{"id":28485,"date":"2020-04-24T14:26:36","date_gmt":"2020-04-24T18:26:36","guid":{"rendered":"https:\/\/ssgreenberg.name\/PoliticsBlog\/?p=28485"},"modified":"2020-04-24T14:32:56","modified_gmt":"2020-04-24T18:32:56","slug":"max-blumenthal-and-ben-norton-with-michael-hudson-us-coronavirus-bailout-is-a-6-trillion-scam","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2020\/04\/24\/max-blumenthal-and-ben-norton-with-michael-hudson-us-coronavirus-bailout-is-a-6-trillion-scam\/","title":{"rendered":"Max Blumenthal and Ben Norton With Michael Hudson: US Coronavirus \u201cBailout\u201d Is a $6 Trillion Scam"},"content":{"rendered":"

Naked Capitalism <\/em>has posted an extensive transcript titled Max Blumenthal and Ben Norton With Michael Hudson: US Coronavirus \u201cBailout\u201d Is a $6 Trillion Scam<\/a>.<\/p>\n

\nMICHAEL HUDSON: <\/strong>No, the Federal Reserve was given special powers to create 10 times as many loans or swaps as others. The Federal Reserve represents the commercial banks and commercial investors.<\/p>\n

Now here\u2019s the problem: a lot of companies were issuing junk bonds. They were going way down in price, especially junk bonds for the fracking industry. The Federal Reserve says, \u201cWe\u2019re going to be backed up by the Treasury. We can just create \u2014 as you know, Modern Monetary Theory \u2014 we can just create money on a computer, and swap. So we will, say, \u2018Give us your poor.\u2019 It\u2019s like the Statue of Liberty: \u2018Give us your poor, your oppressed,\u2019 or Aladdin\u2019s old lamps for new: Give us your junk bonds, and we will give you a bona fide Federal Reserve deposit.\u201d\n<\/p><\/blockquote>\n

Here are the audio\/video\/transcript source from the original Transcript – US coronavirus ‘bailout’ scam is $6 trillion giveaway to Wall St – Economist Michael Hudson explains<\/a>.<\/p>\n

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