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People’s Forum: Economic Lessons for 2020

3 days ago

Economic Lessons for 2020: A Conversation with Dr. Michael HudsonPeoples Forum, December 12, 2019.
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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

4 days ago

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

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Debt and Power

6 days ago

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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

7 days ago

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

17 days ago

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

26 days ago

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.
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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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Note to China

January 14, 2020

My book “Super Imperialism” was about how the United States has gained a free lunch by establishing the dollar as international reserve currency by replacing gold. I also showed that the U.S. balance of payments deficit is almost entirely military related to support its 800 bases around the world. Ending the gold-exchange standard in 1971 created a situation in which the excess U.S. dollars thrown of by the U.S. payments deficit end up in foreign central banks.
For these central banks, the inflow of surplus dollars poses the problem of what do we do with them. Central banks don’t buy stocks and bonds, or control of corporations, because that is risky and also does not directly help their own economy. So central banks buy US Treasury bonds and bills – IOUs of the U.S.

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Persian Powerplay

January 9, 2020

Cross-posted from The Saker:
Introduction: After posting Michael Hudson’s article “America Escalates its “Democratic” Oil War in the Near East” on the blog, I decided to ask Michael to reply to a few follow-up questions. Michael very kindly agreed. Please see our exchange below.
Q1: Trump has been accused of not thinking forward, of not having a long-term strategy regarding the consequences of assassinating General Suleimani. Does the United States in fact have a strategy in the Near East, or is it only ad hoc?
Of course American strategists will deny that the recent actions do not reflect a deliberate strategy, because their long-term strategy is so aggressive and exploitative that it would even strike the American public as being immoral and offensive if they came

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America Escalates its “Democratic” Oil War in the Near East

January 8, 2020

America Escalates its "Democratic" Oil War in the Near East | Michael Hudson

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Front Running

January 4, 2020

Front Running | Michael Hudson

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Keiser News Spin

November 18, 2019

[unable to retrieve full-text content]An interview with Max Keiser on the economic issues of the day:

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The new concept of ‘Reform’

November 4, 2019

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

October 20, 2019

Baltic perspectives with The Saker | Michael Hudson

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Asset-Price Inflation and Rent Seeking

October 17, 2019

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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