Re: [OPE] Michael Hudson on debt repayment[MESSAGE NOT SCANNED]

From: Paul Cockshott <>
Date: Mon Feb 16 2009 - 11:41:50 EST

Jurriaan Bendien wrote:
> So here's the situation as I see it. The first objective
> is to preserve the wealth of the creditor class - Wall Street, the
> banks and the other financial vehicles that enrich the wealthiest 1%
> and, to be fair within America's emerging new financial oligarchy, the
> richest 10% of the population. Stage One involves buying out their bad
> loans at a price that saves them from taking a loss. The money will be
> depicted to voters as a 'loan,' to be repaid by banks extracting
> enough new debt charges in the new rigged game the Treasury is setting
> up. The current loss will be shifted the onto 'taxpayers' and made up
> by new debtors - in both cases labor, onto whose shoulders the tax
> burden has been shifted steadily, step by step since 1980.
That is why I dont believe Gerry Levys objection to debt cancellation.
The vast bulk of credits with the banks are held by a small part of the
population, the working poor on the other hand owe a significant part of
the debt.
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Received on Mon Feb 16 11:43:48 2009

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