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Socialism, Land and Banking: 2017 compared to 1917

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An article written for the hundredth anniversary of the Russian Revolution, to be read in Beijing today. Socialism a century ago seemed to be the wave of the future. There were various schools of socialism, but the common ideal was to guarantee support for basic needs, and for state ownership to free society from landlords, predatory banking and monopolies. In the West these hopes are now much further away than they seemed in 1917. Land and natural resources, basic infrastructure monopolies, health care and pensions have been increasingly privatized and financialized. Instead of Germany and other advanced industrial nations leading the way as expected, Russia’s October 1917 Revolution made the greatest leap. But the failures of Stalinism became an argument against ...

What Tax Plan?

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Transcript “Trump's Tax Plan Helps Wall Street, Not Main Street,” TRNN, October 3, 2017. It should be called the Leona Helmsley tax plan,' says economist Michael Hudson. 'Only the little people will pay taxes'. S. Peries: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. A general consensus is emerging that Trump's tax plan, which he presented last Wednesday will benefit mostly the country's upper classes and corporations. In fact the only people that got a tax increase are the poorest taxpayers. A quick scan of even business press headlines will reinforce what I'm saying. For example, Bloomberg writes, "Tax reform could open a huge loophole for wealthy Americans", and the conservative magazines National Review has a headline that ...

Stock on Trumponomics

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August 4 2017, The Real News Network “Trump is Turning Against the White Working Class that Elected Him,” The Real News Network, August 4, 2017.  Rising stock prices is not an indicator of financial health like Trump would have you believe, specially when you examine who is buying that stock, says economist Michael Hudson, the author of J Is for Junk Economics. SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To answer that question, we need to ...

Dad’s Many Proverbs

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These proverbs were collected by my father, Carlos Hudson, during the time he was jailed under the Smith Act in 1941, ostensibly for “Advocating the overthrow of the government by force and violence,” It was called the “gag act” because it put a gag on what one could read or say. Guilt was determined by whether one had the works of Lenin and Trotsky on one’s bookshelf. The Stalinists urged the death penalty for the Smith Act, not realizing that it would be used against them after World War II. The Minneapolis 17 who were convicted ...

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