Friday, November 5, 2010

On the Hudson (professor) in Fall

Professor Michael Hudson is saying things no one in the Economic realm is saying, here in American, The Federal Reserve Bank is doing whatever it can to save the big banks in America, the big banks that tanked the economy by first tanking the real estate industry.

He says Bernanke is buying US bonds, which is like flooding the country with US money, making our money cheaper, forcing our banks to go abroad to buy foreign money and foreign assets. At the same time our politicians are calling for China to raise its money value, which would make our bankers rich overnight, (because our bankers own foreign currency, if the value on foriegn currency is raised billions are made), some are calling this a currency war by devaluing the dollar. The president of Brazil said, " the last time there was a series of competitive devaluations, it ended in world war two"

Hudson says because of this currency war other nations like brazil china and russia are forming economic blocks where US currency is not being used. Some might say so what. But this is causing a further weakening of the dollar. Instead of putting the criminals in jail, America is battling the world to save its banking class.

Joseph Stiglitz " the money that was meant to be used to rescue America from its banking class is instead being used by its banking class to attack the World economy. To grow stronger we are trying to make everyone else weaker"

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