Over 261K views, one of the more popular interviews I have done for awhile.

The West calls itself democratic while creditors increasingly write its economic rules. Its debts cannot be paid without reducing consumption, investment, and living standards, yet the financial system blocks any serious write-down. In this conversation with Glenn Diesen, I trace that system from ancient debt cancellations through papal war finance to today’s deindustrialized economies—and explain why China followed a different course.

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