Friday, December 17, 2010

Michael Hudson: Why Government is More Afraid of Debt than Depression

Editor's NOTE:

This short clip by Michael Hudson is one of the most accurate and truthful yet easily understandable explanations I have ever heard of the financial crisis facing America.

Hudson has concluded as I have written on this site in the past that the oligarchs are attempting to ring every last dime out of the sytem in the form of huge bonuses now before the entire system imploads due to failure to service the massive debt which has been created. They are moving more and more of their money off-shore and will be in position to simply flea the country before the "ship of state" finally sinks beneath the waves of time.

Those Americans who have the ability to do so must at least consider emigrating before it is too late. No one in the ruling Regime will tell us that however. They prefer we remain onboard the listing vessel until it is no longer possible to escape. Think of it this way. They have the last remaining available life-boats already commandeered. We will have to find other ways to exit the scene if we wish to survive.

In the alternative, those who must remain will need to begin insuring that their food and other necesssities of life are available through the creation of local networks and cooperatives by which they can subsist as long as necessary. This should include material articles of value which could be bartered such as precious metals, preserved foodstuffs etc.

--Dr. J. P. Hubert

Michael Hudson: Deficit Hawks Want a One Two Punch Against the Economy.

By Real News
December 16, 2010

Professor Hudson Says:

"The rats (Financial Services Industry) are jumping ship."
"American workers are now one paycheck away from homelessnes."
"All the growth has gone exclusively to the banking industry."
"Instead of industrial captalism, we have fianance capitalism which is nothing but neo-feudalism."
"The financial sector is a dumb parasite; the host is the US economy. The financial sector wants to bring on a depression by driving down wages."
"The financial sector also wants to cut taxes and social spending and to get rid of the progressive policies of Roosevelt."
"Most of the QE 2 (second round of quantitative easing) money has gone abroad primarily to the BRIC countries. Major US banks are investing their capital almost completely overseas."
"The game is over; the ability to pay debts is virtually nil."
"The Fed has said we need to restore the bubble economy. Greenspan said that debt has cured the labor problem in that it has created steadily decreasing wages."
"Real wages have actually gone down for the past 25 years. All the increase in productivity has gone to managment."
"The current situation is not sustainable, the banking parasites (if left unchecked) will devour their American host and then move on to new hosts" elswhere e.g. Asia, allowing the US economy to completely implode."

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