Economist: The Financial System Is Broken And Corrupt. Big Banks Are Crime Gangs. Obama Is Backing De-Criminalization Of Fraud, And Doesn’t Want To Create Jobs, But Instead Wants To Reduce Wages By 30%

The Financial System Is Fundamentally Broken and Corrupt

Prominent economist Michael Hudson explains that the financial system is so fundamentally broken and corrupt that the message of the Occupy Wall Street protesters can’t be reduced down to a handful of “technocratic fixes”.

Hudson also said:

  • Bank of America, Wells Fargo and Citibank are crime gangs (Background)
  • Obama is backing de-criminalization of fraud (Background)
  • Obama doesn’t want to create jobs; instead, he wants to reduce wages by 30% (Background)
  • Geithner is just a bank lobbyist, and shouldn’t be in charge of treasury (Background here and here)

Note: Michael Hudson is a highly-regarded economist. He is a Distinguished Research Professor at the University of Missouri, Kansas City, who has advised the U.S., Canadian, Mexican and Latvian governments as well as the United Nations Institute for Training and Research. He is a former Wall Street economist at Chase Manhattan Bank who also helped establish the world’s first sovereign debt fund.

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