Abolish Quote by Michael Hudson
“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.”
About This Quote
Source Speech: Interview on Economic Policy, 2015
The argument claims that protecting banks from large losses requires eliminating Social Security, effectively transferring government control to banks, making governments merely revenue collectors for bondholders.
In simple terms: Eliminating Social Security would give banks control over government functions.
Key Takeaway
Consider the consequences before supporting such radical reforms.
Themes
economics
politics
government
finance
social policy
Mood
critical
concerned
Type
political
economic
controversial
When to use this quote
- policy debate
- financial regulation
- public budgeting
- social security reform
- government restructuring
Key Concepts
banking
public debt
social welfare
state authority
Questions to Reflect On
- What would replace the protections Social Security provides?
- How would banking control affect democratic accountability?
A Different Perspective
The claim oversimplifies complex economic interdependencies and ignores social safety net benefits.
