Michael Hudson Quotes:
Ocupation: Professor
Life: b. 1939
There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.
source: Source: www.counterpunch.org
topic: Running, Thinking, Two, Deflation, Credit Card Debt
