Econintersect: Michael Hudson says that banking since World War I has been more and more focused on loading down the economy with debt rather than what he thinks should be the business of banks, which is financing economic growth and production. Hudson says that banks should be public, government run enterprises lending money only on economic merit and Ponzi speculation should remain private in separate institutions. See also what he thinks of public-private partnerships.
[Watch The Real News video after the Read more >> jump.]
In a related item Sunday, Yves Smith has a vitriolic takedown of the outright plutocratic extractive results of many public-private partnership schemes. Read this at Naked Capitalism.
