Interview met Michael Hudson: Financial Interests Dictate Sovereign Policy

Goed interview met Michael Hudson. Enkele punten uit dit interview:

  • Real experts would follow the advice that John Maynard Keynes gave in the 1920s regarding German reparations and Inter-Ally debts. It is better to wipe out bad debts than to try to pay creditors at the cost of reducing capital formation, living standards and public spending on education, health care and other basic infrastructure. A wise government would subordinate the financial sector to promote economic growth, capital formation and rising living standards.
  • To follow ‘expert’ advice as Iceland and Ireland have done quickly turns into an exercise in asset stripping, replacing social democratic government with an extractive financial oligarchy.
  • Germany has produced great composers, physicists and chemists, and also scholars of classical antiquity. But our bankers are gullible. They were stupid enough to trust Icelandic bank looters, Irish speculators and American junk-mortgage salesmen. So they’ve lost a lot of money. They’ve asked us to pass on their request that you Greeks, Irish and other people tax yourselves to death and wreck your economies so that they won’t have to pay for their naivety by bearing all the cost of their expensive education in how today’s world of financial sharpies really works.
  • The economic problem is not caused by sovereign debt but by bad bank loans, deceptive financial practice and neoliberal bank deregulation. Iceland’s Viking raiders, Ireland’s Anglo-Irish bank and other foreign banks are trying to avoid taking losses on financial claims that are largely fictitious, inasmuch as they exceed the ability of indebted economies to pay. The ‘crisis’ can be solved by making the banks write down their debt claims to realistic ‘junk’ valuations. There is no need to wreck economies by subjecting them to financial asset-stripping.
  • The proper aim of a national economy is to promote capital formation and rising living standards for the population as a whole. not a narrowing financial class at the top of the pyramid

Lees het hele interview met Michael Hudson @

Geef een reactie

Het e-mailadres wordt niet gepubliceerd. Verplichte velden zijn gemarkeerd met *

Time limit is exhausted. Please reload the CAPTCHA.