On finance, real estate and the powers of neoliberalism
Such is the censorial spirit of neoliberal monetary austerity. Its motto is TINA: There Is No Alternative, and it wants to keep matters this way. As long as it can suppress discussion of how many better alternatives there are, the hope is that the public will remain acquiescent as their living standards shrink and wealth is sucked up to the top of the economic pyramid to the 1%.
Well, the problem is is the financial time frame is very short-term. It’s hit and run. They’re into making a bundle as quick as they can on one project and then go on to the next project. And they leave an economy loaded down with debt, which is what you have from the corporate takeover movement, from the hedge funds, from the leveraged buyouts.
Michael Hudson on the Greek experiment. More at The Real News The Greek crisis is being used to find out how far finance can drive down wages and privatize the public sector. Michael Hudson interviewed by Paul Jay Note: This is my editing of an interview Professor Michael Hudson gave to The Real News Network. I have edited Professor ...
As printed in FAZ Feuilleton, 06.02.2012 Schuldenkrise - Gute Bank, böse Bank Warum kapitulieren die Staaten vor der Macht der Banken? Es gibt Beispiele genug in der Geschichte für eine Politik, bei der die Banken produktive Aufgaben hatten. Von MICHAEL HUDSON Wenn ...
