Quelle:

With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did.

How could an economy that created so much debt also save the banks rather than the economy itself, following the 2008 financial crisis? Michael discusses the phenomenon of debt inflation and how the economic curriculum should change.

"If you're teaching economics, you should begin with the relationship between finance and the economy, between the build up of debt and the ability to pay."

Michael discusses the 'Great Moderation', a common misrepresentation of a healthy economy in which job productivity was increasing, labor complacency was at an all-time low was a complete myth. Michael argues that 'traumatized' workers were too in debt to fight for better working conditions leading up to the 2008 financial crisis and how this reflects neo-classical ideas.

Michael offers solutions - urging the importance of writing down the debt and keeping basic services in the public sector, ridding the economy of financial tumors through a proper tax policy based upon the this public sector model.

Despite low unemployment rates and a rising stock market, 3 out of 4 economists are expecting a recession by 2021. We are already facing a #crisisofpoverty and economic precarity, where 140 million people are poor or low-income, the costs of living are going up and the chances of living are going down. What condition is our economy in today, more than ten years after the Great Recession of 2008, to withstand another economic downturn? What lessons have we learned – or failed to learn – over this past decade? What lessons can we draw from history to guide us in the months and years to come?

Join a conversation with economist Dr. Michael Hudson on the 2008 economic crisis, what’s happened over the past ten years, and what we can anticipate in 2020. #Dr.Hudson in the President of the Institute for the Study fo Long-Term Economic Trends (ISLET) and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. His has written extensively on the 2008 crisis, including the books, The Bubble and Beyond, Killing the Host, and J is for Junk Economics.

He has also done groundbreaking research on debt and finance in antiquity, most recently in “….And Forgive Them their Debts,” revealing the long history of lending, foreclosure and redemption,

and how “debts that can’t be paid, won’t be paid.”

The only question is on whose backs those debts will be carried.

 

Siehe dazu auch:

 

Kommentar schreiben


Sicherheitscode
Aktualisieren