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Michael Hudson



Articles by Michael Hudson

EU Pressures

3 days ago

Questions from almayadeen TV, Lebanon. Mohammad Itmaizeh
1 – In light of the conditions that Europe is experiencing, in terms of high energy prices and the repercussions on the industrial sector, like the closure of factories and the high cost of production. In your opinion do European countries have the capacity and resources to prevent industrial investments from “escaping”? Especially since the US plans in general to restore industry to its lands, thus, it may represent an opportunity to lure European industries to move to there and take advantage of cheap energy prices. This shift will have wide repercussions on Europe’s productive capacities and competitiveness, as well as on its trade balance. So, what happens to the position of Europe in the global economic

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War and Debt to Rule

24 days ago

Cross posted from La Tribune Diplomatic International.
French version
Mohsen Abdelmoumen: Your analysis of Mesopotamian times and the wise rule of Emperors embodied by the practice of the Jubilee (compared to the predation of oligarchies) resonate with the Islamic economic theory which forbids riba (meaning usury) and imposes that banks and creditors share the risk of investment or debt. It also seems something deeply rooted in our Arabic and North African traditions of equality and justice where it is socially unacceptable to leave part of the community in dire poverty. As an anthropologist, have you related the success or failure of modern finance to anthropological factors like the structures of the rural families, theories developed by some like Emmanuel Todd?

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The Rentier Economy is a Free Lunch

26 days ago

The Real Progressives Live with Michael Hudson on The Destiny of Civilization
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[00:00:06] Luke Parcher: All right. For those who might not know me, I’m Luke Parcher, I’m a student and activist. I volunteer with Real Progressives. I’m on our leadership team and I also do a show on Sundays covering politics and current events, and I do some interviews throughout the week and things which you guys can find on Real Progress in Action.
I want to quickly talk about Real Progressives. If you’re interested in learning more about us, you can go to realprogressives.org. We have articles, content, podcasts, all sorts of things. And if you’re interested in helping us out, we are a nonprofit. You can go to realprogressives.org/donate. I also want to plug our

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Germany’s position in America’s New World Order

November 2, 2022

Germany has become an economic satellite of America’s New Cold War with Russia, China and the rest of Eurasia.
Germany and other NATO countries have been told to impose trade and investment sanctions upon themselves that will outlast today’s proxy war in Ukraine. U.S. President Biden and his State Department spokesmen have explained that Ukraine is just the opening arena in a much broader dynamic that is splitting the world into two opposing sets of economic alliances. This global fracture promises to be a ten- or twenty-year struggle to determine whether the world economy will be a unipolar U.S.-centered dollarized economy, or a multipolar, multi-currency world centered on the Eurasian heartland with mixed public/private economies.
President Biden has characterized

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We Do Read Comments: Re Nader

October 16, 2022

[unable to retrieve full-text content]Some follow up comments to my appearance on the Ralph Nader show. I am looking forward to our next Q&A session with Patreon Plus supporters this Friday. Photo by John Cameron on Unsplash
The post We Do Read Comments: Re Nader first appeared on Michael Hudson.

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Escaping the Western Rentier

October 7, 2022

Cross-posted from Pepe Escobar’s The Cradle.
It is impossible to track the geoeconomic turbulence inherent to the “birth pangs” of the multipolar world without the insights of Professor Michael Hudson at the University of Missouri, and author of the already seminal The Destiny of Civilization.In his latest essay, Professor Hudson digs deeper into Germany’s suicidal economic/financial policies; their effect on the already falling euro – and hints at some possibilities for fast integrating Eurasia and the Global South as a whole to try to break the Hegemon’s stranglehold.
That led to a series of email exchanges, especially about the future role of the yuan, where Hudson remarked:
“The Chinese whom I’ve talked to for years and years did not expect the dollar to weaken.

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The Euro Without German Industry

October 4, 2022

The reaction to the sabotage of three of the four Nord Stream 1 and 2 pipelines in four places on Monday, September 26, has focused on speculations about who did it and whether NATO will make a serious attempt to discover the answer. Yet instead of panic, there has been a great sigh of diplomatic relief, even calm. Disabling these pipelines ends the uncertainty and worries on the part of US/NATO diplomats that nearly reached a crisis proportion the previous week, when large demonstrations took place in Germany calling for the sanctions to end and to commission Nord Stream 2 to resolve the energy shortage. 
The German public was coming to understand what it will mean if their steel companies, fertilizer companies, glass companies and toilet-paper companies were shutting

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On the Federal Reserve with Ralph Nader

September 26, 2022

RALPH NADER RADIO HOUR EP 465
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TRANSCRIPT, September 17, 2022.
Tom Morello: I’m Tom Morello and you’re listening to the Ralph Nader Radio Hour.
Steve Skrovan: Welcome to the Ralph Nader Radio Hour. My name is Steve Skrovan, along with my co-host, David Feldman. Hello, David.
David Feldman: Hello, Steve.
Steve Skrovan: And of course, it’s not a show without the man of the hour, Ralph Nader.Hello, Ralph.
Ralph Nader: Hi everybody.
Steve Skrovan: Our featured guest today will be economist Michael Hudson. Many of you have been clamoring to have him on the show and we’ve taken heed. He’s a progressive economist who will join us to talk about the Federal Reserve, how American laws are pro-creditor and anti- debtor, stock buybacks, gambling, Wall Street

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A short history of inflation in modern times

September 12, 2022

Economist Michael Hudson joins Multipolarista host Ben Norton to discuss partial student debt relief in the US, inflation and the Fed, disaster capitalism in Ukraine, and China’s challenge to the petrodollar.
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Transcript
BEN NORTON: Hey everyone, this is Ben Norton of Multipolarista. I’m joined by one of my favorite guests today, the brilliant economist Michael Hudson. And there are a lot of things that we plan on talking about today.
We’re going to address the partial student debt relief in the United States, and the problem of debt, which is something that Professor Hudson has written a lot about.
We’re going to talk about the inflation crisis, and some of the history of responses to the inflation that we’ve seen in the US. For instance, I’m going

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Moscow’s New Found Independence

August 9, 2022

RT, 8 Aug, 2022 05:05, HomeBusiness NewsWestern sanctions are good for Moscow – US economistA former Wall Street analyst says the Russian economy is being made self-sufficient
The economic war unleashed by the West against Russia has backfired and may bring the country much good, former Wall Street financier Michael Hudson has told the German news outlet Junge Welt.
“The West’s sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient,” Hudson said in an interview published on Saturday.He said that sanctions have effectively pushed Russia toward import-substitution, and the country is on track to becoming completely free of reliance on Western goods.
“Instead of importing German cars, Russia is turning to China to develop

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The Big Context

August 8, 2022

Interview of Michael Hudson by Andrei The Saker, August 2022
Russian transcript
Transcript
Key: ATS = Andrei The Saker; MH = Michael Hudson
ATSWell first of all, Michael, a huge, huge thank you for agreeing to this conversation. It’s a big pleasure for me to have you here, it’s a big honour too, and I really look forward to getting your insight as to what’s happening, ’cause there’s a lot happening right now. The first thing I want to ask you about is a current event then we can go into deeper things. What do you make of Pelosi landing in Taiwan and how do you see … what is this all about, what’s happening here?
MHWell I think in what you just wrote today you made it all clear. There’s really no practical effect of what she did, so why should China have actually done

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Counterpunch to Economic History

August 8, 2022

CounterPunch Radio – _July 15, 2022 – Michael Hudson ERIC DRAITSER: Hello and welcome to CounterPunch Radio. My name is Eric Draitser, thanks so much for tuning in, and coming back to the show. First-time listeners finding the show, welcome aboard. Thank you so much, we really appreciate your support. If you want to support CounterPunch, the best way to do that is to get a subscription to CounterPunch Plus, that way you get access to all of our exclusive content. Remember folks, this is basically the print magazine, now online. We have discontinued the print magazine and taken even more content, but it behind a little paywall just like everybody else is doing these days and it’s there for you. CounterPunch is unlike any other space on the left online. You have competing

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Finance Capitalism’s Self-Destructive Nature

July 18, 2022

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Transcript of Interview on The Left Lens with Danny Haiphong May 25th, 2022
DANNY HAIPHONG: Good afternoon, everyone. Happy Wednesday, May 25th, welcome to the stream, to another left lens. Today we have a very special guest so as you’re coming in make sure you are liking the stream sharing it, make sure that you are subscribing to the channel and hitting that notifications bell, and as always you know please do support this work here at this channel and all the work that I do at patreon.com/dannyhaiphong. But with that said I want to introduce our guests because we have a lot to talk about over the next hour and it is economist Michael Hudson.
He is the author of the new book, The Destiny of Civilization: Finance capitalism, Industrial Capitalism or

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International Trade and MMT with Keen, Hudson

July 14, 2022

Macro and Cheese pod, July 9 2022. 
Michael Hudson
A central tenet of the World Bank from the beginning is to convince countries not to grow their own food, but to create plantation agriculture to prevent family-owned farming of food, to grow plantation export crops and they become dependent on the United States for their grain.
Steve Keen
If you look at just the shipping involved in international trade, it’s something of the order of 20%, I think, of our carbon production comes out of the entire mechanics of shipping goods around the planet. And we realize we’ve massively overshot the capacity of the biosphere to support our industrial sedentary civilization. So, one way to reduce that is by reducing international trade.
Geoff Ginter
Now, let’s see if we can avoid

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The End of Western Civilization

July 13, 2022

Why it lacks resilience, and What will take its place
Paper presented on July 11, 2022 to The Ninth South-South Forum on Sustainability.
THE COLLAPSE OF MODERN CIVILIZATION AND THE FUTURE OF HUMANITY.
The greatest challenge facing societies has always been how to conduct trade and credit without letting merchants and creditors make money by exploiting their customers and debtors. All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious. The moral values of most societies opposed selfishness, above all in the form of avarice and wealth addiction, which the Greeks called philarguria – love of money, silver-mania. Individuals and families indulging in conspicuous consumption tended to be

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From Junk Economics to a False View of History: Where Western Civilization Took a Wrong Turn

July 8, 2022

A presentation to the Building bridges around David Graeber’s legacy conference, Paris, Friday July 7, 2022

It may seem strange to invite an economist to give a keynote speech to a conference of the social sciences. Economists have been characterized as autistic and anti-social in the popular press for good reason. They are trained to think abstractly and use a priori deduction – based on how they think societies should develop. Today’s mainstream economists look at neoliberal privatization and free-market ideals as leading society’s income and wealth to settle at an optimum equilibrium without any need for government regulation – especially not of credit and debt.
The only role acknowledged for government is to enforce the “sanctity of contracts” and “security of

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Mid 2022 Geo-Political Levers at Play

July 1, 2022

Economist Michael Hudson on inflation and Fed plan to cut wages: A depression is coming
Economist Michael Hudson explains the inflation crisis and US Federal Reserve’s “austerity program to reduce wages” and boost unemployment. He warns a “long depression” is coming, due to the new cold war on Russia and China.
https://www.youtube.com/watch?v=-AJwMvCxwm0
 
Economist Michael Hudson explains the inflation crisis and the US Federal Reserve’s “austerity program to reduce wages.” Western so-called economics experts are openly calling to boost unemployment.
Hudson warns a “long depression” is coming, in which the poor will suffer so the rich can get richer, in order to advance Washington’s new cold war on Russia and China.
BENJAMIN NORTON:
Hey, everyone, this is Ben Norton,

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The Fed’s Austerity Program to Reduce Wages

June 20, 2022

To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.
This class-war doctrine is the prime directive of neoliberal economics. It is the tunnel vision of corporate managers and the One Percent. The Federal Reserve and IMF are its most prestigious lobbyists. Along with Janet Yellen at the Treasury, public discussion of today’s inflation is framed in a way that avoids blaming the 8.2 percent rise in consumer prices on the Biden Administration’s New Cold War sanctions on Russian oil, gas and agriculture, or on oil

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Economic Rent and Exploitation

June 18, 2022

Settle in for this interview.
Michael Hudson, Shepheard Walwyn recording May 23, 2022Part one

https://www.youtube.com/watch?v=XDo7HykYN9k

Part two here.https://www.youtube.com/watch?v=I-xWgLertkg
Jonathan Brown Michael, welcome to the podcast.
Michael Hudson It’s good to be here. I’m looking forward to it.
Jonathan Brown Michael, I think you have one the most extraordinary upbringings and journeys into economics. And I just wanted to give our listeners just some sense of how you got from being the godson of Leon Trotsky all the way to what I consider to be probably the most important economist in the world today.
Michael Hudson 00:23There’s no direct causality there that could have been anticipated. I never studied economics in college, because I went to school at the

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Pepe Escobar on ‘the ultimate handbook’

June 10, 2022

Pepe Escobar REVIEW of DESTINY
In his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent.
By Pepe Escobar, posted with the author’s permission and cross-posted with The Cradle
Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers.
With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.
Let’s jump straight into the fray. Hudson begins with an analysis of the “take the money and run” ethos, complete with

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Is US/NATO (with WEF help) pushing for a Global South famine?

June 6, 2022

Is the proxy war in Ukraine turning out to be only a lead-up to something larger, involving world famine and a foreign-exchange crisis for food- and oil-deficit countries?
Many more people are likely to die of famine and economic disruption than on the Ukrainian battlefield. It thus is appropriate to ask whether what appeared to be the Ukraine proxy war is part of a larger strategy to lock in U.S. control over international trade and payments. We are seeing a financially weaponized power grab by the U.S. Dollar Area over the Global South as well as over Western Europe. Without dollar credit from the United States and its IMF subsidiary, how can countries stay afloat? How hard will the U.S. act to block them from de-dollarizing, opting out of the U.S. economic orbit?
U.S.

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Ukraine a Trojan for Germany’s US dependence

June 3, 2022

Boos German Interview June 1, 2022
“Taken from an interview with the newly founded German magazine “ViER” which will be published in August 2022.” ViER (FOUR), stands for the media as fourth power in checks and balances).
(1.) Prof. Hudson, your new book “The Destiny of Civilization” is out now. This lecture series on finance capitalism and the New Cold War presents an overview of your unique geo-political perspective.

You talk about an ongoing ideological and material conflict between financialized and de-industrialized countries like United States against the mixed-economies of China and Russia. What is this conflict about and why is the world right now at a unique “point of fracture” as your book states?
  Today’s global fracture is dividing the world between two

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Inflation – A Junk Economics Perspective

May 18, 2022

First shared via our Patreon page, where some were interested in sharing this around. The support on Patreon is really appreciated and the community we are building there is solid. Our next Q&A session for Patron plus supporters is set for June.
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Transcript from ‘Inflation 2022’ – A Zoom panel, organised by the International Manifesto Group.
I want to talk about what inflation is not – but what the neoliberal economic mainstream wants to blame it on: on labor, on government social spending, and of course on Russia seeking to break away from America’s unipolar international economic order.
Inflation is the excuse that right-wing governments have for trying to lower wage levels by blaming the inflation in rising wages. Federal Reserve chairman Paul

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The Destiny of Civilization

May 16, 2022

“The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests. … The threat posed to society by rentier interests is the great challenge of every nation today: whether its government can restrict the dynamics of finance capitalism and prevent an oligarchy from dominating the state and enriching itself by imposing austerity on labor and industry. So far, the West has not risen to this challenge.”
“There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.”

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Calling to Account the Hereditary Warrior Class

May 12, 2022

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TranscriptBENJAMIN NORTON: Hey, everyone. I’m Ben Norton, and this is the Multipolarista podcast. And I have the great pleasure of being joined today by one of my favorite guests, one of I think the most important economists in the world today. I’m speaking with Professor Michael Hudson.
If you’ve seen any of the interviews I’ve done with Professor Hudson over the past few years, you probably know that he’s a brilliant analyst. He always has, I think, the best analysis to understand what’s going on economically and also politically, geopolitically, in the world today.
And right now is, I think, a very important moment to have Professor Hudson on today. We’re going to talk about the economic war on Russia and the process of economic decoupling between

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Ukraine 4 Steps On

May 4, 2022

Katie Halper podcast, April 29, 2022
TRANSCRIPT
KATIE HALPER: Professor Michael Hudson, thank you so much for joining us. We’re really excited to have you.
We wanted to start off by asking you if you could provide an overview of what the economics driving this conflict are—and by conflict, I mean the conflict between Russia and Ukraine, and, of course, with the rest of the world, or really the conflict between Russia and US, and the economic fallout.
MICHAEL HUDSON: Well, it depends on what side you’re looking at. From the Russian side, I don’t think the economic factors were primary. They were threatened by NATO’s expansion and really a plan to attack the Russian-speaking areas of Ukraine. So, I think Russia’s calculations were simply military. The West’s

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The Dollar Devours the Euro

April 8, 2022

It is now clear that today’s escalation of the New Cold War was planned over a year ago. America’s plan to block Nord Stream 2 was really part of its strategy to block Western Europe (“NATO”) from seeking prosperity by mutual trade and investment with China and Russia.
As President Biden and U.S. national-security reports announced, China was seen as the major enemy. This despite China’s helpful role in enabling corporate America to drive down labor’s wage rates by de-industrializing the U.S. economy in favor of Chinese industrialization, China’s growth was recognized as posing the Ultimate Terror: prosperity through socialism. Socialist industrialization always has been perceived to be the great enemy of the rentier economy that has taken over most nations in the century since

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China – a sub-Imperial ally of the West?

April 4, 2022

Hudson Bond debate PART II March 28, 2022Is China’s Belt and Road initiative a socialist or capitalist approach to trade? Michael Hudson and Patrick Bond discuss and debate on theAnalysis.news with Paul Jay.
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TRANSCRIPTPaul JayHi and welcome back to theAnalysis.news, I’m Paul Jay. We’re going to continue our conversation with Patrick Bond and Michael Hudson about China. The first part, if you haven’t watched it, you probably should go back and watch it because it’s about more of the domestic situation. Now we’re going to talk about China’s international footprint and how we see it. So join us back in just a few seconds. Please don’t forget the donate button, subscribe button, ring the bell button if you’re watching on YouTube, and most important thing,

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Grab Bag Imperialism

March 31, 2022

CONSORTIUM NEWS – CN Live! – March 29, 2022Consortium News Joe Lauria interviews Michael Hudson and Richard Wolff, March 29, 2022
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Joe LauriaWelcome to CNLive! Season Four Episode Five: “Ukraine The Economic Fallout.” I’m Joe Lauria, editor in chief of Consortium News.
Elizabeth VosAnd I’m Elizabeth Vos.
Joe LauriaThe collective west, led by the United States, declared economic war against Russia last month in response to the invasion of Ukraine, imposing perhaps the harshest sanctions against any nation in history. President Joe Biden has said the aim of this economic warfare is to turn the Russian people against its government. Sanctions against Russia’s central bank were intended to destroy the value of the ruble. One U.S. dollar was worth 85 rubles

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Clearing the Fog

March 30, 2022

March 29, 2022.Margaret Flowers: You’re listening to Clearing the FOG, speaking truth to expose the forces of greed, with Margaret Flowers. And now I turn to my guest, Michael Hudson. Michael is the president of the Institute for the Study of Long-term, Economic Trends, ISLET. He’s a Wall Street financial analyst and a distinguished research professor of Economics at the University of Missouri, in Kansas City. He’s also the author of numerous books and recently updated his book, “Super Imperialism: The economic strategy of American Empire.” Thank you for taking time to speak with me today, Michael.
Michael Hudson: Well, thanks for having me on Margaret.
MF: You’ve talked a lot and written a lot about dollar hegemony and what’s happening now with de-dollarization. Can

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