Judy Shelton
speaker
100 appearances
1 recordings
1 series
first heard Feb 2026
last heard 17 Feb
Judy Shelton’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
I'm fine.
And Glenn, I'm, I'm so honored to be with you and your listeners.
Thank you for inviting me.
You know, I'm, I'm kind of a, um, green eye shade accountant by nature.
And I think that when I took on what was meant to be a very scholarly and probably dull project as a postdoctoral fellow at the Hoover institution at Stanford university, my goal was to study the impact of Western capital on the Soviet economy.
Because it turned out, and you had to look at CIA statistics and some other statistics from government agencies to see this, but Western banks and Western governments were lending twice as much as any of them thought to the Soviet government, which was really bailing out Gorbachev and
all of his programs and not causing the Soviet Union to reconcile with everything it spent on a war machine.
So I looked at the Soviet financial statements and I really analyzed their internal budget figures and it became apparent that it wasn't adding up.
They always showed they had a balanced budget but in fact they were running a huge budget deficit and they were financing it by printing rubles.
And so it was in analyzing and then recognizing that that I was able to say, and it even surprised me at first, that this country was going bankrupt.
Well, sorry.
I was just thinking that book actually came out in January of 1989 and, um,
By December of 1991, there was no more Soviet Union.
So it is wrong to say governments can't go bankrupt.
They can.
And that goes to your question of where are we now?
It's alarming that our own country is running what everyone admits is an unsustainable budget.
We don't even see that over 10 years we have a plan to come close to balancing it.
And yet everyone says, well, this is unsustainable in the long run, but no one ever says this is day one of the long run.
Well, I think that it shows that you don't have faith
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