The real problem is that when most economists wring their hands about the financial system melting down, what they really mean is the top 1 percent losing the amazing amount of wealth they've doubled since 1979'

Abstract

Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East. Michael Hudson acts as an economic advisor to governments worldwide including Iceland, Latvia, and China on finance and tax law. He has published extensively on International Trade, Finance, and Debt, and co-edited volumes on the archeology of the ancient Near East.