Recent Posts by Michael

The Planned Obsolescence of Consumer Sovereignty

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An interview with Bonnie Faulkner's Guns n Butter show. This is Guns and Butter, April 5, 2016. Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy’s balance sheet of assets by debtors and rent payers. More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That’s what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services. I’m Bonnie Faulkner. Today on Guns and ...

US imperialism the BREXIT culprit

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How Western Military Interventions Shaped the Brexit Vote, TRNN, June 25, 2016. Michael Hudson argues that military interventions in the Middle East created refugee streams to Europe that were in turn used by the anti-immigrant right to stir up xenophobia GREGORY WILPERT, TRNN: Welcome to the Real News Network. I'm Gregory Wilpert, coming to you from Quito, Ecuador. Britain's referendum in favor of leaving, or exiting, the European Union, the Brexit referendum, as the results are known, won with 52 percent of the vote on Thursday, June 23, stunning Europe's political establishment. One of the issues that has raised concern for many is that what does the Brexit mean for Britain's and Europe's economy and politics. This was one of the main topics ...

EU Bankster Contagion

An interview with Chris Hedges on Truth Dig. Chris Hedges: 2008 All Over Again Summary: Great Britain’s decision to leave the EU presages a global financial meltdown that could resemble the 1930s. Banks will demand massive bailouts. We will be forced, if the banks are bailed out again, to endure harsher austerity and a prolonged depression. Great Britain’s decision to leave the European Union has wiped out many bankers and global speculators. They will turn, as they did in 2008, to governments to rescue them from default. Most governments, including ours, will probably comply. Will the American public passively permit another massive bailout of the banks? Will it accept more punishing programs of austerity to pay for this bailout? ...

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Timing is Everything

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Neoliberalism lowers life expectancy

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"Millions Around the World Fleeing from Neoliberal Policy", The Real News Network, June 6, 2016. Economist Michael Hudson says neoliberal policy will pressure U.S. citizens to emigrate, just as it caused millions to leave Russia, the Baltic States, and now Greece in search of a better life. https://www.youtube.com/watch?v=tfh6fk3XAQY A research team from Columbia University's Mailman School of Public Health in New York estimates 875,000 deaths in the United States in year 2000 could be attributed to social factors related to poverty and income inequality. According to U.S. government statistics, 2.45 million Americans died in the same year. When compared to the Columbia research team's finding, social deprivation could account for some 36% of the total deaths in 2000. "Almost all of the British ...

The Greek Surrender

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May 22, 2016 SHARMINI PERIES, TRNN: It's the Real News Network, I’m Sharmini Peries coming to you from Baltimore.  Greece's economic crisis has perhaps been eclipsed by Europe's refugee crisis, terrorist attacks, and by the forthcoming Brexit referendum. But it has not gone away.  Greece's Syriza coalition faced violence on the streets and a 3 day general strike last week that had brought much of the country to a halt. In spite of the protests the government of Alexis Tsipras pushed through legislation to amend the country's tax and pension system with the backing of 153 MPs, a measure required by the lenders in order to continue the debt negotiations. Addressing the 300 seat house, Prime Minister Alex Tsipras said we are ...

European Care for the Elderly 2016

Michael Hudson, Speech to SANICADEMIA, May 10, 2016 in Villach, Austria for the 5th International Congress on Geriatrics and Gerontology = 59th Austrian Convention for Hospital Management, “We’re Living Longer: The healthcare challenges for today and tomorrow.” The most obvious approach to look at how European care for the elderly will evolve is to project technological trends and the costs of people living longer as diagnostic equipment, drug treatments and other medical science continues to improve. This kind of projection shows a rising cost to society of pensions and health care, because a rising proportion of the aging population is retiring. How will economies pay for it? I want to point to some special problems that are looming on the political front. ...

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