Republished from ModerateRebels.com
Michael Hudson's website: michael-hudson.com
Michael Hudson, "A debt jubilee is the only way to avoid a depression," The Washington Post, March 21, 2020
TranscriptMICHAEL HUDSON: Just think of when, in the debates with Bernie, Sanders during the spring, you had Biden, and Klobuchar keep saying, 'What we're paying for Medicare-for-All will be $1 trillion over 10 years.' Well here the Fed can create $1.5 trillion in one week just to buy stocks.
Why is it okay for the Fed to create $1.5 trillion to buy stocks to prevent rich people from losing on their stocks, when it's not okay to print only $1 trillion to pay for free Medicare for the entire population? This is crazy!
The idea that only the rich should be allowed to print money for themselves, but the government should not be allowed to print money for any public purpose, any social purpose not for medicine, not for schools, not for personal budgets, not for full employment but only to give to the 1 percent. People hesitate to think that.
They think, 'It can't possibly be this bad.' But those of us who have worked on Wall Street, for 50, 60 years in my case, that's what the numbers show.
And that's why you don't have the media talking about actual numbers. They talk about, you know, just words, and they use euphemisms, and it's the kind of Orwellian vocabulary, describing an inside-out world that they're talking about.
(Intro 1:58)
BEN NORTON: The world is suffering right now from one of the worst economic crises in modern history. Definitely the worst crisis since the 2008 financial crash. And many economics experts are saying that we're living through the worst recession actually since the Great Depression of 1929.
Well joining us to discuss this today, we have one of the best contemporary economists, who is really well prepared to explain what has been going on in this global recession during the coronavirus pandemic. And specifically today we're gonna talk about the $6 trillion bailout package that the US Congress has passed.
The Trump administration is basically taking Obama's corporate bailout on steroids, and injecting trillions of dollars into the corporate sector. And today to discuss what exactly the coronavirus bailout means, we are joined by the economist Michael Hudson.
He is the author of many books. And in the second part of this episode we're gonna talk about his book "Super Imperialism: The Economic Strategy of American Empire." So that'll be much more in the vein of kind of traditional Moderate Rebels episodes, where we talk about imperialism, US foreign policy, and all of that.
Michael Hudson is also a former Wall Street financial analyst, so he's very well prepared to talk about just the financial thievery that goes on on Wall Street. And he is a distinguished research professor of economics at the University of Missouri, Kansas City.
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