Michael Hudson

Michael Hudson and Pepe Escobar discuss rent and rent-seeking, i.e., unproductive economic activity, in the US and China mainly but including the Russian, Iranian and Brazilian economies. In the first 15 minutes, an overview from Michael Hudson explains what happened in the US economy once jobs and manufacturing were offshored to mainly China.  He proposes that even if China did not exist, the US economy has been changed to the extent that it is almost impossible to change...

Upcoming – A Conversation with Michael Hudson and Pepe Escobar Date: Wednesday December 16th 2020Time: 9:00 – 10:30 am ESTFree registration:  https://www.eventbrite.com/e/a-hard-look-at-rent-and-rent-seeking-with-michael-hudson-pepe-escobar-tickets-132721723247 In this interactive seminar organized jointly by the Henry George School and the International Union for Land Value Taxation, Michael Hudson and Pepe Escobar will unpack one of the most destructive features of our...

DEC 4, 2020Is it time for a debt jubilee? Steve Keen and Michael Hudson have both been arguing for a debt jubilee for some time. Now, as COVID-19 hits the poorest hardest, and leaves those with money better off than before, is this the right time to write off debt? Can the economy recover without it? After all, its stagnated since the 2008 global financial crisis. If you were to have a debt jubilee, how would you do it. Steve and Michael have different ideas about how it...

[unable to retrieve full-text content]An interview with Paul Jay. Photo by Jon Tyson on Unsplash The post 2020 Election Review first appeared on Michael Hudson.

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[unable to retrieve full-text content]In discussion alongside Steve Keen – always enlightening. Photo by Sigrid Wu on Unsplash The post Capitalism's Charade Continues first appeared on Michael Hudson.

Grumbine 2020`Macro N Cheese – Episode 88 Michael Hudson  (00:02):The money that you pay for debt service to a bank isn’t spent back into the economy. The bank bond holders are basically the 1% of the economy. They’re rich enough that they’re not going to take all this extra money they get to buy more goods and services. They’ll buy shitty trophy art, Andy Warhol junk. Who is the dumbest economic Nobel Prize winner? [Paul Krugman?] Paul Krugman. That’s right. He was given a...

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...

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...

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...