{"id":29996,"date":"2023-03-31T23:03:33","date_gmt":"2023-04-01T03:03:33","guid":{"rendered":"https:\/\/ssgreenberg.name\/PoliticsBlog\/?p=29996"},"modified":"2023-03-31T23:05:20","modified_gmt":"2023-04-01T03:05:20","slug":"the-treasury-privatized","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2023\/03\/31\/the-treasury-privatized\/","title":{"rendered":"The Treasury Privatized?"},"content":{"rendered":"

Michael Hudson has posted the video The Treasury Privatized?<\/a>.<\/p>\n

Radhika Desai and Michael Hudson are trying to rap you upside the head with the proverbial two by four to try to get you to see what is happening.<\/p>\n

Can they finally get the public to understand what is being done to them?<\/p>\n

I picked out the following excerpt from somewhere in the middle to see if I can tease you into watching this video.<\/p>\n

\nMICHAEL HUDSON: Well I think then we need to define \u201cpredatory\u201d and as you said, it basically means \u201cunproductive overhead the non-financial economy has to bear.\u201d<\/p>\n

I think a predatory loan is one that does not provide the means to help the debtor repay its creditor.<\/p>\n

For instance, people believe that they\u2019re getting rich by borrowing from the bank to buy a house whose value goes up, but the value of housing going up is because so many people are borrowing that the housing is worth whatever a bank will lend, and it\u2019s all been bid up on credit.<\/p>\n

So what\u2019s really gone up is the housing debt.<\/p>\n

People say, \u201cMy house is worth a lot more.\u201d But the equity that people have in their houses has been falling and falling and falling as the economy becomes more debt-leveraged.<\/p>\n

So it\u2019s not simply wages and profits that banks want. What they want is to transform property into financial gains. It\u2019s all about capital gains. It\u2019s about asset-price inflation that they love, as opposed to wage-inflation.\n<\/p><\/blockquote>\n

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