Zitate von Michael Hudson (economist)

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Michael Hudson (economist)

Geburtstag: 1939
Andere Namen:Michael Hudson

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Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out. Paul Craig Roberts argues that he is the best contemporary economist.Hudson graduated from the University of Chicago and New York University and worked as a balance of payment economist in Chase Manhattan Bank . He was assistant professor of economics at the New School for Social Research and worked for various governmental and non-governmental organizations as an economic consultant .

Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy , neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others. He identifies himself as a Marxist economist, though his interpretation of Marx is almost unique to him and differs from other major Marxists.

Hudson devoted his entire scientific career to the study of debt, both domestic and external. In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state as they wash money from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy. Hudson notes that the existing economic theory is in the service of rentiers and financiers and has developed a special language designed to create the impression that the current status quo has no alternative. In a false theory, the parasitic encumbrances of a real economy, instead of being deducted in accounting, add up as an addition to GDP and are presented as productive. Hudson sees consumer protection, state support of infrastructure projects and taxation of parasitic rentier sectors of the economy instead of taxing workers as a continuation of the line of classical economists today.

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Zitate Michael Hudson (economist)

„…if you increase living standards you make labor more productive. This is why Asia today is becoming more productive than the United States.“

—  Michael Hudson (economist)
" "Higher Taxes on Top 1% Equals Higher Productivity http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6000", Video Interview (13:28), The Real News Network (TRNN) (January 1, 2011)

„So the game plan is not merely to free the income of the wealthiest class to “offshore” itself into assets denominated in harder currencies abroad. It is to scrap the progressive tax system altogether. … How stable can a global situation be where the richest nation does not tax its population, but creates new public debt to hand out to its bankers? … The “solution” to the coming financial crisis in the United States may await the dollar’s plunge as an opportunity for a financial Tonkin Gulf resolution. Such a crisis would help catalyze the tax system’s radical change to a European-style “Steve Forbes” flat tax and VAT sales-excise tax…. More government giveaways will be made to the financial sector in a vain effort to keep bad debts afloat and banks “solvent.” As in Ireland and Latvia, public debt will replace private debt, leaving little remaining for Social Security or indeed for much social spending. … The bottom line is that after the prolonged tax giveaway exacerbates the federal budget deficit – along with the balance-of-payments deficit – we can expect the next Republican or Democratic administration to step in and “save” the country from economic emergency by scaling back Social Security while turning its funding over, Pinochet-style, to Wall Street money managers to loot as they did in Chile. And one can forget rebuilding America’s infrastructure. It is being sold off by debt-strapped cities and states to cover their budget shortfalls resulting from un-taxing real estate and from foreclosures. Welcome to debt peonage. This is worse than what was meant by a double-dip recession. It will be with us much longer.“

—  Michael Hudson (economist)
Obama's Bushism http://michael-hudson.com/2010/12/obamas-bushism/ (December 8, 2010)

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„To the deficit commission, a depression is the solution to the problem, not a problem.“

—  Michael Hudson (economist)
" Why Government is More Afraid of Debt than Depression http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6002" Video Interview, The Real News Network (TRNN) (December 16, 2010)

„The one sure mark of a con, though, is the promise of free money.“

—  Michael Hudson (economist)
" The $4.7 trillion pyramid: Why Social Security won't be enough to save Wall Street http://www.harpers.org/archive/2005/04/0080499" in Harper's Magazine (April 2005)

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