> Finance Capitalism Hits a Wall > > The Oligarchs' Escape Plan - at the Treasury's Expense > > By Prof. Michael Hudson > > The financial "wealth creation" > game is over. Economies emerged > from World War II relatively free of debt, but the 60-year global run-up has > run its course.
it should be mentioned (and I'm not contradicting Hudson) that the _governments_ in question did not start the post-WW2 without debt. The US government debt was larger than the US GDP, for example. But this was a good thing in many ways, since the government's debt was the population's asset. That moderated the post-WW2 recession, among other things. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
