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Quote by Michael Hudson

“So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages, credit cards, student loans, bank loans and other obligations that they have less to spend on goods and services. So markets shrink. New investment and employment fall off, and the economy is falls into a downward spiral.”

Author

Michael Hudson

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

“Economic polarization is also occurring between creditor and debtor nations. This issplitting the eurozone between Germany, France and the Netherlands in the creditor camp, against Greece, Spain, Portugal, Ireland and Italy falling deeper into debt, unemployment and austerity - followed by emigration and capital flight.”

Fall Economic Flight Ireland Greece

Author:Michael Hudson

“Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.”

Trying Economy Succeed

Author:Michael Hudson

“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.”

Economic Students Aim Trade Academic

Author:Michael Hudson

“Governments create money and spend it into the economy by running budget deficits. The paper currency in your pocket is technically a government debt.”

Running Economy Currency

Author:Michael Hudson