In Killing the Host, economist Michael Hudson exposes how finance, insurance, and real estate (the FIRE sector) have seized control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for todayA¹s extreme economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the qrealq economy of labor and production. Hudson shows in vivid detail how the Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. Killing the Host describes how the phenomenon of debt deflation imposes punishing austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.There are three main arguments for establishing a public bank to provide basic checking, savings and credit card services. The most obvious reason is to offer these services at minimum cost. A public option is free from exorbitant salaries andanbsp;...
|Title||:||Killing the Host|
|Publisher||:||CounterPunch - 2015-08-25|