Hudson on Debt and Democracy
Michael Hudson has an article appearing in the Frankfurter Allgemeine Zeitung on the history of debt and democracy. For those who can’t read German, Hudson has produced an abbreviated English version. An excerpt:
The idea of an independent central bank being “the hallmark of democracy” is a euphemism for relinquishing the most important policy decision – the ability to create money and credit – to the financial sector. Rather than leaving the policy choice to popular referendums, the rescue of banks organized by the EU and ECB now represents the largest category of rising national debt. The private bank debts taken onto government balance sheets in Ireland and Greece have been turned into taxpayer obligations.
Read the English version here.
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