Michael Hudson Interview (4.15.09) on Iceland 1/5

[PortsladeBySea]

What a crazy World. We were told that the bankers fuel our economy...they have got rich but we are now up to our ears in national & international debt. May they rot in hell.

[pallhe]

@MrAlienlovechild Another quote from Mr Hudson: "Iceland is a feudal nobility system that has tried to modernise itself by becoming a kind of post-Stalinist state." I wonder what level of reality Mr Hudson operates on. The truth is that Iceland is an ultra-modern, socially liberal, egalitarian society where class distinctions are relatively minimal. What caused Iceland's banking collapse - in a nutshell - was the Central Bank's tiny currency reserves relative to the size of the banks. Stay real.

[pallhe]

@MrAlienlovechild

Mr Hudson appears to be ill-informed and too gullible towards certain sources. If he thinks that Iceland was brought down because of some connection with "Russian clyptocrats and criminals", he's giving far too much credence to an unsubstantiated story that ran in a Danish tabloid a few years ago. And what's this stuff about imposing "feudalism" on Icelandic society and pushing the economy "back to the 12th century". Purchasing power is back to 2003 levels, not the 12th century

[donques]

of course there will be people saying this is rubbish. you can guess whose side they are on. but if you REALLY DO know anything about it, Mr. Hudson explains things accurately.

[pallhe]

Interesting yes, but if you know anything about it, just rubbish.

[DSamSebe1]

rubbish? not likely...

[StandUp555]

Excellent.

[megawutt]

Very interesting! Thanks for uploading!