by Washington's Blog
Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.
* The European debt crisis is really financial warfare by the banks
* Indeed, the banks are in warfare against the rest of society
In a separate interview, Hudson says:
* What's going on in Greece is exactly what's going to happen in America in a couple of weeks.
* The big banks are forcing their bad debts on government
* They are also forcing governments to sell off national assets so the banks can install a "neo-feudalism
* As I noted in 2009, a leading progressive economist (... ) that the true purpose of the bank rescue plans is "a massive redistribution of wealth to the bank shareholders and their top executives".
As the wholly non-partisan Australian economist Steve Keen notes:
* "This is the biggest transfer of wealth in history", as the giant banks
have handed their toxic debts from fraudulent activities to the countries
* The big banks blew bubbles - using fraud -because that'sthe only way they could make obscene profits
Indeed, this isn't the "Great Recession", it's the Great Bank Robbery. The big banks have pillaged and looted the rest of the world.
Also by Washington Blog:
Will the U.S. Default On Its Debt ... Even If It Raises the Debt Ceiling?
Europe and America: "Financially Burning"
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