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I don't think that governments should permit speculation in raw materials, because they're what the economy basically needs.

Michael Hudson

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Michael Hudson
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More quotes by Michael Hudson

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Stocks always go down much faster than they go up. That's why it's called a crash. People who put their money into the stocks will find, all of a sudden, that stock prices are no longer being supported by the debt leveraging that's been holding them up.
Michael Hudson
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A bubble is only called that after it bursts, after the insiders get out, leaving the pension funds and small investors, Canadians and other naïve investors holding the bag.
Michael Hudson
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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.
Michael Hudson
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Trump's junk economics is the illusion that if we cut the taxes on the wealthiest brackets, it'll all trickle down. But it doesn't trickle down.
Michael Hudson
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That's the magic of double-taxation treaties: you can shop around for the lowest taxer.
Michael Hudson
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I think the Republican tax law is so bad that it almost guarantees a Republican victory, precisely because it's so bad. The seeming irony is that it's so bad that it enables the Democratic Party to think, A-ha, all we have to do is be the lesser evil.
Michael Hudson
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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 basically is implying (and it was explicit regarding Greece), but its not spelling it out, because that's not what can be said in polite company.
Michael Hudson
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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.
Michael Hudson
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You have the economic vocabulary turning into vocabulary of deception.
Michael Hudson
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Most banks - with Deutsche Bank at the top of the spectrum here - have decided that they can't make money lending to barrowers anymore, so they're going to the second business plan: They lend money to casino capitalists. That is, to people who want to gamble on derivatives.
Michael Hudson
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When Hillary Clinton said she's going to do just what Obama does and we're going to continue to recover, most people know that we're not recovering at all. We're shrinking.
Michael Hudson
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If the economy is growing, people want to employ more workers. If you hire more labor, wages go up.
Michael Hudson
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What's bad for the frackers usually is good for the rest of the world.
Michael Hudson
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Oil is a special case. Saudi Arabia is trying to drive U.S. fracking rivals out of business, while also hurting Russia. This lowers gas prices for U.S. and Eurozone consumers, but not by enough to spur economic recovery.
Michael Hudson
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The Eurozone die is cast. Countries must withdraw from the euro so that governments can create their own money once again, and resist creditor demands to carve up and privatize their public domain.
Michael Hudson
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On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top of the pyramid.
Michael Hudson
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We're at the end of long cycle that began in 1945, loading the economy with debt. We're not going to be able to get out of it until you write down the debts. But that's what the IMF believes is unthinkable. It can't say that, because it's supposed to represent the interest of the banks.
Michael Hudson
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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 as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.
Michael Hudson
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A stand in is a politician who can deliver her constituency to her Wall Street backers. That's what a politician does in America. You get a constituency you make them believe your promises, and then you turn them over to your financial campaign backers. That's what politics has become and that's as much an art of deception as economics is.
Michael Hudson
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When we say people worry about inflation, it's mainly bondholders that worry. The labor force benefitted from the inflation of the '50s, '60s and '70s.
Michael Hudson