Neoliberal economics is an essential part of The Matrix, the false reality in which Americans and Europeans live. Neoliberal economics permits an endless number of economic lies. Michael Hudson’s books provide an antidote.
Jeremy R. Hammond explains how the Federal Reserve System harms the economy by effecting a transfer of wealth upward, serving the interests of the political and financial elite at the expense of the rest of society.
Today the labor force participation rate is the lowest since February 1978, reversing all of the gains of the Reagan years, and the Federal Reserve has used an increase in consumer debt to fill in for the missing growth in consumer income for so long that consumers have no more room to take on more debt.