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Geopolitical Economy Report
As stock market crashes, is US facing new financial crisis? Economist Michael Hudson explains
Aug 7, 2024
Economist Michael Hudson discusses the recent stock market crash and looming financial crisis. He dives into extreme market volatility, the unraveling Japanese yen carry trade, and the impact of the AI bubble on Big Tech. Hudson unpacks important geopolitical tensions involving Russia, Ukraine, and Iran, highlighting how these factors influence global stability. He critiques the short-sightedness of current economic analysis and challenges listeners to rethink the disconnect between wealth and real economic conditions.
01:26:55
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Quick takeaways
- The U.S. economy faces significant systemic risks due to an unsustainable debt burden affecting various sectors and contributing to potential crisis.
- Recent stock market volatility, reminiscent of historical crashes, is fueled by the unwinding yen carry trade and pressures from high interest rates.
Deep dives
Economic Debt and Its Implications
The current economy has reached a critical point in its debt-carrying capacity, making recovery unlikely. Every economic rebound since the 2008 recession has been weaker, driven by a continually increasing debt burden. This debt is shouldered by a large portion of the economy, including wage earners, corporations, and government entities, while the wealth generated from this financial system disproportionately benefits the creditor class, which constitutes merely a fraction of the population. The growing realization among analysts is that the United States may be on the brink of another financial crisis, as increasing debts create systemic risks and limit potential recovery.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode