Saturday, September 27, 2008

Once in a century rip-off
September 26, 2008
The Real News Network

Economist Michael Hudson: The bailout is a giveaway that will cause hyperinflation and dollar collapse

Panic the people, make them think there's an emergency. There's no emergency at all. The debts of the very rich people—you know, it's just in the last five years that the richest 1 percent of the American population have increased their wealth from 37 percent to 57 percent of all the returns to wealth—dividends, interest, and capital gains in the economy, they vastly increased it. They don't want it to go back to normal. They'd like to keep on increasing it. And you can only do this kind of a ripoff—this is a once-in-a-century ripoff, and you can only do this kind of thing under emergency conditions, usually with the kind of bloodshed you saw when Pinochet introduced free markets at gunpoint in Chile. (More ...)

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