• 
• 
• 
• 
• 
• 

1. black
2. grey
3. blue
4. red
5. brown
6. white

You get a constituency; you make them believe your promises, and then you turn them over to your financial campaign backers. That’s what politics has become and that’s as much an art of deception as economics is.

Michael Hudson

Related Topics

Campaign

Popular Authors

Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Prevoius| Next

More Michael Hudson Quotes

• 

  Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not the economy.

  MICHAEL HUDSON
  AdministrationGovernmentPromise
• 

  These $100 bills aren’t meant to circulate. They’re not to spend on goods and services. They’re a store of value. They’re a form of saving.

  MICHAEL HUDSON
  CirculateSavingServicesSpending
• 

  You get a constituency; you make them believe your promises, and then you turn them over to your financial campaign backers. That’s what politics has become and that’s as much an art of deception as economics is.

  MICHAEL HUDSON
  Campaign
• 

  The problem is indeed that one party’s debt finds its counterpart in some other party’s savings. Not paying debts therefore involves annulling some other party’s financial claims on the debtor.

  MICHAEL HUDSON
  AnnullingCounterFinancialProblem
• 

  It’s amazing that Europe says, “What are we going to do with these refugees?” It’s as if it doesn’t realize that being part of NATO and bombing these countries forces them to choose to live by fleeing, or to stay and get bombed.

  MICHAEL HUDSON
  CountryFleeingPeoplePerson
• 

  And then the parasites have another enzyme that takes over the host’s brain. It makes the host imagine that the parasite is part of its own body, actually part of itself and hence to be protected. That’s basically what Wall Street has done.

  MICHAEL HUDSON
  ActuallyHostParasiteProtected
• 

  That’s the “magic” of double-taxation treaties: you can shop around for the lowest taxer.

  MICHAEL HUDSON
  MagicTaxationTreaties
• 

  When you say “paying the banks,” what they really mean is paying the bank bondholders. They are basically the One Percent.

  MICHAEL HUDSON
  MeanPercentReally
• 

  This means that they’ve gone down especially for Blacks and Hispanics and other blue-collar workers. Their net worth has actually turned negative, and they don’t have enough money to get by.

  MICHAEL HUDSON
  BlueCollarEnoughMeanMoneyNegative
• 

  When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are always two sides to the balance sheet. And one party’s money or savings is another party

  MICHAEL HUDSON
  AccountingBalanceBookkeepingPartySpeak
• 

  We’ve turned the post-war economy that made America prosperous and rich inside out.

  MICHAEL HUDSON
  PeopleRichWinning
• 

  Paying debt service to banks leaves less income to buy goods and services.

  MICHAEL HUDSON
  DebtsGoodsIncomePayingServices
• 

  The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.

  MICHAEL HUDSON
  BondEmployEstateMarketMoreSeason
• 

  I think we’re in the take-the-money-and-run stage of the economy. So the banks may go under, but the bankers, who make the policy, clean up.

  MICHAEL HUDSON
  BankersRunningThinking
• 

  I don’t think that governments should permit speculation in raw materials, because they’re what the economy basically needs.

  MICHAEL HUDSON
  GovernmentNeedsThinking
• 

  You could say that the vote to withdraw from Europe is, it’s really a vote of the British middle class, the working class, to withdraw from the U.S. neoliberalism that has been running Europe for the last ten years.

  MICHAEL HUDSON
  Middle ClassRunningVote