The Real and Imagined Problems of US Debt

In this wide-ranging discussion, Michael Hudson argues that the US debt crisis is not the same as a debt crisis in other countries. This is because the state can print its own currency when it runs out.  Secondly, as long as working-class people don’t rebel, the state can just keep cutting its social programs to pay back the debt. Lastly, Michael Hudson connects the buying of US debt to imperialism.

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