Yves here. Rather than trying to shoehorn a meaty and long Michael Hudson paper into WordPress, we thought it better to embed it for your reading and downloading pleasure. He is presenting this paper at a conference in October, but it was submitted yesterday. He was pretty sure it would be uploaded to the conference site pronto.

Michael first mentioned this effort with Dirk Bezemer a year ago, so it is instructive to see the time needed to put formal statistical piece together. Enjoy!

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year