Originally Published on channel Klett-Cotta on Oct 17, 2016 How Private Debt Makes the Rich Richer Michael Hudson talks about the causes of inequality in the 21st century Our author Michael Hudson summarizes some important theses from his book "The Sector - Why Global Finance Is Destroying Us". The interview took place on the occasion of the 16th International Literary Festival in Berlin for a symposium titled "Inequality in the 21st Century. Progress, capitalism and global poverty. " The authors, Angus Deaton, David Graeber and Michael Hudson, presented the most important theses of their current books. Michael Hudson Bio: Michael Hudson is one of very few economists - globally - who perfectly predicted the 2008 financial crisis. Michael is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others. ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East. Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.