The financial sector has managed to represent itself as part of the productive economy, but for centuries banking was considered parasitic, and the essence of parasitism is not only depleting the host's nutrition, but also dulling its brain so that it does not recognize that the parasite is there. This is the illusion that much of Europe and the United States suffer from today. Hudson's goal is to break through this illusion and replace junk economics with reality-based economics, and he argues that financial crises will continue unless we radically change our economic and political structures and bring back the best ideas of classical economics. He exposes how finance, insurance and real estate have gained control of the global economy, at the expense of industrial capitalism and governments.
The 2008 Big Bond saved the banks, but not the economy, and plunged economies into de...read more