Naked Capitalism has published the transcript of the interview Michael Hudson Discusses the Future of Europe and Global Restructuring.
Michael Hudson was interviewed Thursday on MEGA, a German news radio program, focusing on the economic impact of the war with Russia on major players, particularly Europe. We have a translated transcript below and will embed the YouTube version (in German) which is expected to be posted early next week.
Here is some of Question 10 and its answer.
10. … What is your take on digital currencies?
MH: It’s not my department. All banking is electronic, so what does “digital” mean? To libertarians, it means no government oversight, but in government hands, the government will have a record of everything that anyone spends.
If you understand data mining, the government already has a record of what everyone spends in crypto currencies. The ledger of these purchases is open to all to view. People think it is anonymous, but data mining takes out the anonymity.
Here is another good zinger that came earlier,
(8.) Currently we saw the collapse and bankruptcy of the crypto exchange FXT. The management of this company seems to be highly criminal. How do you judge that?
MH: Crime is what made crypto a growth sector for the past few years. Investors bought crypto because it is a vehicle for the fortunes being made in international drug dealing, the arms trade, other crime and tax evasion. These are the great post-industrial growth sectors in Western economies.
Ponzi schemes often are good investment vehicles in their take-off stage – the pump-and-dump stage. It was inevitable that criminals would not only use crypto to transfer funds, but actually set up their own currencies “free of oppressive government regulation.” Criminals are the ultimate Chicago School free market libertarians.