Cherchez la Verite: Michael Hudson: "If it weren't for the military deficit, America would have had to finance its own domestic budget deficit. It's been foreigners that are financing the budget deficit. Now that foreigners are essentially saying, we don't want any more dollars, we're not going to fund your deficit..." "[W]ho's going to fund the deficit if not foreign central banks? The answer is: American labor, the American middle class and working families..."

Monday, December 27, 2010

Michael Hudson: "If it weren't for the military deficit, America would have had to finance its own domestic budget deficit. It's been foreigners that are financing the budget deficit. Now that foreigners are essentially saying, we don't want any more dollars, we're not going to fund your deficit..." "[W]ho's going to fund the deficit if not foreign central banks? The answer is: American labor, the American middle class and working families..."

World Tired of Paying Bill for US Military

Michael Hudson: Major countries looking for alternatives to US dollar

Bio

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971). ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East. Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.