Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to… — Michael Hudson Copy Share Image
The result of this anti-classical revolution you had just before World War I was that today, almost all the economic growth in… — Michael Hudson Copy Share Image
Deflation is a leakage from this circular flow, to pay banks and the real estate, called the FIRE sector - finance, insurance… — Michael Hudson Copy Share Image
Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in… — Michael Hudson Copy Share Image
The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report any taxable income, because… — Michael Hudson Copy Share Image
A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up… — Michael Hudson Copy Share Image
In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after century. When you… — Michael Hudson Copy Share Image
The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's… — Michael Hudson Copy Share Image
Mr. Trump wants to turn the U.S. economy into the kind of real estate development that has made him so rich in… — Michael Hudson Copy Share Image
Most of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them.… — Michael Hudson Copy Share Image
Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing… — Michael Hudson Copy Share Image
For many people, the mortgages they took out before 2008 are so high that they would be better off walking away from… — Michael Hudson Copy Share Image
The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or… — Michael Hudson Copy Share Image
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the… — Michael Hudson Copy Share Image
So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after… — Michael Hudson Copy Share Image
The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the… — 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
![“The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [...] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real…” quote by Michael Hudson](https://sms4smile.com/quotes/i/843/michael-hudson-2134_ability_the-most-serious-problems-lie-in-the-fin_1562200.jpg)
