FOR IMMEDIATE RELEASE
SEPT 24, 2008
Once in a century rip-off
Economist Michael Hudson: the bailout is a giveaway that will cause hyperinflation and dollar collapse.
President George Bush pressed for multi-billion dollar Wall St. bail out plan in a historic meeting attended by the two men fighting to succeed him. But at the end of the meeting the top republican on the senate banking committee, Sen. Richard Shelby said that no agreement on the deal had been made.
In a joint statement from the McCain and Obama campaigns they both agreed that the Bush administration proposal is flawed but would work together to find a solution. Germany’s finance minister Peer Steinbrueck said, ” The long range effects of this crisis are not foreseeable at the moment, but one thing seems to be very likely to me; the US will lost its status as super power in the world financial system. Not abrupt, but eroding.” French President Sarkozy speaking at a meeting called for capitalism to be more regulated.
The Real News Network spoke to economist and author Dr.Michael Hudson. Hudson emphasized that there is no need for this bail out at all. “Its not a bailout, it’s a give away and it’s a give away that will create a new Kleptocracy of billionaires. It lets all of the billionaire who have leveraged their capital cash out, take their cash and move it all into Euros, Sterling, move it all abroad and that clash the dollar, so they should just say don’t do it. Wait till the elections take place. Do it over time. You don’t have to protect all this money at the very top of this pyramid, because all this money that is being protected are other peoples debt”
Watch the full story on The Real News Network:
A Bailout and a New World
By Pepe Escobar
09/26/08 “Asia Times”
WASHINGTON and SAO PAULO – The George W Bush administration’s US$700 billion no-accountability scheme, globally, informally dubbed “cash for trash”, is making all the headlines. Simultaneously, there’s the small matter of the United Nations General Assembly sanctioning the troubled birth of a new, multipolar world. As a 21st-century counterpart to the Dadaist Manifesto, this chain of events is priceless.
One just had to listen to the speeches. Brazilian President Lula da Silva passionately expounded the new political, economic and commercial geography of the multipolar world. He praised the Union of Latin American Nations UNASUR – the first treaty uniting all South American nations in 200 years. He blasted supranational economic institutions that now have no authority – and no policies – to prevent “speculative anarchy”.