The banks' product is debt. They try to tell customers that "debts are good for you," but the customers can't afford any… — Michael Hudson Copy Share Image
If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way… — 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
The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to… — Michael Hudson Copy Share Image
We're in a chronic debt-deflation. There's no way we can recover unless you write down the debts. And that's what the IMF… — Michael Hudson Copy Share Image
Throughout history, the only way of restoring stability is to write down the debts. That is treated now as if it's something… — Michael Hudson Copy Share Image
The only way people can repay the debt is by cutting their living standards very drastically. It means agreeing to shift their… — Michael Hudson Copy Share Image
In fact, there's no way that banks can be paid everything that they're owed. — Michael Hudson Copy Share Image
When I say the economy is shrinking, it's the economy of the 99%, the people who have to work for a living… — 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 Image
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 Image
Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains. — Michael Hudson Copy Share Image
Nothing could be better for the economy than to get rid of fracking. — Michael Hudson Copy Share Image
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 Image
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 Image
What's bad for the frackers usually is good for the rest of the world. — Michael Hudson Copy Share Image
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 Image
Actually, high housing prices don't help the economy. They raise the cost of living. — Michael Hudson Copy Share Image
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 Image
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 Image
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 Image
