To the deficit commission, a depression is the solution to the problem, not a problem.
Michael HudsonThe real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the sector that backs the political campaigns of senators, presidents and congressmen, and they use this leverage to make sure that their people dominate the Federal Reserve, Treasury and the federal housing agencies.
Michael HudsonDebtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.
Michael HudsonThe aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of all the branches of economic theory, trade theory is the most wrongheaded.
Michael HudsonEveryone from Adam Smith, John Stewart Mill, they were all reforms. What they wanted to reform was getting rid of this parasitic landlord class that had conquered England in 1066 and it's the heirs of the military warlords who ended up taking the land and making everybody pay them and all of their descendants just for having been conquered. You can see the carry-over of this today. The rent that people have to pay, the money they have to pay the banks instead of having a public option. That's the price they still have to pay for being conquered.
Michael Hudson