An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
This is an edited and expanded transcript from a live phone interview by Dimitris Yannopoulos for Athens News, September 2012
Hudson quote from tv interview:"QE3 is a program for the Federal Reserve to give money to the banks until Beethoven writes his tenth symphony"http://michael-hudson.com/2012/09/qe3-jobs-for-wall-st/
"give money to the banks"I do not agree with that description... describing QE3 in it's true terms is a teaching opportunity that Hudson is missing here.It's not "giving money" to anybody... this is not helping the 'lay person' to understand what is really going on.rsp,
"Debts that can't be paid, won't be"Credits that are vapour will disappear. Magic! I like Michael Hudson, all theoretical considerations aside. More than any other author, he points out how blind, pernicious and separative the parasitic dry rot in the financial sector always was, is and will be. And how far the disease has spread and its consequences.I don't know who said it and how long ago: but the love of money (human energy trying and failing to extract an impossible quantum of comfort out of materialism) is the root of all evil. But we also have the heart. The mind chooses its pay-master.In the truest sense of the words: "Without dignity there can be no peace; without peace, there can be no prosperity; without prosperity, there can be no dignity or peace." [Prem Rawat]It has always been that simple. After 200,000 years of failure to live peaceably with each other and the planet, we should be looking in the mirror.
"I don't know who said it and how long ago: but the love of money (human energy trying and failing to extract an impossible quantum of comfort out of materialism) is the root of all evil"JR it was the Apostle Paul to Timothy, first century; and this has been badly mistranslated from the original Greek.Should read: "For a root of all of the evils is the fondness for silver, which some, craving, were led astray from the faith and try themselves on all sides with much pain."The metonym "money" was erroneously slipped in by the King James translators who didnt understand the details and mathematical aspects of the different monetary systems in use during the time at which Paul wrote this."Philarguria" or 'fondness of silver' is identified by Paul here as just ONE root of the multiple of evils. "Pleonexia" or 'more-having', commonly translated as 'greed', which also appears in the Greek scriptures, looks like it is another root (so that is a least 2 roots that we know of).Here is the Greek interlinear from the original Codex (1 Tim 6:10):http://scripture4all.org/OnlineInterlinear/NTpdf/1ti6.pdfYou can see how this word 'philarguria' has been badly mistranslated.And I would point out that Paul makes no mention of 'nomisma', or 'lawful state currency' which is also mentioned in the Greek scriptures, in this context of 'a root of the evils'... just the metal silver is mentioned.Details matter on these issues.rsp,