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Michael Hudson on CCTV (China Central TV)

With Subtitles – Morning News at 7-8am on Aug 8

20220808 CCTV report on Hudson.mov

Do not forget to buy Michael’s latest book : The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism

The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests. … The threat posed to society by rentier interests is the great challenge of every nation today: whether its government can restrict the dynamics of finance capitalism and prevent an oligarchy from dominating the state and enriching itself by imposing austerity on labor and industry. So far, the West has not risen to this challenge.” “There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.”