by Prof. Michael Hudson
June 17, 2011
Free money creation to bail out America’s elite financial speculators, but not for Social Security or Medicare
Only the “Crazies” Get the Bank Giveaway Right
Financial crashes were well understood for a hundred years after they became a normal financial phenomenon in the mid-19th century. Much like the buildup of plaque deposits in human veins and arteries, an accumulation of debt gained momentum exponentially until the economy crashed, wiping out bad debts – along with savings on the other side of the balance sheet.