Recent Posts by Michael

Another Housing Bubble?

TRNN, May 24, 2017. Economist Michael Hudson explains that even though housing prices are back up at 2008 levels homeownership is at a much lower level and banks have their loans guaranteed by the US government SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. Just prior to the economic collapse of 2007-2008 there were several economic indicators which could have given us a clue of the impending disaster. If we look at the economic situation today in the US, we find many of these very same indicators. Housing prices are getting very high. Credit card debt has begun to rise again. Student loans are in default, many of them, and the stock and bond markets ...

BC Pipeline Poll

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British Columbia May 12 2017 “Why are British Columbians Voting Liberal, Against Their Own Interest?” The Real News Network, May 12, 2017. British Columbia is giving away lumber at .50 cents an acre and the Green Party holds the balance of power at a tipping point on energy policy says Michael Hudson. https://www.youtube.com/watch?v=zBy-zR600zs Dimitri Lascari: This is Dimitri Lascaris for The Real News. On Tuesday of this week the Canadian Province of British Colombia held an election and the result was a nail biter. BC's legislature consists of 87 seats and in order to command a majority, a party must hold a minimum of 44 seats. The provisional results are that the right wing incumbent liberal party, led by BC premier Christy ...

Jargon, Junk Reviewed

A Book Review by Peter Koenig via the Saker website The author, Michael Hudson, is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. Michael’s book, Junk Economics, reads like an economic thriller. It also provides all the answers to: “What I always wanted to know about Economics, but was afraid to ask”. It is a fascinating read, written for ‘experts’ as well as for economic novices. It is a factual account of what so called ‘Propaganda Experts’ want you to believe about economics, and it dismantles the myths. It explains ‘jargons’ that are on purpose coined, so that the average reader ...

IMF to Greece: Sorry We’ll Destroy You

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Greece Passes New Austerity for New Loans, The Real New Network, May 6, 2017. Bond holders, banks, and IMF bear responsibility for having made irresponsible loans to Greece, so it is not right for them to force yet more austerity on Greece, says Michael Hudson. Sharmini Peries: It's the Real News Network. I am Sharmini Peries coming to you from Baltimore. The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. ...

Review of Steve Keen’s “Can we void another financial crisis?”

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At first glance Steve Keen's new book 'Can We Avoid Another Financial Crisis' seems too small-sized at 147 pages. But like a well-made atom-bomb, it is compactly designed for maximum reverberation to blow up its intended target. Explaining why today’s debt residue has turned the United States, Britain and southern Europe into zombie economies, Steve Keen shows how ignoring debt the blind spot of neoliberal economics – basically the old neoclassical just-pretend view of the world. Neoclassical's glib mathiness is a gloss for its unscientific “don’t worry about debt” message. Blame for today’s U.S., British and southern European ...

Let’s Run Government for Business

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Trump and Kushner say that the government should be run like a business, but that would mean eliminating regulations and expenses that benefit the people says Michael Hudson. KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. Donald Trump promised repeatedly to, "Drain the swamp," during his presidential campaign, his vow to end the cycle of corruption within the Federal government. All while touting his own experience as a businessman, as reason enough for him to be Commander-in-Chief. Yet, his Cabinet appointments and his hand-picked advisors seem to reflect the contrary to draining the swamp, with former hedge fund manager, Steve Mnuchin, as Secretary of the Treasury; former Exxon Mobil CEO, Rex Tillerson, as Secretary of State; and private ...

The Real Russiagate: Obama’s Stasi State

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by Michael Hudson and Paul Craig Roberts Mike Whitney has written an excellent expose of the “Russiagate” cover story for Obama’s political use of national security to help his party oppose Republicans. Covert surveillance of politicians on Obama’s Nixon-like “Enemies List” has been going on for many years, but is only now being unmasked as a result of the failure of its cover story (“We weren’t spying on enemies; only on Russians to protect America”). Democratic-leaking mass media have passed on the cover story authored by former Obama-administration officials led by CIA director John Brennan, FBI director James Comey, the DNC, and Democratic Rep. Adam Schiff. The loose ends in this cover-up have now been so widely exposed as hearsay and political ...

Democrats “Kompromat”

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Michael Hudson explains that the Senate hearings on Russia are an effort by Democrats to torpedo improvements in Russia-US relations and lack any real evidence of Russian meddling. KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. On Thursday, the Senate Intelligence Committee held its first hearing, as part of an inquiry as to whether or not there was collusion between Russian officials, and the Trump campaign of 2016, along with the subsequent transition team into the White House. There's been a lot of speculation –- a lot of leaks –- coming from the intelligence community, about whether or not Donald Trump and his associates had ...

Paul Craig Roberts on Junk Economics

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My friend and colleague kindly reviews J is for Junk Economics. As he says... The World’s Best Economist Paul Craig Roberts If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive the real economy to the payment of interest and fees to banks. His latest book is J is for Junk Economics. It is written in the form of a dictionary, but the definitions give you the precise meaning of economic terms, the history of economic concepts, and describe the ...

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