Steve Randy WaldmanJun 4, 2023
[new draft post] Quietly expensive desperation https://drafts.interfluidity.com/2023/06/04/quietly-expensive-desperation/index.html
Quietly expensive desperation

Show threadDetroit Dan

@interfluidity Related content from Michael Hudson: https://www.nakedcapitalism.com/2023/06/michael-hudson-on-the-us-economy-surprisingly-resilient-or-potemkin-village.html

"They have to have medical care. That’s 18% of America’s GDP, higher than any other country. So the money that is paid to the financial, insurance and real estate sector in America is so large that there’s no way that America can be competitive with other countries... for the United States sanctions have not only become a political tool, but an economic necessity as well".

Michael Hudson on the US Economy - Surprisingly Resilient or Potemkin Village? | naked capitalism

Michael Hudson covers the waterfront on the US economy, such as class warfare, santions dependency, China, and the dollar.

naked capitalism
Jun 11, 2023 at 10:54amWeb
Show threadSteve Randy WaldmanJun 11, 2023
@DetroitDan i agree with the bit you quote, but i find Hudson mostly discredits himself throughout that interview by offering very caricatured and implausible takes on eg the Biden Administration. his description of the changes to food stamps is just inaccurate. i don't think you can look at the totality of the Biden Administration, including the ambitious and humiliating BBB drama, and write the whole thing off as a cynical game of good cop in cahoots with bad-cop Republicans.