A Quote by Michael Hudson
We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can't get rich, ultimately, by going into debt. In the end the creditors always win.
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Avoid debt that doesn’t pay you. Make it a rule that you never use debt that won’t make you money. I borrowed money for a car only because I knew it could increase my income. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
You get rich through luck. You get rich through crime. You get rich through fulfilling the needs of another. You can be as greedy as you like. If you can't do one of those three things, you ain't going to get any money.
You get rich through luck. You get rich through crime. You get rich through fulfilling the needs of another. You can be as greedy as you like. If you can’t do one of those three things, you ain’t going to get any money.
The United State has a net worth against which our debt is a joke ... we wrote in 2008 the United States is going to come out of this recession fast. The Europeans are going to fragment. The Chinese are going to be cremated. Why could we come out of it? Why has all economic theory been proven wrong? Because we're rich and we could afford it.
Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
While other rich people might be like, "Once I'm rich I'm going to go on a vacation to wherever," but instead they just keep wanting to be more rich. It just seems like it would be fun to do whatever you wanted. If I were really rich I would be flying places, I think.
It is a matter of whether one wants to get rich or be rich. We can be rich in Christ Jesus or perhaps get rich in Egypt, but we cannot do both.
It had long been true, and prisoners knew this better than anyone, that the poorer you were the more likely you were to end up in jail. This was not just because the poor committed more crimes. In fact, they did. The rich did not have to commit crimes to get what they wanted; the laws were on their side. But when the rich did commit crimes, they often were not prosecuted, and if they were they could get out on bail, hire clever lawyers, get better treatment from judges. Somehow, the jails ended up full of poor black people.
I think the rich are too rich and the poor are too poor. I don't think the black people are going to rise at all; I think most of them are going to die.
Obviously no one wants to give members of Congress a lot of money, because they barely do anything, and many of them are terrible, but a Congress that is made up of rich-but-not-super-rich people is going to be more corruptible than a Congress of really rich people.
What I think is bugging this guy [Steven Lerner] is the belief that debt - forced debt upon middle-class people, students (i.e., student loans and so forth) - has made Wall Street bankers and financial people excessively, unfairly, out-of-proportionally rich.
Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.
One basic myth is that rich people get wealthy by earning income. But that's not how most get rich. Most of the gains of the rich people since 1945 have been "capital gains".
One thing I know about the rich, being rich, is that you can take money from me and tomorrow, I'm still going to be rich.
We can just as easily have an economy that is based on healing the future instead of stealing it. We can either create assets for the future or take the assets of the future. One is called restoration and the other exploitation. And whenever we exploit the earth we exploit people and cause untold suffering. Working for the earth is not a way to get rich, it is a way to be rich.
The United States is going to be a rich country, it is going to be prosperous, but it is not going to be able to take the lead in the next phase of global economic development.
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