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Articles by Michael Hudson

Living with Price Above Value

19 days ago

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An interview with the Positive Penger group.
Jussi: So welcome all and welcome Michael. Good to have you here again. How are you?
Hudson: It’s good to be back.
Jussi: Our pleasure as usual. Let me just introduce you shortly first. I think most people know quite a lot about you. I’ll make it short. You have been an advisor to governments, warned correctly about the debt crisis in Latin America and the great financial crisis 2008. You worked on Wall Street as an economist. One of your assignments was to calculate how much it was possible to indebt Latin American countries so all their export income was used to pay interest on loans. Another way to put it, how much can you put these countries in debt. As an associate at Harvard you led research into

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Moving Beyond Dollar Hegemony

26 days ago

Understanding of the dollar’s world role is dominated by the ideas of ‘dollar hegemony’ and ‘US hegemony’. In this paper, based on our extensive past work, we reveal how these ideas are ideologies, not theories. In their place, we reveal an understanding one that is theoretically sound and accords with the historical record, a geopolitical economy of the international monetary system of modern capitalism. We begin with a theoretical outline of how money operates under capitalism. We then consider how capitalism needs world money and, at the same time, makes its stable functioning difficult. We then go on to trace the fundamental instability of the modern international monetary systems based on national currencies of dominant countries, from the gold standard to the

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Finance Capitalism versus Industrial Capitalism: The Rentier Resurgence and Takeover

26 days ago

Published by Sage Journals
Abstract
Marx and many of his less radical contemporary reformers saw the historical role of industrial capitalism as being to clear away the legacy of feudalism—the landlords, bankers, and monopolists extracting economic rent without producing real value. However, that reform movement failed. Today, the finance, insurance, and real estate (FIRE) sector has regained control of government, creating neo-rentier economies.
The aim of this postindustrial finance capitalism is the opposite of industrial capitalism as known to nineteenth-century economists: it seeks wealth primarily through the extraction of economic rent, not industrial capital formation.
Tax favoritism for real estate, privatization of oil and mineral extraction, and banking and

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Surprise: Corporate Junk Before Students?

May 25, 2021

Why is the Fed buying corporate junk bonds and debt but won’t buy out student debt? Michael Hudson on theAnalysis.news with Paul Jay.
Paul JayHi, I’m Paul Jay. Welcome to theAnalysis.news. Thank you to everybody who has clicked the donate button. And if you haven’t, maybe you might do it this time. If you’re watching on YouTube or our website, click the share button and subscribe and we’ll be back in a second with Michael Hudson.
U.S. household debt climbed to a record high of fourteen point six trillion dollars at the end of 2020 as mortgage debt surpassed 10 trillion for the first time. Now, the GDP of the United States is only around 21 trillion. Americans owe over 1.71 trillion dollars in student loan debt spread out among 44.7 million borrowers. That’s about 739

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The World’s Absentee Landlord

May 13, 2021

In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency.
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Transcript
Ben Norton 0:03
Hello everyone, I’m Ben Norton. You’re watching Moderate Rebels. And there will be a podcast version of this after, for people who want to listen. We are joined today by the economist Michael Hudson, one of the most important economists in the world, honestly, in my view.
I don’t think he needs introduction. He has written many books, and has been an economic adviser for multiple governments, and has a long history on Wall Street and

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A choice between yes please and yes thank you

May 12, 2021

The Radical Imagination episode with guests Michael Hudson & Jonathan Wilson-Hartgrove: April 21, 2021 (transcribed May 3, 2021): 
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Jim Vrettos:
 So, Michael, Jonathan. Thank you so very, very much for being here. Jonathan, you’re from… We’re looking at you from North Carolina there and Michael is in Queens. You’ve both had tremendous influence in your respective fields. Spiritual economic activist and so on. What do you make of the contradictory statements in the news, particularly… particularly… Let’s start with the idea of the movement by the Biden administration given parameters of its neoliberal roots. Do you believe that they have the commitment and vision commensurate to Roosevelt’s build of economic whites in 1944 and the attempt to broaden the

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Christian Nationalism’s Re-branding of Jesus

May 4, 2021

[unable to retrieve full-text content]An interview on The Radical Imagination with Pastor Jonathan Hartgrove and host Jim Vrettos. Photo by Jacob Bentzinger on Unsplash
The post Christian Nationalism’s Re-branding of Jesus first appeared on Michael Hudson.

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The Honest Sector

April 29, 2021

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TranscriptJussi: Welcome Michael. I just give a brief overview of the agenda and then I get back to you with a few questions.
I just show you this picture, what we want to do today is this: Today we will get a long-term view on money debt and the economy, including the different power struggles over the ages. We start from 2400 B.C. until today. It goes through Babylonia and Sumerian time to biblical times, Roman and medieval banking, to today. That’s a quite big thing to cover but we have the right man with us: Michael. I just say a few words first.
Michael has been an advisor to governments, he is an expert on financial and real estate markets and actually history too of debt and money and the economy, which is the reason why he is here today. He

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Macau Lectures on Super Imperialism

April 23, 2021

The first lecture at the prestigious Southwest University, Chongqing, China:
[embedded content]Global U, youtube channel, posted on 21 April 2021, video, Wen Tiejun’s account of Michael Hudson’s Ten Lectures
Global U weixin channel, an account of Hudson’s Ten Lectures.
Global U weixin channel, article, Hudson’s talk in Macau
Michael Hudson’s Ten Lectures in 70 sections(First 6 sections are for free viewing. As of 22 April, 10pm Beijing time, 44,000 people have viewed the first video released on April 21, and 8,000 have viewed the second video released on April 22.)

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America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism

April 15, 2021

Nearly half a millennium ago Niccolo Machiavelli’s The Prince described three options for how a conquering power might treat states that it defeated in war but that “have been accustomed to live under their own laws and in freedom: … the first is to ruin them, the next is to reside there in person, the third is to permit them to live under their own laws, drawing a tribute, and establishing within it an oligarchy which will keep it friendly to you.”[1]
Machiavelli preferred the first option, citing Rome’s destruction of Carthage. That is what the United States did to Iraq and Libya after 2001. But in today’s New Cold War the mode of destruction is largely economic, via trade and financial sanctions such as the United States has imposed on China, Russia, Iran, Venezuela

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Dream House, Nightmare Mortgage: Carry on!

April 7, 2021

An interview with Australia’s Renegade Economists.
Karl: Listeners, it’s time to discuss with Professor Michael Hudson, the author of ‘The Bubble and Beyond’, ‘Forgive Them Their Debts’, ‘Super Imperialism’ and so many others. We’re lucky to have Michael with us yet again to continue our series of interviews and, Michael, here we are where, in Australia at least, we’ve made it through COVID, America is still being whacked by it. But our central banks, they’ve really put a lot of pressure on society, it seems like the mainstream economy is struggling, but Wall Street’s powering ahead and sitting behind that, of course, is the real estate market, which is also booming.
Yes, society’s economic fragility, it’s been weighed down by high land prices and record high debts,

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What Flavour Oligarchy?

March 29, 2021

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Ibrahima: Good morning or good evening, depending on where you are located and welcome to the Henry George School. My name is Ibrahima Drame and I’m the director of education. It’s a great honor to have you with us today for another joint webinar co-organized with the International Union for Land Value Taxation with two great thinkers, Professor Michael Hudson and Pepe Escobar to discuss the emerging economic world order.
I ‘d like to thank Michael and Pepe for accepting to share their ideas with us my friend Alanna Hartzok co-founder of Earth Rights Institute, who will be moderating the session this morning. So, before I hand it over to Alanna, I’d like to ask all attendees to keep muted until we open the Q&A session. And of course, in the meantime,

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Removing The Debt Barrier To Economic Growth

March 15, 2021

Michael Hudson and Paul Craig Roberts
Cross posted from Paul’s site.
Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press.
We have explained that the indebtedness of the population means there is little discretionary income with which to drive the economy. The offshoring of middle class jobs lowered incomes, and after paying debt service—mortgage interest, car payments, credit card interest, student loan debt—Americans’ pockets are empty.
This situation has been worsened by Covid lockdowns. In the US the federal government has sent out a

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The Democrats Role in Distracting with Identity Politics

February 22, 2021

Vrettos 2021The Radical Imagination episode February 10, 2021
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Vrettos: 1.  We’re waiting to see how the rhetoric of the new Biden administration will play out in actual policies.
Hudson: Biden’s long political career has been right-wing. He’s the senator from Delaware, the country’s most pro-corporate state – which is why most U.S. corporations are incorporated there. As such, he represents the banking and credit-card industry. He sponsored the regressive bankruptcy “reform” written and put into his hands by the credit-card companies. As a budget hawk, he’s rejected MMT, and also “Medicare for all” as if it is too expensive for the government to afford – thereby making the private sector afford to pay 18% of US GDP for health-insurance monopolies.

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At the Oxford Economics Society

February 4, 2021

22/01/2021
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Oscar Brisset:Welcome to the first event of the Oxford Economics Society for this academic year. I’m Oscar, the Co-President of our society, and I’m glad to welcome you back for another term of exciting discussions. Although we were hoping last term to be back in-person by January, due to the worsening Covid-19 situation in the UK our events this term are going to remain online, so that everyone at home can still participate.
A new year calls for new resolutions, and our society’s resolution for 2021 is to increase the diversity of economic topics discussed. To give you an idea, we’ll be hosting a presentation on Decolonising Economics and its role in Emerging Markets by Dr. Ingrid Kvangraven, the executive board member of Diversifying and

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The rentier resurgence and takeover: Finance Capitalism vs. Industrial Capitalism

January 27, 2021

This article is based on Chapter 1 of Cold War 2.0. The Geopolitical Economics of Finance Capitalism vs. Industrial Capitalism (Dresden, ISLET: in press; Chinese translation 2021). © 2020. All rights reserved.
Marx and many of his less radical contemporary reformers saw the historical role of industrial capitalism as being to clear away the legacy of feudalism – the landlords, bankers and monopolists extracting economic rent without producing real value. But that reform movement failed. Today, the Finance, Insurance and Real Estate (FIRE) sector has regained control of government, creating neo-rentier economies.
The aim of this post-industrial finance capitalism is the oppositeof that of industrial capitalism as known to 19th-century economists: It seeks wealth primarily

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Multipolarity and Financial Capitalism

January 7, 2021

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Rentiers a bunch of gangsters

January 7, 2021

Michael Hudson and Pepe Escobar discuss rent and rent-seeking, i.e., unproductive economic activity, in the US and China mainly but including the Russian, Iranian and Brazilian economies.
In the first 15 minutes, an overview from Michael Hudson explains what happened in the US economy once jobs and manufacturing were offshored to mainly China.  He proposes that even if China did not exist, the US economy has been changed to the extent that it is almost impossible to change back to a productive economy without material changes in the economic model.
Pepe keeps the conversation flowing quickly with incisive questions.  The two esteemed gentlemen take a look at the Chinese view on a possible Biden administration and how the military hawks in Washington could be countered.

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A Hard Look at Rent and Rent Seeking

December 14, 2020

Upcoming – A Conversation with Michael Hudson and Pepe Escobar
Date: Wednesday December 16th 2020Time: 9:00 – 10:30 am ESTFree registration:  https://www.eventbrite.com/e/a-hard-look-at-rent-and-rent-seeking-with-michael-hudson-pepe-escobar-tickets-132721723247
In this interactive seminar organized jointly by the Henry George School and the International Union for Land Value Taxation, Michael Hudson and Pepe Escobar will unpack one of the most destructive features of our economic system and the many different ways it drives wealth inequality.
They will also focus on China and the “Great Game” regarding control of the world’s resources.
Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy

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Jubillee Perspectives with Steve Keen

December 7, 2020

DEC 4, 2020Is it time for a debt jubilee?
Steve Keen and Michael Hudson have both been arguing for a debt jubilee for some time. Now, as COVID-19 hits the poorest hardest, and leaves those with money better off than before, is this the right time to write off debt? Can the economy recover without it? After all, its stagnated since the 2008 global financial crisis. If you were to have a debt jubilee, how would you do it. Steve and Michael have different ideas about how it should be implemented. They explain their thinking to Phil Dobbie on this week’s free edition of the Debunking Economics podcast.
TRANSCRIPT
PHIL: It is obvious COVID-19 and our response to it is having a devastating impact on the world economy. And perhaps the biggest impact will be the rising rich poor

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2020 Election Review

November 2, 2020

[unable to retrieve full-text content]An interview with Paul Jay. Photo by Jon Tyson on Unsplash
The post 2020 Election Review first appeared on Michael Hudson.

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Odd Lots, Bloomberg

October 14, 2020

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Capitalism’s Charade Continues

October 7, 2020

[unable to retrieve full-text content]In discussion alongside Steve Keen – always enlightening. Photo by Sigrid Wu on Unsplash
The post Capitalism’s Charade Continues first appeared on Michael Hudson.

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Debt Deflation and the Neofeudal Empire

October 4, 2020

Grumbine 2020`Macro N Cheese – Episode 88
Michael Hudson  (00:02):The money that you pay for debt service to a bank isn’t spent back into the economy. The bank bond holders are basically the 1% of the economy. They’re rich enough that they’re not going to take all this extra money they get to buy more goods and services. They’ll buy shitty trophy art, Andy Warhol junk.
Who is the dumbest economic Nobel Prize winner? [Paul Krugman?] Paul Krugman. That’s right. He was given a Nobel Prize for not understanding what money was. If he would have understood it, that would’ve excluded him from getting the Nobel Prize.
Geoff Ginter  (01:26):Now, let’s see if we can avoid the apocalypse altogether. Here’s another episode of Macro and Cheese with your host, Steve Grumbine.
Steve

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Debt, Land and Money, From Polanyi to the New Economic Archaeology

September 4, 2020

Inspiration for The Great Transformation in the postwar monetary breakdown
Karl Polanyi’s formative years in the aftermath of World War I were a period of monetary turmoil. The United States became a creditor nation for the first time, and demanded payment of the war debts that Keynes warned were unpayable without wrecking Europe’s financial systems. (Hudson, Super Imperialism, 1972, summarizes this era.) France and Britain subjected Germany to unsustainably high reparations debts, while imposing austerity on their own economies by adhering to the gold standard. Jacques Rueff in France and Bertil Ohlin in the United States argued that Germany could pay any level of reparations in gold – and the Allies could pay their foreign-currency arms debts – by imposing unemployment

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Vale David Graeber

September 4, 2020

I’ve known David Graeber for over 15 years. After I published my third Harvard colloquium on Debt and Economic Renewal in the Ancient Near East, he contacted me to discuss the views of Karl Polanyi, as my group was in many ways the successor group to Polanyi’s at Columbia University (where the colloquium was held).
We talked sporadically, and he mentioned he was going to write on the history of debt as an anthropologist. My own view was that people would not be very interested in the idea of debt cancellation in antiquity until the way could be prepared for discussing it in today’s world, which is what most of my own journalistic and academic writing was all about.
But it turned out that his treatment was much more popular than anything I could

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How an “Act of God” Pandemic is Destroying the West

August 31, 2020

The U.S. is Saving the Financial Sector, not the Economy
Before juxtaposing the U.S. and alternative responses to the corona virus’s economic effects, I would like to step back in time to show how the pandemic has revealed a deep underlying problem. We are seeing the consequences of Western societies painting themselves into a debt corner by their creditor-oriented philosophy of law. Neoliberal anti-government (or more accurately, anti-democratic) ideology has centralized social planning and state power in “the market,” meaning specifically the financial market on Wall Street and in other financial centers.
At issue is who will lose when employment and business activity are disrupted. Will it be creditors and landlords at the top of the economic scale, or debtors and

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A Battle Plan So Subtle It Sends You To Sleep

July 31, 2020

Part 2 of the interview with Ellen Brown: It’s a War:
So says renowned economist Michael Hudson in the concluding part of our recent interview with him. Hudson makes no bones about the deadly serious game being played by the world’s financial powers and their intention to create a new feudal economic order. Hudson sees the privatization of public assets and institutions, like the Fed’s take-over of the Treasury a hundred years ago, as evidence that our struggle for people-focused public policy is being overwhelmed by debt at the hands of capitalism and greed. But people are rising-up as our guest Rickey Gard Diamond, author of “Screwnomics”, says in her recent article in Ms. Magazine “How Public Banks Make Black Lives Matter”. She talks with us about women and

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Banking as a Public Utility – with Ellen Brown

July 23, 2020

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