Michael Hudson Quotes - Page 7

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• 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

  4 Copy quote

• The vast majority of $100 bills are abroad, not in the United States. So yes, of course there's a use here but nowhere near as much as there's a use for $100 bills abroad.

  Michael Hudson

  Majority, United States, Use

  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

  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

• If a lot of money goes into the stock market, it'll push up prices, making money for stock speculators. Then the insiders can decide that it's time to sell out, and the market will plunge.

  Michael Hudson

  Making Money, Plunge, Push Ups

  Source: www.counterpunch.org

  4 Copy quote

• 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

• 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

• Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans. So the effect is to impoverish many graduates with very high debts.

  Michael Hudson

  Debt, Wipe, Fresh Start

  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

• 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

• For many people, the mortgages they took out before 2008 are so high that they would be better off walking away from their houses. That is called "jingle mail," returning the keys to the bank and saying, "You can have the house. I can buy the house next door that's just like this for 20% less, so I'm going to save money and switch." That's what someone like Donald Trump or a real estate investor would do. But the banks are trying to convince the mortgage debtors, the homeowners, not to act in their own self-interest.

  Michael Hudson

  Real, Walking Away, Keys

  Source: www.counterpunch.org

  4 Copy quote

• When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in debt are getting all the growth in wealth and income. Deflation means that income is being transferred to the 1%, that is, to the creditors and property owners.

  Michael Hudson

  Mean, People, Growth

  Source: www.counterpunch.org

  7 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 aim of promoting low down payments is to push prices back up so that fewer houses are going to be in negative equity and fewer people are going to walk away from the mortgages. That will save the from taking a loss on their junk mortgage loans.

  Michael Hudson

  Loss, People, House

  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

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