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Quote by Michael Hudson

“To save the banks, you would have to turn the entire Eurozone into Greece.”

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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“You'll have to have the governments sell off all of their public domains; sell off their railroads, sell off their public land. You'll essentially have to introduce neo-feudalism. You'll have to roll the clock of history back a thousand years, and reduce the European population to debt slavery. It's as simple a solution as the Eurozone has imposed on Greece. And it's a solution that the leaders and the banks are urging for responsible economists to promote for the population at large.”

“The only way people can repay the debt is by cutting their living standards very drastically. It means agreeing to shift their pension plans from defined benefit plans - when you know what you're going to get - into just "defined contribution plans," where you put money in, like into a roach motel, and you don't know what's coming out.”

People Knows Way Mean Cutting Plans Benefits Standards Debt Defined Contribution Coming Out Pension Roaches Motels Pension Plans

Author:Michael Hudson

“To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks.”

Mean Ideas Government Running Turns Social Loss Pay Roles Economy Security Income Social Security Banking Wipe Abolish Banking System Net Worth Role Of Government

Author:Michael Hudson

“When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.”

Mean Percent Really Mean

Author:Michael Hudson

“Either you can save the economy, or you can save the One Percent from losing a single penny.”

Economy Losing Percent Pennies

Author:Michael Hudson

“Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not the economy.”

Government Economy Promise Administration Angela Imf Eurozone

Author:Michael Hudson

“No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't be saved, because of the mathematics that are involved.”

Trying Littles Bits Pay Goes On Involved Little Bit Mathematics Financial Saved Financial System

Author:Michael Hudson

“Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink the ability to pay the debts, so it's all an illusion that the system can be saved. The question is, how long are people going to be willing to live in this illusion?”

People Long Grows Ability Pay Economy Willing Illusion Debt Saved Shrinks

Author:Michael Hudson

“We're still in the collapse that began after 2008. There's not a new collapse, there hasn't been a recovery.”

Stills Recovery Collapse

Author:Michael Hudson

“Wages for the ninety-nine percent have gone down, steadily, since 2008. They've gone down especially for the bottom twenty-five percent of the population. This means that they've gone down especially for Blacks and Hispanics and other blue-collar workers. Their net worth has actually turned negative, and they don't have enough money to get by.”

Mean Enough Gone Five Percent Negative Twenties Blue Workers Bottom Population Nine Wages Ninety Twenty Five Collars Ninety Nine Blue Collar Net Worth Blue Collar Workers

Author:Michael Hudson