Recent Posts by Michael

An Overview – Welcome Words

My friend and colleague Paul Craig Roberts had this to say: For Economic Truth Turn To Michael Hudson Paul Craig Roberts Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer. There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy task. You will need a glossary of terms. In some of Hudson’s books, if memory serves, he provides a glossary, and his recent book “J Is for Junk Economics” defines the classical economic terms that he uses. You will also need patience, because Hudson sometimes forgets in his ...

“Creating Wealth” through Debt: The West’s Finance-Capitalist Road

By , , Permalink

Michael Hudson Peking University, School of Marxist Studies May 5-6, 2018 Volumes II and III of Marx’s Capital describe how debt grows exponentially, burdening the economy with carrying charges. This overhead is subjecting today’s Western finance-capitalist economies to austerity, shrinking living standards and capital investment while increasing their cost of living and doing business. That is the main reason why they are losing their export markets and becoming de-industrialized. What policies are best suited for China to avoid this neo-rentier disease while raising living standards in a fair and efficient low-cost economy? The most pressing policy challenge is to keep down the cost of housing. Rising housing prices mean larger and larger debts extracting interest out of the economy. The strongest way to prevent ...

Bronze Age Redux

A GATHERING OF THE TRIBES BRONZE AGE REDUX: On Debt, Clean Slates And What The Ancients Have To Teach Us The Michael Hudson Interview by Harold Crooks for A Gathering of The Tribes Magazine.         One of the most compelling sequences in the Oscar-winning Inside Job, Charles Ferguson’s indictment of Wall Street’s role in the 2008 global financial meltdown, involved not the banker culprits but their supporting cast. These were the Ivy League accomplices. Ferguson mightily skewered these economists for the cover they gave the sub-prime Hamptons dwelling wise guys whose rescue turned out to be a pretext for one of the largest reverse-Robin Hood wealth transfers in history. Though for the foreseeable future they enjoy their tenured ...

Jesus: the economic activist

Debt Jubilee, April 26, 2018 THE HUDSON REPORT: The history of debt cancellation and Jesus's economic justice activism   Here is the direct download link. Left Out, a podcast produced by Paul Sliker, Michael Palmieri, and Dante Dallavalle, creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left.   The Hudson Report is a new weekly series produced by Left Out with the legendary economist Michael Hudson. Every episode we cover an economic or political issue that is either being ignored—or hotly debated—that week in the press. In this episode we discuss the ancient history of debt cancellation, the untold life of Jesus as an economic justice activist, and more largely Professor Hudson's forthcoming book, "...and forgive them their debts," out in summer ...

Ho Hum – More Trade Threats

By Permalink

  Does President Trump know anything about trade?    Left Out, a podcast produced by Paul Sliker, Michael Palmieri, and Dante Dallavalle, creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left.  The Hudson Report is a new weekly series produced by Left Out with the legendary economist Michael Hudson. Every episode we cover an economic or political issue that is either being ignored—or hotly debated—that week in the press.  In this week's episode we talk about the so-called "trade war" developing between the United States and China.  Paul Sliker: Professor Hudson. Welcome back to The Hudson Report.  Michael Hudson: It's good to be here.  Paul Sliker: So the latest breaking news in economics... Washington vs. Beijing. Xi Jinping vs. Donald Trump. A trade confrontation between the two ...

Palatial Credit: Origins of Money and Interest

Origins of Money and Interest: Palatial Credit, not Barter Neolithic and Bronze Age economies operated mainly on credit. Because of the time gap between planting and harvesting, few payments were made at the time of purchase. When Babylonians went to the local alehouse, they did not pay by carrying grain around in their pockets. They ran up a tab to be settled at harvest time on the threshing floor. The ale women who ran these “pubs” would then pay most of this grain to the palace for consignments advanced to them during the crop year. These payments were financial in character, not on-the-spot barter-type exchange. As a means of payment, the early use of monetized grain and silver was mainly to settle ...

High Cost Economy

By , Permalink

Monopoly capitalism and models of resistance. This week, author Michael Hudson on Donald Trump's fake economics. It's all coming up on the Laura Flanders Show, the place where the people who say it can't be done take a back seat to the people who are doing it. Welcome. Infrastructure, we're going to start spending on infrastructure big, said Donald Trump days before he unveiled his $1.5 trillion infrastructure budget proposed by his administration, but as economists have pointed out, Trump's proposed budget requests only $200 billion in federal funds and slashes billions in transportation funding, billions more from water, energy. The rest of the funds comes, supposedly, from the private sector and states. Well, last year I talked to economist Michael ...

There’s an idea – deregulate the banks!

By Permalink

The Hudson Report, March 28, 2018 Left Out, a podcast produced by Paul Sliker, Michael Palmieri, and Dante Dallavalle, creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left.  The Hudson Report is a new weekly series produced by Left Out with the legendary economist Michael Hudson. Every episode we cover an economic or political issue that is either being ignored—or hotly debated—that week in the press. The economic impact of the bipartisan bank deregulation bill Senate Republicans and Wall Street friendly Democrats recently voted in favor of rolling back banking industry regulations, including key parts of Dodd-Frank, under the guise of providing relief for struggling community banks. Professor Michael Hudson weighs in on the details of the bill ...

The Hudson Report: Ep 1 Debtors Prisons 2018

By No tags Permalink

Left Out, a podcast produced by Michael Palmieri, Dante Dallavalle, and Paul Sliker, creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left. Transcript Debtors Prisons 2018 THE HUDSON REPORT: Modern-day debtors' prisons and debt in antiquity POSTED ON MARCH 19, 2018 We're excited to announce our new weekly series called The Hudson Report with the legendary economist Michael Hudson. Every episode we'll pick Professor Hudson's brain for 10 or 15 minutes on an economic issue that is either being ignored—or hotly debated—that week in the press. Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri at Kansas City. He counsels governments around the world on finance and tax policy and has served as ...

Recent Comments by Michael

    No comments by Michael yet.