Recent Posts by Michael

Surprise: Corporate Junk Before Students?

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Why is the Fed buying corporate junk bonds and debt but won’t buy out student debt? Michael Hudson on with Paul Jay. Paul Jay Hi, I’m Paul Jay. Welcome to Thank you to everybody who has clicked the donate button. And if you haven’t, maybe you might do it this time. If you’re watching on YouTube or our website, click the share button and subscribe and we’ll be back in a second with Michael Hudson. U.S. household debt climbed to a record high of fourteen point six trillion dollars at the end of 2020 as mortgage debt surpassed 10 trillion for the first time. Now, the GDP of the United States is only around 21 trillion. Americans owe over 1.71 trillion dollars in student loan debt spread out among 44.7 million ...

The World’s Absentee Landlord

In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency. Transcript Ben Norton 0:03 Hello everyone, I’m Ben Norton. You’re watching Moderate Rebels. And there will be a podcast version of this after, for people who want to listen. We are joined today by the economist Michael Hudson, one of the most important economists in the world, honestly, in my view. I don’t think he needs introduction. He has written many books, and has been an economic adviser for multiple governments, and has a long history on Wall Street and academia. And you can find his work at Today, we’re going to ...

A choice between yes please and yes thank you

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The Radical Imagination episode with guests Michael Hudson & Jonathan Wilson-Hartgrove: April 21, 2021 (transcribed May 3, 2021): Jim Vrettos:
 So, Michael, Jonathan. Thank you so very, very much for being here. Jonathan, you're from... We're looking at you from North Carolina there and Michael is in Queens. You've both had tremendous influence in your respective fields. Spiritual economic activist and so on. What do you make of the contradictory statements in the news, particularly... particularly... Let's start with the idea of the movement by the Biden administration given parameters of its neoliberal roots. Do you believe that they have the commitment and vision commensurate to Roosevelt's build of economic whites in 1944 and the attempt to broaden the conception of social justice and democracy In other words, what do ...

The Honest Sector

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Transcript Jussi: Welcome Michael. I just give a brief overview of the agenda and then I get back to you with a few questions. I just show you this picture, what we want to do today is this: Today we will get a long-term view on money debt and the economy, including the different power struggles over the ages. We start from 2400 B.C. until today. It goes through Babylonia and Sumerian time to biblical times, Roman and medieval banking, to today. That’s a quite big thing to cover but we have the right man with us: Michael. I just say a few words first. Michael has been an advisor to governments, he is an expert on financial and real estate markets and actually history too of debt and money and the economy, ...

Macau Lectures on Super Imperialism

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The first lecture at the prestigious Southwest University, Chongqing, China: Global U, youtube channel, posted on 21 April 2021, video, Wen Tiejun’s account of Michael Hudson’s Ten Lectures Global U weixin channel, an account of Hudson’s Ten Lectures. Global U weixin channel, article, Hudson’s talk in Macau Michael Hudson’s Ten Lectures in 70 sections (First 6 sections are for free viewing. As of 22 April, 10pm Beijing time, 44,000 people have viewed the first video released on April 21, and 8,000 have viewed the second video released on April 22.)

America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism

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Nearly half a millennium ago Niccolo Machiavelli’s The Prince described three options for how a conquering power might treat states that it defeated in war but that “have been accustomed to live under their own laws and in freedom: … the first is to ruin them, the next is to reside there in person, the third is to permit them to live under their own laws, drawing a tribute, and establishing within it an oligarchy which will keep it friendly to you.” Machiavelli preferred the first option, citing Rome’s destruction of Carthage. That is what the United States did to Iraq and Libya after 2001. But in today’s New Cold War the mode of destruction is largely economic, via trade and financial sanctions such as the United States has imposed on China, ...

Dream House, Nightmare Mortgage: Carry on!

An interview with Australia's Renegade Economists. Karl: Listeners, it’s time to discuss with Professor Michael Hudson, the author of ‘The Bubble and Beyond’, ‘Forgive Them Their Debts’, ‘Super Imperialism’ and so many others. We’re lucky to have Michael with us yet again to continue our series of interviews and, Michael, here we are where, in Australia at least, we’ve made it through COVID, America is still being whacked by it. But our central banks, they’ve really put a lot of pressure on society, it seems like the mainstream economy is struggling, but Wall Street’s powering ahead and sitting behind that, of course, is the real estate market, which is also booming. Yes, society’s economic fragility, it’s been weighed down by high land prices and record high debts, but central banks ...

What Flavour Oligarchy?

By Permalink Ibrahima: Good morning or good evening, depending on where you are located and welcome to the Henry George School. My name is Ibrahima Drame and I'm the director of education. It's a great honor to have you with us today for another joint webinar co-organized with the International Union for Land Value Taxation with two great thinkers, Professor Michael Hudson and Pepe Escobar to discuss the emerging economic world order. I 'd like to thank Michael and Pepe for accepting to share their ideas with us my friend Alanna Hartzok co-founder of Earth Rights Institute, who will be moderating the session this morning. So, before I hand it over to Alanna, I'd like to ask all attendees to keep muted until we open the Q&A session. And of course, in the ...

Removing The Debt Barrier To Economic Growth

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Michael Hudson and Paul Craig Roberts Cross posted from Paul's site. Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press. We have explained that the indebtedness of the population means there is little discretionary income with which to drive the economy. The offshoring of middle class jobs lowered incomes, and after paying debt service—mortgage interest, car payments, credit card interest, student loan debt—Americans’ pockets are empty. This situation has been worsened by Covid lockdowns. In the US the federal government has sent out a few Covid payments to ...

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