The aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of… — Michael Hudson Copy Share Image
Just like a house is worth whatever a bank's going to lend against it, an education is worth whatever the bank is… — Michael Hudson Copy Share Image
Normally, if someone goes bankrupt, you wipe out the debt and get a fresh start. But that's not permitted with student loans.… — Michael Hudson Copy Share Image
So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages,… — Michael Hudson Copy Share Image
In housing you have jingle mail and you can walk away and leave the bank holding the bag. In the case of… — Michael Hudson Copy Share Image
There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens… — Michael Hudson Copy Share Image
Education is something that should not be organized on a for-profit basis, because in that case its purpose is not really to… — Michael Hudson Copy Share Image
Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent… — Michael Hudson Copy Share Image
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist… — Michael Hudson Copy Share Image
If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent… — Michael Hudson Copy Share Image
The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are… — Michael Hudson Copy Share Image
Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the… — Michael Hudson Copy Share
This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in… — Michael Hudson Copy Share
Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains. — Michael Hudson Copy Share
If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's… — Michael Hudson Copy Share
Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening… — Michael Hudson Copy Share
You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to… — Michael Hudson Copy Share
Actually, high housing prices don't help the economy. They raise the cost of living. — Michael Hudson Copy Share
When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are… — Michael Hudson Copy Share
The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their… — Michael Hudson Copy Share
On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top… — Michael Hudson Copy Share
Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.… — Michael Hudson Copy Share
Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking… — Michael Hudson Copy Share
No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't… — Michael Hudson Copy Share
