Michael Hudson is an economics professor who exposes the fraud at the heart of the modern economy. Link to a recent post on his website 'From WikiLeaks to 20th Century Potato Famine' a 30 minute radio report from Australia. Summary:
Quantatitive Easing (QE), the US Fed money has gone round the world and raises currency levels to the detriment of the host country. e.g. Banks borrow Fed money at 0.2% and send it to OZ to earn 4% plus.
Neo-liberal economics with its plausible but fictional logic is designed to extend the power of the Wall Street bank and insurance industry.
WikiLeaks is hardly a secret cache of information as nearly 1m people are authorised access and maybe many more. He thinks the 'secret' label is largely to stop people printing stuff off.
The past decades of 'low inflation' (i.e. neo-liberal economics) has actually covered a period when wealth has shifted from poorer to richer. Disposable income for most people has dropped. Asset prices including real estate have rocketed benefiting the rich who have seen a doubling of wealth.
Insurance and banking are inextricably linked. A new economics solution is that credit and insurance should be a function of government.
The Latvian economy has seen a 25% GDP drop in a few years; wages have dropped 35%; 12% of the population has gone abroad for work. He says Australians should beware that their economy does not go the same way (see above QE). Beware of Ireland's plight too. Increasingly the Oz population is likley to drop.
China, Russia and other Asian countries are using local currencies between themselves to escape the powers behind the US dollar.
His outlook for 2011 is not hopeful. Latvia and Ireland as early warnings. Anyone seeing through the financial oligarchy that has ruled for so long needs to consider new economic solutions. Look further on his website for real hope.
posted by Charles Bazlinton. Read before you buy ('Look Inside'): THE FREE LUNCH - Fairness with Freedom. There is hope for economic fairness.