University of Missouri economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid.
By Thomas Hedges, Center for Study of Responsive Law —
The natural gas industry is waging an aggressive public relations campaign to bolster investor confidence, despite evidence showing that shale gas is an unreliable resource and that the production process releases large amounts of methane into the atmosphere.
The second installment of Michael Hudson’s status report on the U.S. economy identifies debt as the financial sector’s key weapon in the push to extract wealth from governments, companies and families.
A shrinking global economy has many at the International Monetary Fund worried, as economists project that 2009 will see a decline of 1.3 percent in world economic output—the first global recession since World War II.