“Let us glory in our inequality.”

Failed Privatizations - the Thatcher Legacy By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond”. This is from my book on privatization, written some 15 years ago, never published. As in Chile, privatization in Britain was a victory for Chicago monetarism. This time it was implemented democratically. In fact, voters endorsed Margaret Thatcher’s selloff of public industries so strongly that by 1991, when she was replaced as prime minister by her own party’s John Major, only 35 percent of Britain’s voters supported the Labour Party – half the proportion registered in 1945. The Conservatives sold off public ...

Geithner Turfed Out by EU Bankers

Prof Hudson appears on the Renegade Economists radio show to discuss the economic growth trap, compound interest, Sumeria, the corruption of economics and how US interests are flexing in the debate over what constitutes a CDO default in the EU. This interview was conducted just days before Greece was given another reprieve. Recorded March 7th Listen to the interview recorded March 7th. Transcription: MH: Prof Michael Hudson, Distinguished Research Professor at the University of Missouri-Kansas City. KF: Karl Fitzgerald KF: Professor Michael Hudson, welcome back to the show! Our listeners certainly appreciate your time. Can you explain to us why economic growth is necessary? MH: Well for one thing, populations grow and so you have to provide more goods and services. For another thing, people expect to ...

Federal Reserve System

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An interview with Michael Hudson published on the Russian website Terra America (TA). What is the place of the Federal Reserve System in the American financial and economic structure? Prior to the Federal Reserve’s founding in 1913, U.S. monetary policy was conducted by the Treasury. Like the Fed, it had district sub-treasuries that performed nearly all the financial functions that the Fed later took over: providing credit to move the crops in autumn, managing government debt, and so forth. But after the severe 1907 financial crisis, a National Monetary Commission was reformed. Under the then-Republican administration, it recognized a need for more active government intervention to prevent future financial crises. ...

MMT as the Austerity Alternative

Michael appeared on Guns and Butter alongside Assoc Professor Stephanie Kelton in Rimini. Listen to the interview aired March 7th. Make sure you read Michael's piece on Our Very Oscar Night in Rimini for more background. "There IS An Alternative To European Austerity: Modern Money Theory (MMT)" with Stephanie Kelton and Michael Hudson in Rimini, Italy. Difference between sovereign and non-sovereign money; what is money; fiat money; gold standard; fixed exchange rates; the Euro; difference between central banks and commercial banks; deflation and inflation; financial war against the economy; credit supply and asset prices; bank lending and capital investment; debt deflation stage and austerity stage of finance capitalism. Show details Subscribe to Bonnie Faulkner's Guns & Butter podcast: Itunes > Advanced > Subscribe to this ...