georgephillip
Diamond Member
According to Michael Hudson, QE doesn't live up to its cover story of relieving unemployment by encouraging banks to lend money to companies to invest and build equipment and hire people.
"But that's not what banks do.
"Banks lend money to real estate.
"They lend money to corporate raiders.
"They lend money to buy assets.
"They don't lend money for companies to invest in equipment and hire.
"Just the opposite.
"They do lend money to corporate raiders, and when they take over companies, they outsource labor, they downsize labor, and they try to squeeze out more from the labor force, and they try to grab the pensions."
Quantitative Easing for Whom 1 2
"But that's not what banks do.
"Banks lend money to real estate.
"They lend money to corporate raiders.
"They lend money to buy assets.
"They don't lend money for companies to invest in equipment and hire.
"Just the opposite.
"They do lend money to corporate raiders, and when they take over companies, they outsource labor, they downsize labor, and they try to squeeze out more from the labor force, and they try to grab the pensions."
Quantitative Easing for Whom 1 2