Keiser Report: Canceling Debt to Avoid Economic Crisis
In this episode of the Keiser Report, Max and Stacy discuss David Graeber’s thought piece about the #GiletsJaunes and how the fact that intellectuals have failed to understand it proves we are living in revolutionary times. Graeber notes, as Keiser Report had only last month, that Cantillon effect has created the mass disparity in wealth against which those who must pay for this disparity are rising up. In the second half, Max interviews Dr. Michael Hudson, author of the new book “… and forgive them their debts”, about the history of debt forgiveness. Hudson explains that the rulers of Byzantium wiped out the savings of rich people by forgiving debts because canceling debts does not cause economic crises but prevents them.