Michael Hudson Quotes About Running

Quotes about: Running

• So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies - above all, off the financial sector - this policy has raised America's cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.

  Michael Hudson

  Running, Military, War

  "Adam Smith Critiques the Deficit Reduction Commission". Personal website, michael-hudson.com. December 06, 2010.

• Governments create money and spend it into the economy by running budget deficits. The paper currency in your pocket is technically a government debt.

  Michael Hudson

  Running, Economy, Currency

  Source: www.counterpunch.org

• 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

• The economy is being run primarily by the banks for their own interest.

  Michael Hudson

  Running, Economy, Interest

  Source: www.counterpunch.org

• There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.

  Michael Hudson

  Running, Thinking, Two

  Source: www.counterpunch.org

• The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.

  Michael Hudson

  Running, Party, Government

  Source: www.counterpunch.org

• Today, people are having to spend so much of their money, to acquire a house and to get an education that they don't have enough to spend on goods and services, except by running into yet more debt on their credit cards and other borrowings.

  Michael Hudson

  Running, People, House

  Source: www.counterpunch.org

• 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

• When you say "bank," a bank is a building, a set of computers and chairs and things. The bankers are the people running these banks. They're the chief officers, and they push the loans because they don't care if they go bad. For one thing, they may package these bad loans and sell them off to gullible institutional investors.

  Michael Hudson

  Running, People, Bankers

  Source: www.counterpunch.org

• You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to withdraw from the U.S. neoliberalism that has been running Europe for the last ten years.

  Michael Hudson

  Running, Vote, Middle Class

  Source: www.counterpunch.org

• If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get stock options. If the bank goes under, they get to keep all of these salaries and options - and the government will bail out the bank. These guys will take their money and run, which is pretty much what they're doing now.

  Michael Hudson

  Running, Government, Guy

  Source: www.counterpunch.org

• I think we're in the take-the-money-and-run stage of the economy. So the banks may go under, but the bankers, who make the policy, clean up.

  Michael Hudson

  Running, Thinking, Bankers

  Source: www.counterpunch.org

• 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

• That's the problem with the financial sector. Banks and the financial sector live in the short run, not the long run. In principle the government is supposed to make regulations that help the economy over time. But once it's taken over by the financial sector, the government lives in the short run too.

  Michael Hudson

  Running, Taken, Government

  Source: www.counterpunch.org

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