The University of Missouri economist talks to Max Kaiser about the catastrophic state of the American economy and the neoliberal agenda.
He focuses on fictitious capital, the idea that bank deposits can be paidwhen its been invested in debt used to finance investments that have since gone bad.
American savers who think their deposits are backed by bank investments are faced with the reality that real assets have to depreciated to a fraction of what they were, with the government in fear of acknowledging that claims on debt have overwhelmed actual capital.
Either you return progressive taxation and tax real estate, or you screw the retirees — and the banksters and their political allies have opted for the latter.
A sobering interview, and spot on with some very interesting insights on the motives behind America’s military adventures in the Mideast, Africa and Asia.
