Michael Hudson (economist): Economy

“The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … 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 (economist)

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998)
Michael-Hudson.com, 1998-

Lie , Problem

“You could say that GDP (National Income) and prosperity and wealth grows fastest when income tax rates are highest. And wealth slows, the economy slows, when taxes are cut. That's counter intuitive but if you look at any chart comparing tax rates and economic growth rates that's what you find. The 19th century knew it, the 18th century knew it but today you have a kind of counter revolution of junk economics that is basically anti-labor economics.”

Michael Hudson (economist)

"Higher Taxes on Top 1% Equals Higher Productivity", Video Interview (13:28), The Real News Network (TRNN) http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6000 (January 1, 2011)

Wealth

“In America, despite the amazing rise in productivity we’ve had in the last 30 years, real wages have actually gone down. All of the increase in productivity has been taken by the finance, insurance, and real estate sector, called the FIRE sector, almost all of it by the financial sector. … So instead of having industrial capitalism a century ago, we have a finance capitalism that actually is stifling industrial capitalism here. So what Alan Greenspan and others call the postindustrial economy is really neo-feudalism. It’s a financialized economy where all of the surplus goes to the banks.”

Michael Hudson (economist)

Deficit Hawks One Two Punch http://michael-hudson.com/2010/12/deficit-hawks-one-two-punch/ (December 16, 2010)
Michael-Hudson.com, 1998-

“One way or another, today's debts will not be paid.... As long as savings mainly by the 1% takes the form of debt claims on the rest of society, they will grow exponentially to hold the 99% in deepening debt.... If debts to creditors are paid by forced privatization, the public domain and infrastructure will be turned into rent-extraction tollbooth opportunities and economies will be impoverished by rentier austerity.”

Michael Hudson (economist)

pp 418-419
Dr. Michael Hudson, KILLING THE HOST: HOW FINANCIAL PARASITES AND DEBT BONDAGE DESTROY THE GLOBAL ECONOMY, Islet 2015

Way

“There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.”

Michael Hudson (economist)

Source: The Destiny of Civilization https://michael-hudson.com/2022/05/the-destiny-of-civilization/, May 15, 2022

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