Michael Hudson Quotes About Economists

Quotes about: Economists

• You'll have to have the governments sell off all of their public domains; sell off their railroads, sell off their public land. You'll essentially have to introduce neo-feudalism. You'll have to roll the clock of history back a thousand years, and reduce the European population to debt slavery. It's as simple a solution as the Eurozone has imposed on Greece. And it's a solution that the leaders and the banks are urging for responsible economists to promote for the population at large.

  Michael Hudson

  Simple, Government, Years

  Source: www.counterpunch.org

• 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

• Most of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them. So, they're what the classical economist called empty pricing. Prices with no real cost value. What they called rent and fictitious capital. Capital claims on junk mortgage borrowers. The pretense is that all these debts can be paid but it's all fictitious, because everybody knows - at least on Wall Street everybody knows - that many debts can't be paid.

  Michael Hudson

  Wall, Real, People

  Source: www.counterpunch.org

• Elites play the role today that landlords played under feudalism. They levy interest and financial fees that are like a tax, to support what the classical economists called "unproductive activity."

  Michael Hudson

  Support, Today, Financial

  Source: www.counterpunch.org

• When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are always two sides to the balance sheet. And one party’s money or savings is another party

  Michael Hudson

  Party, Balance, Speak

  Source: www.counterpunch.org

• Economists often define their discipline as "the allocation of scarce resources among competing ends." But when resources or money really become scarce, economists call it a crisis and say that it's a question for politicians, not their own department.

  Michael Hudson

  Discipline, Politician, Crisis

  Source: www.counterpunch.org

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