Wednesday, September 19, 2012

The man who fired Alan Greenspan

Michel Hudson fired Greenspan long ago:"I was a 25 year old economist at the time and he hardly new me at all, so I was the guy that…subsequently became known as ‘the man who fired Alan Greenspan’"
From the Wikipedia entry, he has impressive credentials "Hudson's April 2006 Harper's cover story, “The $4.7 Trillion Pyramid: Why Social Security Won’t Be Enough to Save Wall Street,” helped defeat the Bush administration’s attempt to privatize Social Security by showing its aim of steering wage withholding into the stock market to reflate stock market prices for the benefit of insiders and speculators – and to sell to the pension funds. His May 2006 Harper's cover story, “The New Road to Serfdom: An illustrated guide to the coming real estate collapse,” was the first major national article forecasting - in precise chart form - the bursting of the real estate bubble and its consequences for homeowners and state and local government solvency.[4] The November 2008 “How to Save Capitalism” issue of Harper's includes an article by Hudson on the inevitability of a large write-off of debts and the savings they back."
His 2006 article predicting housing bubble is here. Yet I have rarely heard of him except in some discussions of "Debt" by David Graber. In view of the above history, his current views may be worth considering. Here is an interview with him summarizing ideas of his new book and a discussion in Naked Capitalism
Michael Hudson on How Finance Capital Leads to Debt Servitude

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