Banks Profit Going Up and Down

Michael Hudson on Renegade Economists Radio discussing China's looming isolationism, the background on G20 austerity plans plus a few serves on what economics should be looking at. Hudson appears at the 2 minute mark. Audio - 22/06/2010 Subscribe to the Renegade Economists podcast

Europe Sacrifices Labour for Finance

The “New Austerity” Road Europe is committing fiscal suicide – and will have little trouble finding allies at this weekend’s G-20 meetings in Toronto. Despite the deepening Great Recession threatening to bring on outright depression, European Central Bank (ECB) president Jean-Claude Trichet and prime ministers from Britain’s David Cameron to Greece’s George Papandreou (president of the Socialist International) and Canada’s host, Conservative Premier Stephen Harper, are calling for cutbacks in public spending. The United States is playing an ambiguous role. The Obama Administration is all for slashing Social Security and pensions, euphemized as “balancing the budget.” Wall Street is demanding “realistic” write-downs of state and local pensions in keeping with the “ability to pay” (that is, to pay without taxing real ...