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— Michael Hudson"Paying debt service to banks leaves less income to buy goods and services."
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Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in purchasing power - that is, shrinking markets.
— Michael Hudson
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Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans. So the effect is to impoverish many graduates with very high debts.
— Michael Hudson
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