Monday, October 10, 2011

Economist: The Financial System Is Broken And Corrupt - BlackListedNews.com

Economist: The Financial System Is Broken And Corrupt - BlackListedNews.com:
Economist: The Financial System Is Broken And Corrupt
October 9, 2011
Source: Washington's Blog

Prominent economist Michael Hudson explains that the financial system is so fundamentally broken and corrupt that the message of the Occupy Wall Street protesters can’t be reduced down to a handful of “technocratic fixes”.

Hudson also said:

Banking should be a public utility

Bank of America, Wells Fargo and Citibank are crime gangs

Obama is backing de-criminalization of fraud

Obama doesn’t want to create jobs; instead, he wants to reduce wages by 30%

Geithner is just a bank lobbyist, and shouldn’t be in charge of treasury

Note: Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.