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Debt-fueled rat race drives economic crisis

As the US Federal Reserve once again cut interest rates on Wednesday in the hopes of stanching the economic bleeding in the US, The Real News Network senior editor Paul Jay sat down with economist Leo Panitch to discuss the causes of–and solutions to–the current economic crisis. Panitch says that the increase in the standard of living since the Reagan era has largely been fueled by growing debt and longer working hours, and suggests that the solution is to democratize economic institutions.

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