This economics professor with a public conscience attempts in this piece to explain to the 99 Percent the stealth strategies that financial elites among the One Percent are using to subject us to perpetual servitude. These strategies are so clever that it is difficult for most of the 99 Percent to understand them. The latter must spend most of their time simply coping with their own problems such as meeting next month's mortgage payment or rent, finding a job, trying to manage a household budget with low pay, raising money to pay a medical bill, along with the usual problems of raising families.
This piece is probably the best effort on Hudson's part to shed light on the class war that is being waged. But, the problem as he sees it is only one part of the system--the financial system comprised of privately owned banks including central banks. The only solution he offers is writing off public debts to private banks and raising taxes on the rich. This is somewhat like putting a band-aid on cancerous skin lesion which is only a symptom of the underlying cancer (capitalism). What we are now witnessing is the final stage of that cancer.
The problem is that the financial system itself is rotten. This has turned today’s class war into a financial war, with the major tactic being to shape how voters perceive the problem. The trick is to make them think that cutting taxes will lower their living costs and make housing cheaper, rather than enabling banks to take what the tax collector used to take. That is the key perception that needs to be spread: cutting taxes leaves more “free lunch” income available for banks to lend against, loading the economy deeper into debt.
...So it’s time to default. Otherwise, Wall Street will turn us into Greece. That is the financial plan, to be sure. It is the strategy for today’s financial war against society at large.