Michael Hudson: Banking Deep Dive & The Vocabulary of “Economic Deception”

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"The whole focus of classical economics is to tax wealth not income, and obviously, the tax burden was going to fall on the wealthy, on the landlords first and foremost, then on the bankers and then on the monopolists. That was what socialism was, the idea of creating an economy with a circular flow that the taxes would be paid by the wealthy and the government would use this tax revenue to spend on infrastructure, schools, productive credit to help the economy and to make economies more competitive. It seems that in that sense socialism was going to be the most efficient capitalist economy."


Two interviews with Bonnie Faulkner of Guns and Butter:

"You can’t bail out the banks, leave the debts in place, and rescue the economy. It’s a zero-sum game. Somebody has to lose. That’s what happened in 2009 when President Obama came in. He invited the bankers to the White House and he said, “I’m the only guy standing between you and the mob with pitchforks,” by which he meant the voters that he was bamboozling. He reassured the bankers. He said, “Look, my loyalty is to my campaign donors not to the voters. Don’t worry; my loyalty is with you.”"








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