Is the Economy as Broke as Lehman Was?

September 4, 2010
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The Angelides Committee Sidesteps the Mortgage Fraud Issue What is the difference between today’s economy and Lehman Brothers just before it collapsed in September 2008? Should Lehman, the economy, Wall Street – or none of the above – be bailed out of bad mortgage debt? How did the Fed and Treasury decide which Wall...

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The Land-Residual vs. Building-Residual Methods of Real Estate Valuation

August 30, 2010
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Some Prefatory Remarks to the N.Y.U. Real Estate Institute discussion, Oct. 25, 2001 Economic theory focuses on labor and capital, yet the largest category of tangible assets is not industrial plant and machinery earning profits, but real estate, and its primary objective is to make capital gains. Most new entries into the Forbes or...

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From Marx to Goldman Sachs: The Fictions of Fictitious Capital

July 30, 2010
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As published in Critique, based on a presentation given at the China Academy of Sciences, School of Marxist Studies in Beijing in November 2009, and at the Left Forum in New York City, March 20, 2010. Classical economists developed the labor theory of value to isolate economic rent, which they defined as the excess...

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China's Policy Checkmate

July 27, 2010
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Interview with Xulin Dong May 2010 DX: You have strongly advocated the use of taxation as a most effective and desirable way to prevent real-estate bubble. Now in the Chinese media there’s a good deal of discussion about the need to re-design China’s real-estate tax regime. In particular, about the merit of a US...

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Entrepreneurs: From the Near Eastern Takeoff to the Roman Collapse

July 19, 2010
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Dollar Hegemony and the Rise of China

July 12, 2010
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Hudson to Premier Wen Jaibao, March 15, 2010 Dear Premier Wen Jiabao, I write this letter to counteract some of the solutions that Western politicians are recommending for China to cope with its buildup of excess foreign-exchange reserves. Raising the renminbi’s exchange rate against the dollar will not cure the China-US payments imbalance. The...

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Latvia’s Third Option

July 8, 2010
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Neither Devaluation nor Austerity, but Tax Restructuring A shortened version was published in today’s Financial Times. As Europe’s banking crisis deepens, Greece’s and Spain’s fiscal crisis spreads throughout Europe and the US economy stalls, most discussions of how to stabilize national finances assume that only two options are available: “internal devaluation” – shrinking the...

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Banks Profit Going Up and Down

June 28, 2010
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Michael Hudson on Renegade Economists Radio discussing China’s looming isolationism, the background on G20 austerity plans plus a few serves on what economics should be looking at. Hudson appears at the 2 minute mark. Audio – 22/06/2010 Subscribe to the Renegade Economists podcast

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Austerity for Prosperity

June 28, 2010
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Part 2 Part 3

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Europe Sacrifices Labour for Finance

June 26, 2010
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The “New Austerity” Road Europe is committing fiscal suicide – and will have little trouble finding allies at this weekend’s G-20 meetings in Toronto. Despite the deepening Great Recession threatening to bring on outright depression, European Central Bank (ECB) president Jean-Claude Trichet and prime ministers from Britain’s David Cameron to Greece’s George Papandreou (president...

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Why Europe Can't Look After Itself

June 21, 2010
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Hudson’s latest interview with Bonnie Faulkner, discussing his recent venture to Latvia amidst Europe’s current troubles. Why have government’s suddenly forgotten how to finance themselves? Hudson on Guns N Butter, June 2010

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Hudson on Austerity Measures, Latvia Visit

June 8, 2010
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Michael appears at the 13.40 minute mark.

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NeoLiberalism and the Counter-Enlightenment

May 27, 2010
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Religious Conversion: from Theology to the Temple of Mammon

May 24, 2010
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The Friedman Institute upgrades Theology to condone Neoliberal Greed What would Jesus Say? Many academics recently received a petition signed by 111 University of Chicago faculty members, explaining that “without any announcement to its own community, has commissioned Ann Beha Architects, a Boston firm, to remake the Chicago Theological Seminary building into...

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Australia’s Needless Foreign Borrowing

May 24, 2010
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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...

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Euro-Bankers Demand of Greece

May 10, 2010
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The wealthy won’t pay their taxes, so labor must do so. As published in Counterpunch The “Greek bailout” should have been called what it is: a TARP for German and other European bankers and global currency speculators. The money is being provided by other governments (mainly the German Treasury, cutting back its domestic spending)...

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Trouble in Europe, China

May 5, 2010
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Based on an interview with Eric Janszen of iTulip April 10, 2010 On April 10, 2010 I caught up with Michael Hudson and he was in rare form. Readers know that my personal view is that much of the right wing of the political spectrum doesn’t know what the problem is and all of...

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After the Ice Age

April 25, 2010
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After the Ice Age: How Calendar-keeping shaped Early Social Structuring Michael Hudson (UMKC) in Paul G. Bahn, ed., An Enquiring Mind: Studies in Honor of Alexander Marshack (American school of prehistoric research monograph series, Oxford and Oakville: Oxbow Books, 2009):149-53. I first met Alex Marshack in 1982 at a lecture he gave in New...

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Global Financial Crisis – Inside America interview

April 19, 2010
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With Goldman Sachs finally feeling some pressure, it is an opportune time to look back at the scale of shock depicted in this October 2008 AlJazeera piece. Michael is one of the guests. See the second part here

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Hudson – Today's Financial Times Article on the Euro Debt Bomb

April 9, 2010
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This is an edited version of The Coming European Debt Wars. Greece is just the first in a series of European debt bombs about to go off. Mortgage debts in the post-communist economies and Iceland are more explosive. Although most of these countries are not in the eurozone, their debts are largely denominated in...

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