Michael Hudson
Michael Hudson
fairytale rich economist
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.
isis iraq government
The world's politics are in turmoil, not to mention the Mideast, where the US has mounted attacks from Libya to Iraq to Syria, and ISIS is attacking governments in today's pipeline rivalry.
labor-force worry people
When we say "people worry" about inflation, it's mainly bondholders that worry. The labor force benefitted from the inflation of the '50s, '60s and '70s.
drinking wine years
This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in a while somebody will buy a 50-year-old bottle of wine and say, "Wait a minute. This has gone bad." The answer is, "Well, that wine isn't for drinking; that's for trading." These $100 bills aren't meant to circulate. They're not to spend on goods and services. They're a store of value. They're a form of saving.
nice agency government
In housing you have jingle mail and you can walk away and leave the bank holding the bag. In the case of student loans, the debt follows you through life, and the banks or government will turn it over to collection agencies that are not very nice people and can do all sorts of harassing things to you. It's becoming a nightmare.
making-money plunge lots-of-money
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.
adam avoiding banks care central debts dollar foreign fund government health intend paying pension private repay smith trillion
They're never going to be repaid. Adam Smith said that no government had ever repaid its debts and the same can be said of the private sector. The U.S. government does not intend to repay its trillion dollar debt to foreign central banks and, even if it did intend to, there's no way in which it could. Most of the corporations now are avoiding paying their pension fund debts and their health care debts.
greece
To save the banks, you would have to turn the entire Eurozone into Greece.
wages helping economy
Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.
income debt goods
Paying debt service to banks leaves less income to buy goods and services.
today asia becoming
if you increase living standards you make labor more productive. This is why Asia today is becoming more productive than the United States.
fracking economy
Nothing could be better for the economy than to get rid of fracking.