The stock market crashed on August 5, in a new "Black Monday". What caused it? Is the USA on the verge of a new financial crisis? Ben Norton is joined by economist Michael Hudson to discuss the extreme volatility, AI / Big Tech bubble, Japanese yen carry trade unwind, Chinese economy, and geopolitical dangers.
VIDEO: https://www.youtube.com/watch?v=stgBVvz5RIM
Check out Geopolitical Economy Hour, the program Michael Hudson hosts with Radhika Desai, here: https://youtube.com/playlist?list=PLDAi0NdlN8hMl9DkPLikDDGccibhYHnDP
His website: https://michael-hudson.com
Topics
0:00 Teaser
0:54 Why did the stock market crash?
8:19 Is the US economy entering a recession?
12:36 Japan and the yen carry trade unwind
27:14 China's economy
32:41 Popping of the AI / Big Tech bubble?
46:05 Geopolitics: Russia, Ukraine, Israel, Iran
54:19 Re-inflating the bubble?
1:03:51 Can't the debt be rolled over?
1:07:27 Asset price inflation vs consumer price inflation
1:11:29 Capital gains grow faster than the economy
1:13:12 What is missing from most economic analysis?
1:26:05 Outro
