Suppose you went to the grocery store to buy groceries; went to a factory outlet to buy some clothes and went to Best Buy to buy a laptop. In all three places, you gave them no money, only a written IOU. If you could get away with it to this point, the companies would come after you to get the money if you didn’t pay up. Michael Hudson argues that the US financial systems are handing out IOUs while the world keeps circulating them and no one collects. In his book Super Imperialism, Michael Hudson explains why.
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