Recent Posts by Michael

Ho Hum – More Trade Threats

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  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

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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!

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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

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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 ...

The Imperial President defends Wall St’s rent-seeking turf

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Trump's Tariff Travesty Will Not Re-Industrialize the US, TRNN, March 15, 2018 SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Organization for Economic Cooperation and Development, or known as the OECD, predicted on Tuesday that Trump's tariffs on aluminum and steel imports could initiate a wave of protectionism and slow global economic growth. The tariffs have already spurred various countries to announce retaliatory measures. For example, the European Union plans to impose tariffs on Harley Davidsons and blue jeans. China has also promised to retaliate. Meanwhile, US companies that use steel and aluminum as raw materials for their production processes already report significant cost increases by as much as 40%. Joining me now to ...

A Travesty of Protectionism

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Trump’s series of threats this week was a one-two punch. First, he threatened to impose national security tariffs on steel and aluminum, primarily against Canada and Mexico (along with Korea and Japan). Then, he suggested an alternative: He would exempt these countries IF they agree to certain U.S. demands. But these demands make so little economic sense that they should be viewed as an exercise in what academia used to call power politics. Or in Trump’s world, Us versus Them, a zero-sum game in which he has to show that America wins, they lose. It won’t work. Trump’s diplomatic ploy with Mexico is to say that he’ll be willing to ...

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