EU Infrastructure Undermines Sovereignty

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The Financial Attack on Greece: Where To From Here? The major financial problem tearing economies apart over the past century has lain more with official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to 1929-31, when it became apparent that the volume of official inter-government debts could not be paid. The Versailles Treaty had imposed impossibly high reparations demands on Germany, and the United States imposed equally destructive demands on the Allies to use their reparations receipts to pay World War I arms debts to the U.S. Government. Legal procedures are well established to cope with corporate and personal bankruptcy. Courts write down personal and business debts either under “debtor in control” ...

Pipeline Politics

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Interview on the Real News. Visit their page to watch it. Sharing disabled. The Hudson Report: Europe's effort to join the US in isolating Russia has backfired, it makes no sense to build an oil and gas pipeline for Russian exports that would be owned and leased to them by the US and Europe. SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. President Vladimir Putin is canceling his oil and gas pipeline to Europe. To discuss why is our regular guest Michael Hudson. Michael is distinguished research professor of economics at the University of Missouri-Kansas City. His latest books are The Bubble and Beyond and Finance Capitalism and Its Discontents. Michael, so explain ...

Russian Pivot

https://www.youtube.com/watch?v=nflZSjiofr8 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. President Vladimir Putin is on his way to India to discuss a gas and arms deal. Last week, he was in Turkey talking about diverting what was to be a South Stream pipeline away from Southern Europe to Turkey. At the APEC summit, he was squaring off deals with China for oil and gas. It is clear that Russia is pivoting to Eurasia. Here to discuss all of this is our regular guest Michael Hudson. Michael Hudson is distinguished ...

The Koch Brothers’ Governors

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Butlers Selling the Public’s Silver…. A Dress Rehearsal for Hillary? by Jeffrey Sommers & Michael Hudson The Koch Brothers are the closest thing the United States has to Russia’s oligarchs. They fuse ownership of the economy and state, using the latter to enrich themselves while making private gains through the public’s losses. Their idea of a “market economy” is to buy government officials and the assets they privatize at giveaway prices. The top three butlers at the Koch’s nouveau riche ‘Downton Abbey’ are Governors Sam Brownback of Kansas, Wisconsin’s Scott Walker, and Chris Christie of New Jersey. All three ran elections based on the anti-Keynesian oxymoron of promoting job creation by balancing budgets with regressive tax plans. All declared that cutting taxes (chiefly on ...

Backfired!

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U.S. New Cold War policy has backfired – and created its worst nightmare 1. The world’s geopolitics, major trade patterns and military alliances have changed radically in the past month. Russia has re-oriented its gas and oil trade, and also its trade in military technology, away from Europe toward Eurasia. The result is the opposite of America’s hope for the past half-century of dividing and conquering Eurasia: setting Russia against China, isolating Iran, and preventing India, the Near East and other Asian countries from joining together to create an alternative to the U.S. dollar area. American sanctions and New Cold War policy has driven these Asian countries together in association with the Shanghai Cooperation Organization as an alternative to NATO, and ...

Stockholm Syndrome in the Baltics

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Latvia’s Neoliberal War Against Labor and Industry Published in The Contradictions of Austerity: The socio-economic costs of the neoliberal Baltic model Edited by Jeffrey Sommers & Charles Woolfson This article examines how neoliberal policymakers trained in the United States captured Latvia’s economic policy to impose pro-rentier, pro-bank, anti-labor tax and financial policies. Latvia’s national interests were subordinated to those of the banks, which were mainly Swedish. These banks made real estate loans far in excess of Latvians’ ability to pay, and also lent recklessly to Latvia’s private capital market prior to the autumn 2008 economic crash.  Latvians suffered a ‘Stockholm Syndrome,’ imposing austerity and internal devaluation policies that pauperized the economy while identifying their national interest with Swedish economic views and banking ...

China – Avoid the West’s Debt Overhead: A Land Tax is needed to hold down Housing Prices

How can China avoid the “Western financial disease” – a real estate bubble followed by defaults and foreclosures? The U.S. and European economies originally sought to avoid this fate by taxing the location’s site value. A rent tax was the focus of Progressive Era reforms. Enacting a rent tax remains China’s main challenge to accompany its privatization of real estate and natural resources. If land rent were fully taxed, it would not be paid to banks as interest for rising mortgage loans – and governments would not have to tax income and sales. Holding down housing debt will reduce labor’s cost of living, but not its living standards. While Western ...

Thatcher – ‘Sorry You’ve Lost Your Job’

More at The Real News Edited transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I'm Paul Jay in Baltimore. Former prime minister Margaret Thatcher has passed away, and of course around the world people are debating her legacy. Henry Kissinger said she was a great defender of Western interests. She's known as the woman who stood her ground, the Iron Lady. I guess the question is: stood her ground for whom? Now joining us to give his take on Margaret Thatcher is Michael Hudson. He's a former Wall Street financial analyst. He's a distinguished research professor of economics at the University of Missouri-Kansas City. His latest books are The Bubble and Beyond and Finance Capitalism and ...