The American Empire in a Changing World


Thursday, July 26, 2012

Book Review: "The Bubble and Beyond''

From Michael Hudson

''Michael Hudson’s new book The Bubble & Beyond is vital for those vying to make sense of the economic quicksand global policy makers find themselves in. Buy it now. He ties a thread between the big issues of our times – underwater housing, money market manipulations and lifetime debt – concerns that appear too difficult for the world’s big name economists.

Hudson does this by looking at the systemic causes of inequality, complexity and economic despair.

The book traces how industrial capitalism has turned into finance capitalism. The finance, insurance and real estate (FIRE) sector has emerged to create “balance sheet wealth” not by new tangible investment and employment, but financially in the form of debt leveraging and rent-extraction.''

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