4.7 • 673 Ratings
🗓️ 20 April 2020
⏱️ 44 minutes
🧾️ Download transcript
Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a "bailout" but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders.
Max Blumenthal and Ben Norton discuss the systemic financial scam with Hudson, who shows how the economy actually works, with the Federal Reserve printing money so rich elites don't lose their investments.
VIDEO: youtube.com/watch?v=N-8m5fBbLgQ
TRANSCRIPT: moderaterebels.com/transcript-us-coronavirus-bailout-michael-hudson
PART 1 OF 2
Part 2: "How the US makes countries pay for its wars: Economics of American imperialism with Michael Hudson"
Michael Hudson's website: michael-hudson.com
(Interview recorded on April 13, 2020)
Click on a timestamp to play from that location
0:00.0 | Just think of when in the debates with Bernie Sanders during the spring. |
0:07.0 | You had Biden and Klobuchar, or Klobok, keep saying, you know, what you're saying for Medicare for all will be a trillion dollars over 10 years. |
0:20.0 | Well, here the Fed can create |
0:21.6 | one and a half trillion in one week just to buy stocks. Why is it okay for the Fed to create one |
0:29.3 | and a half trillion dollars to buy stocks to prevent rich people from losing on their stocks |
0:34.9 | when it's not okay to print only a trillion dollars to pay for |
0:40.3 | free Medicare for the entire population. |
0:42.3 | This is crazy. |
0:44.3 | The idea that only the rich should be allowed to print money for themselves, but the government |
0:49.3 | should not be allowed to print money for any public purpose, any social purpose, not for medicine, |
0:55.5 | not for schools, not for personal budgets, not to bail out, not for employment, but only |
1:02.1 | to give to the 1% people hesitate to think that. |
1:05.9 | They think it can't possibly be this bad. |
1:09.0 | But those of us who've worked on Wall Street for 60 years in my case, that's what the numbers show. |
1:15.6 | And that's why you don't have the media talking about actual numbers. |
1:20.6 | They talk about, you know, just words. |
1:23.6 | They use euphemisms, and it's the kind of Orwellian vocabulary describing an inside-out world |
1:31.0 | that they're talking about. |
1:33.0 | I'll never apologize for the United States of America, ever. |
1:37.0 | I don't care what the facts are. |
1:40.3 | Why are we going to sit down and talk to these, quote-unquote, moderate rebels? |
1:43.7 | Who are the truly moderate rebels? The search for the moderate rebel. Do these moderate rebels exist? |
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