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Michael Hudson Quotes: The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.
         

The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.


Michael Hudson
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Other quotes of Michael Hudson


We go forward with our heads held high, but look back and remember where we come from.

We go forward with our heads held high, but look back and remember where we come from.



You have a choice. Either you can have more oil, or more clean water. Fracking is not good for the water supply.

You have a choice. Either you can have more oil, or more clean water. Fracking is not good for the water supply.



The one sure mark of a con, though, is the promise of free money.

The one sure mark of a con, though, is the promise of free money.



What's bad for the frackers usually is good for the rest of the world.

What's bad for the frackers usually is good for the rest of the world.



Nothing could be better for the economy than to get rid of fracking.

Nothing could be better for the economy than to get rid of fracking.



Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not the economy.

Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not the economy.



Elites play the role today that landlords played under feudalism. They levy interest and financial fees that are like a tax, to support what the classical economists called "unproductive activity."

Elites play the role today that landlords played under feudalism. They levy interest and financial fees that are like a tax, to support what the classical economists called "unproductive activity."



Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.

Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.



We're still in the collapse that began after 2008. There's not a new collapse, there hasn't been a recovery.

We're still in the collapse that began after 2008. There's not a new collapse, there hasn't been a recovery.



To the deficit commission, a depression is the solution to the problem, not a problem.

To the deficit commission, a depression is the solution to the problem, not a problem.





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...American book jackets reflect the spirit of country - little homogeneity, lots of diversity.

...American book jackets reflect the spirit of country - little homogeneity, lots of diversity.



Even if that is the truth, ” Derkein said, “what does it have to do with my father suddenly thinking he can raise the dead?

Even if that is the truth, ” Derkein said, “what does it have to do with my father suddenly thinking he can raise the dead?



The only way that your work will truly find an audience is if it is genuine.

The only way that your work will truly find an audience is if it is genuine.



I don’t know how many of you have been to New York, but if a building is two blocks away from anything, you can’t see it.

I don’t know how many of you have been to New York, but if a building is two blocks away from anything, you can’t see it.



We cannot change, we cannot move away from what we are, until we thoroughly accept what we are. Then change seems to come about almost unnoticed.

We cannot change, we cannot move away from what we are, until we thoroughly accept what we are. Then change seems to come about almost unnoticed.



Poor white people and poor black people just don't know how much they have in common. Rich people don't give a damn about either group.

Poor white people and poor black people just don't know how much they have in common. Rich people don't give a damn about either group.



I shall go so far that people will be seized with terror at the sight of each of my works of 'living' art.

I shall go so far that people will be seized with terror at the sight of each of my works of 'living' art.



Future forecasting is all about testing strategies - it's like a wind tunnel.

Future forecasting is all about testing strategies - it's like a wind tunnel.



For the subtlest folly proceeds from the subtlest wisdom.

For the subtlest folly proceeds from the subtlest wisdom.



I don't care if I'm in too deep.

I don't care if I'm in too deep.




Quote Description


This page presents the quote "The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.". Author of this quote is Michael Hudson. This quote is about party, claims, paying debts, problem, financial, debt, savings,.