Michael Hudson Quotes - Page 4

• The companies aren't hiring, because consumers don't have enough money to buy the goods and services.

  Michael Hudson

  Enough, Hiring, Consumers

  Fuente: www.counterpunch.org

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• There really isn't a recovery, and no signs of it on the horizon, because people have to pay the banks. It's a vicious circle - or rather, a downward spiral.

  Michael Hudson

  Recovery, Circles, People

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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

  Michael Hudson

  Way, Facts, Paid

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• La gente piensa en un ciclo económico, que consiste en un auge seguido de una recesión y luego los estabilizadores automáticos reactivan la economía. Pero esta vez no podemos revivir. La razón es que cada recuperación desde 1945 ha comenzado con un nivel de deuda cada vez mayor. La deuda es tan alta ahora, que desde 2008 hemos estado en lo que yo llamo, la deflación de la deuda.

  Michael Hudson

  Recuperación, Pensamiento, Personas

  Fuente: www.counterpunch.org

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• A lo largo de la historia, la única forma de restablecer la estabilidad es condonar las deudas. Eso se trata ahora como si fuera algo que no se puede hacer. Pero es lo único que va a reactivar la economía.

  Michael Hudson

  Writing, Done, Debt

  Fuente: www.counterpunch.org

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

  Michael Hudson

  Running, Economy, Interest

  Fuente: www.counterpunch.org

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• Cuando la gente se endeuda cada vez más para comprar una vivienda, a eso lo llaman "riqueza real". Expone lo que está mal en la economía dominante y por qué la mayor parte de la economía que justifica los programas de austeridad y la contracción económica está en los libros de texto no es científica. La economía basura niega el papel de la deuda y niega el hecho de que el sistema económico que tenemos ahora es disfuncional.

  Michael Hudson

  Running, Real, People

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• Small banks that lend to consumers are fine.

  Michael Hudson

  Fine, Consumers

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• Nada podría ser mejor para la economía que acabar con el fracking.

  Michael Hudson

  Fracking, Economy

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• 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

  Fuente: www.counterpunch.org

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• Either you can save the economy, or you can save the One Percent from losing a single penny.

  Michael Hudson

  Pennies, Losing, Economy

  Fuente: www.counterpunch.org

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