There are growing signs that the United States may be on the verge of another major financial crisis, one that could start in the $3 trillion private credit market, which is already seeing significant turmoil, before spreading to other sectors.

Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson to discuss the serious problems on Wall Street. Hudson warned that the US economy is built on a Ponzi scheme that depends on continuing to pour money into a bloated, bubbly financial system based on unsustainable speculation, not industrial production.

VIDEO: https://www.youtube.com/watch?v=Blv49u3Q230

Check out our related short video about the private credit crisis on Wall Street: https://www.youtube.com/watch?v=S1cx9Zk6WZk

Topics

0:00 Introduction

1:37 Highlights of Michael Hudson

3:29 Interview starts

4:18 2008 financial crisis

5:04 Zero interest-rate policy (ZIRP)

7:31 Private equity

9:17 Lack of investment

10:34 Wealth inequality

12:08 Debt defaults

14:10 Depression fears

16:12 US govt supports Wall Street

19:07 Ponzi schemes

23:51 US economic problems

27:35 Iran war impact

30:16 Financialization of economy

33:46 Outro