Debt

Incorporating the Rentier Sectors into a Financial Model

September 12, 2012
By
Incorporating the Rentier Sectors into a Financial Model

by Dirk Bezemer and Michael Hudson As published in the World Economic Association’s World Economic Review Vol #1. ABSTRACT Current macroeconomics ignores the roles that rent, debt and the financial sector play in shaping our economy. We discuss the Classical view on rents and policy responses to the rentier sector in the 19th century....

Read more »

Europe’s Transition From Social Democracy to Oligarchy

December 6, 2011
By

As first published in Frankfurter Allgemeine Zeitung The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk...

Read more »

Democracy and Debt

December 3, 2011
By

Has the Link been Broken? *This article appeared in the Frankfurter Algemeine Zeitung on December 5, 2011. Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into...

Read more »

Australia’s Needless Foreign Borrowing

May 24, 2010
By

Michael Hudson and Shann Turnbull* (First published via Prosper Australia, written during Michael’s recent Oz tour.) Confronted by the global financial crisis that is burying foreign economies deeper in debt deflation each month, Australia needs to protect itself – indeed, to liberate itself from as many costs and risks as it can. Fortunately, many...

Read more »

History of Debt and Credit

November 11, 2007
By

Debt cancellation. History of Debt and Credit, Bloomberg radio with Lewis Lapham, Laphams Quarterly.

Read more »

The New Road to Serfdom – An illustrated guide to the coming real estate collapse

April 20, 2006
By

Can be downloaded from here or from Harpers.

Read more »

Saving, Asset-Price Inflation, and Debt-Induced Deflation

June 27, 2004
By
Saving, Asset-Price Inflation, and Debt-Induced Deflation

Post-Keynesian Conference Kansas City Summary The exponential growth of savings and debt takes the form mainly of loans to finance the purchase of real estate, stocks and bonds. These loans extract interest and amortization charges that divert revenue away from being spent on goods and services. The payment of debt service by the economy’s...

Read more »

The Mathematical Economics of Compound Rates of Interest: A Four-Thousand Year Overview Part I

January 24, 2004
By

“Whoever enters here must know mathematics.” That was the motto of Plato’s Academy. Emphasizing such abstract ratios as the Pythagorean proportions of musical temperament and the calendrical regularities of the sun, moon and planets, its philosophy used the mathematics of nature to reveal an underlying harmony and order in the universe and hence, in...

Read more »

The New Economic Archaeology of Debt

April 23, 2002
By

Introduction to Debt and Economic Renewal in the Ancient Near East (ed. with Marc Van De Mieroop) (CDL Press, Baltimore, 2002) Economists, anthropologists and assyriologists have discussed the origins of debt and the setting of interest rates from such different perspectives that there has been remarkably little overlap or mutual discussion. Indeed, when economic...

Read more »

I Meet the Leading Authority on the Babylonian and Near East Tradition of Debt Cancellation

April 12, 2002
By

Copy of a regular newsletter by Boudewijn Wegerif, Sweden WHAT MATTERS-77 Dear list members, Yesterday I was with an American economist who says of himself that he is a Marxist, whose godfather was Leon Trotsky, whose father was thrown in prison in the US in 1941 for advocating the overthrow of the government, who...

Read more »