Share this sentence
— Michael Hudson"People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation."
Related information
Discover more quotes
Previous Quote
We're at the end of long cycle that began in 1945, loading the economy with debt. We're not going to be able to get out of it until you write down the debts. But that's what the IMF believes is unthinkable. It can't say that, because it's supposed to represent the interest of the banks.
— Michael Hudson
Next Quote
Political parties often take advantage of denial and fear in a moment of change. This is a well understood phenomenon that often leads to scapegoat-ism: blaming outsiders, such as immigrants, or racial and religious minorities. The phenomenon is behind Brexit and the violence in the political cycles in the US and EU.
— Graciela Chichilnisky
Loading recommended content...