Debt is the issue driving many of the top financial headlines now as Europe and the US have racked up too much of it. Dr. Michael Hudson, economics professor and author, has famously often said "debts that can't be repaid won't ,"so the question becomes who gets hurt and who benefits in the process? According to Dr. Hudson when it comes to the Greek sovereign debt crisis, it's European leaders making decisions to benefit banks at the expense of average citizens, pressured by the US government out of the interests in its own banks.
As a new census poverty gauge shows 2.5 million more people are in poverty than the standard gauge (more than 49 million and a 16% poverty rate). Meanwhile Americans are heavily indebted, with student debt as one example expected to surpass one trillion dollars. Do Americans have a solution to these economic conditions? On Capital Account with Lauren Lyster, Dr. Michael Hudson, author and economics professor, says they are certainly part of the reasons Occupy Wall Street is protesting, a movement he calls pre-revolutionary. Hudson characterizes OWS protesters as disillusioned with both political parties and says former President Bill Clinton is acting like a "slimeball " for suggesting OWS should work within the established political system.
Do Americans have an avenue to fight back against their economic conditions? And speaking of fighting back, UK Prime Minster David Cameron got an unusual visitor in the British Parliament...RT's own Max Keiser!
