Journal: Endless Money for War, No Checks & Balances
It is becoming increasingly clear that 1981 was a watershed year in the history of the American political economy. What checks and balances that remained broke down. Deregulation, for example, took off and the bomb of private debt exploded (recall the chart I circulated earlier). The trade deficit skyrocketed after 1981, and deindustrialization, which started …
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