Michael Hudson:

Biden’s cabinet depicts this New Cold War as a fight of the “democratic” United States privatizing economic planning in the hands of the largest banks “too big to fail” and other members of the neo-rentier class, in opposition to “autocratic” China and even Russia treating banking and money creation as a public utility to finance tangible economic growth, not financialization.

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For the past half century, the Fed’s role has been to provide easy money to give the ruling party at least the illusion of prosperity to deter voters from electing the opposition party. But this time the Biden Administration are running on a program of financial austerity.

The Party’s identity politics address almost every identity except that of wage-earners and debtors. That does not look like a platform that can succeed. But as the ghost of Margaret Thatcher no doubt is telling them: “There Is No Alternative.”