Recent Posts by Michael

Banking Deep Dive

An interview with one of the best in the business, Bonnie Faulkner (Guns and Butter). 2018 marks the 10th anniversary of the stock market crash of 2008; the current financial malaise is the result of the bank bailouts, not the crash; an over-indebted economy cannot be saved unless the banks fail; debt deflation; the magic of compound interest; how pension funds, state and local governments adversely affected by the bank bailouts; growth of the financial extraction FIRE sector (finance, insurance and real estate); quantitative easing; asset price inflation; wealth concentrated at the top in Roman antiquity led to the Dark Age; Eurozone imposition of austerity Greek style; tariffs, economic sanctions and isolationism. This is Guns and Butter. You can’t bail out the banks, leave the debts in place, and rescue the economy. ...

Deciphering Geo-Political Games

Professor Michael Hudson discusses the globalisation fallout as new trading blocs distance themselves from US dollar denominated trade. Will the US be able to maintain its imperialist tendencies in light of these trends? How much further can the rentiers push their free-for-all? The show finishes with an overview of Michael’s new book ‘And forgive them our debts’. Show notes and subscribe.

Scenes from the Spider’s Web

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At the demise of empire, City of London financial interests created a web of secrecy jurisdictions that captured wealth from across the globe and hid it in a web of offshore islands. Today, up to half of global offshore wealth is hidden in British jurisdictions and Britain and its dependencies are the largest global players in the world of international finance.

The Lehman’s Limp

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10 Years Since Lehman Brothers Bankruptcy – Did the Economy Really Recover? September 19, 2018 MARC STEINER: Welcome to The Real News Network. I’m Marc Steiner. Great to have you with us once again. On September 15, 2008, the financial meltdown began with the bankruptcy of the Lehman Brothers. That was 10 years ago. The shock waves that hit the economy threw 9 million families out of their homes who could not afford to pay their rising mortgages. So Congress and the president in the 1990s killed Glass-Steagall, written in 1933 to save us from the excesses of the financial industry. And then Congress gave us Dodd-Frank in the wake of the 2008 crisis that bailed out Wall Street, but not America. And now Trump seems to continue the process with killing Dodd-Frank ...

The Lehman 10th Anniversary spin as a Teachable Moment

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Wall Street did not let the Lehman Brothers crisis go to waste. The banks that have paid the largest fines for financial fraud are now much bigger and more profitable. The victims of their junk mortgage loans are poorer, and the economy is facing debt deflation. Was it worth it? What was not saved was the economy. Today’s financial malaise for pension funds, state and local budgets and underemployment is largely a result of the 2008 bailout, not the crash. What was saved was not only the banks – or more to the point, as Sheila Bair pointed out, their bondholders – but the financial overhead that continues to burden today’s economy. Also saved was the idea that the economy needs to keep the financial sector solvent by an exponential growth of new ...

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…and forgive them their debts

I'm very excited to announce that my next book, ...and forgive them their debts: Lending, Foreclosure and Redemption — From Bronze Age Finance to the Jubilee Year (ISLET-Verlag Dresden), is available for pre-order NOW! You can learn more about the book below. Michael Copy for book description and advance praise: ...and forgive them their debts Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year In ...and forgive them their debts, renowned professor of economics, Michael Hudson – and one of the few who could see the 2008 financial crisis coming – takes us on an epic journey through the economies of ancient civilizations. For the past 40 years in conjunction with the Harvard Peabody Museum, he and his colleagues have documented the archeological record and history of debt, and how ...

Life & Thought: An Autobiography

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This interview was conducted at Peking University for the Second World Conference, May 7, 2018. It was conducted by Lau Kin Chi of the Global University for Sustainability. A visual transcription is available here. I was born in Minneapolis, which is the only city in the world that was a Trotskyist city. During the 1930s it was a center of Trotskyism and my parents worked with Leon Trotsky in Mexico. When I was 3 years old my father was put in jail under the Smith Act as a political prisoner for having the works of Lenin and Marx on his shelves and for being one of the leaders of the Minneapolis general strikes from 1934 to 1936. So I grew up knowing many members of the Russian Revolution, ...

The “Next” Financial Crisis and Public Banking as the Response

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Introduction and Transcript: In this episode of The Hudson Report, we speak with Michael Hudson about the implications of the flattening yield curve, the possibility of another global financial crisis, and public banking as an alternative to the current system. Paul Sliker: Michael Hudson welcome back to another episode of The Hudson Report. Michael Hudson: It's good to be here again. Paul Sliker: So, Michael, over the past few months the IMF has been sending warning signals about the state of the global economy. There are a bunch of different macroeconomic developments that signal we could be entering into another crisis or recession in the near future. One of those elements is the yield curve, which shows the difference between short-term and long-term borrowing rates. Investors and financial pundits of all ...

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