Economist Michael Hudson responds to the collapse of Silicon Valley Bank, and explains the similarities with the 2008 financial crash and the savings and loan crisis of the 1980s.
Michael Hudson is one of the world's most brilliant economists. Why doesn't he and a few others have more influence on gov't policy? The US has a huge brain trust of world class academics but they are only heard on the margins while the useful idiots stumble from one disaster to another.
Only one thing is clear: No actual banksters will go to jail but they will crucify the stupid kid with wild hair and shorts who, like Bernie Madoff, really had nothing to do with this but can be made to stand as a media distraction. They might even use him to destroy crypto while they're at it.
The US is being affected by the blowback from the US war in Ukraine through the massive sanctions that were put on Russia, which devastated the European economies and had a
detrimental affect on the US economy, through rising energy and food prices, one factor causing inflation which resulted in the Federal Reserve to raise interest rates causing major problems for banks and other financial institutions. In addition Russia and other countries are moving closer together towards economic cooperation leaving the US out. They are also developing alternative currencies instead of the dollar. Even though there is a military stalemate in Ukraine, the US and its European allies are losing the economic war.
Thanks for this - will re-read after digesting for a while.
Do you see this in progress crisis as an opportunity for government to usher in CBDCs and what effect would those ultimately have on the Fed or BIS and their power to keep this whole charade raging forward? What benefit beyond surveillance does this give them, as in, can you explain how CBDCs would give the central banks new levers to pull in manipulating the market that they don't already have? Is it simply a liquidity hack they can use to super charge financialization capture / derivatives?
I agree that most cryptocurrencies are scams. But, you failed to exclude Bitcoin from this pig sty. You disrespectfully and unnecessarily smeared all of us. And the result is that you've lost a follower.