Trade Advantage Replaced by Rent Extraction

I was interviewed on the Renegade Economists radio/ podcast entitled Crony Competition on the road to Unearned Income: Prof Michael Hudson gives a wrap on the economics of 2013 as we discuss Detroit, Iceland, Madoff, Marx and Blackstone Capital. Why Comparative Advantage was replaced by Rent Extraction - with Prof Michael Hudson by Renegadeeconomists on Mixcloud Karl Fitzgerald: Our favourite guest, the man that Max Keiser from www.MaxKeiser.com described as the world’s greatest living economist, yes, Professor Michael Hudson is here to give us a wrap on 2013 and the economic forces that have surrounded us for centuries. How have you actually seen 2013? What’s played out for you in terms of the big trends? Michael Hudson: Oh, the same shrinkage that you’ve seen ...

Extra Economist

Please click on the following link to hear my latest radio interview. In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson’s new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more. Partial Transcript Justin Ritchie: “There’s a lot of people on the left and the right who are becoming increasingly critical of Quantitative Easing and the question we have is how does it work? What does it mean that the US Federal Reserve is buying these $85 billion dollars each month of assets even though they are talking about tapering now?” Michael Hudson: “Quantitative Easing only has to ...

Global Property Ponzi Policy

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I appear at the 12 minute mark. Max Keiser focuses on the global property ponzi game. The UK housing policy 'Help to Buy' - a 15% underwriting of loans under £600,000 is a technique to re-inflate land prices. A 15% rise will bail out the bad loans UK banks have made. Meanwhile the tax dodging continues globally as property speculation is ignored.

Obama’s Catfood Reform

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More at The Real News Edited transcript Michael Hudson: Obama's "bargain" on social security reform will push more retirees into poverty in exchange for a minor increase in high end income tax - a class that receives most revenue from capital gain. Obama's Social Security reform April 11, 2013. PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I'm Paul Jay. President Obama released his budget, and the most controversial piece of it is he wants to make some cuts to Social Security. Now here's a little bit of what he said: "Most economists agree that the chained CPI provides a more accurate measure of the average change in the cost of living." This chained CPI is at the heart of ...

Too Big To Jail?

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More at The Real News Too Big to Fail Public Banking Needed to Stop "Cannibalization" of the Economy, March 29, 2013. Michael Hudson: As long as finance is left in private hands, you’re going to have austerity and America ending up looking like Greece and Ireland. PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Baltimore. There’s been a debate about what to do about banks that are too big to fail, too big to prosecute, and too big to regulate. The debate goes that the big banks should be broken up, and some people are suggesting that the only real solution is public banking – banks that are big in scale but have public interest ...

Banking on Student Debt

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More at The Real News Student debt is the new growth zone for banking revenues. With no student bankruptcy permitted, this is akin to a low risk revenue stream for the financial industry, now second in size to mortgage debt. Solution to Student Debt is to Get the Banks Out of the Education Business Michael Hudson: Crippling student debt, which is also a drag on the whole economy, developed as governments pushed the burden of higher education costs onto students and pushed them into the arms of the banks - PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I'm Paul Jay in Baltimore. A recent New York ...