Friday, January 30, 2009


Michael Hudson:- The government’s solution, placed in its hands by the financial lobbyists, is to bail out the bankers and Wall Street while leaving the ‘real’ economy even more highly indebted. Families, businesses and government are having to spend more wage income, profits and tax revenues on debt service instead of buying goods and services. So why is the solution to this debt overhead held to be yet MORE debt? Is there not something crazy here?


  1. Is there not something crazy here?

    Nope, it's exactly what you should expect. Because of who they are, because of how they've been brought up and educated, because of, that is, their class background, the people in charge of the planning do not think in microeconomic terms. They're incapable of it.

    They think in macro terms, in terms of systems, of institutions, and so they ask "what is good for the banking system and the 'investment climate'" rather than "what is good for actual people." They just can't conceive of it any other way.

    And just so it's clear (even though it should be), that is a description, not a defense. As Mr. Spock said, "I do not approve. I understand."

    On an unrelated point: I see that I seem to have gone from "secondary" to "primary" daily blog reading. Kewl!

  2. On another unrelated point: Your comment system is cumbersome. The first time I did the above comment, I previewed it and found a typo. But I could find no way to edit it. When I went back a page to try to do it that way, the comment was gone. I had to do it from scratch.


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