CounterPunch: Michael Hudson and Chris Hedges Discuss the Great Ponzi Scheme of the US and Global Economies

03 Economy, 10 Transnational Crime

counterpunch squareThe Great Ponzi Scheme of the Global Economy

So we’ve turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can’t get rich, ultimately, by going into debt. In the end the creditors always win. That’s why every society since Sumer and Babylonia have had to either cancel the debts, or you come to a society like Rome that didn’t cancel the debts, and then you have a dark age. Everything collapses.