A Quote by Michael Hudson

The price decline is a result of having to pay debts. That drains income from the circular flow between production and consumption - that is, between what people are paid when they go to work, and the things that they buy.

Michael Hudson

Quote Topics

Between Buy Circular Consumption Debts Decline Drains Flow Go Having Income Paid Pay People Price Production Result Things Work

Quote Author

Michael Hudson
American - Professor
Born: 1939

Debt vultures are really the scum at the bottom of the pond. These are guys who buy up the debts of the world's poorest countries on the secondary market. You can go buy debts of a country like Peru, for example, at a real discount. Why? Because people think that the debts won't be repaid.

Noreena Hertz

In Heaven, there are no debts - all have been paid, one way or another - but in Hell there's nothing but debts, and a great deal of payment is exacted, though you can't ever get all paid up. You have to pay, and pay, and keep on paying. So Hell is like an infernal maxed-out credit card that multiplies the charges endlessly.

Margaret Atwood

[T]he price you've paid is not the price of becoming human. It's not even the price of having the things you just mentioned. It's the price of enacting a story that casts mankind as the enemy of the world.

Daniel Quinn

Even those among us who are lucky enough to love our jobs would have to admit that at least part of the reason we work is to earn money. In between all this work, we like to eat out at restaurants, go on trips, buy nice things, not to mention pay rent and meet the cost of living.

Stella Young

Though people could, in principle, cross national borders to reach places where their work is more highly rewarded, they are in fact prevented from doing so. As a result, huge differences also persist in the price of labor, as you can see when you get a haircut in rural India or hire a driver or babysitter in Bolivia. You can easily buy such services at one-fiftieth the price you would pay in London, Hamburg or Manhattan.

Thomas Pogge

I do worry that we're failing in a whole bunch of fundamental ways to distinguish for our kids between needs and wants. And we're failing to distinguish between production and consumption.

Ben Sasse

A healthy economy is largely a result of a reasonable balance between consumption today and consumption deferred, and it's pretty clear that balance has been ridiculously out of whack for a while.

Adam Davidson

There is no incompatibility between moral clarity and intellectual firepower, between faith in God and humility -- in fact, they're mutually dependent, between a strong conviction that we must go to war and an abundant compassion for any that may die as a result, and between political conservatism and personal decency.

David Limbaugh

Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.

Michael Hudson

The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only party that can pay the debt is the government, because it runs the printing presses. So the debts ultimately either are paid by the government, or they're paid by a huge transfer of property from debtors to creditors - or, the debts are written off.

Michael Hudson

Being vegan or vegetarian isn't just about compassion for animals. Most of the destruction of the planet is the result of all the clear-cutting, groundwater contamination, grain production, fuel consumption, greenhouse gas, viral proliferation - the direct result of livestock production.

William McNamara

For anything worth having one must pay the price; and the price is always work, patience, love, self-sacrifice - no paper currency, no promises to pay, but the gold of real service.

John Burroughs

I shall argue that it is the capital stock from which we derive satisfaction, not from the additions to it (production) or the subtractions from it (consumption): that consumption, far from being a desideratum, is a deplorable property of the capital stock which necessitates the equally deplorable activity of production: and that the objective of economic policy should not be to maximize consumption or production, but rather to minimize it, i.e. to enable us to maintain our capital stock with as little consumption or production as possible.

Kenneth E. Boulding

If income tax is the price you have to pay to keep the government on its feet, alimony is the price we have to pay for sweeping a woman off hers.

Groucho Marx

The production of wealth is the result of agreement between labor and capital, between employer and employed. Its distribution, therefore, will follow the law of its creation, or great injustice will be done.