Sunday, December 23, 2007
The Credit Crunch explained - by a man who sounds like a duck
The current banking crisis is the result of a decade of freely available, low interest credit
and the only way to avoid a 1929 style crash is to cut interest rates 'far and fast'
I know this is True™ because I read it in a newspaper
So, remember boys and girls, unlike the businesses they lend to, when the banks fuck up they can't be allowed to fail and everyone else has to bear the cost of bailing the thieving scumbags out
Alternatively, you could listen to full-time Conspiraloon™ economist, and part-time duck impersonator, Michael Hudson explain what's really going (wink wink) in this mp3 file entitled 'Fighting the Class War' available on his homepage.
The interview was recorded back in August but it is still perfectly relevant because, unlike the stuff that gets passed off as commentary in the mainstream press, it's not bollocks
The file is forty minutes long and Hudson takes a while to get warmed up so it's one of those things to play whilst waxing your surfboard, shaving the cat or some other essential household chore, but the guy is spot on imho