it's a network which exists in many different places, it's united by a call for diversifying economics (and taking especially critical approaches more into account)
China is the creditor to the U.S. since it buys U.S. Treasuries. Perhaps Lapavitsas is not looking at the fact that debt is used today in the opposite way that it has been used in history previous to the end of Bretton Woods. Since 1973 when the U.S. went off the Bretton Woods gold standard, the U.S. has maintained its dollar as the global reserve currency by being the world's net borrower (selling the world our Treasuries). The world invests in our economy, and we buy their exports into our country - putting our dollars back into their hands. What does the rest of the world do with their dollars? Convert them into their own currency and use the dollars to buy U.S. Treasuries. A debt cycle where we (the U.S.) is the borrower, not the lender as in past modern empires.
This is one of the best lectures on capitalism today that I have ever seen.
Plurale Ökonimik kommt aus Universität von Wien, oder? I think I saw a talk by Yanis Varoufakis hosted by same organization.
it's a network which exists in many different places, it's united by a call for diversifying economics (and taking especially critical approaches more into account)
at 14.30 ge says usa is not a financier of china. surely this is false?
China is the creditor to the U.S. since it buys U.S. Treasuries. Perhaps Lapavitsas is not looking at the fact that debt is used today in the opposite way that it has been used in history previous to the end of Bretton Woods. Since 1973 when the U.S. went off the Bretton Woods gold standard, the U.S. has maintained its dollar as the global reserve currency by being the world's net borrower (selling the world our Treasuries). The world invests in our economy, and we buy their exports into our country - putting our dollars back into their hands. What does the rest of the world do with their dollars? Convert them into their own currency and use the dollars to buy U.S. Treasuries. A debt cycle where we (the U.S.) is the borrower, not the lender as in past modern empires.