- 06 Feb 2019 06:16
#14986309
In 2012 Michael Hudson gave this brilliant 34 min talk on Money vs Credit. That is Money creation by the Gov/Cent-bank VS money creation by banks that comes with a debt attached.
But of course, most of you will resist this truth to your dying day.
He says things like, [not quoted but expanded] the dollars in your pocket are a debt that the gov. owes you/ Nobody expects the gov. to ever pay off this debt because if it did, then nobody would have any dollars to spend in the economy. [I claim the same idea applies to the Gov. debt, taxing the people to pay the people [bond holders] as the debt is paid off is taking from the people their savings.]
He says that in every case in history when debts have been run up there has been a debt write-off. That is debts that CAN'T BE PAID then *will not be paid*. That the rich get their debts written off but they demand the the 99% must pay their debts to the rich.
But of course, most of you will resist this truth to your dying day.
He says things like, [not quoted but expanded] the dollars in your pocket are a debt that the gov. owes you/ Nobody expects the gov. to ever pay off this debt because if it did, then nobody would have any dollars to spend in the economy. [I claim the same idea applies to the Gov. debt, taxing the people to pay the people [bond holders] as the debt is paid off is taking from the people their savings.]
He says that in every case in history when debts have been run up there has been a debt write-off. That is debts that CAN'T BE PAID then *will not be paid*. That the rich get their debts written off but they demand the the 99% must pay their debts to the rich.