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— Michael Hudson"We're at the end of long cycle that began in 1945, loading the economy with debt. We're not going to be able to get out of it until you write down the debts. But that's what the IMF believes is unthinkable. It can't say that, because it's supposed to represent the interest of the banks."
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Although my parents have never been the kind to hint around about grandchildren, I can think of no better tribute to them than giving them some.... I can't help thinking that the cycle is not complete until I can introduce them to a child of their child. And I can think of no better comfort when they are gone than to know that something of them lives on, not only in me but in my children.
— Anne Cassidy
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People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.
— Michael Hudson
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