---
title: "2 Banking system Quotes By Michael Hudson"
description: "2 Banking system quotes by Michael Hudson. Plus more from Michael Hudson and more Banking system sayings from other authors."
image: "https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png"
---

> [You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.](https://sms4smile.com/quotes/michael-hudson/you-re-having-government-spending-on-the-economy-being-cut-almost/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/dd6/michael-hudson-2134_banking_you-re-having-government-spending-on-the_898433.png)

> [To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security. It means that you'll essentially have to abolish government and turn it over to the banking system to…](https://sms4smile.com/quotes/michael-hudson/to-save-the-banks-from-making-losses-that-would-wipe-out-their-net/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

[Image](https://sms4smile.com/quotes/i/37b/michael-hudson-2134_abolish_to-save-the-banks-from-making-losses-tha_2490755.png)

## Other authors on Banking system

- [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b003/author-adnan-pachachi-9524.jpg) Kenneth C. Griffin 5 quotes ](https://sms4smile.com/quotes/about/banking-system/kenneth-c-griffin/)

## More by Michael Hudson

> [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…](https://sms4smile.com/quotes/michael-hudson/europe-is-creating-the-flight-of-refugees-that-s-tearing-it-apart/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Nothing could be better for the economy than to get rid of fracking.](https://sms4smile.com/quotes/michael-hudson/nothing-could-be-better-for-the-economy-than-to-get-rid-of-fracking/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/if-you-end-internet-neutrality-and-permit-mergers-of-the-big/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [What's bad for the frackers usually is good for the rest of the world.](https://sms4smile.com/quotes/michael-hudson/what-s-bad-for-the-frackers-usually-is-good-for-the-rest-of-the-world/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/you-could-say-that-the-vote-to-withdraw-from-europe-is-it-s-really-a/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Actually, high housing prices don't help the economy. They raise the cost of living.](https://sms4smile.com/quotes/michael-hudson/actually-high-housing-prices-don-t-help-the-economy-they-raise-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…](https://sms4smile.com/quotes/michael-hudson/when-economists-speak-of-money-they-neglect-that-all-money-and-credit/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…](https://sms4smile.com/quotes/michael-hudson/the-united-states-and-europe-are-in-a-state-of-debt-deflation-where/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…](https://sms4smile.com/quotes/michael-hudson/on-the-flat-tax-the-more-you-compress-the-tax-rates-the-more-you/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…](https://sms4smile.com/quotes/michael-hudson/income-is-sucked-upward-to-the-creditors-who-then-foreclose-on-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/debtor-countries-may-postpone-the-inevitable-by-borrowing-from-the/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

> [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…](https://sms4smile.com/quotes/michael-hudson/no-price-is-too-high-to-pay-to-try-to-make-the-financial-system-go-on/)

[Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/)

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