Bubbles Always Burst: the Education of an Economist


Forgash Plan, Author: Terence McCarthy.
A History of Economic Theories: From the Physiocrats to Adam Smith, Author: Karl Marx.
Theories of Surplus Value, Author: Karl Marx.
Killing the Host, Author: Michael Hudson.
Super Imperialism: The Economic Strategy of American Empire, Author: Michael Hudson.
Global Fracture: The New International Economic Order, Author: Michael Hudson.
Debt: The First Five Thousand Years, Author: David Graeber.

By Michael Hudson – Shifts in the Midwestern water level or climatic disruptions in other countries caused periodic droughts, which led to crop failures and drains on the banking system, forcing banks to call in their loans.

Finance, natural resources and industry were parts of an interconnected system much like astronomy – and to me, an aesthetic thing of beauty.

But unlike astronomical cycles, the mathematics of compound interest leads economies inevitably into a debt crash, because the financial system expands faster than the underlying economy, overburdening it with debt so that crises grow increasingly severe.

Economies are torn apart by breaks in the chain of payments. more> http://tinyurl.com/ofwgtj2


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