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Quote by Michael Hudson

“Debt deflation is when there's less money that people have to spend out of their paychecks on goods and services, because they're paying the FIRE sector. Oil going down is a function of the supply and demand of oil in the market. It's a separate phenomenon.”

Quote by Michael Hudson

Author

Michael Hudson is a renowned economist, born in 1939. He has conducted extensive research in the field of economics, particularly in finance, real estate, and debt. Professor Hudson has held teaching positions at several prestigious universities and has authored numerous publications on economic theory and policy. more

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“Oil now, as a result of the Saudi production, is priced so low that there are not going to be new fracking investments made. A lot of companies that have gone into fracking are heavily debt-leveraged, and are beginning to default on their loans. The next wave of defaults that banks are talking about is probably going to be in the fracking industry. When the costs of production are so much more than they can end up getting for the oil, they just stop producing and stop paying their loans.”

Made Ends Next Results Company Talking Gone Industry Cost Lows Investment Wave Productions Debt Oil Loan Default Saudis Fracking

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“I think the less fracking there is, the better it is for the economy and society.”

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“You have a choice. Either you can have more oil, or more clean water. Fracking is not good for the water supply.”

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“Nothing could be better for the economy than to get rid of fracking.”

Economy Fracking

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“What's bad for the frackers usually is good for the rest of the world.”

Author:Michael Hudson

“Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in stocks and bonds and real estate, but also in commodities. The market went up for old tankers, which were used simply to store oil in. A lot of the oil was simply being stored for trading, not used.”

People Real Used Demand Oil Stores Estates Commodity Trading

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

Thinking Needs Should Government Economy Materials Permit Speculation Raw Materials

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“The effect of metals speculation was to push up the prices that China had to pay to countries like Australia. This squeezed China. Once the speculative demand ended, all of a sudden the added production facilities that had been brought into production by the high prices went out of production again, and there was a glut.”

Country Pay Effects Demand Productions China Australia Metals Speculation Facility High Prices Push Ups

Author:Michael Hudson

“There are so many currency exchange rate problems that people are buying gold as a safe haven. Right now, gold looks like a safe haven if international exchange rates break down.”

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“The United States is pushing as policy division of the world into rival currency camps - the dollar area on the one hand, and the Russia-Chinese-Shanghai Cooperation Organization group on the other, especially now that the IMF has changed its rules. People think that if there are rival currency groupings and national currencies are going bust, we might as well use gold as a safe haven.”