Friday, July 2, 2010

Michael Hudson

An economist who actually makes sense...first couple of clips from over a year ago. Still 100% accurate

And here is Michael Hudson on June 25th 2010

Hudson's latest article, published June25 2010, which unfortunately makes a lot of sense

Europe’s Fiscal Dystopia: The “New Austerity” Road to Neoserfdom
Somebody must take a loss on the economy's bad loans – and bankers want the economy to take the loss, to "save the financial system." From the financial sector's vantage point, the economy is to be managed to preserve bank liquidity, rather than the financial system run to serve the economy. Government social spending (on everything apart from bank bailouts and financial subsidies) and disposable personal income are to be cut back to keep the debt overhead from being written down. Corporate cash flow is to be used to pay creditors, not employ more labor and make long-term capital investment.

Financial Capital intend to create Neo-Feudalism in Europe and the US
June 21st 2010

Audio – 22/06/2010 Renegade Economist interview where Michael says banks want wages cut 40%.

Now we have this headline on July 4th 2010

Cameron orders Ministers to draw up 40 per cent spending cuts - the biggest in history

Treasury orders cabinet ministers to brace themselves for 40% cuts

And this from Paul Krugman July 1st 2010

Myths of Austerity

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