The Coming Savings Meltdown by Michael Hudson

cancel the debt

Image by Friends of the Earth International via Flickr

by Michael Hudson
Writer, Dandelion Salad
July 30, 2019

Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet.

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Chris Hedges: The Cost of Austerity

Austerity kills - poster

Image by Teacher Dude via Flickr

Dandelion Salad

with Chris Hedges

RT America on Sep 10, 2016

On this week’s episode of On Contact, Chris Hedges sits down with economist Mark Blyth to discuss the detrimental ramifications of austerity programs following the 2008 financial crisis. Professor Blyth, author of “Austerity: The History of a Dangerous Idea” addresses the political effects of the spending cuts and considers why the elites will not take responsibility for the fallout. RT Correspondent Anya Parampil examines the impact austerity measures have had on the American working class and the poor since 2008.

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B is for Bailout by Michael Hudson

B

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by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
August 7, 2013

Part B to the .

Bailout: Reimbursement to speculators and savers of losses incurred by bad loans, investments or deposits in banks that fail. The effect of this moral hazard is to preserve financial control in the hands of the economy’s wealthiest 10 percent, “making them whole” by shifting the loss onto the bottom 90 percent of the population in order to benefit those at the top of the pyramid (see Rentier and Oligarchy).

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What Is The Rolling Jubilee? + OWS Bails Out The 99 Percent

Dandelion Salad

Strike Debt burning debt at Occupy Wall Street S17 Anniversary Concert in Foley Square

Image by Steve Rhodes via Flickr

Nov 7, 2012 by

www.rollingjubilee.org
www.strikedebt.org

We need a jubilee, a clean slate, a cancellation of debt for the 99%.

The Rolling Jubilee raises money to buy debt. But instead of collecting on the debt we buy, we’re going to abolish it. It’s time for a bailout of the people, by the people.

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‪Noam Chomsky: Free Market Fantasies: Capitalism In The Real World (1996)

Dandelion Salad

Save democracy fight corporate fascism

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by Noam Chomsky
http://www.chomsky.info
Delivered at Harvard University, April 13, 1996
Transcription courtesy of William Greene

For those who are interested in the real world, a look at the actual history suggests some adjustment — a modification of free market theory, to what we might call “really existing free market theory.” That is, the one that’s actually applied, not talked about.

And the principle of really existing free market theory is: free markets are fine for you, but not for me. That’s, again, near a universal. So you — whoever you may be — you have to learn responsibility, and be subjected to market discipline, it’s good for your character, it’s tough love, and so on, and so forth. But me, I need the nanny State, to protect me from market discipline, so that I’ll be able to rant and rave about the marvels of the free market, while I’m getting properly subsidized and defended by everyone else, through the nanny State. And also, this has to be risk-free. So I’m perfectly willing to make profits, but I don’t want to take risks. If anything goes wrong, you bail me out.

[…]

via Free Market Fantasies: Capitalism in the Real World, by Noam Chomsky (talk delivered at Harvard University)

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