Published in Fakt (Warsaw) Poland's vote to join the European Community has put an end to the centuries of military rivalries that have long devastated the nation and its neighbors. Entry into the EC makes future internecine wars unthinkable. That was the easy decision to make. Poland now must confront the financial issue dividing Europe: the European ...
Saving, Asset-Price Inflation, and Debt-Induced Deflation
Post-Keynesian Conference Kansas City Summary The exponential growth of savings and debt takes the form mainly of loans to finance the purchase of real estate, stocks and bonds. These loans extract interest and amortization charges that divert revenue away from being spent on goods and services. The payment of debt service by the economy’s non-financial sectors interrupts the ...
Russia: Reforming the Reformers
an Interview with Michael Hudson for Counterpunch By STANDARD SCHAEFER On Sunday, March 14, Russians will re-elect Vladimir Putin for a second term as president. In the Duma elections three months earlier, on December 7, his United Russia party won such overwhelming support that he will have the power to rewrite the constitution dictated by former Pres. ...
An Insider Spills the Beans on Offshore Banking Centers
an Interview with Michael Hudson for Counterpunch. By STANDARD SCHAEFER The oil industry created the practice of countries (SHIPS?) flying "flags of convenience" as a means of avoiding income taxes nearly a century ago. Since the 1960s the U.S. Government itself has encouraged American banks to set up branches in Caribbean hot-money centers and more distant islands ...
How Privatization Sterilizes Culture
an Interview with Michael Hudson for Counterpunch. By STANDARD SCHAEFER Since the 1980s computer technology has been promoted as democratizing leisure by lowering the production costs of knowledge and culture. Consumers were promised more free time, yet a quarter or even a third of family income for the low- and middle-income brackets now goes to pay debt ...
Review in the German Journal Intervention
Rezensionen Michael Hudson (2003), Super Imperialism. The origin and Fundamentals of U. S. World Dominance, London (416 Seiten, broschiert, Pluto Press) »Der Dollar ist unser Geld, aber Euer Problem«, so wird die Einstellung der US-Regierung zur globalen Rolle der eigenen Währung gerne zitiert. Und tatsächlich scheint es so, als hätten vor allem die anderen Länder Probleme mit ...
The Mathematical Economics of Compound Rates of Interest: A Four-Thousand Year Overview Part I
“Whoever enters here must know mathematics.” That was the motto of Plato’s Academy. Emphasizing such abstract ratios as the Pythagorean proportions of musical temperament and the calendrical regularities of the sun, moon and planets, its philosophy used the mathematics of nature to reveal an underlying harmony and order in the universe and hence, in an ...
