Michael Hudson is a master at pointing out economic terminology which constrains us from understanding what is really going on. For example, the very notion of calling a downturn in the economy a “recession” assumes it will automatically correct itself.
But Michael tells us that every “recovery” starts from a higher debt level that has not been addressed. The upper classes have been living off the debt they created while the economy has been shrinking for 90% of the population. The financial sector should be taken out of the GDP assessment if we want to know what is going in the economy.
Read/watch Michael Hudson
