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[new draft post] Quietly expensive desperation https://drafts.interfluidity.com/2023/06/04/quietly-expensive-desperation/index.html
@interfluidity Related content from Michael Hudson: https://www.nakedcapitalism.com/2023/06/michael-hudson-on-the-us-economy-surprisingly-resilient-or-potemkin-village.html
"They have to have medical care. That’s 18% of America’s GDP, higher than any other country. So the money that is paid to the financial, insurance and real estate sector in America is so large that there’s no way that America can be competitive with other countries... for the United States sanctions have not only become a political tool, but an economic necessity as well".
@DetroitDan i agree with the bit you quote, but i find Hudson mostly discredits himself throughout that interview by offering very caricatured and implausible takes on eg the Biden Administration. his description of the changes to food stamps is just inaccurate. i don't think you can look at the totality of the Biden Administration, including the ambitious and humiliating BBB drama, and write the whole thing off as a cynical game of good cop in cahoots with bad-cop Republicans.