Economist Michael Hudson delivers a deft debunking of the bankster propaganda fueling the austerity regime during a Modern Monetary Theory summit held in Rimini, Italy, last month.
This is the clearest explanation we’ve heard yet of the mechanisms used by politically powerful financial institutions to capture both public and private wealth.
The fundamental principle: Creation of money by banks in the form of debt allows banks to use compound interest as a mechanism to capture the commons, while government creation of money through investment in public infrastructure and services creates wealth.
Hudson, who teaches at the University of Missouri-Kansas City, is one of the most perceptive critiques of modern financial theory and its use as a weapon to steal the wealth built by generations. He even has a deft debunking of Sam Zell, the real estate mogul who bankrupted the Chicago Tribune and Los Angeles Times.