As the markets in the US continue to race higher despite pandemic and underlying economic signals suggesting collapse, DOUBLE DOWN asks Dr. Michael Hudson, former balance of payments economist for Chase Manhattan Bank, what exactly is happening? Financialization has altered the US economy where people and resources are allegedly no longer needed. Stock markets have decoupled from the rest of the economy. Hudson says that socialism used to always be thought of as the next phase of capitalism, it gave countries a competitive advantage over neo feudal societies. And capitalism was needed to get rid of the landlord class that is what Adam Smith said. What we have now is a post-industrial capitalism where the producer class wants to raise prices rather than lower them. Tune into Double Down to hear more on the history of capitalism, socialism and how we came to have one of the greatest stock market bubble in history amidst the ruin of the last financial collapse.
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