Finance is Not the Economy

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JOURNAL OF ECONOMIC ISSUES Vol. L No. 3 September 2016 DOI 10.1080/00213624.2016.1210384 Dirk Bezemer and Michael Hudson Dirk Bezemer is a professor of economics at the University of Groningen, the Netherlands. Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City, and a professor at Peking University. The authors thank the editor and two anonymous referees for helpful suggestions that greatly improved this article. Bezemer wishes to thank the Equilibrio Foundation and the Institute for New Economic Thinking for financial support. Any remaining errors are the authors’ own. Abstract: Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent ...

Post-Convention Candidates

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August 4 SHARMINI PERIES: It’s the Real News Network. I’m Sharmini Peries coming to you from Baltimore. Now that the Democratic and the Republican Party conventions are over, the U.S. presidential campaign is entering its last phase before the actual vote in November. Normally this should the point at which each party is very internally united and focusing on presenting its own program and attacking the opponent. However this time around, it seems each party continues to be more divided than ever. More and more Republicans are defecting from Donald Trump. And on the Democratic side, the debate is still raging about who supporters of Bernie Sanders should vote for in November. With us to present his analysis of the post-conventions and ...

Presidential Wanna Bees

An interview on Max Keiser and Stacy Herbert's new podcast Double Down. Of the citizens of the declining Roman empire, it was said: “Give them bread and circuses and they will never revolt.” So true is this of all such citizens of declining empire that every four years American presidential wannabes even promise revolution but know that the voter will ask only for more bread, circuses and… taco bowls. Dr. Michael Hudson joins Double Down to talk about the economic reality behind the Trump voter and about whether or not, as it is claimed, Hillary Clinton is the ‘most progressive’ candidate in Democratic history. Listen here

Obama said Hillary will Continue his Legacy – Indeed!

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Leading up to Monday’s Democratic Party convention, Hillary chose Blue Dog Senator Tim Kaine of Virginia as her VP. This was followed by the Wikileaks release of Democratic National Committee (DNC) e-mail files showing it acting as the Clinton Campaign Committee even to the point of using the same lawyers as her own campaign to oppose Bernie Sanders. The response across the Democratic neocon spectrum, from Anne Applebaum at the Washington Post to red-baiting Paul Krugman and the Sunday talk shows it was suggested that behind the Wikileaks to release DNC e-mails was a Russian plot to help elect Trump as their agent. Former US ambassador to Russia Michael McFaul lent his tattered reputation to claim that Putin must have ...

Trump the Neocons

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“Trump Policy Will Unravel Traditional Neocons,” TRNN, July 23, 2016. SHARMINI PERIES, EXECUTIVE PRODUCER, TRNN: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. On Friday, just after the Republican National Congress wrapped up with its presidential candidate, Donald Trump, Paul Krugman of the New York Times penned an article titled "Donald Trump: The Siberian Candidate." He said in it, if elected, would Donald Trump be Vladimir Putin's man in the White House? Krugman himself is worried as ludicrous and outrageous as the question sounds, the Trump campaign's recent behavior has quite a few foreign policy experts wondering, he says, just what kind of hold Mr. ...

US NATO pressures EU support

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“US-NATO Border Confrontation with Russia Risks Nuclear War and Loss of European Partner,” The Real News Network, July 17, 2017  Michael Hudson says that the US-led confrontational approach of NATO with Russia is driving European countries to consider disbanding or leaving the military alliance due to increased security risks JESSICA DESVARIEUX, TRNN: Welcome to the Real News Network. I'm Jessica Desvarieux in Washington. President Obama met with NATO leaders in Warsaw last weekend to what seemed like a restatement of vows to protect Europe. Let's take a listen to what the president had to say. BARACK OBAMA: In this challenging moment, I want to take this opportunity to state clearly what will never change. And that is the unwavering commitment of the United States ...

Financially Approved Financed History

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A Travesty of Financial History – which bank lobbyists will applaud Review of William Goetzmann, Money Changes Everything: How Finance Made Civilization Possible (Princeton University Press, 2016) Michael Hudson Debt mounts up faster than the means to pay. Yet there is widespread lack of awareness regarding what this debt dynamic implies. From Mesopotamia in the third millennium BC to the modern world, the way in which society has dealt with the buildup of debt has been the main force transforming political relations. Financial textbook writers tell happy-face fables that depict loans only as being productive and helping debtors, not as threatening social stability. Government intervention to promote economic growth and solvency by writing down debts and protecting debtors at creditors’ expense is accused of causing ...

The Clinton Foundation?

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Clinton email and Foundation TRNN July 8 2016. “Is the Real Scandal the Clinton Foundation?,” TRNN, July 8, 2016. Michael Hudson says the media has failed to look beyond the emails and into potential conflicts of interest during Hillary Clinton's tenure as Secretary of State. PAUL JAY, TRNN: Welcome to the Real News Network. I'm Paul Jay. On Thursday morning, the media fest and political fest around Hillary Clinton's email scandal continued, as the head of the FBI, James Comey, spoke at a congressional House oversight committee. Here's a little clip of what was said there. But let me just foreshadow--maybe the emails aren't the real issue that should be in front ...