Debts that can’t be paid, won’t be paid

The first David Graeber Foundation meetup, between Thomas Piketty and Michael Hudson.

It’s been just over a year since the death of activist, writer and anthropologist David Graeber — a brilliant speaker, writer and thinker who helped give us Occupy, “we are the 99%” and “Bullshit Jobs.”

On the anniversary of David’s death, his widow Nika Dubrovsky convened the first “Art Project” discussion, a fascinating debate between Thomas Piketty and Michael Hudson, a pair of political economists whose work is neatly bridged by Graeber’s own.

https://www.youtube.com/watch?v=GWT0uvBLDbo

Piketty, of course, is the bestselling French economist whose 2013 Capital in the 21st Century was an unlikely, 700+ page viral hit, describing with rare lucidity the macroeconomics that drive capitalism towards cruel and destabilizing inequality

https://memex.craphound.com/2014/06/24/thomas-pikettys-capital-in-the-21st-century/

Hudson, meanwhile, is the debt-historian and economist whose haunting phrase “Debts that can’t be paid, won’t be paid,” is a perfect and irrefutable summation of the inevitable downfall of any system that relies on household debt to drive consumption.