Home / Quotes / Quote by Michael Hudson

Quote by Michael Hudson

“Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the Eurozone.”

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

You May Also Like

“Europe is acting in a very self-destructive manner, but is doing so because it's trying to be loyal to the United States.”

Trying Self States United Acting United States Europe Destructive Loyal Self Destructive

Author:Michael Hudson

“Most of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there will be a regime change.”

Ifs Looks States United Leader United States Regimes Regime Change

Author:Michael Hudson

“Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy's balance sheet of assets by debtors and rent payers.”

People Thinking Has Beens Real Country Interest Economy Fire Growing Produce Balance Labor Paid Finance Goods Assets Estates Sheets Goods And Services Debtors Balance Sheets

Author:Michael Hudson

“More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services.”

Ifs Causes Pay Economy Fire Productions Debt Goods More Money Consumption Shrinks Goods And Services Deflation

Author: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.”

Ifs Way Looks Products Labor Investment Profit Income Saving Proportion Gross Payment Savings Gross Domestic Product

Author:Michael Hudson

“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%.”

People Way Interest Pay Economy Gone Depends More Money Earning Lending Shrinking Charging Earning Money Bond Market

Author:Michael Hudson

“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.”

Looks Problem Bigs America Economic Paid Rolling Greece Default Pension Big Problems Argentina Insisting Polarization Future Of America Shrinkage

Author:Michael Hudson

“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.”

People Ifs Way Ends Enough Problem House Economy Balance Solutions Okay Crisis Debt Reserves Sheets Lending Federal Reserve Balance Sheets Homeowners

Author:Michael Hudson

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

Done Government Habit Punishment Bad Habits Correcting Scouting Boy Scout

Author:Robert Baden-Powell

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