2. Michael Hudson critique of current..

One of the most vocal critics. Are his arguments correct, what’s missing? Several obvious points. Economics and politics are closely coupled, really two sides of the same structure of governance.

The financial sector realizes that the game is over. The financial interests from America to Greece, Ireland and Europe are all insisting that governments pay off the bad bank loans that they’ve taken onto their balance sheet by increasing taxes and pushing the economy into a depression. In the United States, president Obama has bought the idea that the only way of getting recovery is to cut wages by about 30 percent and he’s doing that in two ways. At the Federal Reserve he’s empowered the Federal Reserve Chairman, Bernanke, to lower interest rates, flood the economy with money, QE2, $600 billion have flown out of the country, to push the dollar down. When you push the dollar down the main victims are consumers because oil prices and raw materials prices and machinery prices and shipping all have a common cost.

About these ads

About doug carmichael

Philosophical psychotherapy,Psychoanalyst, organizational strategy consultant, futurist, writer, painter.. "I listen well try to be of use , and take my recreation in the arts" -Confuscius See my blog of relections on GardenWorld Politics at http://carmichel.wordpress.com View all posts by doug carmichael

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: