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Quote by Michael Hudson

“If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way up, investment and savings going up.”

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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“When I say the economy is shrinking, it's the economy of the 99%, the people who have to work for a living and depend on earning money for what they can spend. The 1% makes its money basically by lending out their money to the 99%, on charging interest and speculating. So the stock market's doubled, the bond market's gone way up, and the 1% are earning more money than ever before, but the 99% are not. They're having to pay the 1%.”

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“One of the big problems in America's economic polarization and shrinkage is that pensions can't be paid. So there are going to be defaults on pensions here, just like Europeans are insisting in rolling back pensions. You can look at Greece and Argentina as the future of America.”

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“The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to borrow its way out of debt. It thought that if it could subsidize banks lending homeowners enough money to buy houses from people who are defaulting, then the bank balance sheets would end up okay.”

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“Correcting bad habits cannot be done by forbidding or punishment.”

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“You see a lot of smart guys with dumb women, but you hardly ever see a smart woman with a dumb guy.”

“Mathematically, debts grow exponentially at compound interest. Banks recycle the interest into new loans, so debts grow exponentially, faster than the economy can afford to pay.”

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“It's just an inspiring journey in itself to stop drinking this late in my career after abusing alcohol and to have this kind of success so late when usually people give you like this window of success time.”

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“You can make your mind sharper, you can get sharper with time.”

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