Debt levels are unsustainable. Economic recovery isn't happening. Money is “too expensive”, draining the economy of a substantial part of its production. We seem to have some first voices appearing here that advocate cancellation of the burden which that debt puts on the whole economy… the idea is that of a debt jubilee – forgiveness of debts.
Democracy’s Debt Ladder [Interview with Michael Hudson]
What you’re really seeing right now in the IMF report, in this growth of debt, is that One Percent of the population owns maybe three-quarters of all this debt. This means that there’s a choice: either you can save the economy, or you can save the One Percent from losing a single penny.
His latest book is Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy.
