Hudson on ABC International Professor Michael Hudson on ABC International (broadcast to 44 countries) – Monday 26th October
Forever Blowing Bubbles
The presentation from Professor Michael Hudson’s Sydney talk ‘Forever Blowing Bubbles’. The screen size is small to reduce the file size.
Landlords and bankers back in charge of the economy again
This commentary from the Daily Reckoning can be read here
This interview from the Business Spectator can be read here.
Why Iceland and Latvia Won’t (and Can’t) Pay the EU for the Kleptocrats’ Ripoffs
Financial Times (shorter version) Global Research Can Iceland and Latvia pay the foreign debts run up by a fairly narrow layer of their population? The European Union and International Monetary Fund have told them to replace private debts with public obligations, and to pay by raising taxes, slashing public spending and obliging citizens to deplete their savings. Resentment is growing not only toward those who ran up these debts – Iceland’s bankrupt Kaupthing and Landsbanki with its Icesave accounts, and heavily debt-leveraged property owners and privatizers in the Baltics and Central Europe – but also toward the neoliberal foreign advisors and creditors who pressured these governments to sell off the banks and public infrastructure to insiders. Support in Iceland for joining the EU has fallen to just over a third of the ...
Iceland’s debt repayment limits will spread
Financial Times an Iceland and Latvia pay the foreign debts run up by a fairly narrow layer of their population? The European Union and International Monetary Fund have told them to replace private debts with public obligations, and to pay by raising taxes, slashing public spending and obliging citizens to deplete their savings. Resentment is growing not only towards those who ran up the debts – Iceland’s bankrupt Kaupthing and Landsbanki, with its Icesave accounts, and heavily geared property owners in the Baltics and central Europe – but also towards the foreign advisers and creditors who put pressure on these governments to sell off the banks and public companies to insiders. Support in Iceland for joining the EU has fallen to just over a third of the population, while Latvia’s Harmony Centre ...
Michael Hudson on US Economic Woes
Ross Ashcroft goes to NY for Michael’s views on the state of the US Economy
Grand Theft Monopoly
Renegade Economist Podcast 96 "As broadcast on the mighty www.3cr.org.au – Professor Michael Hudson excels in describing globalisation from a financial snipers perspective, analysing how real estate (land) is used in the game of currency siphoning out of Latvia, Eastern Europe and Russia. What does neo-liberalism deliver? Who is behind the controls? Also gold, white collar sub-prime crime and GW’s departing deception." GrandTheftMonopoly
Debt Deflation Arrives: What the Jump in the U.S. Savings Rate Means
Counterpunch Happy-face media reporting of economic news is providing the usual upbeat spin on Friday’s debt-deflation statistics. The Commerce Department’s National Income and Product Accounts (NIPA) for May show that U.S. “savings” are now absorbing 6.9 percent of income. I put the word “savings” in quotation marks because this 6.9% is not what most people think of as savings. It is not money in the bank to draw out on the “rainy day” when one is laid off as unemployment rates rise. The statistic means that 6.9% of national income is being earmarked to pay down debt – the highest saving rate in 15 years, up from actually negative rates (living on borrowed credit) just a few years ago. The only way in which these savings are “money in the bank” is ...
How the Financial Reform Plan Protects the Status Quo: Obama's (Latest) Surrender to Wall Street
Counterpunch In reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector Pres. Obama is morphing into Joe Lieberman. There also is a touch of Boris Yeltsin in his sponsorship of a financial “reform” ominously similar to what advisor Larry Summers backed in Russia – relinquishing government power to a banking elite. The Financial Regulatory Reform proposal promotes Wall Street’s “product,” debt creation, at the expense of the economy at large, and lets financial chieftains continue to self-regulate the debt industry – and to keep scot-free all their gains from the past decade’s worth of fraudulent lending. Confronting the wreckage of a debt crisis worse than any since the Great Depression, Mr. Obama has achieved what no Republican could have: rescuing the Bush Administration’s ...