Michael Hudson Quotes About Economy

Quotes about: Economy

• Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink the ability to pay the debts, so it's all an illusion that the system can be saved. The question is, how long are people going to be willing to live in this illusion?

  Michael Hudson

  Long, People, Debt

  Source: www.counterpunch.org

• There are many ways to create economic suicide on a national level. The major way through history has been through indebting the economy. Debt always expands to reach a point where it cannot be paid by a large swathe of the economy. This is the point where austerity is imposed and ownership of wealth polarizes between the One Percent and the 99 Percent.

  Michael Hudson

  Suicide, Wealth, Economic

  Source: www.counterpunch.org

• Governments create money and spend it into the economy by running budget deficits. The paper currency in your pocket is technically a government debt.

  Michael Hudson

  Running, Economy, Currency

  Source: www.counterpunch.org

• The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [...] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.

  Michael Hudson

  Real, Lying, Essence

  "Financial Capitalism v. Industrial Capitalism". michael-hudson.com. September 3, 1998.

• The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to borrow its way out of debt. It thought that if it could subsidize banks lending homeowners enough money to buy houses from people who are defaulting, then the bank balance sheets would end up okay.

  Michael Hudson

  People, House, Balance

  Source: www.counterpunch.org

• People think of a parasite as simply taking money, taking blood out of a host or taking money out of the economy. But in nature it's much more complicated. The parasite can't simply come in and take something. First of all, it needs to numb the host. It has an enzyme so that the host doesn't realize the parasite's there. And then the parasites have another enzyme that takes over the host's brain. It makes the host imagine that the parasite is part of its own body, actually part of itself and hence to be protected. That’s basically what Wall Street has done.

  Michael Hudson

  Wall, Thinking, People

  Source: www.counterpunch.org

• The IMF acts as the collection agent for global bondholders. Its projections begin by assuming that all debts can be paid, if economies will cut wages and wiping out pension funds so as to pay banks and bondholders.

  Michael Hudson

  Cutting, Assuming, Economy

  Source: www.counterpunch.org

• Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in purchasing power - that is, shrinking markets.

  Michael Hudson

  Writing, Shrinking, Debt

  Source: www.counterpunch.org

• In China the largest denomination bill they have is 100 yen, and that's maybe $7. So here you have a whole economy working with only a $7 note as the largest denomination. The euro wants to get rid of the 500-euro bill just as the United States years ago got rid of the $1,000 bill because only the criminals used $1,000 bills.

  Michael Hudson

  Years, Criminals, United States

  Source: www.counterpunch.org

• Mathematically, debts grow exponentially at compound interest. Banks recycle the interest into new loans, so debts grow exponentially, faster than the economy can afford to pay.

  Michael Hudson

  Debt, Pay, Economy

  Source: www.counterpunch.org

• Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not the economy.

  Michael Hudson

  Government, Promise, Administration

  Source: www.counterpunch.org

• We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can't get rich, ultimately, by going into debt. In the end the creditors always win.

  Michael Hudson

  Winning, People, Rich

  Source: www.counterpunch.org

• So the political choice today is much like the 1930s, when the global economy also broke down. The choice is between nationalism and populism on the right, or socialism reviving what used to be left-wing politics.

  Michael Hudson

  Political, Choices, Today

  Source: www.counterpunch.org

• Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.

  Michael Hudson

  Wages, Helping, Economy

  Source: www.counterpunch.org

• I think the less fracking there is, the better it is for the economy and society.

  Michael Hudson

  Thinking, Fracking, Economy

  Source: www.counterpunch.org

• You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.

  Michael Hudson

  Mean, Cutting, Government

  Source: www.counterpunch.org

• So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage insurance. So there's an idea of distracting people. Don't think of your condition. Think of how the overall economy is doing. But don't think of the economy as an overall unit. Think of the stock market as the economy. Think of the rich people as the economy. Look at the yachts that are made. Somebody's living a lot better. Couldn't it be you?

  Michael Hudson

  Real, Thinking, People

  Source: www.counterpunch.org

• The United States Government has fought against creation of an international court to adjudicate the ability of national economies to pay debts.

  Michael Hudson

  Creation, Economy, Ability

  Source: www.counterpunch.org

• If the economy is growing, people want to employ more workers. If you hire more labor, wages go up.

  Michael Hudson

  People, Wages, Growing

  Source: www.counterpunch.org

• Nothing could be better for the economy than to get rid of fracking.

  Michael Hudson

  Fracking, Economy

  Source: www.counterpunch.org

• The economy is being run primarily by the banks for their own interest.

  Michael Hudson

  Running, Economy, Interest

  Source: www.counterpunch.org

• If you want to see where Trump is moving, look at what the United States neoliberals advised Russia to do after 1991, when they promised to create an ideal economy. Russia was under the impression that the neoliberal advisors were going to make Russia as rich as the United States. What they really did was create a kleptocracy that was virtually tax-free.

  Michael Hudson

  Moving, Russia, United States

  Source: www.counterpunch.org

• Today's national income statistics make it appear that Goldman Sachs is productive. As if Donald Trump plays a productive role. The aim is to make it appear that people who take money from the rest of the economy without working are productive, despite not really providing any service that actually contributes to GDP and economic growth.

  Michael Hudson

  People, Growth, Economic

  Source: www.counterpunch.org

• Canada is a malstructured. You could almost call it a failed economy, except that its natural resources are so rich that everybody can get wealthy off making holes in the ground and digging up the oil and polluting the environment.

  Michael Hudson

  Environment, Rich, Natural

  Source: www.counterpunch.org

• Actually, high housing prices don't help the economy. They raise the cost of living.

  Michael Hudson

  Cost Of Living, Helping, Economy

  Source: www.counterpunch.org

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