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
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