---
title: "27 Pay Quotes By Michael Hudson"
description: "27 Pay quotes by Michael Hudson. Plus more from Michael Hudson and more Pay sayings from other authors."
image: "https://sms4smile.com/quotes/i/093/michael-hudson-2134_bits_no-price-is-too-high-to-pay-to-try-to-ma_163191.png"
---

> [No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately…](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/)

[Image](https://sms4smile.com/quotes/i/093/michael-hudson-2134_bits_no-price-is-too-high-to-pay-to-try-to-ma_163191.png)

> [Deflation is a leakage from this circular flow, to pay banks and the real estate, called the FIRE sector - finance, insurance…](https://sms4smile.com/quotes/michael-hudson/deflation-is-a-leakage-from-this-circular-flow-to-pay-banks-and-the/)

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

[Image](https://sms4smile.com/quotes/i/619/michael-hudson-2134_customer_deflation-is-a-leakage-from-this-circula_1109869.jpg)

> [Mathematically, debts grow exponentially at compound interest. Banks recycle the interest into new loans, so debts grow exponentially, faster than the economy…](https://sms4smile.com/quotes/michael-hudson/mathematically-debts-grow-exponentially-at-compound-interest-banks/)

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

[Image](https://sms4smile.com/quotes/i/fdf/michael-hudson-2134_compound-interest_mathematically-debts-grow-exponentially_1022192.png)

> [More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes…](https://sms4smile.com/quotes/michael-hudson/more-and-more-money-is-being-extracted-from-of-the-production-and/)

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

[Image](https://sms4smile.com/quotes/i/a39/michael-hudson-2134_causes_more-and-more-money-is-being-extracted-f_869156.jpg)

> [Just like a house is worth whatever a bank's going to lend against it, an education is worth whatever the bank is…](https://sms4smile.com/quotes/michael-hudson/just-like-a-house-is-worth-whatever-a-bank-s-going-to-lend-against-it/)

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

[Image](https://sms4smile.com/quotes/i/78c/michael-hudson-2134_availability_just-like-a-house-is-worth-whatever-a-ba_1380403.jpg)

> [There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens…](https://sms4smile.com/quotes/michael-hudson/there-are-two-definitions-of-deflation-most-people-think-of-it-simply/)

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

[Image](https://sms4smile.com/quotes/i/0a5/michael-hudson-2134_cards_there-are-two-definitions-of-deflation-m_1446713.jpg)

> [People tend to think that paying a debt is like going out and buying a car, buying more food or buying more…](https://sms4smile.com/quotes/michael-hudson/people-tend-to-think-that-paying-a-debt-is-like-going-out-and-buying/)

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

[Image](https://sms4smile.com/quotes/i/bfb/michael-hudson-2134_buying_people-tend-to-think-that-paying-a-debt_428655.png)

> [There really isn't a recovery, and no signs of it on the horizon, because people have to pay the banks. It's a…](https://sms4smile.com/quotes/michael-hudson/there-really-isn-t-a-recovery-and-no-signs-of-it-on-the-horizon/)

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

[Image](https://sms4smile.com/quotes/i/047/michael-hudson-2134_banks_there-really-isn-t-a-recovery-and-no-sig_2551447.png)

> [People have to pay so much money to the banks that they don't have enough money to buy the goods and services…](https://sms4smile.com/quotes/michael-hudson/people-have-to-pay-so-much-money-to-the-banks-that-they-don-t-have/)

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

[Image](https://sms4smile.com/quotes/i/904/michael-hudson-2134_banks_people-have-to-pay-so-much-money-to-the_2405611.png)

> [In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after century. When you…](https://sms4smile.com/quotes/michael-hudson/in-real-estate-you-can-avoid-ever-having-to-pay-a-capital-gains-tax/)

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

[Image](https://sms4smile.com/quotes/i/d1c/michael-hudson-2134_capital-gains_in-real-estate-you-can-avoid-ever-having_2786923.jpg)

> [To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security.…](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)

> [Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent…](https://sms4smile.com/quotes/michael-hudson/seventy-eight-percent-of-millennials-are-worried-about-not-having/)

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

[Image](https://sms4smile.com/quotes/i/5b5/michael-hudson-2134_able_seventy-eight-percent-of-millennials-are_3163143.png)

> [The other dynamic keeping the stock market up - both for technology stocks and others - is that companies are using a…](https://sms4smile.com/quotes/michael-hudson/the-other-dynamic-keeping-the-stock-market-up-both-for-technology/)

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

[Image](https://sms4smile.com/quotes/i/437/michael-hudson-2134_behinds_the-other-dynamic-keeping-the-stock-mark_858485.jpg)

> [The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately…](https://sms4smile.com/quotes/michael-hudson/the-bank-s-product-is-debt-because-the-banks-want-to-make-sure-that/)

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

[Image](https://sms4smile.com/quotes/i/36e/michael-hudson-2134_creditors_the-bank-s-product-is-debt-because-the-b_1412067.jpg)

> [The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist…](https://sms4smile.com/quotes/michael-hudson/the-fact-that-you-have-government-guaranteed-student-loans-has/)

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

[Image](https://sms4smile.com/quotes/i/7c4/michael-hudson-2134_american-economy_the-fact-that-you-have-government-guaran_2623618.png)

> [If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then…](https://sms4smile.com/quotes/michael-hudson/if-you-re-a-wealthy-heir-with-a-trust-fund-and-you-sell-stocks-make/)

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

[Image](https://sms4smile.com/quotes/i/b47/michael-hudson-2134_accountants_if-you-re-a-wealthy-heir-with-a-trust-fu_1245832.png)

> [Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink…](https://sms4smile.com/quotes/michael-hudson/debts-grow-and-grow-and-the-more-they-grow-the-more-they-shrink-the/)

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

[Image](https://sms4smile.com/quotes/i/684/michael-hudson-2134_ability_debts-grow-and-grow-and-the-more-they-gr_667076.png)

> [The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because…](https://sms4smile.com/quotes/michael-hudson/the-biggest-industrial-sector-next-to-real-estate-is-oil-gas-and/)

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

[Image](https://sms4smile.com/quotes/i/713/michael-hudson-2134_accountants_the-biggest-industrial-sector-next-to-re_1211724.png)

> [As you have to pay more interest and amortization on what you owe, you're left with less and less money to buy…](https://sms4smile.com/quotes/michael-hudson/as-you-have-to-pay-more-interest-and-amortization-on-what-you-owe-you/)

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

[Image](https://sms4smile.com/quotes/i/400/michael-hudson-2134_debt_as-you-have-to-pay-more-interest-and-amo_2206499.png)

> [The price decline is a result of having to pay debts. That drains income from the circular flow between production and consumption…](https://sms4smile.com/quotes/michael-hudson/the-price-decline-is-a-result-of-having-to-pay-debts-that-drains/)

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

[Image](https://sms4smile.com/quotes/i/c43/michael-hudson-2134_consumption_the-price-decline-is-a-result-of-having_1188584.png)

> [The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or…](https://sms4smile.com/quotes/michael-hudson/the-worst-loophole-is-what-donald-trump-has-talked-about-the-tax/)

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

[Image](https://sms4smile.com/quotes/i/18f/michael-hudson-2134_company_the-worst-loophole-is-what-donald-trump_807243.png)

> [I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people…](https://sms4smile.com/quotes/michael-hudson/i-think-something-like-three-quarters-of-american-currency-is-held/)

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

[Image](https://sms4smile.com/quotes/i/17e/michael-hudson-2134_bills_i-think-something-like-three-quarters-of_2882661.png)

> [The effect of metals speculation was to push up the prices that China had to pay to countries like Australia. This squeezed…](https://sms4smile.com/quotes/michael-hudson/the-effect-of-metals-speculation-was-to-push-up-the-prices-that-china/)

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

[Image](https://sms4smile.com/quotes/i/f96/michael-hudson-2134_australia_the-effect-of-metals-speculation-was-to_1371195.png)

> [Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices…](https://sms4smile.com/quotes/michael-hudson/now-suppose-that-a-homeowner-puts-down-only-3-of-their-own-money-or-3/)

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

[Image](https://sms4smile.com/quotes/i/78a/michael-hudson-2134_cheaper_now-suppose-that-a-homeowner-puts-down-o_2639692.png)

> [When I say the economy is shrinking, it's the economy of the 99%, the people who have to work for a living…](https://sms4smile.com/quotes/michael-hudson/when-i-say-the-economy-is-shrinking-it-s-the-economy-of-the-99-the/)

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

[Image](https://sms4smile.com/quotes/i/b17/michael-hudson-2134_bond-market_when-i-say-the-economy-is-shrinking-it-s_3092539.jpg)

> [Look at Ukraine. Its currency, the hernia, is plunging. The euro is really in a problem. Greece is problematic as to whether…](https://sms4smile.com/quotes/michael-hudson/look-at-ukraine-its-currency-the-hernia-is-plunging-the-euro-is/)

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

[Image](https://sms4smile.com/quotes/i/e62/michael-hudson-2134_britain_look-at-ukraine-its-currency-the-hernia_1758882.jpg)

> [If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent…](https://sms4smile.com/quotes/michael-hudson/if-you-have-to-pay-about-forty-to-forty-three-percent-of-your-income/)

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

[Image](https://sms4smile.com/quotes/i/4fc/michael-hudson-2134_cards_if-you-have-to-pay-about-forty-to-forty_1661965.png)

## Other authors on Pay

## 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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                        "text": "Just like a house is worth whatever a bank's going to lend against it, an education is worth whatever the bank is going to lend the student to pay the university. So the availability of government-guaranteed student loans has vastly inflated the cost of education, just like it's inflated the cost of housing.",
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                        "text": "There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.",
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                        "text": "People tend to think that paying a debt is like going out and buying a car, buying more food or buying more clothes. But it really isn't. When you pay a debt to the bank, the banks use this money to lend out to somebody else or to yourself. The interest charges to carry this debt go up and up as debt grows.",
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                        "text": "People have to pay so much money to the banks that they don't have enough money to buy the goods and services they produce. So there's not much new investment, there's not new employment (except minimum-wage \"service\" jobs), markets are shrinking, and people are defaulting. So many companies can't pay their banks.",
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                        "text": "In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after century. When you sell a property and make a capital gain, you simply turn around and buy a new property. The gain is not taxed. It's called \"preserving your capital investment\" - which goes up and up in value with each transaction.",
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                        "text": "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 run, with an idea that the role of governments is to extract income from the economy to pay to the bondholders and the banks.",
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                        "text": "Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.",
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                        "text": "The other dynamic keeping the stock market up - both for technology stocks and others - is that companies are using a lot of their income for stock buybacks and to pay out higher dividends, not make new investment,. So to the extent that companies use financial engineering rather than industrial engineering to increase the price of their stock you're going to have a bubble. But it's not considered a bubble, because the government is behind it, and it hasn't burst yet.",
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                        "text": "The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.",
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                        "text": "The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, \"We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education.\" Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.",
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                        "text": "If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.",
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                        "text": "Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink the ability to pay the debts, so it's all an illusion that the system can be saved. The question is, how long are people going to be willing to live in this illusion?",
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                        "text": "The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because if you depict yourself as earning a profit, you have to pay a tax on it. So, it's all about what accountants choose to declare as profit.",
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                        "text": "As you have to pay more interest and amortization on what you owe, you're left with less and less money to buy goods and services - unless you borrow even more and go further into debt.",
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                        "text": "The price decline is a result of having to pay debts. That drains income from the circular flow between production and consumption - that is, between what people are paid when they go to work, and the things that they buy.",
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                        "text": "The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.",
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                        "text": "I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people think that they want to protect themselves against their own currency going down. When you have 75% of the currency and even more of the high-denomination $100 bills held abroad, you wonder whether these are people we really want to pay. If you get rid of the $100 bills, its foreign holders will be the main losers.",
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                        "text": "The effect of metals speculation was to push up the prices that China had to pay to countries like Australia. This squeezed China. Once the speculative demand ended, all of a sudden the added production facilities that had been brought into production by the high prices went out of production again, and there was a glut.",
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                        "text": "Now, suppose that a homeowner puts down only 3% of their own money or 3.5% for the FHA. That means if prices go down by only 3%, the house will be in negative equity and it would pay the homeowner just to walk away and say, \"The house now is worth less than the mortgage I owe. I think I'm just going to move out and buy a cheaper house.\" So it's very risky when you have only a 3% or 3.5% equity for the loan. The bank really isn't left with much cushion as collateral.",
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                        "text": "When I say the economy is shrinking, it's the economy of the 99%, the people who have to work for a living and depend on earning money for what they can spend. The 1% makes its money basically by lending out their money to the 99%, on charging interest and speculating. So the stock market's doubled, the bond market's gone way up, and the 1% are earning more money than ever before, but the 99% are not. They're having to pay the 1%.",
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                        "text": "Look at Ukraine. Its currency, the hernia, is plunging. The euro is really in a problem. Greece is problematic as to whether it can pay the IMF, which is threatening not to be part of the troika with the European Central Bank and the European Union making more loans to enable Greece to pay the bondholders and the banks. Britain is having a referendum as to whether to withdraw from the European Union, and it looks more and more like it may do so. So the world's politics are in turmoil.",
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                        "text": "If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That's all.",
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