Tuesday , November 12 2019
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Articles by Michael

The new concept of ‘Reform’

8 days ago

In Berlin-Steglitz, last weekend, I spoke at an international financial conference on “The euro at 20: Macroeconomic challenges.”
There were a number of interviews in German (below). Here is the SNA radio interview (english) with Alexander Boos:

German article on US sanctions and Russia
German radio interview
unsplash-logoRoman Kraft

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Baltic perspectives with The Saker

23 days ago

Baltic perspectives with The Saker | Michael Hudson

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Asset-Price Inflation and Rent Seeking

26 days ago

Asset-Price Inflation and Rent Seeking | Michael Hudson

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Break up the Dem Party

September 12, 2019

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Ellen Brown on peak debt, Jubilee

August 31, 2019

Cross-posted from Ellen’s regular blog on Truth Dig
We are again reaching the point in the business cycle known as “peak debt,” when debts have compounded to the point that their cumulative total cannot be paid. Student debt, credit card debt, auto loans, business debt and sovereign debt are all higher than they have ever been. As economist Michael Hudson writes in his provocative 2018 book, “…and forgive them their debts,” debts that can’t be paid won’t be paid. The question, he says, is how they won’t be paid.
Mainstream economic models leave this problem to “the invisible hand of the market,” assuming trends will self-correct over time. But while the market may indeed correct, it does so at the expense of the debtors, who become progressively poorer as the rich become

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Charge us More

August 9, 2019

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Trump’s claim that China is paying for the tariffs is completely false and basically serves to redirect income from his poor supporters to his wealthy supporters. Not only that, the policy will have the consequence of further isolating the United States, says Michael Hudson.
unsplash-logoPang Yuhao

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Global Warming and U.S. National Security Diplomacy

August 5, 2019

Control of oil has long been a key aim of U.S. foreign policy. The Paris climate agreements and any other Green programs to reduce the pace of global warming are viewed as threatening the aim of dominating world energy markets by keeping economies dependent on oil under U.S. control. Also blocking U.S. willingness to help stem global warming is the oil industry’s economic and hence political power. Its product is not only energy but also global warming, along with plastic pollution.
This fatal combination of the national security state’s mentality and oil industry lobbying threatens to destroy the planet’s climate. The prospect of raising temperatures and sea levels along the coasts while inland regions suffer drought is viewed simply as collateral damage to the

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The Instrument of Empire

August 4, 2019

So, Canada, the Canadian people unfortunately are deprived of honest representation of provincial desires, provincial needs, by the fact that the financial sector, the banks, are pretty much running the country.” – Michael Hudson
On the weekend of July 19-21st, 2019, the University of Manitoba became the venue for the 14th Forum of the World Association for Political Economy (WAPE). This annual event represents a gathering of Marxist economists from around the globe, and aims to utilize current understandings on the subject to analyze and study the world economy, reveal its laws of development, and offer policies to promote economic and social progress on national and global levels.
One of the keynote speakers at this event was Michael Hudson. He had presented on

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Even He Can’t Get Away With It

August 4, 2019

Even He Can’t Get Away With It | Michael Hudson

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Negative Interest, Debt Jubilee?

August 1, 2019

Negative Interest, Debt Jubilee? | Michael Hudson

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The Coming Savings Meltdown

July 28, 2019

Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet.
But what of the asset side? One person’s debt is a creditor’s claim for payment. This is defined as “savings,” even though banks simply create credit endogenously on their own computers without needing any prior savings. When debts can’t be paid and debtors default, what happens to these creditors?
As President Obama showed, banks and bondholders can be bailed out by new Federal Reserve money creation. That is what the $4.6 trillion in Quantitative Easing since 2008 was all about. The Fed has spent the last few years supporting stock market prices (and holding down gold prices) by manipulating the forward option markets.
But this artificial life

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U.S. Economic Warfare and Likely Foreign Defenses

July 22, 2019

Keynote Paper delivered at the 14th Forum of the World Association for Political Economy, July 21, 2019.
Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United States control of their oil and financial sectors or privatize their key sectors are being isolated by a United States imposing trade sanctions and unilateral tariffs giving special advantages to U.S. producers in violation of free trade agreements with European, Asian and other countries.
This global fracture has an increasingly military cast. U.S.

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De-Dollarizing the American Financial Empire

July 11, 2019

Guns and Butter. July 3, 2019

Imperialism is getting something for nothing. It is a strategy to obtain other countries’ surplus without playing a productive role, but by creating an extractive rentier system. An imperialist power obliges other countries to pay tribute. Of course, America doesn’t come right out and tell other countries, “You have to pay us tribute,” like Roman emperors told the provinces they governed. U.S. diplomats simply insist that other countries invest their balance-of-payments inflows and official central-bank savings in US dollars, especially U.S. Treasury IOUs. This Treasury-bill standard turns the global monetary and financial system into a tributary system. That is what pays the costs of U.S. military spending, including its 800 military bases

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3 Marxists on climate change

July 6, 2019

3 Marxists on climate change | Michael Hudson

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Food Blackmail, the Washington Consensus and Freedom

June 25, 2019

Food Blackmail, the Washington Consensus and Freedom | Michael Hudson

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Cold War 2.0

June 14, 2019

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A debt Jubilee for America?

May 7, 2019

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Are debts sins?

May 7, 2019

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Inflation: the End?

April 28, 2019

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Tax Resistance, Debts and Empire

April 19, 2019

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Up in Arms

April 5, 2019

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The DNA of Western civilization is financially unstable

April 4, 2019

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Mixed economies and monopoly

April 3, 2019

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The Delphic Oracle as their Davos

April 3, 2019

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Monopoly Headlines Finally

March 26, 2019

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On these times, with Jimmy Dore

February 28, 2019

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Super-Imperialism at the Pentagon

February 13, 2019

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