--- title: "16 Real Quotes By Michael Hudson" description: "16 Real quotes by Michael Hudson. Plus more from Michael Hudson and more Real sayings from other authors." image: "https://sms4smile.com/quotes/i/92e/michael-hudson-2134_bond-market_since-2008-you-ve-had-the-largest-bond-m_2814202.jpg" --- > [Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to…](https://sms4smile.com/quotes/michael-hudson/since-2008-you-ve-had-the-largest-bond-market-rally-in-history-as-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/92e/michael-hudson-2134_bond-market_since-2008-you-ve-had-the-largest-bond-m_2814202.jpg) > [The result of this anti-classical revolution you had just before World War I was that today, almost all the economic growth in…](https://sms4smile.com/quotes/michael-hudson/the-result-of-this-anti-classical-revolution-you-had-just-before/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/564/michael-hudson-2134_economic_the-result-of-this-anti-classical-revolu_1517532.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) > [Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in…](https://sms4smile.com/quotes/michael-hudson/almost-all-of-the-demand-for-oil-that-suddenly-pushed-prices-up-was/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/41f/michael-hudson-2134_climate_almost-all-of-the-demand-for-oil-that-su_2208406.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) > [A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up…](https://sms4smile.com/quotes/michael-hudson/a-derivative-is-a-bet-on-whether-a-stock-or-a-bond-or-a-real-estate/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/e16/michael-hudson-2134_assets_a-derivative-is-a-bet-on-whether-a-stock_1873099.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) > [The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's…](https://sms4smile.com/quotes/michael-hudson/the-most-serious-problems-lie-in-the-financial-sphere-where-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/843/michael-hudson-2134_ability_the-most-serious-problems-lie-in-the-fin_1562200.jpg) > [Mr. Trump wants to turn the U.S. economy into the kind of real estate development that has made him so rich in…](https://sms4smile.com/quotes/michael-hudson/mr-trump-wants-to-turn-the-u-s-economy-into-the-kind-of-real-estate/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/241/michael-hudson-2134_economy_mr-trump-wants-to-turn-the-u-s-economy-i_313113.png) > [Most of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them.…](https://sms4smile.com/quotes/michael-hudson/most-of-these-charges-that-people-pay-are-economically-unnecessary/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/526/michael-hudson-2134_economist_most-of-these-charges-that-people-pay-ar_703085.jpg) > [Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing…](https://sms4smile.com/quotes/michael-hudson/most-people-think-of-the-economy-as-producing-goods-and-services-and/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/a8e/michael-hudson-2134_assets_most-people-think-of-the-economy-as-prod_3204646.jpg) > [For many people, the mortgages they took out before 2008 are so high that they would be better off walking away from…](https://sms4smile.com/quotes/michael-hudson/for-many-people-the-mortgages-they-took-out-before-2008-are-so-high/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/fed/michael-hudson-2134_better-off_for-many-people-the-mortgages-they-took_546361.jpg) > [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) > [When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the…](https://sms4smile.com/quotes/michael-hudson/when-people-are-running-up-more-and-more-debt-for-housing-they-call/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/29c/michael-hudson-2134_austerity_when-people-are-running-up-more-and-more_229685.png) > [So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after…](https://sms4smile.com/quotes/michael-hudson/so-what-people-are-actually-left-with-to-spend-is-maybe-25-to-30-of/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png) > [The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the…](https://sms4smile.com/quotes/michael-hudson/the-real-estate-interests-and-banks-are-in-a-kind-of-symbiosis-they/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Image](https://sms4smile.com/quotes/i/4b1/michael-hudson-2134_agency_the-real-estate-interests-and-banks-are_2949547.png) ## Other authors on Real ## 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/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/real/michael-hudson/#itemlist", "name": "16 Real Quotes By Michael Hudson", "numberOfItems": 16, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to drive down interest rates. Driving down the interest rates creates a boom in the stock market, and also the real estate market. The resulting capital gains not treated as income.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/since-2008-you-ve-had-the-largest-bond-market-rally-in-history-as-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/92e/michael-hudson-2134_bond-market_since-2008-you-ve-had-the-largest-bond-m_2814202.jpg", "contentUrl": "https://sms4smile.com/quotes/i/92e/michael-hudson-2134_bond-market_since-2008-you-ve-had-the-largest-bond-m_2814202.jpg", "url": "https://sms4smile.com/quotes/i/92e/michael-hudson-2134_bond-market_since-2008-you-ve-had-the-largest-bond-m_2814202.jpg", "width": 1080, "height": 1080, "caption": "“Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "The result of this anti-classical revolution you had just before World War I was that today, almost all the economic growth in the last decade has gone to the One Percent. It's gone to Wall Street, to real estate.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-result-of-this-anti-classical-revolution-you-had-just-before/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/564/michael-hudson-2134_economic_the-result-of-this-anti-classical-revolu_1517532.png", "contentUrl": "https://sms4smile.com/quotes/i/564/michael-hudson-2134_economic_the-result-of-this-anti-classical-revolu_1517532.png", "url": "https://sms4smile.com/quotes/i/564/michael-hudson-2134_economic_the-result-of-this-anti-classical-revolu_1517532.png", "width": 1080, "height": 1080, "caption": "“The result of this anti-classical revolution you had just before World War I was that today, almost all the…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Deflation is a leakage from this circular flow, to pay banks and the real estate, called the FIRE sector - finance, insurance and real estate. These transfer payments leave less and less of the paycheck to be spent on goods and services, so markets shrink.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/deflation-is-a-leakage-from-this-circular-flow-to-pay-banks-and-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/619/michael-hudson-2134_customer_deflation-is-a-leakage-from-this-circula_1109869.jpg", "contentUrl": "https://sms4smile.com/quotes/i/619/michael-hudson-2134_customer_deflation-is-a-leakage-from-this-circula_1109869.jpg", "url": "https://sms4smile.com/quotes/i/619/michael-hudson-2134_customer_deflation-is-a-leakage-from-this-circula_1109869.jpg", "width": 1080, "height": 1080, "caption": "“Deflation is a leakage from this circular flow, to pay banks and the real estate, called the FIRE sector…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in stocks and bonds and real estate, but also in commodities. The market went up for old tankers, which were used simply to store oil in. A lot of the oil was simply being stored for trading, not used.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/almost-all-of-the-demand-for-oil-that-suddenly-pushed-prices-up-was/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/41f/michael-hudson-2134_climate_almost-all-of-the-demand-for-oil-that-su_2208406.png", "contentUrl": "https://sms4smile.com/quotes/i/41f/michael-hudson-2134_climate_almost-all-of-the-demand-for-oil-that-su_2208406.png", "url": "https://sms4smile.com/quotes/i/41f/michael-hudson-2134_climate_almost-all-of-the-demand-for-oil-that-su_2208406.png", "width": 1080, "height": 1080, "caption": "“Almost all of the demand for oil that suddenly pushed prices up was speculative demand. 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So, it's all about what accountants choose to declare as profit.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-biggest-industrial-sector-next-to-real-estate-is-oil-gas-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/713/michael-hudson-2134_accountants_the-biggest-industrial-sector-next-to-re_1211724.png", "contentUrl": "https://sms4smile.com/quotes/i/713/michael-hudson-2134_accountants_the-biggest-industrial-sector-next-to-re_1211724.png", "url": "https://sms4smile.com/quotes/i/713/michael-hudson-2134_accountants_the-biggest-industrial-sector-next-to-re_1211724.png", "width": 1080, "height": 1080, "caption": "“The biggest industrial sector next to real estate is oil, gas and other mineral resources. They don't report…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up or down. There's a winner and a loser. It's like betting on a horserace.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/a-derivative-is-a-bet-on-whether-a-stock-or-a-bond-or-a-real-estate/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e16/michael-hudson-2134_assets_a-derivative-is-a-bet-on-whether-a-stock_1873099.png", "contentUrl": "https://sms4smile.com/quotes/i/e16/michael-hudson-2134_assets_a-derivative-is-a-bet-on-whether-a-stock_1873099.png", "url": "https://sms4smile.com/quotes/i/e16/michael-hudson-2134_assets_a-derivative-is-a-bet-on-whether-a-stock_1873099.png", "width": 1080, "height": 1080, "caption": "“A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up or down…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/in-real-estate-you-can-avoid-ever-having-to-pay-a-capital-gains-tax/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d1c/michael-hudson-2134_capital-gains_in-real-estate-you-can-avoid-ever-having_2786923.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d1c/michael-hudson-2134_capital-gains_in-real-estate-you-can-avoid-ever-having_2786923.jpg", "url": "https://sms4smile.com/quotes/i/d1c/michael-hudson-2134_capital-gains_in-real-estate-you-can-avoid-ever-having_2786923.jpg", "width": 1080, "height": 1080, "caption": "“In real estate you can avoid ever having to pay a capital gains tax, decade after decade, century after…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "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 estate prices rather than to build new factories and employ more labor.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-most-serious-problems-lie-in-the-financial-sphere-where-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/843/michael-hudson-2134_ability_the-most-serious-problems-lie-in-the-fin_1562200.jpg", "contentUrl": "https://sms4smile.com/quotes/i/843/michael-hudson-2134_ability_the-most-serious-problems-lie-in-the-fin_1562200.jpg", "url": "https://sms4smile.com/quotes/i/843/michael-hudson-2134_ability_the-most-serious-problems-lie-in-the-fin_1562200.jpg", "width": 1080, "height": 1080, "caption": "“The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "Mr. Trump wants to turn the U.S. economy into the kind of real estate development that has made him so rich in New York. It will make his fellow developers rich, and it will make the banks that finance this infrastructure rich, but the people are going to have to pay for it in a much higher cost for transportation, much higher cost for all the infrastructure that he’s proposing. You could call Trump's plan \"public investment to create private profit\". That's really his plan in a summary.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/mr-trump-wants-to-turn-the-u-s-economy-into-the-kind-of-real-estate/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/241/michael-hudson-2134_economy_mr-trump-wants-to-turn-the-u-s-economy-i_313113.png", "contentUrl": "https://sms4smile.com/quotes/i/241/michael-hudson-2134_economy_mr-trump-wants-to-turn-the-u-s-economy-i_313113.png", "url": "https://sms4smile.com/quotes/i/241/michael-hudson-2134_economy_mr-trump-wants-to-turn-the-u-s-economy-i_313113.png", "width": 1080, "height": 1080, "caption": "“Mr. Trump wants to turn the U.S. economy into the kind of real estate development that has made him so rich…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "Most of these charges that people pay are economically unnecessary. There's no real cost behind them. There's no real value behind them. So, they're what the classical economist called empty pricing. Prices with no real cost value. What they called rent and fictitious capital. Capital claims on junk mortgage borrowers. The pretense is that all these debts can be paid but it's all fictitious, because everybody knows - at least on Wall Street everybody knows - that many debts can't be paid.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/most-of-these-charges-that-people-pay-are-economically-unnecessary/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/526/michael-hudson-2134_economist_most-of-these-charges-that-people-pay-ar_703085.jpg", "contentUrl": "https://sms4smile.com/quotes/i/526/michael-hudson-2134_economist_most-of-these-charges-that-people-pay-ar_703085.jpg", "url": "https://sms4smile.com/quotes/i/526/michael-hudson-2134_economist_most-of-these-charges-that-people-pay-ar_703085.jpg", "width": 1080, "height": 1080, "caption": "“Most of these charges that people pay are economically unnecessary. There's no real cost behind them…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy's balance sheet of assets by debtors and rent payers.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/most-people-think-of-the-economy-as-producing-goods-and-services-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a8e/michael-hudson-2134_assets_most-people-think-of-the-economy-as-prod_3204646.jpg", "contentUrl": "https://sms4smile.com/quotes/i/a8e/michael-hudson-2134_assets_most-people-think-of-the-economy-as-prod_3204646.jpg", "url": "https://sms4smile.com/quotes/i/a8e/michael-hudson-2134_assets_most-people-think-of-the-economy-as-prod_3204646.jpg", "width": 1080, "height": 1080, "caption": "“Most people think of the economy as producing goods and services and paying labor to buy what it produces…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "For many people, the mortgages they took out before 2008 are so high that they would be better off walking away from their houses. That is called \"jingle mail,\" returning the keys to the bank and saying, \"You can have the house. I can buy the house next door that's just like this for 20% less, so I'm going to save money and switch.\" That's what someone like Donald Trump or a real estate investor would do. But the banks are trying to convince the mortgage debtors, the homeowners, not to act in their own self-interest.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/for-many-people-the-mortgages-they-took-out-before-2008-are-so-high/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fed/michael-hudson-2134_better-off_for-many-people-the-mortgages-they-took_546361.jpg", "contentUrl": "https://sms4smile.com/quotes/i/fed/michael-hudson-2134_better-off_for-many-people-the-mortgages-they-took_546361.jpg", "url": "https://sms4smile.com/quotes/i/fed/michael-hudson-2134_better-off_for-many-people-the-mortgages-they-took_546361.jpg", "width": 1080, "height": 1080, "caption": "“For many people, the mortgages they took out before 2008 are so high that they would be better off walking…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "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.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-worst-loophole-is-what-donald-trump-has-talked-about-the-tax/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/18f/michael-hudson-2134_company_the-worst-loophole-is-what-donald-trump_807243.png", "contentUrl": "https://sms4smile.com/quotes/i/18f/michael-hudson-2134_company_the-worst-loophole-is-what-donald-trump_807243.png", "url": "https://sms4smile.com/quotes/i/18f/michael-hudson-2134_company_the-worst-loophole-is-what-donald-trump_807243.png", "width": 1080, "height": 1080, "caption": "“The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "item": { "@type": "Quotation", "text": "When people are running up more and more debt for housing, they call that \"real wealth.\" It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/when-people-are-running-up-more-and-more-debt-for-housing-they-call/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/29c/michael-hudson-2134_austerity_when-people-are-running-up-more-and-more_229685.png", "contentUrl": "https://sms4smile.com/quotes/i/29c/michael-hudson-2134_austerity_when-people-are-running-up-more-and-more_229685.png", "url": "https://sms4smile.com/quotes/i/29c/michael-hudson-2134_austerity_when-people-are-running-up-more-and-more_229685.png", "width": 1080, "height": 1080, "caption": "“When people are running up more and more debt for housing, they call that \"real wealth.\" It exposes what's…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 15, "item": { "@type": "Quotation", "text": "So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage insurance. So there's an idea of distracting people. Don't think of your condition. Think of how the overall economy is doing. But don't think of the economy as an overall unit. Think of the stock market as the economy. Think of the rich people as the economy. Look at the yachts that are made. Somebody's living a lot better. Couldn't it be you?", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/so-what-people-are-actually-left-with-to-spend-is-maybe-25-to-30-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png", "contentUrl": "https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png", "url": "https://sms4smile.com/quotes/i/1e1/michael-hudson-2134_economy_so-what-people-are-actually-left-with-to_2455485.png", "width": 1080, "height": 1080, "caption": "“So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services…” — Michael Hudson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 16, "item": { "@type": "Quotation", "text": "The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the sector that backs the political campaigns of senators, presidents and congressmen, and they use this leverage to make sure that their people dominate the Federal Reserve, Treasury and the federal housing agencies.", "creator": { "@type": "Person", "name": "Michael Hudson" }, "url": "https://sms4smile.com/quotes/michael-hudson/the-real-estate-interests-and-banks-are-in-a-kind-of-symbiosis-they/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4b1/michael-hudson-2134_agency_the-real-estate-interests-and-banks-are_2949547.png", "contentUrl": "https://sms4smile.com/quotes/i/4b1/michael-hudson-2134_agency_the-real-estate-interests-and-banks-are_2949547.png", "url": "https://sms4smile.com/quotes/i/4b1/michael-hudson-2134_agency_the-real-estate-interests-and-banks-are_2949547.png", "width": 1080, "height": 1080, "caption": "“The real estate interests and banks are in a kind of symbiosis. 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