Sunday, December 23, 2007

The Credit Crunch explained - by a man who sounds like a duck

Dr Michael Hudson

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



Tony said...

Some nice lyrics in the song "Ends" by "Everlast:
Companies downsizing, inflations rising

Ends, some people will rob their mother
For the ends, rats snitch on one another
For the ends, sometimes kids get murdered
For the ends, so before we go any further
I want my ends

paul said...

If we're on a musical note, who can forget the 'we built this city on high yield bonds' based on the jefferson starship poodle rock anthem.

Wolfie said...

I put that on my MP3 player and listened to it on the way to work yesterday, there was nothing he said which I could disagree with. I think he could have spent some more time explaining that it would require a global tax policy (or at least similar in all jurisdictions) in order to function properly but that wouldn’t require a global governing body to achieve. He seemed to know what he was talking about.