A massive pile of accumulated debts and a global credit bubble are tearing apart our politics and societies. As illusory wealth continues to evaporate, a battle ensues between creditors that lent too much and a rapidly growing class of debt serfs. With the ability for reform appearing increasingly futile, a systemic crisis has created paralysis on the edge of an abyss. What do the examples of previous indebted empires tell us? Can we create an alternative to a neoliberal philosophy that ends in neofeudalism?
In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson's new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more. Then we speak with Nate Hagens, the former lead editor of the Oil Drum and an expert on global resource depletion. Nate describes why the relationship between energy and debt will increasingly lead to defaults as slowing growth means debts won't be serviced.
// Books
The Bubble and Beyond by Michael Hudson
// News and Other Items Discussed
Michael Hudson's website
Collapse and the Changing Face of Suicide submitted by Robin
Iceland running out of cash to pay foreign debts
IMF's Hilarious forecasts for a return to growth
// Extended Clips (in order of appearance)
[Break] - 30m
Countrywide commercial
Bernanke was wrong
Alan Greenspan on Irrational Exhuberance
Alan Greenspan - "There is no chance of default."
Days away from collapse - US default could bring global chaos
Greg Palast on Max Keiser about Obama
Countdown to US Government Default
Obama - "US Pays Its Bills."
[End]
Clarke and Dawe - Same Special Subject as Everyone Else
// Music (in Order of Appearance)
Jump the Curb - Forever Blowing Bubbles via Jump the Curb
Shania Twain - Ka Ching! (The Simon and Diamond Bhangra Mix)
Monster Rally - Palm Village via Bandcamp
Notorious B.I.G. - Mo Money Mo Problems (Woody's Produce Remix) via Youtube
Imagine Dragons - On Top of the World (RAC Mix) via Oh So Fresh
Bee Gees - Tragedy (Forever Kid Remix) via This Song is Sick
// Production Credits
Our correspondent and editor Kevin via Sustainable Guidance Youtube Channel
This show was supported by donations from our generous listeners:
Ronald in Texas
Sally in Australia (Happy birthday to Maxence!)
Mr. Smith in Massachusetts
Carla in the Quebec