{"id":21196,"date":"2016-06-23T16:08:52","date_gmt":"2016-06-23T21:08:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21196"},"modified":"2016-06-23T16:08:52","modified_gmt":"2016-06-23T21:08:52","slug":"the-slow-crash-when-global-economies-are-run-by-banks","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21196","title":{"rendered":"The Slow Crash: When Global Economies are Run by Banks"},"content":{"rendered":"<h3 class=\"headline\"><a href=\"http:\/\/www.counterpunch.org\/2016\/06\/23\/the-slow-crash-when-global-economies-are-run-by-banks\/\" rel=\"bookmark\">The Slow Crash: When Global Economies are Run by Banks<\/a><\/h3>\n<p class=\"post_meta\"><em>I\u2019m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today\u2019s show:\u00a0<strong>The Slow Crash<\/strong><strong>.\u00a0<\/strong>Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trends, a Wall Street financial analyst and Distinguished Research Professor of Economics at the University of Missouri, Kansas City, as well as at Peking University. His 1972 book,\u00a0<a href=\"http:\/\/www.amazon.com\/exec\/obidos\/ASIN\/0745319890\/counterpunchmaga\">Super-Imperialism: The Economic Strategy of American Empire<\/a>, is a critique of how the United States exploited foreign economies through the IMF and World Bank. His latest book is\u00a0<a href=\"http:\/\/store.counterpunch.org\/product\/killing-the-host-digital-book\/\">Killing the Host: How Financial Parasites and Debt Destroy the Global Economy<\/a>. Due out soon, \u201cJ Is for Junk Economics.\u201d Today we discuss in detail the concept of debt deflation; housing, student loan and automobile debt; the oil market; the stock market; negative interest rates; currencies; and the shrinking real economy.<\/em><\/p>\n<div class=\"post_content\">\n<p><em><strong>Bonnie Faulkner:<\/strong>\u00a0Michael Hudson, welcome.<\/em><\/p>\n<p><strong>Michael Hudson:<\/strong>\u00a0It\u2019s good to be here again, Bonnie.<\/p>\n<p><em><strong>Bonnie Faulkner:<\/strong>\u00a0You have indicated that as a result of United States and European debt deflation, there is an economic slowdown. First of all, how would you define deflation?<\/em><\/p>\n<p><strong>Michael Hudson:<\/strong>\u00a0There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they\u2019ve run up \u2013 to pay their mortgage debt, to pay the credit card debt, to pay student loans.<\/p>\n<p>Today, people are having to spend so much of their money, to acquire a house and to get an education that they don\u2019t have enough to spend on goods and services, except by running into yet\u00a0<em>more<\/em>\u00a0debt on their credit cards and other borrowings.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Slow Crash: When Global Economies are Run by Banks I\u2019m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today\u2019s show:\u00a0The Slow Crash.\u00a0Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trends, a Wall Street financial analyst and Distinguished Research Professor of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,12503,5493,366,6279],"class_list":["post-21196","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-bonnie-faulkner","tag-counterpunch","tag-global-economy","tag-michael-hudson"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21196"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21196\/revisions"}],"predecessor-version":[{"id":21197,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21196\/revisions\/21197"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}