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J Is for Junk Economics: A Guide to Reality in an Age of Deception

Book by Michael Hudson · 2 quotes · Capitalism, Economic Rent, Michael Hudson

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J Is for Junk Economics: A Guide to Reality in an Age of Deception Quotes

“Surprising as it may seem today, classical ideas of creating a free market were to be achieved by “socialist” reforms. Their common aim was to protect populations from having to pay prices that included a non-labor rent or financial tax to pay landlords and natural resource owners, monopolists and bondholders. The vested interests railed against public regulation and taxation along these lines. They opposed public ownership or even the taxation of land, natural monopolies and banking. They wanted to collect rent and interest, not make land, banking and infrastructure monopolies public in character.”

InterestCapitalismSocialismDebt BondageRentier ClassMichael HudsonEconomic Rent
Book:J Is for Junk Economics: A Guide to Reality in an Age of Deception
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“When the volume of debt has grown as large as national income or GDP, and when it bears an interest rate (typically 5%) above the economy’s rate of growth (typically just 1% to 2%), then all the growth in national income is taken by the creditors.”

CapitalismDebtSocialismRentier ClassMichael HudsonEconomic RentJunk Economics
Book:J Is for Junk Economics: A Guide to Reality in an Age of Deception
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