plants, and reports what the garlic evidence says about which model works better. One chapter examines the economics of research on a plant that cannot be patented. One chapter — Fire Cider — tells the story of a folk preparation whose name was taken into a United States trademark by a Massachusetts company in 2012, and won back by three herbalists in 2014 who documented forty years of prior use through Rosemary Gladstar and her students into the older tradition.
Part Four, Garlic in Practice, is the working manual — the kitchen pharmacy, traditional uses by body system, a full chapter on safety and interactions, and a complaint-by-complaint practical guide. The book closes with The Trial That Was Never Run — a one-chapter reading of the whole evidential architecture.
At the back: two appendices (a traditional list of uses, and a preparation quick-reference), a full bibliography, and a live index.
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