Steve Keen interviews Michael Hudson

[zugzwang]

For my money the two greatest living economists... together in the same room!

A wide-ranging interview that touches on everything from Ricardo and Marx to debt forgiveness and the superior economic models of the Babylonians.

http://www.unz.com/mhudson/rebel-economists-unpick-historical-path-to-global-recovery/

Quote

{so]...when President Obama came in, he promised that he was going to write down the debts. The mortgage debts to – especially the junk mortgages – to the actual real value of the homes that the junk mortgage people had taken out. Or and set the debt service – the money you have to pay every month to pay the mortgage, amortization, and principal, and interest to what the normal rental value of this would be.

Well, of course, as soon as he was elected, he dropped it all. He invited the bankers to the White House and said, boys, I’m the only guy standing between you and the pitchforks out there. Don’t worry, I can deliver my constituency to you.

So, basically, the Democratic Party broke its voters into a black constituency, a women’s constituency, a LSGBQ constituency, and they’re all for Wall Street. Instead of saving the economy, Obama bailed out and saved the banks by keeping the debts in place. And once
you have to pay that, it’s curtains. And so the end – everybody’s going to end up in Greece. Greece is where you’re going, if you’re don’t.

Unless you abolish the debts.

Yeah.

Yeah. There was that mortgage reset policy.

But it wasn’t policy – it was only in paper. Banks didn’t do it.

I think about what three – from what I understand about 300 people actually had their mortgages reset.

Yeah. It was all just a fiction.

Out of about 50, 60 million.

10 million. It was all fraudulent.