Friday, January 25, 2013

Michael Hudson

"Despite the fact that you have productivity risings since World War II, the real economy and your wages have become an S curve, tapering off. What has grown, in keeping with productivity, is the magic of compound interest. This growth in compound interest has absorbed all of the increase in productivity, and it's accrued to the 1%, not to the 99%." --Michael Hudson in the above talk

"Rapacious usury has increased the evil which, more than once condemned by the Church, is nevertheless, under a different form but in the same way, practiced by avaricious and grasping men." --Pope Leo XIII, encyclical Rerum Novarum

"...under a different form..."

Hm, how about that?

Under a different form.

I wonder what that could be.

Under a different form.

1 comment:

Charles Van Gorkom said...

An oblique thought on the subject:

God made the natural world so that we reap a profit from labour within it. We reap what we sow--with a profit. If a farmer plants one seed, he reaps 100 seeds. So it is with evil: if we "sow to the wind, we reap the whirl wind" Compound interest "in a different form?"