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Michael Hudson’s “TED TALK” on Economics

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This is the Michael Hudson "TED TALK” on economics. It covers everything you need to know about our failed global economic system and what to do about it, as featured in his book, J IS FOR JUNK ECONOMICS – A GUIDE TO REALITY IN AN AGE OF DECEPTION. Transcript (edited) Ross: The common refrain that you hear is that economics has failed. Blame that on the current economic paradigm: neoliberalism. In its own terms, it hasn't failed. It's worked perfectly according to the trajectory on which it aims: to steer society on behalf of the One Percent. Michael: Academic economics has been turned into a cover story to defend a status quo steered by the wealthiest One Percent, mainly by the banking and ...

Tollbooth Trump

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The Real News Network, February 13, 2018. SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries coming to you from Baltimore. President Trump presented his infrastructure plan on Monday. The long-awaited plan proposes to spend $200 billion in federal funds over the next 10 years. This is to be complemented with another 1.3 trillion in spending from cities, states, and private investors for a total of 1.5 trillion. Another major component of the plan is to reduce red tape and approval processes so that projects are approved much faster. Here's what Trump had to say in presenting the plan. DONALD TRUMP: This morning, I submitted legislative principles to Congress that will spur the biggest and boldest infrastructure investment in ...

Greek debt update

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Taken from a short interview with Greece's Banking News. According to the IMF, Greece's debt isn't manageable in the long-run without being either extended or forgiven. Where do you stand towards this claim? How important is the Greek debt relief? The IMF’s European research staff staff was quite correct in stating some years ago that Greece’s debt was unpayable. The staff was so upset that the head of the IMF, Dominique Strauss-Kahn, made the bailout loan anyway that they resigned and became whistle-blowers. I describe this whole incident in detail in Killing the Host. Strauss-Kahn wanted to be president of France, and therefore had to press to bail out French banks, which were the major holders of Greek bonds. Also, US President ...

Could/Should Jubilee Debt Cancellations be Reintroduced Today?

By M. Hudson (University of Missouri) and C. Goodhart (LSE) As published by the Center for Economic Policy Research. Abstract In this paper we recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. We note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But we argue that the underlying social purpose of such Jubilees – to keep debt within the reasonable ability to be paid without social and economic polarisation – could be recreated via alternative mechanisms, and we discuss the politico-economic arguments for, and against, doing so. Keywords: ...

Year End 2017

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2017: A Banner Year for Corporate Mergers, Which Further Deepens Inequality  The RealNews Network, January 2, 2018.
Low interest rates, "quantitative easing," and the mitigation of antitrust laws led to more mergers and acquisitions in 2017, but that's only going to fuel greater wealth inequality and tighten the corporate grip on the political system, explains economist Michael Hudson. GREGORY WILPERT: Welcome to The Real News Network. I'm Gregory Wilpert coming to you from Quito, Ecuador. The year 2017 is turning out to be another banner year for the centralization of capital, that is, according to an article in the Financial Times this week, “Global mergers and acquisitions exceeds three trillion dollars for the fourth straight year.” The article goes on to point out ...

He died for our debt, not our sins

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Cross posted from our friends at Renegade Inc. As many people turn towards their Christian and Jewish faiths this Christmas and Hanukkah in an attempt to make sense of the year that was, at least one economist says we have been reading the bible in an anachronistic way.
 In fact he has written an entire book on the topic. In ‘...And Forgive them their Debts: Credit and Redemption’ (available this spring on Amazon), Professor Michael Hudson makes the argument that far from being about sex, the bible is actually about economics, and debt in particular. 
"The Christianity we know today is not the Christianity of Jesus," says Professor Hudson. Indeed the Judaism that we know today is not the Judaism of Jesus either. 
The economist ...

On Simon Patten

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As one of my most respected intellectuals, this piece by Trey Popp from the Prophet of Prosperity reveals some needed detail on the importance of Simon Patten's thinking. For that reason it is worth re-posting. Simon Patten, who led the Wharton School during the Progressive Era, was a pioneer of the economics of abundance, theorist of the second industrial revolution, and intellectual godfather of the New Deal. His descent into obscurity poses provocative questions about how the field has evolved. One century ago this year, the Wharton School dismissed the most esteemed and innovative theoretical economist who had ever passed through its doors. Simon Patten, who was appointed Wharton’s first professor of economics in 1888 and directed the school during its formative ...

Germany’s choice

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Introduction to GERMAN edition of Super Imperialism, 2017. In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has taken the lead in shaping the international financial system to promote gains for its own bankers, farm exporters, its oil and gas sector, and buyers of foreign resources – and most of all, to collect on debts owed to it. Each time this global system has broken down over the past century, the major destabilizing force has been ...