The Greek Surrender

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May 22, 2016 SHARMINI PERIES, TRNN: It's the Real News Network, I’m Sharmini Peries coming to you from Baltimore.  Greece's economic crisis has perhaps been eclipsed by Europe's refugee crisis, terrorist attacks, and by the forthcoming Brexit referendum. But it has not gone away.  Greece's Syriza coalition faced violence on the streets and a 3 day general strike last week that had brought much of the country to a halt. In spite of the protests the government of Alexis Tsipras pushed through legislation to amend the country's tax and pension system with the backing of 153 MPs, a measure required by the lenders in order to continue the debt negotiations. Addressing the 300 seat house, Prime Minister Alex Tsipras said we are ...

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. ...

Financial Diversion

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Cross-posted from the FinancialRepressionAuthority.com, April 27, 2016. GORDON LONG: Thank you for joining us. I'm Gordon Long with the Financial Repression Authority. It's my pleasure to have with me today Dr. Michael Hudson  Professor Hudson's very well known in terms of the FIRE economy to—I think, to a lot of our listeners, or at least he's recognized by many as fostering that concept. A well known author, he has published many, many books. Welcome, Professor Hudson. MICHAEL HUDSON: Yes. LONG: Let's just jump into the subject. I mentioned the FIRE economy cause I know that I have always heard it coming from yourself—or, indirectly, not directly, from yourself. Could you explain to our listeners what's meant by that terminology? HUDSON: Well it's more than just people ...

Fix our debt addiction to fix our economy

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As published in the Washington Post Each week, In Theory takes on a big idea in the news and explores it from a range of perspectives. This week, we’re talking about financialization. Need a primer? Catch up here. Michael Hudson is distinguished research professor of economics at University of Missouri-Kansas City. His most recent book is “Killing the Host: How Financial Parasites and Debt Destroy the Global Economy.” Our economy has increasingly been financialized, and the result is a sluggish economy with stagnant wages. Weneed to decide whether to stop the cycle and save the economy at large or to stay in thrall to our banks and bondholders. Without clearing our debt, theeconomy will continue to languish in debt deflation and polarization between creditors and debtors. As a statistical ...

Laundering Havens for War Budgets

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Panama money laundering 2016 “Closing Panama Tax Haven Will Require Fighting the Most Powerful Lobby In the World,” The Real News Network, April 14, 2016. Economist Michael Hudson says oil and mining industries and the State Department created Panama and Liberia for the express purpose of tax evasion.   Sharmini Peries coming to you from Baltimore. Within a week the 11 million documents called the Panama papers, published by the International Consortium of Investigative Journalists, has become a household name. The documents are connected to the Panama law firm Mossack Fonsesca that helped establish offshore accounts for some of the wealthiest and most powerful leaders to launder money and evade taxes. On Tuesday the police in Panama raided the Mossack Fonseca law firm to search for ...

Establishment Protection of Big Banks

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JAISAL NOOR, TRNN: Welcome to the Real News Network. I'm Jaisal Noor in Baltimore.  It's been a tough week for Senator Bernie Sanders on the campaign trail, despite his big win in Wisconsin on Tuesday, because it's been marked by fierce attacks on his economic plans. On Friday, New York Times’ Paul Krugman pinned a scathing critique of Sanders for his slogans of breaking up the banks because he says that won't protect us from a future crisis and for Sanders failing to provide details about how he would go about this, when asked by the New York Daily News. Sanders met with the Daily News on April 1st for an in depth interview for a range of his policy positions. ...

Traumatized Worker Syndrome

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CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today we're going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. Welcome, Michael. (Part One - The inversion of Classical Economics) MICHAEL HUDSON: It’s good to be here. HEDGES: So, we spoke in the first segment about the parasitic quality of the banks, hedge funds and the speculative class that has in essence cannibalized the country – including, interestingly, industry itself, and forced down the throats of the American public an unsustainable debt peonage, whether that’s through student loans, ...

The inversion of Classical Economics

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Days of Revolt: How We Got to Junk Economics In this episode of teleSUR's Days of Revolt, Chris Hedges interviews economist Michael Hudson on the history of classical economics and explores Marx's interpretation of capitalism as exploitation -   March 22, 2016 CHRIS HEDGES: Hi, I'm Chris Hedges. Welcome to Days of Revolt. Today in a two-part series we're going to be discussing a great Ponzi scheme that not only defines not only the U.S. but the global economy, how we got there, in the first segment, and secondly, where we're going. And with me to discuss this issue is the economist Michael Hudson, author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. A professor of economics ...

Smart Parasites

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An interview with the Extra Environmentalists on the concepts behind Killing the Host. The episode is entitled the Age of Stagnation. Friends may appreciate a new higher quality audio recording, thanks to the Extra Environmentalists, who donated a microphone. They write: The common political conversation about our shared economic future focuses on achieving an escape velocity where the post-war growth boom can return as usual. While years of lackluster economic performance mount, a rapidly growing global economy is still discussed like it is readily just over the horizon. Can the factors creating a slower growth world find open discussion in time to avoid severe social strife? Is the drive for passive income in an age of stagnation placing the ...