“So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies - above all, off the financial sector - this policy has raised America's cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.”
Quote by Michael Hudson
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
You May Also Like
“A great cricketer must be an artist and express himself in his strokes.”
“I have been treated as a freak, rather like the fat lady at the circus.”
“Christendom, as an effect, must be accounted for. It is too large for a mortal cause.”
Source: Christ in the Christian Year and in the Life of Man: Sermons for Laymen's Reading (Advent to Trinity)
“To appreciate the noble is a gain which can never be torn from us.”