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 2010 Bank of International Settlement (BIS) Report

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PostSubject: 2010 Bank of International Settlement (BIS) Report   Fri 16 Apr 2010, 12:18 pm

They crashed the middle class, now they're going after high-net-worth individuals.

http://michael-hudson.com/2010/04/trouble-in-europe-eric-janszen-interview/

EJ: Let’s start with the BIS report.


MH: I skimmed through it very quickly. It’s
the worst junk economics I have ever read! According to their
reasoning, America will be bankrupt within a year unless it levies a $30
trillion tax on wealth immediately. Wages have to be cut by 90% and
everything has to be nationalized because, by their logic, in order to
pay for a $3 trillion war you need to have a $60 trillion savings
already pre-saved at 5% interest. Let’s extend their logic to the $13
trillion bailout last year. America has to have $200 trillion in order
to yield that much in interest. That’s the logic that they’re applying
to Social Security and Medicare, too. It’s junk logic. The whole idea
that Social Security has to be pre-funded and Medicare has to be
pre-funded with savings levied regressively is hypocritical unless they
say wars have to be pre-funded and bailouts to the financial sector have
to be pre-funded.



EJ: Whom does the BIS represent, in your
opinion?


MH: They’re the lobbyists for the
international financial class. They represent the ultra-right-wingers of
the world standing up for their vested interests—and especially for the
banks—in antagonism not only against labor but also against industry.
Their aim and function is to utterly destroy industry and to impose a
neo-feudal economy.

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David Thoreau (1817-1862)
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