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 ...

Pawns for Pickings

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cross posted from The Nation Ukraine Is In Crisis. Here’s Why the West Can’t Save It. A video roundtable explains why the IMF, Europe, and Western corporations don’t have the country’s best interests at heart. Alexander Reed Kelly June 9, 2015 A Ukrainian national flag flutters in the wind at a position held by the Ukrainian armed forces near the town of Maryinka in eastern Ukraine. (Reuters/Gleb Garanich) Nearly a year and a half after the Euromaidan protests ushered a new government into power in Kiev, Ukraine is still in trouble. Some 6,200 people have been killed, more than 15,000 wounded, and 1.2 million internally displaced in a civil war that had by mid-March, according to the new president, Petro Poroshenko, destroyed “around 25 percent of ...

Greek Debtline

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SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to the Michael Hudson Report on The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Euro is slipping against the dollar, and the European financial markets are in flux, expecting Greece to fail on its 1.6 billion Euro repayment due to the International Monetary Fund on the 5th of June. Joining me now to discuss Greece and the financial it's posing to the European markets is Michael Hudson. Michael is joining us from New York, and as you know he's a distinguished research professor of economics at the University of Missouri, Kansas City. His two newest books are ...

Ukraine Labor Dares Operation Vulture

Ukraine’s collapse since the February 2014 coup has become an umbrella for grabitization. Collateral damage in this free-for-all has been labor. Many workers are simply not getting paid, and what they actually are being paid is often illegally low. Employers are taking whatever money is in their business accounts and squirreling it away – preferably abroad, or at least in foreign currency. Wage arrears are getting worse, because as Ukraine approaches the eve of defaulting on its €10+ billion London debt, kleptocrats and business owners are jumping ship. They see that foreign lending has dried up and the exchange rate will plunge further. The Rada’s announcement last week that it shifted €8 billion from debt service to spend on a  new ...

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 ...

Sovereignty in the Ancient Near East

Prof Michael Hudson on the Ancient Near East by Renegadeeconomists on Mixcloud 04/01/2015 An interview on the new book - Labor in the Ancient World, the latest in our series on the Ancient Near East, co-edited with Piotr Steinkeller. Support our work by buying a copy.  Karl: Welcome to the Renegade Economists with your host, Karl Fitzgerald. This week we’re stepping back in time, way back some 10,000 years BC into the world of archaeology, Egyptology and Assyriology. Yes, it’s time for another special with Professor Michael Hudson. That’s right, Michael Hudson back on the show, he’s got a new book called Labor in the Ancient World and I asked him to give a precis on the background to this very interesting study. ...

Odious Debts

Europe Tilts East Towards China (2/2), TRNN, March 22, 2015. SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome back to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. This is segment two with Michael Hudson on the Asian Infrastructure Investment Bank, a new rival to the World Bank. In segment one we talked about the history of the World Bank and the problems that it has posed in terms of its policies to the developing world and why it is necessary to develop another investment bank of this nature. So Michael is joining us to continue this ...

Institutional Discontent

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Europe Tilts East Towards China (1/2) Michael Hudson Report: Britain, German, France and Italy are among those who joined Asian Infrastructure Investment Bank in an expression of their discontent over World Bank polices that force developing countries to depend on the US - March 20, 2015 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. The Asian Infrastructure Development Bank, an Asian rival to the World Bank, was launched by the Chinese president, Xi Jinping, last year. Initially it was an Asian initiative, but last week, U.K. was the first European country to join the bank information, causing some friction between U.S. and Britain. Now a few more ...

Updated edition – The Bubble and Beyond

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The updated edition of THE BUBBLE AND BEYOND, a chronicle of the on-going post-2008 financial collapse, is now available. It makes plain where money goes versus where it might go - and ought to go. Included: A NEW INDEX, a LIST OF 47 EXHIBITS (illustrations, charts, graphs and models), a BONUS CHAPTER and a BONUS SUMMARY, as well as contemporary quotes and author pull-out quotes. Purchase the new paperback edition here. Kindle. Thankyou for your support.

W-Z: Watered Stock to Zero-Sum

Parts W - Z in the Insider's Economic Dictionary War: Economically, the major cause of national debt and inflation, and often of postwar deflations. Politically, war serves as an excuse to centralize control of government in the hands of the few, and in the Executive Branch of government. Washington Consensus: The neoliberal “conditionalities” imposed on debtor countries by the IMF and World Bank since 1980, forcing their governments to sell off the public domain to U.S. and other international finance capital. Its greatest success was achieved in Russia after 1991, supporting the kleptocrats to privatize – and then sell off – the nation’s mineral and oil wealth, dismantle industry, and impose monetarist austerity rolling back wage levels and living standards, leading to ...