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 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 HudsonWe'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 HudsonMost of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there will be a regime change.
Michael Hudson