Monday , January 27 2020
Home / Michael

Michael



Articles by Michael

Democratizing Money – a discussion

12 days ago

Democratizing Money – a discussion | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Tue, 14 Jan 2020 23:05:46 GMT.Your computer’s time: .

Read More »

Note to China

12 days ago

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.

Read More »

Persian Powerplay

17 days ago

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

Read More »

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

19 days ago

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

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Wed, 8 Jan 2020 12:35:03 GMT.Your computer’s time: .

Read More »

Front Running

23 days ago

Front Running | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Sun, 5 Jan 2020 0:05:41 GMT.Your computer’s time: .

Read More »

Keiser News Spin

November 18, 2019

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

Read More »

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

Read More »

Baltic perspectives with The Saker

October 20, 2019

Baltic perspectives with The Saker | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Mon, 21 Oct 2019 23:05:42 GMT.Your computer’s time: .

Read More »

Asset-Price Inflation and Rent Seeking

October 17, 2019

Asset-Price Inflation and Rent Seeking | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 18 Oct 2019 11:35:18 GMT.Your computer’s time: .

Read More »

Break up the Dem Party

September 12, 2019

Your access to this site has been limited

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 13 Sep 2019 11:35:16 GMT.Your computer’s time: .

Read More »

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

Read More »

Charge us More

August 9, 2019

[embedded content]
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

Read More »

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

Read More »

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

Read More »

Even He Can’t Get Away With It

August 4, 2019

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

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Mon, 5 Aug 2019 23:05:42 GMT.Your computer’s time: .

Read More »

Negative Interest, Debt Jubilee?

August 1, 2019

Negative Interest, Debt Jubilee? | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 2 Aug 2019 23:05:10 GMT.Your computer’s time: .

Read More »

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

Read More »

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.

Read More »

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

Read More »

3 Marxists on climate change

July 6, 2019

3 Marxists on climate change | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:06 GMT.Your computer’s time: .

Read More »

Food Blackmail, the Washington Consensus and Freedom

June 25, 2019

Food Blackmail, the Washington Consensus and Freedom | Michael Hudson

Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:06 GMT.Your computer’s time: .

Read More »

Cold War 2.0

June 14, 2019

Your access to this site has been limited
Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:07 GMT.Your computer’s time: .

Read More »

A debt Jubilee for America?

May 7, 2019

Your access to this site has been limited
Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:07 GMT.Your computer’s time: .

Read More »

Are debts sins?

May 7, 2019

Your access to this site has been limited
Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:07 GMT.Your computer’s time: .

Read More »

Inflation: the End?

April 28, 2019

Your access to this site has been limited
Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:07 GMT.Your computer’s time: .

Read More »

Tax Resistance, Debts and Empire

April 19, 2019

Your access to this site has been limited
Your access to this site has been limited
Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503)
Reason: Exceeded the maximum global requests per minute for crawlers or humans.
If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access.

Click here to learn more: Documentation
Generated by Wordfence at Fri, 12 Jul 2019 22:05:07 GMT.Your computer’s time: .

Read More »