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WCP: Michael Hudson Explains "Junk Economics"

  • Broadcast in Education
Faheem Shuaibe

Faheem Shuaibe

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There’s Main St. and Wall St. Which one is the real economy?

 

The Bubble Economy and Debt Game is what is played by the Elite [They say “industrial capitalism is over. So the money to be made is not in the  production of goods and utility for the public. The money is in the derivatives and debt game”. Furthermore, in actuality it’s a kind of “Musical Chairs, Hot Potato; Financial Russian Roulette, High-stakes gambling (Speculation w/OPM/Public Money; Glass-Steagel[1])

[1] The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business. It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.

 

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