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Articles by Michael

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

18 days ago

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

18 days ago

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

23 days ago

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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Holding the Bailout Bag

June 5, 2020

A podcast with journalist Paul Jay.

The Federal Reserve is directly buying stocks, bonds, junk bonds, mortgages, junk mortgages, all to prop up the value of assets owned by the top 5%. This does not spur much new production or create jobs. Michael Hudson joins Paul Jay on theAnalysis.news podcast
Transcript
Paul Jay
Hi, my name’s Paul Jay, and welcome to theAnalysis.news podcast. Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City, and also a professor at Peking University in Beijing. He’s written or edited over 10 books on international finance, economic history and the history of economic thought. His newest book is J is for Junk Economics and most recently, And Forgive Them Their Debts, which Martin Wolf of

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Defining A Tyrant

May 26, 2020

[unable to retrieve full-text content]An interview on Gary Null’s Progressive Commentary Hour. We dig into debts during the cov-19 period in light of my book ‘…and forgive them their debts.’ Photo by Lopez Robin on Unsplash

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Undermining public finance to drive privatization

May 25, 2020

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Definitions and Debate

May 21, 2020

[Intro] Welcome to the Knowledge Problem Podcast, the objective of this podcast is to engage policy professionals over thought provoking and sometimes sensitive topics. We aim to bring these professionals together in a way that does not feed the tribalistic narratives plaguing society today. It is my hope and the hope of all involved in this endeavor that by allowing these ideas to contend and challenge each other, with mutual respect, everyone who listens will learn something not previously considered.
[Disclaimer] The opinions and views of all guests do not necessarily reflect the views of the Knowledge Problem or of anyone involved in this production.
Regan: Hello everyone, thank you for tuning into this episode of the Knowledge Problem Podcast. I’m your host Regan

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Dollar Recycling and Military Encirclement

May 11, 2020

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Trump’s “Bank and Landlord Relief” bill

May 4, 2020

The Radical Imagination:Imagining How Financial Parasites and Debt Bondage Are Destroying UsImagining How Financial Parasites and Debt Bondage Are Destroying Us 
Jim Vrettos: Welcome once again to the Radical Imagination. I’m your host, Jim Vrettos. I’m a sociologist whose taught at John Jay College of Criminal Justice and Yeshiva University here in New York.Our guest today on the Radical Imagination is Michael Hudson. He was on our March 8th show. We had such an overwhelmingly positive response to that show that we’ve asked him to return today, and he’s been gracious enough to accept.
Unlike most economists, he’s been a fierce champion and advocate for the economic rights of the poor, workers, disenfranchised and the vulnerable around the world through his scholarship

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The Hard Fist of American Imperialism

April 27, 2020

[embedded content]
Moderate Rebels Part 2 Super Imperialism, April 2020
TRANSCRIPT – HOW THE US MAKES COUNTRIES PAY FOR ITS WARS: ECONOMICS OF AMERICAN IMPERIALISM WITH MICHAEL HUDSON| MODERATE REBELS, 24 APRIL 2020Economist Michael Hudson explains how American imperialism has created a global free lunch, where the US makes foreign countries pay for its wars, and even their own military occupation.
Max Blumenthal and Ben Norton discuss the economics of Washington’s empire, the role of the IMF and World Bank, attempts to create alternative financial systems like BRICS, and the new cold war on China and Russia.PART 2 OF 2 (Interview recorded on April 13, 2020)
Part 1: “US coronavirus ‘bailout’ scam is $6 trillion giveaway to Wall St – Economist Michael Hudson explains”

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Another Giveaway

April 23, 2020

[embedded content]
TRANSCRIPT: US CORONAVIRUS ‘BAILOUT’ SCAM IS $6 TRILLION GIVEAWAY TO WALL ST – ECONOMIST MICHAEL HUDSON EXPLAINS21 APRIL 2020
BY MODERATE REBELSFacing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders. 
Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson, who reveals how the economy actually works, with the Federal Reserve printing money so rich elites don’t lose their investments. 
Michael Hudson, “A debt jubilee is the only way to avoid a depression,” The Washington Post, March 21, 2020Transcript
MICHAEL HUDSON: Just think of when, in the debates with

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Due now

April 14, 2020

Due now | Michael Hudson

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The Use and Abuse of MMT

April 11, 2020

By Michael Hudson, with Dirk Bezemer, Steve Keen and T.Sabri Öncü
Michael Hudson is a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year
Dirk Bezemer is a Professor of Economics at the University of Groningen in The Netherlands..
Steve Keen is a Professor and  Distinguished Research Fellow at the Institute for Strategy, Resilience and Security of University College London (www.isrs.org.uk). He blogs at www.patreon.com/profstevekeen
Sabri Öncü ([email protected]) is an economist based in İstanbul, Turkey
Summary
After being attacked by monetarists

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Shrinkage and the Rentier’s Playground

April 8, 2020

Shrinkage and the Rentier’s Playground | Michael Hudson

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NPR, cov-19 and “America is strapped”.

April 4, 2020

NPR, cov-19 and "America is strapped". | Michael Hudson

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Radical imagination and the intellectual edifice

March 30, 2020

Radical imagination and the intellectual edifice | Michael Hudson

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People’s Forum: Economic Lessons for 2020

March 26, 2020

Economic Lessons for 2020: A Conversation with Dr. Michael HudsonPeoples Forum, December 12, 2019.
[embedded content]
We are facing a crisis of poverty and economic precarity, where 140 million people are poor or low-income, the costs of living are going up and the chances of living are going down. What condition is our economy in today, more than ten years after the Great Recession of 2008, to withstand another economic downturn? What lessons have we learned – or failed to learn – over this past decade? What lessons can we draw from history to guide us in the months and years to come?
On December 12, 2019, the Kairos Center hosted a talk at The People’s Forum in New York City with economist Dr. Michael Hudson on the 2008 economic crisis, what’s happened over the past

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Unpayable Corporate Debt: A Brady Bond Solution for America’s Economic Crisis

March 26, 2020

Unpayable Corporate Debt: A Brady Bond Solution for America’s Economic Crisis | Michael Hudson

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Debt and Power

March 23, 2020

[embedded content]
Transcript, recorded 20th Match 2020
Martin: Today Debt and Power. I’m Martin North from Digital Finance Analytics. Welcome to our latest post covering finance and property news with a distinctively Australian flavour.
Today it is my pleasure to introduce Michael Hudson, American Economist, Professor of Economics and author of “Killing the Host” and “and Forgive Them Their Debts”. In the current environment I think those are great titles. Michael welcome.
You have been following the economy and the question of debt for quite some time and I’d like to start the discussion with a simple question: How much debt is too much debt?
Michael: Too much debt is when it’s beyond the ability to be paid. At a certain point every debt grows beyond the ability to be

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Corona Debt Jubilee

March 22, 2020

Cross posted from the Washington Post.
Michael Hudson, author of “… and forgive them their debts” and “Killing the Host,” is president of the Institute for the Study of Long-Term Economic Trends and is distinguished research professor of economics at the University of Missouri at Kansas City.
Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards and other payments. America’s debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.
Massive social distancing, with its accompanying job losses, stock dives and huge bailouts to corporations, raises the threat of a depression. But it doesn’t have to be this way.

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The Importance of Neighborhood Banks

March 13, 2020

An interview with Ellen Brown on Its Our Money, Show #124
Michael Hudson: [00:00:00] There’s recognition that commercial banking has become dysfunctional and that most loans by commercial banks are either against assets – in which case the lending inflates the prices of real estate, stocks and bonds – or for corporate takeover loans.The economy’s low-income brackets have not been helped by today’s financial system. Here in New York City, red lining and a visceral class hatred by high finance toward the poor characterized the major banks. From the very top to the bottom, they were very clear they were not going to lend to places with racial minorities like the Lower East Side. The Chase Manhattan Bank told me that the reason was explicitly ethnic, and they didn’t want to

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Kindergarten debts

March 3, 2020

FRONT RUNNING: Student Debt, March 2, 2020
Topic: Student Debt || Guests: Steve Keen, Michael Hudson, Randy Voller
MAX KEISER: Welcome to Front Running 2020 with Max Keiser and Stacy Herbert and a bevy of special guests right here in fabulous, hipster Brooklyn. I’m feeling it. So Stacy, this episode is all about student debt.
STACY HERBERT: And the students, of course, are the Millennials and Generation Z. They like the candidates promising to get rid of all the student debts. There’s $1.6 trillion in outstanding debt today in America. That is up from $363 billion in just 2005. Joining us to discuss this, Dr. Michael Hudson, Professor Steve Keen and Randy Voller. Professor Steve Keen, of course, you talk a lot about debt and in fact the rate of increase of debt. What

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In a struggle between oligarchy and democracy, something must give

February 25, 2020

In a struggle between oligarchy and democracy, something must give | Michael Hudson

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On Bernie’s Chances

February 2, 2020

On Bernie’s Chances | Michael Hudson

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Equilibrium Theory and Near East Economics

January 29, 2020

An interview with acTVism Munich.
[embedded content]
Johnson Wang

Michael Hudson on the History of Debt Cancellation, Austerity in Europe, January 2020
Rees Jeannotte [00:00:05] Hello and welcome. I’m Rees Jeannotte, and you are watching Know Your Stuff. Joining me today is economist and anthropologist Michael Hudson. He is a professor of economics at the University of Missouri, Kansas City, and an author of many books, including Killing the Host, J for Junk Economics, and his most recent “…and forgive them their debts”. Today, we’ll be talking with him about his latest book …and forgive them their debts, the eurozone crisis and the problem of ever-increasing rental and home ownership costs around the world. Professor Michael Hudson, thank you for joining us.
Michael

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Democratizing Money – a discussion

January 14, 2020

Democratizing Money – a discussion | Michael Hudson

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