Predictably, market fundamentalists think things will “get back to normal” once the coronavirus runs its course. They think that there are no internal problems within capitalism, and when it goes into a crisis, it is because of external factors, like the virus. However, the problem is that capitalism has had an accumulating debt crisis since long before the virus. The debt crisis is only going to get far worse, since so many workers have lost their jobs and are using credit cards more often to pay for their needs. This situation makes Michael Hudson’s proposal to forgive the debts increasingly the only long-term solution for capitalists.
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