1
How could a BRICS+ bank and settlement currency work? Economist Michael Hudson explains
(lemmygrad.ml)
The world’s debtor countries, if not the creditors, are finally coming to realize that many government debts can’t be paid – except by throwing their economies into depression and austerity. That might be in store for the US economy too if it tries to tax the economy to pay creditors instead of simply printing the money.
Obviously there needs to be an alternative. It needs to beyond merely the first step of declaring a debt moratorium. A longer-term restructuring of the international financial system is needed, because the present system has become dysfunctional.
