Recent Posts by Michael

Tax Resistance, Debts and Empire

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I appeared at The People's Forum on this highly recommended panel. Join Dr. Michael Hudson, New Testament Scholar, Dr. Aliou Niang and Rev. Dr. Liz Theoharis, Biblical Scholar and co-chair of the Poor People’s Campaign: A National Call for Moral Revival, for a discussion on the history of debt and what it means for our context today. Moderated by Shailly Gupta Barnes and the Kairos Center for Religions, Rights and Social Justice.

Up in Arms

The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: A New “Reality Economics” Curriculum Is Needed (Part 4) Cross-posted from Naked Capitalism By John Siman, who is also the author of Part 1, Part 2, and Part 3 in this series John Siman: I want to spell out the implications of the points that Socrates brought up, and with which you and I agree. That leaves the question facing us today: Is the American oligarchy and state as rapacious as that of Rome? Or is it universally the nature of oligarchy in any historical setting to be rapacious? And if so, where is it all leading? Michael Hudson: If Antiquity had followed the “free market” policies of modern neoliberal economics, the Near East, Greece and Rome would never have ...

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 ...

Mixed economies and monopoly

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The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: Mixed Economies Today, Compared To Those Of Antiquity (Part 2) John Siman: Could you define what you mean by a mixed economy? Michael Hudson: There are many degrees of how “mixed” an economy will be — meaning in practice, how active its government sector will be in regulating markets, prices and credit, and investing in public infrastructure. In the 20th century’s Progressive Era a century ago, a “mixed economy” meant keeping natural monopolies in the public sector: transportation, the post office, education, health care, and so forth. The aim was to save the economy from monopoly rent by a either direct public ownership or government regulation to prevent price gouging by monopolies. The kind of “mixed economy” envisioned by Adam Smith, John ...

The Delphic Oracle as their Davos

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A Four-Part Interview With Michael Hudson About His Forthcoming Book The Collapse of Antiquity (Part 1) Cross-Posted from Naked Capitalism. By John Siman Note: Michael Hudson published … and forgive them their debts: Lending, Foreclosure, and Redemption From Bronze Age Finance to the Jubilee Year in November of last year. It is the first volume in what will be a trilogy on the long history of the tyranny of debt. I have interviewed him extensively as he writes the second volume, The Collapse of Antiquity. John Siman: Michael, in the first volume of your history of debt — "… and forgive them their debts", dealing with the Bronze Age Near East, Judaism and early Christianity — you showed how over thousands of years, going back to the invention of interest-bearing loans in Mesopotamia in ...

Super-Imperialism at the Pentagon

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picture: Tilo Gräser / Sputniknews Germany An interview on Sputnik News - January 23rd. text / interview: Alexander Boos / Sputniknews Germany Professor Hudson, in January you warned in Berlin at the Rosa Luxemburg Conference, about the still "dangerous" US financial imperialism. The US uses "financial weapons“, you said. Can you explain that briefly? After World War II, the US created the World Bank and the International Monetary Fund IMF. These instruments were created as essential control mechanisms to control other countries financially. This became particularly apparent after the US abolished its gold-standard in 1971. Since then, the US has always sought to force other states to hold their own currency reserves in US dollars. That means that those governments must then obtain the money through the US Federal Reserve. To make it ...

Venezuela as the pivot for New Internationalism?

Saker interview with Michael Hudson on Venezuela, February 7, 2019 Introduction: There is a great deal of controversy about the true shape of the Venezuelan economy and whether Hugo Chavez’ and Nicholas Maduro’s reform and policies were crucial for the people of Venezuela or whether they were completely misguided and precipitated the current crises. Anybody and everybody seems to have very strong held views about this. But I don’t simply because I lack the expertise to have any such opinions. So I decided to ask one of the most respected independent economists out there, Michael Hudson, for whom I have immense respect and whose analyses (including those he co-authored with Paul Craig Roberts) seem to be the most credible and honest ones you can find. In fact, Paul Craig Roberts considers ...

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 ...

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