Michael Hudson Quotes - Page 4

Quotes about:

• You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.

  Michael Hudson

  Mean, Cutting, Government

  Source: www.counterpunch.org

  4 Copy quote

• If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way up, investment and savings going up.

  Michael Hudson

  Income, Looks, Saving

  Source: www.counterpunch.org

  4 Copy quote

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

  Michael Hudson

  Running, Economy, Interest

  Source: www.counterpunch.org

  4 Copy quote

• Throughout history, the only way of restoring stability is to write down the debts. That is treated now as if it's something that can't be done. But it's the only thing that's going to revive the economy.

  Michael Hudson

  Writing, Done, Debt

  Source: www.counterpunch.org

  4 Copy quote

• People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.

  Michael Hudson

  Recovery, Thinking, People

  Source: www.counterpunch.org

  4 Copy quote

• People are putting their money into treasuries because they worry that the risk of putting their money into the bond market, the stock market or even the money markets is very high.

  Michael Hudson

  People, Worry, Risk

  Source: www.counterpunch.org

  4 Copy quote

• In fact, there's no way that banks can be paid everything that they're owed.

  Michael Hudson

  Way, Facts, Paid

  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

• 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

• 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 aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of all the branches of economic theory, trade theory is the most wrongheaded.

  Michael Hudson

  Students, Academic, Economic

  Source: www.counterpunch.org

  4 Copy quote

• 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

  4 Copy quote

• You have to abolish pension plans. You have to abolish social spending. You have to raise taxes. You have to have at least fifty percent of the European population emigrate, either to Russia or China. You would have to have mass starvation. Very simple. That's the price that the Eurozone thinks is well worth paying.

  Michael Hudson

  Simple, Thinking, Pension Plans

  Source: www.counterpunch.org

  4 Copy quote

• Needless to say, banks and bondholders do not want to promote any arguments explaining the limits to how much can be paid without pushing economies into depression.

  Michael Hudson

  Argument, Economy

  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

• Small banks that lend to consumers are fine.

  Michael Hudson

  Fine, 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

• Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit. And when governments are indebted, they becomemore subject to pressure to privatization of public enterprise.

  Michael Hudson

  Taxes, Enterprise

  Source: www.counterpunch.org

  4 Copy quote

• The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their income on goods and services. So markets shrink, sales and profits fall, and the stock market turns down.

  Michael Hudson

  Fall, People

  Source: www.counterpunch.org

  4 Copy quote

• Oil is a special case. Saudi Arabia is trying to drive U.S. fracking rivals out of business, while also hurting Russia. This lowers gas prices for U.S. and Eurozone consumers, but not by enough to spur economic recovery.

  Michael Hudson

  Hurt, Recovery, Trying

  Source: www.counterpunch.org

  4 Copy quote

• We're at the end of long cycle that began in 1945, loading the economy with debt. We're not going to be able to get out of it until you write down the debts. But that's what the IMF believes is unthinkable. It can't say that, because it's supposed to represent the interest of the banks.

  Michael Hudson

  Believe, Writing, Long

  Source: www.counterpunch.org

  4 Copy quote

• I don't think that governments should permit speculation in raw materials, because they're what the economy basically needs.

  Michael Hudson

  Thinking, Government, Needs

  Source: www.counterpunch.org

  4 Copy quote

• Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.

  Michael Hudson

  Fall, Mean, Europe

  Source: www.counterpunch.org

  8 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

• The other dynamic keeping the stock market up - both for technology stocks and others - is that companies are using a lot of their income for stock buybacks and to pay out higher dividends, not make new investment,. So to the extent that companies use financial engineering rather than industrial engineering to increase the price of their stock you're going to have a bubble. But it's not considered a bubble, because the government is behind it, and it hasn't burst yet.

  Michael Hudson

  Technology, Government, Engineering

  Source: www.counterpunch.org

  4 Copy quote

Page 4 of 7

First

← Prev

1

2

3

4

5

6

7

Next →

• facebook
• twitter
• googleplus
• email
• linkedin