The establishment Trump talked about wasnโt really Wall Street. He said, โWhen Washington got rich.โ Bernie Sanders would have said, โWhen Wall Street got rich, the country didnโt.โ So I think when Donald Trump says "Washington," what he means is the government regulatory agencies.
Michael HudsonEurope is acting in a very self-destructive manner, but is doing so because it's trying to be loyal to the United States.
Michael HudsonPeople think of a parasite as simply taking money, taking blood out of a host or taking money out of the economy. But in nature it's much more complicated. The parasite can't simply come in and take something. First of all, it needs to numb the host. It has an enzyme so that the host doesn't realize the parasite's there. And then the parasites have another enzyme that takes over the host's brain. It makes the host imagine that the parasite is part of its own body, actually part of itself and hence to be protected. Thatโs basically what Wall Street has done.
Michael HudsonHigh prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.
Michael HudsonToday's national income statistics make it appear that Goldman Sachs is productive. As if Donald Trump plays a productive role. The aim is to make it appear that people who take money from the rest of the economy without working are productive, despite not really providing any service that actually contributes to GDP and economic growth.
Michael HudsonPeople have to pay so much money to the banks that they don't have enough money to buy the goods and services they produce. So there's not much new investment, there's not new employment (except minimum-wage "service" jobs), markets are shrinking, and people are defaulting. So many companies can't pay their banks.
Michael Hudson