Democracy’s Debt Ladder

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Economic 'Recovery' Feels Weak Because the Great Recession Hasn't Really Ended, The Real News Network, October 7, 2016. The IMF foretells of vulnerable banks in US and EU while enabling unsustainable debt-leveraging, says economist Michael Hudson. KIM BROWN, TRNN: Welcome to The Real News Network. I’m Kim Brown, in Baltimore. With the worst of the great recession, supposedly, behind us, economic analysts still see signs that we’re not yet completely out of the woods. A new report released Wednesday by the International Monetary Fund shows that some banks in the United States and Europe may not be strong enough to survive another downturn, even with States assistance. Joining us from ...

Socrates: debt and the cyclical rise and fall of societies

Last week I attended a wonderful conference in the university town of Tübingen, Germany, on “Debt: The First 3500 Years,” to bring ancient historians together to discuss David Graeber’s book Debt: The First 5000 Years. I was enlightened by two papers in particular. Doctoral fellow Moritz Hinsch from Berlin collected what Socrates (470-399 BC) and other Athenians wrote about debt, and the conference’s organizer, Prof. John Weisweiler, presented the new view of late imperial Rome as being still a long way from outright serfdom. The 99 Percent were squeezed, but “the economy” grew – in a way ...

EU Bankster Contagion

An interview with Chris Hedges on Truth Dig. Chris Hedges: 2008 All Over Again Summary: Great Britain’s decision to leave the EU presages a global financial meltdown that could resemble the 1930s. Banks will demand massive bailouts. We will be forced, if the banks are bailed out again, to endure harsher austerity and a prolonged depression. Great Britain’s decision to leave the European Union has wiped out many bankers and global speculators. They will turn, as they did in 2008, to governments to rescue them from default. Most governments, including ours, will probably comply. Will the American public passively permit another massive bailout of the banks? Will it accept more punishing programs of austerity to pay for this bailout? ...