Michael Hudson on the Super Committee and the deficit strategy. More at The Real News
The pretense is that privatization is more efficient. But privatizers add on interest and financial fees, high executive salaries and bonuses, and turn the roads into toll roads and other infrastructure into neofeudal fiefdoms to charge monopolistic access fees for people to use. …. So the financial sector first creates a problem by loading the economy down with debt, and then “solves” it by demanding privatization sell-offs under distress conditions.
The New Bank Disaster Olafur Arnarson, Michael Hudson and Gunnar Tomasson* The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into question just what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors can pay – that is, pay without going bankrupt? Or is it fair for banks and even vulture funds to get whatever they can squeeze out of debtors? The answer will depend largely on the degree to which governments back the claims of creditors. The legal definition of how much can be squeezed out is becoming a political issue pulling national governments, the IMF, ECB and other financial agencies into a conflict pitting banks, vulture funds and debt-strapped populations ...
Hudson with Lauren Lyster, discussing shocking new census poverty figures and the coming change. This rushed interview required more detail on solutions as can be heard here and read here.
Hudson is in form on KPFK today with Alan Minsky.
17 minutes – worth doing the dishes to.
Democracy Now Nov 3 2011 AMY GOODMAN: World leaders are gathering in Cannes for the opening of the Group of 20 summit today. That’s the G20 summit. On the top of the agenda is Greece and the European debt crisis. The Greek prime minister, George Papandreou, is coming under intense criticism from European leaders for allowing the Greek people to decide if they want to accept the conditions of a $179 billion E.U. bailout. Papandreou has announced the referendum will take place in early December, but it now looks like his government is in danger of collapsing before then. He faces a vote of no confidence tomorrow. According to polls, most Greeks are opposed to the bailout plan, and there have been protests across the country against deepening austerity. Papandreou addressed a ...
Hudson on the odious nature of debts encouraged by the banksters but repaid by the people through austerity.