I Meet the Leading Authority on the Babylonian and Near East Tradition of Debt Cancellation

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Copy of a regular newsletter by Boudewijn Wegerif, Sweden WHAT MATTERS-77 Dear list members, Yesterday I was with an American economist who says of himself that he is a Marxist, whose godfather was Leon Trotsky, whose father was thrown in prison in the US in 1941 for advocating the overthrow of the government, who has worked for the Chase Manhattan Bank as their balance of payments expert, and who is now an authority on the Babylonian and Near East tradition of debt cancellation. I was with someone who in another guise, as musician, once auditioned to conduct the orchestra of the Stockholm Opera Company: - someone whom I had been told I would find extremely rude, with a verbal bite as sharp as his bark, and who I found, in fact, to be ...

Books

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Economics ....and forgive them their debts - Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee year, ISLET, 2018. J is For Junk Economics: A Guide to Reality in an Age of Deception, ISLET, 2017 Killing the Host- How Financial Parasites and Debt Destroy the Global Economy, ISLET, 2015 The Bubble and Beyond, ISLET, 2012 Finance Capitalism and its Discontents Trade, Development and Foreign Debt - A history of theories of polarisation and convergence in the international economy (1992), 2nd ed. ISLET Press, 2009, 422 pp. Amazon Global Fracture - The New International Economic Order (1977), 2nd ed. University of Michigan Press, 2005, 296 pp. Amazon Super Imperialism: The Origin and Fundamentals of U.S. World Dominance, 2nd ed., London: Pluto Press, 2003, 425 pp. Amazon (translated into Japanese, 2002, Tokuma Shoten) Real Estate and the Capital Gains ...

Bibliography

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Dr. Michael Hudson michael.hudson@earthlink.net Education Ph.D., New York University, 1968 (economics). Dissertation on American economic and technological thought in the nineteenth century. M.A., New York University, 1963 (economics). Thesis on the World Bank’s philosophy of development, with special reference to lending policies in the agricultural sector. B.A., University of Chicago, 1959 (philology, minor in history). High school and grade school completed at the University of Chicago’s Laboratory School. Present Academic Affiliation: Distinguished Research Professor of Economics, University of Missouri (Kansas City), and Honorary Professor of Economics, Huazhong University of Science and Technology (HUST), Wuhan, China. Work History Most of my professional life since 1962 has been spent in applying flow-of-funds and balance-of-payments statistics to forecast interest rates, capital and real estate markets. ...

Radical imagination and the intellectual edifice

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https://www.youtube.com/watch?v=dnHJBUczgE0 Radical Imagination | Imagining How the World of Finance Really Works Host Jim Vrettos interviews Professor Michael Hudson, Economist, Wall St. Analyst, Political Consultant, Commentator and Journalist; who offers his views in the way finance works and Welcome, welcome once again to the Radical imagination. I'm your host, Jim Vrettos. I'm a sociologist who's talked at John Jay College of Criminal justice and Yeshiva university here in New York. Our guest today, on the Radical Imagination, is one of only eight economists named by the financial times who foresaw the credit crisis and ensuing great recession erupting in 2008. It was conventional wisdom at the time to say that no one saw the gravity of the crisis coming, including almost every leading economist and financier in the world. In fact, many had ...

Baltic perspectives with The Saker

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Cross-posted from The Saker Introduction: I recently spoke to a relative of mine who, due to her constant and voluntary exposure to the legacy of AngloZionist media, sincerely believed that the three Baltic states and Poland had undergone some kind of wonderful and quasi-miraculous economic and cultural renaissance thanks to their resolute break with the putatively horrible Soviet past and their total submission to the Empire since. Listening to her, I figured that this kind of delusion was probably common amongst those who still pay attention and even believe the official propaganda. So I asked Michael Hudson, whom I consider to be the best US economists and who studied the Baltics in great detail, to reply to a few very basic questions, which he very kindly did in ...

De-Dollarizing the American Financial Empire

Guns and Butter. July 3, 2019 Imperialism is getting something for nothing. It is a strategy to obtain other countries’ surplus without playing a productive role, but by creating an extractive rentier system. An imperialist power obliges other countries to pay tribute. Of course, America doesn’t come right out and tell other countries, “You have to pay us tribute,” like Roman emperors told the provinces they governed. U.S. diplomats simply insist that other countries invest their balance-of-payments inflows and official central-bank savings in US dollars, especially U.S. Treasury IOUs. This Treasury-bill standard turns the global monetary and financial system into a tributary system. That is what pays the costs of U.S. military spending, including its 800 military bases throughout the world. I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. ...

Food Blackmail, the Washington Consensus and Freedom

  Michael Hudson discusses his seminal work of 1972, Super Imperialism: The Economic Strategy of American Empire, a critique of how the US exploits foreign economies through IMF and World bank debt; difference between the IMF and World Bank; World Bank dysfunctional from the outset; loans made in foreign currency only; policy to provide loans for countries to devote their land to export plantation crops; US food and monetary imperialism; U.S. agricultural protectionism built into the postwar global system; promotion of dependency on the US as food supplier; food blackmail; perpetration of world poverty preferred; no encouragement of land reform; privatization of the public domain; America aided, not foreign economies; exploitation of mineral deposits; bribery; foreign nations politically controlled at the top; veto power for US only. Aired: June 19, 2019 Visit Guns ...

The DNA of Western civilization is financially unstable

The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: (Part 3) Cross-posted from Naked Capitalism By John Siman, who is also the author of Part 1 and Part 2 in this series John Siman: It seems that unless there’s a Hammurabi-style “divine king” or some elected civic regulatory authority, oligarchies will arise and exploit their societies as much as they can, while trying to prevent the victimized economy from defending itself. Michael Hudson: Near Eastern rulers kept credit and land ownership subordinate to the aim of maintaining overall growth and balance. They prevented creditors from turning citizens into indebted clients obliged to work off their debts instead of serving in the military, providing corvée labor and paying crop rents or other fees to the palatial sector. JS: So looking at history ...

Heeding the lesson of the ancients

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An interview with Dr Simon Radford for the Church Times. IN HIS essay “Economic Possibilities for our Grandchildren”, published in 1930, John Maynard Keynes wrote of his hope that, in the future, people would need pay no attention to the “dismal science” of his field. The study of economics would reach such maturity that ordinary people would live in luxury, able to contemplate the more important things in life, “free . . . to return to some of the most sure and certain principles of religion and traditional virtue — that avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable”. It is easy to think that the great recession of 2008 served as a harsh refutation of this Utopian prediction. The wave ...