Another title, for the conditioned to unconditionally surrender to party line liberal, could have been: Paul Krugman Sucks Up To Robert Rubin’s and the Fed’s Deadly Farts.
According to Hudson’s insight into the purpose of the Fed’s (3 Trillion, and counting) QE policy – no end in sight – and the neoliberal deficit hawks’, in the Congress, “Austerian” agenda for the public; no policies reflecting economic policy other than robing the public to save Wall Street’s stellar accumulation of wealth, while working class wages have been driven 6% down since Wall Street declared “green shoots for themselves!” Soylent Green for the rest of us all, but that is the unfortunately necessary “sharing of the burden,” Now or later are the only options offered by both the Dems and the Reps. A Tower of Babble built of bullshit, is what it is!
Presented in a “barefoot economist” language with enough anchoring in economic theory to support a layman’s sense that Hudson knows his shit. And so it resonates, even if uncomfortably, in places.
A massive pile of accumulated debts and a global credit bubble are tearing apart our politics and societies. As illusory wealth continues to evaporate, a battle ensues between creditors that lent too much and a rapidly growing class of debt serfs. With the ability for reform appearing increasingly futile, a systemic crisis has created paralysis on the edge of an abyss. What do the examples of previous indebted empires tell us? Can we create an alternative to a neoliberal philosophy that ends in neofeudalism?
In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson’s new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more. Then we speak with Nate Hagens, the former lead editor of the Oil Drum and an expert on global resource depletion. Nate describes why the relationship between energy and debt will increasingly lead to defaults as slowing growth means debts won’t be serviced.
Starts at: 2:22