Quote of the day
12.9.2011 Leave a comment
The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk submitting their plans to democratic vote after Icelanders twice refused in 2010-11 to approve their government’s capitulation to pay Britain and the Netherlands for losses run up by badly regulated Icelandic banks operating abroad. Lacking such a referendum, mass demonstrations were the only way for Greek voters to register their opposition to the €50 billion in privatization sell-offs demanded by the European Central Bank (ECB) in autumn 2011.
Hudson follows this passage by making a case for the euthanasia of the rentier class (Keynes) and for fiat money. To be sure, his solutions are as politically improbable as they are humanly necessary.
- Europe’s Transition From Social Democracy to Oligarchy (3eintelligence.wordpress.com)
- Democracy and Debt: Has the Link been Broken? By Michael Hudson (dandelionsalad.wordpress.com)
- Iceland’s Fair Value Vultures by Olafur Arnarson, Michael Hudson and Gunnar Tomasson (dandelionsalad.wordpress.com)
- Trade Theory Financialized by Michael Hudson (dandelionsalad.wordpress.com)
- Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless it is Stopped (anationbeguiled.wordpress.com)
- Canadian Markets: Canada stocks fall as ECB rejects more bond buying (marketwatch.com)
- Michael Hudson: Finance is the new mode of warfare (dandelionsalad.wordpress.com)
- Currencies: Dollar edges higher against euro ahead of ECB meet (marketwatch.com)
- Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless It’s Stopped (zerohedge.com)
- Currencies: Dollar rises more as Europe spurs risk aversion (marketwatch.com)