350 - The New Feudalism (The Grisly Economics of the Ownership Society)

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Episode #350 - The New Feudalism (The Grisly Economics of the Ownership Society)

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⌚ Sun 18 March 2007  ☻Michael Hudson, Alan Collinge

Download Hour1 Download Hour2This week on the program we're going to look at what economist Michael Hudson has called the new serfdom, because 90% of the population carries perpetual debt which supports the top ten percent.

Politicians and pundits tell people that education is key to economic prosperity, but for many people without means, this is where they fall into the first debt trap. To get an education, they must borrow, and thanks to the collusion of politicians and bankers, many are trapped in a vicious downward spiral. We'll hear about that in our second hour. If they escape that trap, the mortgage on a vastly inflated home price awaits them. In our first hour we hear from Michael Hudson on how financiers use debt to get a free lunch, and how the rest of us are on the menu.
Thanks to Heather Dunbar and Paul Goldschmidt
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