On the Edge with . . . Michael Hudson (1/2)

[StraussBR]

hudson is fucking briliant

[evimba]

fuck your unions - soviet or european, or states of america!

fuck your imperialistic way of thinking and worlds order!

fuck your money fonds, bank webs un fuck your any plans you have for Latvia!

fuck your finance plans and prognoses about what's gonna happen in Latvia,

because you don't know nothing about Latvian people and you have no idea how much power this nation have! some generations will change in freedom and your union and kingdom kids will work for us.

WE WILL MAKE THE HISTORY!

[christophercredit]

HUMANITY LOVES TRUTH!!! THANK GOD FOR TRUTH TELLERS!!! SAY IT LIKE IT IS MY BROTHERS!!!

[alecfromelatvia]

History repeats itself. If you want to be independent-just be! No need in west, east, IMF. Stay were you are. NATO, EU-exploiters. Russia to the less extent!

Lachausis - you are naive and pro western thinking.

[alecfromelatvia]

Latvia screwed and dumped by west wouldn't mind to be laid again by RUSSIA! As there would be no choice! Not now, from the end of decade, Russia will take time. NATO PROTEXION-IMPEREALIST FICTION! Latvians-NAIVE PESANTS hoping to be treated equal by west. In reality-used and abused. Russian influence getting stronger as it interested in local ports.

[Lachausis]

Hadson, you FUCK! You are talking about greed of IMF, but at the same time here in Latvia you are advising a Kremlin supported Russian 5th column imperialist political party, which aims to destroy sovereignty of Latvia. Thanks a lot... for NOTHING!

[alecfromelatvia]

@Lachausis Today Latvia fucked up complitely. Recession spiral and 'strong' currencie LAT which IS stable as a result of austerity and IMF money. Local economy and social securities? GONE... Recession, foreclosure, shadow economi thriving, families leaving. As Latvia has never implemented Hudson's program due to corruption, local stupidity and IMF and EU pressure. SweedBanksters happy. One day SO CALLED LATVIA I BET END UP in MOTHER RUSSIAS mighty HUG:) Lachausis - MORON learn history!

[alecfromelatvia]

@LachausisI said - exactly this ''Stay were you are. NATO, EU-exploiters and russia to the less extent!” Means all exploiters are no good... American empire much better than Russia? EU eager to hear Latvian point of view and help our economy? I vote against joining EU and I am Latvian citizen. Latvians are very naive and thinking rather like bunch of peasants. We joined EU and NATO! Any GOOD!!!??? Country destroyed by IMF banksters. Was there much help from EU? You naive…

[alecfromelatvia]

Now Latvia fucked up completely, recession spiral and 'strong' currency LAT which IS stable as a result of austerity and IMF money. What about local economy and social securities? GONE! We deal with severe recession, foreclosure, and thriving shadow economic, families leaving the country. Latvia has never implemented Hudson's program due to corruption, local stupidity and IMF and EU pressure. SweedBanksters happy! One day SO CALLED LATVIA I BET END UP in MOTHER RUSSIAS mighty HUG :)

[alecfromelatvia]

@Lachausis Latvia screwed and dumped by west wouldn't mind to be laid again by RUSSIA! As there no choice! Not now, from the end of decade(takes time;)NATO PROTEXION-IMPEREALIST FICTION! Latvians-NAIVE PESANTS hoping to be treated equal by west. Reality-used and abused. Russian influence getting stronger as it interested in local ports. History repeats itself. Lachausis-if u want to be independent-just be! No need in west, east. Stay were you are. NATO, EU-exploiters. Russia to the less extent!

[larkysnake]

"Einstein said that nationalism is an infantile sickness, and if we don't evolve past nationalism, we are all basically doomed."

Bravo! This is what people in Latvia, where nearly half the populations are Russian, are trying to do now. But... most gonna die in national hate. Human life span is somewhat short to manage to admit past mistakes made in the same generation.

[darkdante14]

The only ones who are responsible for economic crisis in Latvia are politicians with their bribes and money which they stole from country using laws that are against our constitution. People can't do a sh*t because police officers, judges, every big players are corrupted. And while honest people are dying from starvation, EU and the rest of the world are blinded by statistics and charts that are made by the very same corrupted politicians.

[23580578H]

too bad ,,evil bankers need a kick in the a___s

[MarquisdeBarrabas]

Latvia joined the European Union to compete with Germany and other rich social democracies on wages and prices. I remember reading laudatory articles in Times magazine saying how well the Baltic countries were doing and proving the old social democracies obsolete.

Now the scammer gets scammed and I'm supposed to feel sorry for them?

Please.

[FreeAgain2]

If Banks have made BAD loans - Banks will have to take the hit.

If you are in Latvia - and owe banks money - and can not make the payments - send the asset BACK to the Bank and let the bank take the loss. They are big boys and can handle it.

Latvia should Lower tax rates for all companies that hire workers to entice small faster companies to town. Avoid the "single issue" tax breaks.

The EU wants the Baltics to be cheap labor - like mexico is for the US. FIGHT THAT!

[Tressco]

That's typical, global WTO/IMF/Worldbank politics.

Nicely described 2003 in Michel Chossudovsky's "The Globalization of Poverty and the New World Order".

[dairix100]

aMerica F**K OFF

[SrDancho]

total bulshit!

when they want to close hospitals is because it is remains of the comunism times when we had 2 times more medical personal than USA it is still true today. Why EC is not treating same way Poland Chech or Bulgaria? Baltics screw up and there is no easy way out of their mess.

This is total bulshit and american propaganda to brainwash some lost soul for the idea of the bad EC and good IMF and World Bank, tools of te american imperialism. Patetic!

[chegis1]

I live in Latvia and I can tell you that its not the case, we actually have a deficit of medical workers, because all of them emigrated in search of higher wages. there are no young nurses, the average age of medical personal is ~50

although I agree that IMF and World Bank are tools of global corporative imperialism, it is not limited to USA. EC also is a tool for the globalists who seek the destruction of world economies.

[dzonikg]

Similar thing happen in Serbia.Standard of living was 10 times higher before 1990!Only 10% of capitalism contryes are rich and they live expolating else 90%.Now Serbia who was reacher then 95% of capitalist countries is soucked by big western companies.

[MarquisdeBarrabas]

Except Serbia is not in the EU, so that gives the Europhobes and other tin-foil hatters no ammo, so to speak, quite on the contrary.

[Igor707]

MarquisdeBarrabas: "Except Serbia is not in the EU, so that gives the Europhobes and other tin-foil hatters no ammo, so to speak, quite on the contrary."

You don't know what you are talking about! Serbia is governed by ultra-pro-western parties (DS/G-17+/SPO...) which came to power after CIA led and Soros sponsored colored revolution (so called "yellow revolution") in 2001. They do whatever EU bureaucrats tell them to do. Serbian government does not even pretend to be independent!

[Igor707]

Parties in the Serbian government admit even publicly that they do whatever EU and IMF tells them to do and say that there is "no alternative for Serbia other than EU". Of course they do not want even to think about any alternative to EU.

The current government in Serbia was formed by US/UK/German ambassadors in Serbia who (implicitly) threatened the country with economic isolation and sanctions if Serbia does not get the government they want!

[Igor707]

The same is the case now in Ukraine which is governed by the pro-western parties which came to power after EU and Soros financed so called "orange revolution" in 2004. And just like in case of Serbia in Ukraine too the pro-western puppet government was doing whatever EU and western imperialists told them to do. Results? Just like in Serbia in Ukraine too there is an economic collapse!

However Ukraine is now changing its course after the new presidential elections.

[maria610421]

@Igor707: The same thing is happening in Italy, Romania, Spain Portugal, and Iceland, Spain, Greece, and France, and I think The UK will be next. I think the Zionist have nearly acheived the N.W.O. and Iran is the only one who is holding out.

They are saying you either come on board give us your country or we will take it by force.

[TheBigCollapse]

Seems like what Latvians need to do if they ever want to get out of this scam perpetrated by the banks is another populist movement.

They did it once, the second time should be much easier. Unite, tell Sweden and Germany to go jump in the lake, and be done with them!

Now it is so crystal clear why loans were so easy to get prior to the collapse. The banks understood they would get paid no matter what happened. Shockingly sad, except for the banking moguls.

[TheHorsenation]

I hate the EU, and the international banking cartel criminals

[anolmec]

looks like the bankers want the whole "free" world living on a reservation

[freeoriginalsongs]

Get in bed with the Capitalists and you'll get screwed every time.

[Krampfarsch]

the current system and what brought us this mess has nothing to do with capitalism.

[MarquisdeBarrabas]

The current system has as much to do with capitalism as the Soviet Union had to do with communism.

[kricke243]

What if the banks just didnt understand the economic fundamentals? Most jobs were in the service sector, not in real wealth producing (exportable) jobs. The service sector was fueled by the loans. If the banks just looked "yes you have a job, and income, you can handle the loan" on an individual basis, they didnt realise that it was impossible, on a national scale, to repay the debt while running a trade deficit. It was in essence a ponzi scheme. When credit tighten, it blowed. Or?

[chena3]

ahhhhh

the old

debt peonage

play

take their donutz

leave them

the holes.....

[freedomfighterone]

The IMF, the World Bank, the Bank of England, the Eurpoean Central Bank, the Federal Reserve and the Bank of International Settlements are all criminal banks controlled by the Zionist New World Order. These criminals are bringing down Europe and America. Don't take any loans from these bastards.

[Finnbar01]

Obviously the Swedish banks didn't learn their lesson during their own banking crisis in the 1990's.

[bleveland]

O yes they did! They learned that whatever foolish they did the state would save them far prior to anyone or anything else. This became very beneficial for them since they took a lot of property as security for loans and kept that within their own real estate companies. These properties were sold of when the market again became hot often with extreme profits. They only couldn't do it that obvious again in Sweden, so they went just over the Baltic sea and.

[telkines]

International Banksters Scum Club (European Union and European Central Bank in alliance with the FED, Federal Reserve) seeking to destroy all economies of the Eastern Europe and Russia.

[Lachausis]

Russia on the contrary is trying to destroy Latvia. Old imperialistic grudge. We are in the middle of shit

[tenagliac]

Devaluation ? Aren't they all using Euros ? Or is a Latvian Euro different than a German Euro ?

[imigrantpunk]

No, Baltic states still have their own currencies. They did not qualify as of yet to get the euro.

[rrreger]

Lats, not euros.

[bleveland]

To a great extend I do not dispute the story Hudson tells us here. But Latvians with euro loans given by Swedish banks still gain enormously in terms of extremely low interest rates. So without devaluation no harm is done to many. Keep in mind that NO ONE ever forced a Latvian to put a signature on the mortgage agreement! Also Latvians are to be blamed for irresponsible lending & should take their part of the down side. Again: Latvian state taking over Parex & billions in debts started it all.

[offsprng46]

No. No one should have to take part in the so-called "down side" except the banksters and gamblers who made foolish loans - and all that really means is prohibiting them from stealing any more from productive members of society.

It is a crime against humanity to make real people suffer in order to save fictitious paper "assets." Governments which do so are not legitimate governments at all.

[bleveland]

In this case ignorance is a crime as well.

[bleveland]

Latvia is clearly suffering from the "Soviet syndrome" which basically means that they NEVER stand for their own flaws. Always someone else is blamed. A Latvian (that includes the so called Russian minority) is never guilty. Meanwhile the Latvian political elite uses the situation and bombs the population with their propaganda which of course states that Swedish banks are to be blamed. Instead it was a handful of Latvian oligarchs that ruined the country

[bleveland]

But we can easily agree on the fact that Swedish banks as well as other foreign banks are guilty as hell for taking advantage of the situation.

I am amazed by the stupidity of many Latvian citizens. They understood perfectly well how to get to a bank in order to get the money for their luxury consumption, but they do now claim they didn't have a clue what a loan was. Yeah, sure. Mind also that local bonus chasing bank employees were merely Latvians.

[Bonkajs]

nope.

me for example - i bought car. Actually bank paid for car and now i just pay to bank that money back. BUT when i bought it my wage was about 2/3 higher then now and nobody...NOBODY!!!.. from bank warned me that price for my car is too heavy or economical situation can be easily dropped in near future.

[TheBigCollapse]

Latvians didn't have a clue. They lived in the Soviet system for 50 years, and weren't savvy to how the capitalists operate. Now they know, you can believe that.

Latvians are some of the nicest people in the world, and these vampire bankers preyed upon them.

Go back to your ivy league school and study how to justify greed through capitalism. It's easy, they teach it in every course. How did you miss it?

[freedomfighterone]

That IMF deal is modern day slavery for Latvia.

[telkines]

IBSC (International Banksters Scum Club) : European central Bank plus Federal Reserve to destroy all economies of eastern Europe and Russia.

[MarquisdeBarrabas]

The IMF pushes for privatisation, cut backs in wages and the public sector, you'd think the free market drones would love it.

[oiuoiu988]

while i dont agree that the latvians should pay the swedish banks for houses they do not want or be on the hook for the debt, i do think the recommendation of closing down STATE RUN schools and hospitals would be a tremendous victory for the latvian people. i would recommend closing the schools as soon as possible and slowly phasing out the hospitals with an eye towards erring on the side of caution. if there is demand among the latvian people for education and health care, it will... cont.

[oiuoiu988]

it will be provided by the latvian people. the trick in this privatization process seems to be having the patience and confidence in the latvian people's ability to provide education and health care to keep the multinationals at bay but i believe im not the only person who notices this. i believe the trend will be to avoid using foreign companies in the absense of state services. things will get bad and some countries will look to multinationals, some will even relapse back into nationalization.

[ejbh3160]

dismantle their farming?

meanwhile there's a report out today that says Britain MUST accept GM crops or face starvation by 2050!

The IMF & world bank have destroyed the 3rd world's chances with this same ploy & their debt will NEVER be paid off.

Loans to buy weapons but not for industries or farming or schools etc

Its time to put ALL these banksters (& their 'pocket' politicians) in jail, seize ALL their (our) money back & start afresh with a sound 'world' trade currency & strict REGULATIONS.

[offsprng46]

The bankster scum and their IMF minions WILL be brought to justice for their crimes against humanity.

[shoeman3434]

Coming to the USSA ASAP.

[MustacheVerra]

Thanks Max ans thanks to Mr. Hudson for explaining all this.

[harveybirdmannequin]

I don't feel sorry for any Soviet Republics that believed the Western propaganda.

"Join us. We'll protect you from big, bad Mother Russia. Communism bad. Democracy good."

You can pick your master but you're still a slave.

The same is true for states that look to the USA for protection. I'm looking at you G7 nations, South Korea, Taiwan, Israel, Australia, Czech Rep., Poland, etc.

Don't think protection comes cheap. It's just like prison. Kick someone's ass the first day or be somebody's bitch.

[RoberTastic]

Very true -- Turkey repelled the Brits and French in the battle of Gallipoli, and Istanbul is probably the 4th or 5th largest economy in Europe. Be in charge of yoru destiny or suffer

[telkines]

Global Crisis:

International Banksters : 3

Ordinary mankind:  0

[TerryPettie]

The spiritual war begins when China crashes the dollar on the FOREX!

Humanities' Gods will fail them by not coming in the clouds and saving them. Humanity will be forced to prove its current definitions of God is wrong.

This introspection will lead to all life on Earth manifesting and sustaining a Commitment to Love.

Welcome to the global Love-based Society!

[Freemarketeer81]

Hmmm are you joking?

[telkines]

International Banksters Dinasties: from the Banksters Templars and Masonic  to the Banksters of European Union

[telkines]

International Banksters strikes Again!

[AFRIKTODAY]

"Struck" again!

Yea, that's right! The sheer evil of these people is beyond rational understanding. All these little baltic Nations will soon wake up wishing for Leninism and calling for Russia to save their asses! They thought they were escaping the Russian Bear, not knowing that they were embracing the European shark. You can only count on yourself! That's the lesson for all these countries seeking alliance with shadowy power blocks!

[9656311]

Don't joke about Soviet times. This is NOTHING campared to that. You should see the movie Soviet Story by Latvian director Edvins Snore. West Europe mostly have no idea what happened then.

[AFRIKTODAY]

Dude, chill! Nobody is joking about anything! My point is that Nations should seek to be independant from power blocks and international agreements for there always entity within the structure that benefit on the back of the others. Why would the French and german support the UE if not to use the others poorer and weaker Eastern european countries?

[9656311]

Ok, ok, but no latvian is going to wish for Leninism, that's for sure.

Thing is that most of latvian politicians are russian ass lickers. If not EU, then Russia, and I chose EU. We can't be on our own right now, thou I would personaly like it the best. A lot of people are afraid at the moment that Russia is going to "defend" their people in Latvia in the same way as in Georgia, that we try to hide behind our pimps, thou they beat us too.

(Sorry for my bad english)

[Lachausis]

Shut it. If you don't know what you are talking about, don't speak at all. Russia is no better. In fact, we were better off alone. Screw Russia, USA and EU.

[bigdad06]

Pirates of the Caribbean 3. The pirates (Latvians) are finally singing. The economic war is finally at worlds end and the Chinese have nine pieces of eight! The return to the gold standard! HAHAHAHAH!!!!

[kricke243]

Can someone explain this "just send in the keys".

So I should get to speculate on housing and not taking any risk? If price go down, I just send in the collateral to the bank. If price go up I keep the profit? Or do you mean I would get a margin call on the house, like on a leveraged share, and have to meet that margin or move out? Not allowed to keep living in the house, even if I can and willing to handle the intrest rate, just because the market value has fallen?

[thefutureanotherday]

No, I don't think you get a margin call. As I understand it you can "send in the keys" anytime. You then lose the house, of course, and your credit score fall. Actually there is a big rise in prime mortage defaults now, but that's not because people can't pay. Google: prime mortgages deliberate strategic default

[thefutureanotherday]

Swedish people are fucked as well. The same lending rules applies to swedish lenders. The swedish banks lent about 500 billion swedish kronors to the Baltic people. They have lent 2553 billion kronors to the Swedish people, where about 1405 billion kronors are house/apartment mortages. When Latvia goes down Sweden goes down with it.

[kricke243]

Swedes dont take loans in EUR, but in SEK. Also, Sweden have a 15-20 times bigger trade surplus (per capita) than China has (= savings). Latvia had a trade deficit. Swedens problem look more like Chinas problem (savings gone), and Latvias more like USA/Britain (can't repay)

[RoberTastic]

Latvia: please default - screw west europe banksters

[jryan1971]

Swedes are the worst people on Earth. I've always said that.

[elbuggo]

jryan1971 - Never heard that before.

[pretorious700]

apparently you've never been to Venezuela

[mreisma]

how much percent did he say real estate prices dropped in latvia?

[rikestard]

75%

[orangeShoez]

ha ha, so true!!!!

[lloydmer]

Not a surprise.  IMF is pure evil. The Shock Doctrine by Naomi Klein proved it.

[MarquisdeBarrabas]

The Shock Doctrine is an excellent book, though it's hardly ground-breaking in exposing the capitalism-pushing IMF...

I agree with you on your main point.

[SouthFacedWindows]

Mr Hudson. Hats off to your for speaking the truth in this age where lies is told by the most economists to inflate their pockets.

[chegis1]

I'M FROM LATVIA, this guy is right. too bad my government isn't listening to him, IMF and EU (and their puppets in our government) are destroying the economy and living standard of my country.

[SouthFacedWindows]

Time to preserve your wealth. Buy gold n silver bro.

[MarquisdeBarrabas]

Yes, it's the IMF and the EU, not you greedy self-serving bastards.

[Lachausis]

They are not our government, they belong to whatever else - Russians, EU, USA etc. I always said to vote for nationalists, but NOO, they had to scream fascism. We will wake up, when our nationalism will. Otherwise we will be like a child in the puddle of mud

[TheBigCollapse]

With this, I cannot agree. Einstein said that nationalism is an infantile sickness, and if we don't evolve past nationalism, we are all basically doomed.

[orangeShoez]

i am from latvia, all i can say is, we are in deep shits!!!

[AngriestAmerican]

its ok Orange,,,we are screwed in America also..

learn about liberty, and spread the word my friend,,,,

[Lachausis]

In Latvia it's different. In our country the word liberty is translated as nationalism. The lack of common sense and compassion for fellow countrymen from the oligarchic government is the reason, why we failed + other reasons. Had the national awakening movement gained the upper hand already at the beginning of the 90's, it would have been different now.

[TheBigCollapse]

I agree with your insights. Well said.

[BITARTEN]

The western bankers are criminals and their "democracies" are hoaxes. Now Latvia is looking what EU really is.

I supose Spain will be soon something like that. I am from Spain...

[RichardD42]

The lender has no responsibility. Naturally.

[NowisEvollovetion]

Those SWEDE'S that committed these crimes against the people of Latvia are a DISGRACE.

This was nothing less than the financial entrapment of an entire nation.

Latvia was obviously very inexperienced as to the way of the WESTERN 'PARASITIC' BANKING SYSTEM.

[SouthFacedWindows]

European Union is Evil. Mostly comprised of western European countries. They want to make the east part slave.

[NowisEvollovetion]

From the looks of this they want to make the east  ALL SLAVE, never mind part slave.

Don't worry these Evil Bastards will soon be getting what is coming to them.

Best Wishes.

[poodle559]

pure take over

[stuntpea]

Truely shocking!

It's like what happened in Argentina. A total plundering of a sovereign country.

[marniespeaks]

Bravo Michael Hudson!

They want to reduce the population for their own ill goten gains.

This is nothing short of Financial Darwinism

Sounds like the Sweds and Germans want to pick up were they left off after WWII

In the US we have everything we need, land minerals, and a pretty good work ethic, the only thing we lack is oil; unless we invade Mexico, but we have technology

We don't need the rest of the world, we are self sufficient

[LastReplaySC]

we, we ,we ....... are you self sufficient ?

if not, then you dont count to the "WE"

[marniespeaks]

as a country we are, as a people we hate each others guts and that will be to our ruin

[DeanoWD6]

This is UNBELIEVEABLE - I think Latvia is the trial run for the serfdom that is going to be unleashed on the rest of the world. Ireland watch out, you're probably next!

[diogeneslaertius666]

i think you are correct

[telkines]

The IBSC seek to destroy all economies of modern world, eastern europe, russia, ireland, spain, united states... IBSC (International Banksters Scum Club: European Central Bank and Federal Reserve)

[MaxZagar]

The bank really took the risk for giving the loan to the customer. The collateral is the ultimate payment for the banks, as that is the natural, logical and practical agreement. Let the banks suck their tums.

[leninstreet]

The Swedish banks where completely irresponsible. Even here in Sweden they pumped up the real estate industry. The management should be fired and the bank themselves nationalized.

[luciodelgado]

War in the horizon!

[diogeneslaertius666]

thats what they want.

and we cannot give it to them.

war will only make the profiteers more money.

[MarquisdeBarrabas]

Great comment diogeneslaertius, very prescient.

[MilitiaContraCivil]

Not the old world nono

If they did this money trickery in medievel times or rennaiscence there would not be one work of art produced, not one cathedral built.

this just has to do with a world of the abstractions of persons that are now subjects, beauty now an opinion, vision is too expencive, and rich and banks now investors to get more money on money stacked on money. reality and vision has left us as soon as modern philosophy kicked in.

[eyewitness043]

Love the golden neck-tie!

Nice touch.

[RCinPAWA]

Want to know more about the IMF? Watch the documentary, "Life and Debt."

The IMF is even better than the Federal Reserve at stealing people's money and turning them into serfs.

[order9066]

Thanks for sharing the "Life and Debt" comment, I'd never seen it before. Good stuff!

[RCinPAWA]

You're welcome.

The only way to be safe from bankers is to be debt free.

[wcarlpdrysdale]

the old world order.

[DavidAKZ]

which country is next ??

[NibiruMagick2012]

Here we go