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Customer Quotes by Michael Hudson

42 Customer quotes by Michael Hudson

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Michael Hudson explains that deflation slows income and makes wages fall, hurting everyday people. He points out that growing debt squeezes the economy and that banks profit while most shoppers struggle. He also notes that a few hold most of the wealth, leaving many with less to spend.

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Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.

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When you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.

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I think we're in the take-the-money-and-run stage of the economy. So the banks may go under, but the bankers, who make the…

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Actually, high housing prices don't help the economy. They raise the cost of living.

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The economy is being run primarily by the banks for their own interest.

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The banks' product is debt. They try to tell customers that "debts are good for you," but the customers can't afford any…

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More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes…

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When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all…

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You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has…

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Debt deflation is when there's less money that people have to spend out of their paychecks on goods and services, because they're…

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The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of…

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If a lot of money goes into the stock market, it'll push up prices, making money for stock speculators. Then the insiders…

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Deflation is a leakage from this circular flow, to pay banks and the real estate, called the FIRE sector - finance, insurance…

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What's the best gamble in the world, right now? Its betting that Deutsche Bank stock is going to go down. Short sellers…

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The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or…

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Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to…

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If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get…

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When you say "bank," a bank is a building, a set of computers and chairs and things. The bankers are the people…

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The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's…

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The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to…

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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…

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“To enable lending to proceed when the IMF’s sustainability criteria were not met, its bureaucrats designed the “systemic risk waiver.” It was…

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When you buy enough stocks to give you control of a target company, that's called mergers and acquisitions or corporate raiding. Hedge…

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Stocks always go down much faster than they go up. That's why it's called a crash. People who put their money into…

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The ideological foundation of today's business schools is that economic control should be shifted out of government hands into those of financial…

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A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up…

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The price decline is a result of having to pay debts. That drains income from the circular flow between production and consumption…

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People are putting their money into treasuries because they worry that the risk of putting their money into the bond market, the…

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There really isn't a recovery, and no signs of it on the horizon, because people have to pay the banks. It's a…

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A bubble is only called that after it bursts, after the insiders get out, leaving the pension funds and small investors, Canadians…

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The aim of promoting low down payments is to push prices back up so that fewer houses are going to be in…

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When we say "people worry" about inflation, it's mainly bondholders that worry. The labor force benefitted from the inflation of the '50s,…

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Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in…

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The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the…

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So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages,…

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Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink…

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There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens…

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When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the…

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The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve…

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That's the problem with the financial sector. Banks and the financial sector live in the short run, not the long run. In…

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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…

Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.

Nothing could be better for the economy than to get rid of fracking.

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…

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…

What's bad for the frackers usually is good for the rest of the world.

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…

Actually, high housing prices don't help the economy. They raise the cost of living.

When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…

The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…

On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…

Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…

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…

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…