Michael Hudson Quotes - Page 7

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• When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.

  Michael Hudson

  Running, Real, People

  Source: www.counterpunch.org

  4 Copy quote

• The companies aren't hiring, because consumers don't have enough money to buy the goods and services.

  Michael Hudson

  Enough, Hiring, Consumers

  Source: www.counterpunch.org

  4 Copy quote

• We're in a chronic debt-deflation. There's no way we can recover unless you write down the debts. And that's what the IMF basically is implying (and it was explicit regarding Greece), but its not spelling it out, because that's not what can be said in polite company.

  Michael Hudson

  Writing, Debt, Way

  Source: www.counterpunch.org

  4 Copy quote

• To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks.

  Michael Hudson

  Running, Mean, Loss

  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

  4 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

• 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

• 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

• 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

  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

• Economic polarization is also occurring between creditor and debtor nations. This issplitting the eurozone between Germany, France and the Netherlands in the creditor camp, against Greece, Spain, Portugal, Ireland and Italy falling deeper into debt, unemployment and austerity - followed by emigration and capital flight.

  Michael Hudson

  Fall, Flight, Economic

  Source: www.counterpunch.org

  5 Copy quote

• Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.

  Michael Hudson

  Trying, Succeed, Economy

  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

• 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

  4 Copy quote

• The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.

  Michael Hudson

  Financial, Problem

  Source: www.counterpunch.org

  4 Copy quote

• The Eurozone die is cast. Countries must withdraw from the euro so that governments can create their own money once again, and resist creditor demands to carve up and privatize their public domain.

  Michael Hudson

  Country, Euro

  Source: www.counterpunch.org

  4 Copy quote

• 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

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• Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking a loss - leaving the debtor country with debts that are even harder to annul, because they are to foreign governments and international institutions.

  Michael Hudson

  Country, Loss, Leaving

  Source: www.counterpunch.org

  4 Copy quote

• 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

  4 Copy quote

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