Michael Hudson Quotes - Page 5

Quotes about:

• In order to be an economist these days, you have to participate in this fairytale that somehow we can recover and still make the banks rich. And it is a fairytale.

  Michael Hudson

  Order, Fairytale, Rich

  Source: www.counterpunch.org

  4 Copy quote

• When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.

  Michael Hudson

  Mean, Really Mean, Percent

  Source: www.counterpunch.org

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• Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.

  Michael Hudson

  Jobs, Opportunity, Eight

  Source: www.counterpunch.org

  8 Copy quote

• No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't be saved, because of the mathematics that are involved.

  Michael Hudson

  Trying, Littles, Pay

  Source: www.counterpunch.org

  4 Copy quote

• 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

  8 Copy quote

• Either you can save the economy, or you can save the One Percent from losing a single penny.

  Michael Hudson

  Pennies, Losing, Economy

  Source: www.counterpunch.org

  4 Copy quote

• On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top of the pyramid.

  Michael Hudson

  Pyramids, Income, Flat Tax

  Source: www.counterpunch.org

  4 Copy quote

• That's the "magic" of double-taxation treaties: you can shop around for the lowest taxer.

  Michael Hudson

  Magic, Taxation, Treaties

  Source: www.counterpunch.org

  4 Copy quote

• That's why Apple, Microsoft and the big information technology companies have kept so much money registered abroad (although in US dollar accounts with a nominal foreign address's owner). They pretend to make their global income in Ireland. They have an office, which could be simply a postal drop box in Ireland, and claim to make all their money there, not in America.

  Michael Hudson

  Technology, Apples, America

  Source: www.counterpunch.org

  4 Copy quote

• People think that this concept of GDP is scientific economics, partly because it has a precise number and can be quantified. But the underlying concept of "the market" makes it appear as if today's poverty is natural. It makes it appear that Goldman Sachs and Donald Trump are job creators instead of job destroyers. That is illogical, when you think about it.

  Michael Hudson

  Thinking, People, Poverty

  Source: www.counterpunch.org

  4 Copy quote

• The concept of productivity in America is income divided by labor. So if you're Goldman Sachs and you pay yourself $20 million a year in salary and bonuses, you're considered to have added $20 million to GDP, and that's enormously productive. So we're talking in a tautology. We're talking with circular reasoning here.

  Michael Hudson

  Labor, Productivity, Productive

  Source: www.counterpunch.org

  4 Copy quote

• The financial time frame always has been short-term. Projects with long-term paybacks are cut back, because CEOs and financial managers simply want to take their money and run. That is the financial mentality.

  Michael Hudson

  Running, Cutting, Financial

  Source: www.counterpunch.org

  4 Copy quote

• When you buy enough stocks to give you control of a target company, that's called mergers and acquisitions or corporate raiding. Hedge funds have been doing this, as well as corporate financial managers. With borrowed money you can take over or raid a foreign company too. So, you're having a monopolistic consolidation process that's pushed up the market, because in order to buy a company or arrange a merger, you have to offer more than the going stock-market price. You have to convince existing holders of a stock to sell out to you by paying them more than they'd otherwise get.

  Michael Hudson

  Giving, Financial, Enough

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• The establishment Trump talked about wasn’t really Wall Street. He said, “When Washington got rich.” Bernie Sanders would have said, “When Wall Street got rich, the country didn’t.” So I think when Donald Trump says "Washington," what he means is the government regulatory agencies.

  Michael Hudson

  Country, Wall, Mean

  Source: www.counterpunch.org

  4 Copy quote

• America needs an ineffective president. That's much better than an effective president that's going to go to war with Russia, that's going to push for the Trans-Pacific Partnership, that's going to protect Wall Street, and that's going to oppose neoliberal austerity. I would much rather have an ineffective president than someone who's going to do these bad things that I fear is going to come from Hillary and the Democratic Party.

  Michael Hudson

  Wall, War, Party

  Source: www.counterpunch.org

  4 Copy quote

• The result of this anti-classical revolution you had just before World War I was that today, almost all the economic growth in the last decade has gone to the One Percent. It's gone to Wall Street, to real estate.

  Michael Hudson

  Wall, Real, War

  Source: www.counterpunch.org

  4 Copy quote

• Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.

  Michael Hudson

  Fall, Mean, Europe

  Source: www.counterpunch.org

  8 Copy quote

• Trump has said that he wants to remove the tax deductibility of interest. If he can do that, fine. But I hope that Trump knows that it's not the President that sets tax policy. It's Congress.

  Michael Hudson

  President, Want, Said

  Source: www.counterpunch.org

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• Textbooks don't teach people how to avoid paying any income tax. But that's what an army of tax lawyers and corporate tax accountants do.

  Michael Hudson

  Army, People, Income

  Source: www.counterpunch.org

  4 Copy quote

• You have to abolish pension plans. You have to abolish social spending. You have to raise taxes. You have to have at least fifty percent of the European population emigrate, either to Russia or China. You would have to have mass starvation. Very simple. That's the price that the Eurozone thinks is well worth paying.

  Michael Hudson

  Simple, Thinking, Pension Plans

  Source: www.counterpunch.org

  4 Copy quote

• The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.

  Michael Hudson

  Jobs, Government, Pet

  Source: www.counterpunch.org

  4 Copy quote

• Most of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there will be a regime change.

  Michael Hudson

  Leader, United States, Looks

  Source: www.counterpunch.org

  4 Copy quote

• Europe is acting in a very self-destructive manner, but is doing so because it's trying to be loyal to the United States.

  Michael Hudson

  Self, Europe, Trying

  Source: www.counterpunch.org

  4 Copy quote

• Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the Eurozone.

  Michael Hudson

  Party, Europe, Creating

  Source: www.counterpunch.org

  4 Copy quote

• Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in stocks and bonds and real estate, but also in commodities. The market went up for old tankers, which were used simply to store oil in. A lot of the oil was simply being stored for trading, not used.

  Michael Hudson

  Real, Oil, People

  Source: www.counterpunch.org

  4 Copy quote

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