Chris Hedges and Michael Hudson: The Global Economy Is a Giant Ponzi Scheme

Brilliant, thank you; in peace

Rise Up Times

 That’s right. It’s not production, it’s not consumption. The wealth of the One Percent is obtained essentially by lending money to the 99 Percent and then charging interest on it, and recycling this interest at an exponentially growing rate.

The New York Stock Exchange. (photo: Ben Hider/NYSE Euronext)
The New York Stock Exchange. (photo: Ben Hider/NYSE Euronext)

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e’re going to be discussing a great Ponzi scheme that not only defines not only the U.S. but the global economy, how we got there and where we’re going. And with me to discuss this issue is the economist Michael Hudson, author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. A professor of economics who worked for many years on Wall Street, where you don’t succeed if you don’t grasp Marx’s dictum that capitalism is about exploitation. And he is also, I should mention…

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