We go forward with our heads held high, but look back and remember where we come from.
Michael HudsonMoney is not a factor of production. But in order to have access to credit, in order to get money, in order to get an education, you have to pay the banks.
Michael HudsonYou're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.
Michael HudsonYou'll have to have the governments sell off all of their public domains; sell off their railroads, sell off their public land. You'll essentially have to introduce neo-feudalism. You'll have to roll the clock of history back a thousand years, and reduce the European population to debt slavery. It's as simple a solution as the Eurozone has imposed on Greece. And it's a solution that the leaders and the banks are urging for responsible economists to promote for the population at large.
Michael Hudson