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. ...

The IMF Changes its Rules to Isolate China and Russia

Michael Hudson A nightmare scenario of U.S. geopolitical strategists is coming true: foreign independence from U.S.-centered financial and diplomatic control. China and Russia are investing in neighboring economies on terms that cement Eurasian integration on the basis of financing in their own currencies and favoring their own exports. They also have created the Shanghai Cooperation Organization (SCO) as an alternative military alliance to NATO. And the Asian Infrastructure Investment Bank (AIIB) threatens to replace the IMF and World Bank tandem in which the United States holds unique veto power. More than just a disparity of voting rights in the IMF and World Bank is at stake. At issue is a philosophy of development. U.S. and other foreign investment in infrastructure (or buyouts ...

Reuters’ Public Relations Missif

As published on Counterpunch: This autumn may see anti-austerity coalitions gain power in Portugal, Spain and Italy, while Marine le Pen’s National Front in France presses for outright withdrawal from the eurozone. These countries face a common problem: how to resist the economic devastation that the European Central Bank (ECB), European Council and IMF “troika” has inflicted on Greece and is now intending to do the same to southern Europe. To resist the depression and debt deflation that the troika seeks to deepen, one needs to bear in mind the dynamics that make the IMF un-reformable. Its destructive role in Greece provides an object lesson for how southern Europe must shun its horde of ideologues, as Third World countries learned to avoid ...

Global Financialization 2015 – The state of play

Cross-posted from The Saker The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a "technical" default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a "technical default". Is there such thing as a "technical default" and, if yes, how would it be different in terms of consequences for the Ukraine for a "regular" default? Michael Hudson: A default is a default. The attempted euphemism of “technical” default came up with regard to the Greek debt in 2012 at the G8 meetings. Geithner and Obama lobbied the IMF and ECB shamelessly to bail out Greece, simply ...

TPP Sovereignty Challenge

SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Senate just approved the fast-track legislation in Washington, and with me to discuss this is Michael Hudson. He's joining me from New York City. Michael is a distinguished research professor of economics at the University of Missouri, Kansas City. His two newest books are The Bubble and Beyond, and Finance Capitalism and Its Discontents. His upcoming book is titled Killing the Host: How Parasites and Debt Bondage Destroyed the Global Economy. Thank you so much for joining us. MICHAEL HUDSON, PROF. OF ECONOMICS, UNIV. OF MISSOURI-KC: Good to be here. PERIES: Michael, what do you make of this fast-track legislation? HUDSON: It's appalling. It's so ...

Russian Pivot

https://www.youtube.com/watch?v=nflZSjiofr8 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. President Vladimir Putin is on his way to India to discuss a gas and arms deal. Last week, he was in Turkey talking about diverting what was to be a South Stream pipeline away from Southern Europe to Turkey. At the APEC summit, he was squaring off deals with China for oil and gas. It is clear that Russia is pivoting to Eurasia. Here to discuss all of this is our regular guest Michael Hudson. Michael Hudson is distinguished ...

Think Tank Memories

Think Tanks Blow Public Opinion: Prof Michael Hudson on the most influential US think tanks by Renegadeeconomists on Mixcloud Subscribe to the weekly Renegade Economists podcast Transcript Renegade Economists October 1, 2014: DOUBLETHINK TANKS, TAR SANDS, WATER & IMPERIALISM. Karl Fitzgerald: This week on the Renegade Economists we’re joined by Professor Michael Hudson, the author of The Bubble & Beyond, Super Imperialism, and a host of other books. You can read his work at www.Michael-Hudson.com. Certainly our favourite guest here on the Renegade Economists and Michael, today we’re going to have a look at the role of think tanks in sculpting the American mind and the public policy that flows from that. What’s your take on the role of think tanks in American ...

How Neoliberal Tax and Financial Policy Impoverishes Russia – Needlessly

* A shorter version of this paper has been published in the Russian Academy of Sciences journal, Mir Peremen (The World of Transformations), 2012 (3):49-64 (in Russian). An earlier version was posted by the Global Policy Forum meeting in Yaroslavl, Russia, September 7-8, 2011, on its website. Russian poverty is unnecessary. Like all poverty in today’s high-productivity age, it is the result of bad policy. There is no technological need for it, nor is Russia lacking in a full spectrum of natural resources and economic potential. So future historians no doubt will puzzle over how the nation was convinced to de-industrialize its economy and impoverish much of its population in favor of exporting fuels and minerals, and to impose ...

The Bubble and Beyond

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Purchase the new paperback edition here. Kindle. Michael Hudson's new book The Bubble & Beyond is vital for those vying to make sense of the economic quicksand global policy makers find themselves in. He ties a thread between the big issues of our times - underwater housing, money market manipulations and lifetime debt - concerns that appear too difficult for the world's mainstream economists. Hudson does this by looking at the systemic causes of inequality, complexity and economic despair. The book traces how industrial capitalism has turned into finance capitalism. The finance, insurance and real estate (FIRE) sector has emerged to create “balance sheet wealth” not by new tangible investment and employment, but financially in the form of debt leveraging and ...

Lativa No Austerity Success (extended)

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by JEFFREY SOMMERS and MICHAEL HUDSON A much shorter version of this article appeared in the Financial Times on Friday, June 22.  Austerity’s advocates are declaring victory with Latvia’s battle against the European economic crisis and advocating it as the model for Greece & Spain to emulate.  Curiously, Latvians have been declaring this “win” by exiting their country. The “austerians” are celebrating Latvia as the plucky country that through hard work and discipline showed the way out of the financial crisis plaguing so many countries.  For austerians, Latvia represents a veritable Protestant morality play demonstrating that austerity works.  Indeed, they hope the Latvian example will retread Margaret Thatcher’s “there is no alternative” tire for a European-wide scale austerity tour. Few writing on the subject ...