As stock market crashes, is US facing new financial crisis? Economist Michael Hudson explains

The stock market crashed on August 5, in a new “Black Monday“. What caused it? Is the USA on the verge of a new financial crisis? Ben Norton is joined by economist Michael Hudson to discuss the extreme volatility, AI / Big Tech bubble, Japanese yen carry trade unwind, Chinese economy, and geopolitical dangers. Check out Geopolitical Economy Hour, the program Michael Hudson hosts with Radhika Desai, here: His website: Topics 0:00 Teaser 0:54 Why did the stock market crash? 8:19 Is the US economy entering a recession? 12:36 Japan and the yen carry trade unwind 27:14 China’s economy 32:41 Popping of the AI / Big Tech bubble? 46:05 Geopolitics: Russia, Ukraine, Israel, Iran 54:19 Re-inflating the bubble? 1:03:51 Can’t the debt be rolled over? 1:07:27 Asset price inflation vs consumer price inflation 1:11:29 Capital gains grow faster than the econo