Econintersect: There has been a class war for the past 30 years according to Michael Hudson, a distinguished economics professor, historian and author. The war has been won by the class that owns financial assets at the expense of the rest of the economy. Prof. Hudson maintains that the entire end game of the financial conflict is the privatization of public assets and the enslavement of indebted citizenry. He says that the entire crisis has resulted because banking has successfully prevented governments and central banks from creating debt-free currency and forced all money to be created through commercial bank debt. The servicing of this debt is the lever used by banking to sieze public and private assets. This is discussed in the video following the “Read more” break, which is a 20 minute long lecture from the Italian MMT Summit at Rimini, Italy February 24-26, 2012. Prof. Hudson says that banks are trying to accomplish conquests that were unsuccessful in the past using armies.Click on image to play video.
Hat tip to Roger Erickson.