6min chapter

Odd Lots cover image

Michael Hudson On Why The US Risks Becoming The Next Greece

Odd Lots

CHAPTER

How to Restore the Ability of Life

The only way to do it is to write down or say the deaths don't have to be paid. Somebody has to suffer because as Tracy pointed out, one person's death is another person's claim. If you have the debtors absorb the loss, society is torn apart and the tax systems turn apart. In China, where I was a professor for the last few years in Beijing at Peking University, nobody on the left is interested in this. It feels like once the system is in motion, it's very hard to change it. The financial system is wrapped around the economy as a whole and really is independent from capitalism.

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