Wealth Creation, or a Ponzi Scheme?

December 23, 2008
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GlobalResearch Last week the Good Lord evidently realized that not enough people had been reading Hyman Minsky’s explanation of how financial cycles end in Ponzi schemes – the stage in which banks keep the boom going by lending their customers the money to pay interest and thus avoid default. So He sent Bernie Madoff...

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Scrawny Geese; No More Golden EggScenes From the Global Class War

October 27, 2008
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Counterpunch On Friday, October 24, the pound sterling dropped to just $1.58 (down from $1.73 earlier in the week, an enormous plunge by foreign-exchange standards), and the euro sunk to just $1.26, while Japan’s yen soared by 10 per cent. These shifts threatened to disrupt export markets and hence industrial sales patterns. Global stock...

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Financial Warfare against Labor and Industry

October 26, 2008
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Global Research On Friday, October 24, the pound sterling dropped to just $1.53 (down from $1.73 earlier in the week, an enormous plunge by foreign-exchange standards), and the euro sunk to just $1.26, while Japan’s yen soared by 10%. These shifts threatened to disrupt export markets and hence industrial sales patterns. Global stock markets...

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Parsing Mr. Paulson’s Bailout SpeechThe Unprecedented Giveaway of Financial Wealth Story

October 18, 2008
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Global Research Mr. Paulson’s bailout speech on Monday, October 13 poses some fundamental economic questions: What is the impact on the economy at large of this autumn’s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury’s bailout of Wall Street (but not the rest...

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Guns and Butter: The Bailout’s New Financial Oligarchy

October 15, 2008
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Guns and Butter Interview on KPFA radio. For part one of this interview click here. “If you want to see the ideal of the World Bank and the IMF, look at the Russian, Latvian and Estonian economies. They have shrunk as if there were a war on. And in a sense it is a...

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Afshin Rattansi talks to Michael Hudson:Paulson & Bernanke

October 14, 2008
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Guns and Butter: The New Kleptocracy

October 8, 2008
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Guns and Butter Interviews on KPFA radio. You can read part two of this interview, The Bailouts New Financial Oligarchy, here. “Considering that there is an $800 billion giveaway, to be followed by another trillion and another trillion after that, this is the biggest giveaway since the land giveaway to the railroads in the...

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The New Kleptocracy

October 3, 2008
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Treasury Secretary Hank Paulson’s “Plan” passed by Congress on October 3rd, 2008 Listen Here

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The Big Bank Job: The Insanity of the $700 Billion Giveaway

September 25, 2008
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Counterpunch The banksters’ plan now is for icing on the cake – to take Mr. Paulson’s $700 billion and run. It’s not a “bailout of the financial system.” It’s as giveaway – to insiders, to sell out all their bad bets. Companies across the board will get rid of their bad mortgages, and also...

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Houses as a Tax Shelter

September 24, 2008
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Houses as a Tax Shelter, interview by Karl Fitzgerald, from the Renegade Economists podcast. Houses as a Tax Shelter

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A Cautionary Tale About Politicos and Financiers: Mr. Paulson and the New Yazoo Land Scandal

September 23, 2008
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Counterpunch Present discussions of the mortgage mess are lapsing into an unreal world. Advocates of the $700 bailout are now rounding up a choir of voices to proclaim that the problem is simply a lack of liquidity. This kind of problem, we are told, can be solved “cleanly” (that is, with no Congressional add-ons...

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The Paulson-Bernanke Bank Bailout: Will the Cure be Worse than the Disease?

September 22, 2008
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Counterpunch Saturday’s $700 billion junk mortgage bailout is the largest and worst giveaway since a corrupt Congress gave land grants to the railroad barons a century and a half ago. If it goes through, it will shape the coming century by giving finance unprecedented power over debtors – homebuyers, industry, state and local government,...

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Financial Bailout: America's Own KleptocracyThe largest transformation of America's Financial System since the Great Depression

September 20, 2008
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Global Research Nobody expected industrial capitalism to end up like this. Nobody even saw it evolving in this direction. Marxists saw industrialists growing into giant trusts and depriving workers of the wages needed to buy their output, and the post-1980 era of corporate raiding has indeed seen downsizing and outsourcing of the labor force....

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US Banking Intervention

September 17, 2008
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Michael Hudson on the highly respected Democracy Now, telling the inside story on the bankers bailouts.

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US Seizes Control of AIG with $85 Billion Bailout

September 17, 2008
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A democracynow interview with Nomi Prins and Michael Hudson. Audio of democracyNow interview. A copy of the video can also be downloaded from here. The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from...

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Bailout for McCain

September 17, 2008
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An interview by Karl Fitzgerald, Renegade Economists podcasts. Bailout for McCain

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The Chicago School's long descent

September 12, 2008
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Asia Times As a graduate of the University of Chicago (1959) and also of its Laboratory School (1955-56), I think my experience there confirms the picture portrayed by Henry Liu in his wonderful essay last week on Milton Friedman and the “Money Matters Controversy”. (See Friedman’s misplaced monument, Sep 5.) My introduction to the...

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The Worsening U.S. Debt Crisis

September 9, 2008
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An interview with Economist Michael Hudson, by Mike Whitney Global Research. Mike Whitney: On Friday afternoon the government announced plans to place the two mortgage giants, Fannie Mae and Freddie Mac, under “conservatorship.” Shareholders will be virtually wiped out (their stock already had plunged by over 90 per cent) but the US Treasury will...

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The Next Big Bail Outs: State, Local and Private Pensions

July 31, 2008
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Counterpunch Early on the morning of July 30, President Bush signed the act that the Senate had passed at a special session the previous Saturday. The new “housing act” (a more honest title would have been the “Financial Bailout Act of 2008”) authorizes the Treasury and Federal Reserve Board to provide unlimited credit to...

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A Black Agenda Report: The Fictitious Economy, Part 2

July 30, 2008
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Transcript of a A Guns And Butter Interview by Bonnie Faulkner originally broadcast on KPFA radio. In the second half of an hour long interview with economist Dr. Michael Hudson broadcast on Guns And Butter June 25, 2008, Dr. Hudson explains some of the factors in the price of oil that are seldom discussed...

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