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Michael Hudson Quotes
born 1939 United States
Michael Hudson (born March 14, 1939) is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out.
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The one sure mark of a con, though, is the promise of free money.
If you look at the speeches he gave just before he left the Fed, it's pretty much “After me - the Deluge. I'm getting out while my reputation's intact”.
To the deficit commission, a depression is the solution to the problem, not a problem.
The only way left for U.S. diplomats to block European purchases is to goad Russia into a military response and then claim that avenging this response outweighs any purely national economic interest.
Rent is what John Stuart Mill said landlords make in their sleep. They make it without work. They do not play a productive role.
if you increase living standards you make labor more productive. This is why Asia today is becoming more productive than the United States.
Debts that can't be paid, won't be paid. p 25
Those who obtain or inherit predatory wealth and privilege realize the ultimate means of imposing austerity and demolishing the power of democracies is deception, junk economics....
To prevent this pro-rentier end of history it is necessary for populations to revive the long classical fight to free economies. The alternative is neofeudalism. p. 435
There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.
If debts to creditors are paid by forced privatization, the public domain and infrastructure will be turned into rent-extraction tollbooth opportunities and economies will be impoverished by rentier austerity.
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