US Coronavirus "Bailout" Scam Is $6 Trillion Giveaway to Wall Street - part one
video or transcript of Michael Hudson interview:
https://www.unz.com/mhudson/us-coron...o-wall-street/
Quote:
in the debates with Bernie Sanders during the spring, Biden and Klobuchar kept saying, ‘What we’re paying for Medicare-for-All will be $1 trillion over 10 years.’ Well, here the Fed can create $1.5 trillion in one week just to buy stocks.
Why is it okay for the Fed to create $1.5 trillion to buy stocks to prevent rich people from losing on their stocks, when it’s not okay to print only $1 trillion to pay for free Medicare for the entire population? This is crazy!
The idea is that only the rich should be allowed to print money for themselves, but the government should not be allowed to print money for any public purpose, any social purpose — not for medicine, not for schools, not for personal budgets, not for full employment — but only to give to the 1 percent.
People hesitate to think that. ...But you don’t have the media talking about actual numbers. They talk about just words, and they use euphemisms. It’s a kind of Orwellian vocabulary, describing an inside-out world.
Let’s talk about who’s not bailed out....
The real explosion is going to come in three months, when all of a sudden, this money falls due. The governor of New York has said, “Well we have a moratorium on actually evicting people for three months.” So there are restaurants and other people, individuals, wage-earners, who are going to be able to live in their apartments and not be evicted. But at the end of three months, that’s when the eviction notices are going to come. And people are going to decide, is it worth it?
...newspapers, to avoid embarrassing Mr. Trump, only refer to the money given to the the wage earners. And they’re sort of embarrassed that the vast majority are given to the financial sector that doesn’t need a bailout.
Also discussed the 12-year depression since 2008, why debt jubilee is best way forward..
what economy might look like down the road... assuming no debt jubilee or real change.
Quote:
a much more centrally planned by a coalition of monopolies and the government. In the 1930s, that was called fascism.
MAX BLUMENTHAL: It’s what we call a “public-private partnership” or something.
MICHAEL HUDSON: Right.
where to get more informed about MMT, and what part two of interview will address....
