Break up the Dem Party

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Why we need to abolish the Democratic National Committee, even if that means breaking up the Democratic Party Thursday’s debate on Walt Disney’s ABC channel is shaping up as yet another shameless charade. The pretense is that we are to select who the Democratic presidential candidate will be. But most Americans, as the Irish say, vote with their backsides, belonging to the informal but dominant party of non-voters who choose not to be sucked into legitimizing the bad choices put before them. But the limited airing of their personalities reflects the fact that most Americans, as the Irish say, vote with their backsides, belonging to the informal but dominant party of non-voters who choose not to be sucked into legitimizing the bad choices put before them. The debate is being presented as ...

Charge us More

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Trump's claim that China is paying for the tariffs is completely false and basically serves to redirect income from his poor supporters to his wealthy supporters. Not only that, the policy will have the consequence of further isolating the United States, says Michael Hudson. unsplash-logoPang Yuhao

Global Warming and U.S. National Security Diplomacy

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Control of oil has long been a key aim of U.S. foreign policy. The Paris climate agreements and any other Green programs to reduce the pace of global warming are viewed as threatening the aim of dominating world energy markets by keeping economies dependent on oil under U.S. control. Also blocking U.S. willingness to help stem global warming is the oil industry’s economic and hence political power. Its product is not only energy but also global warming, along with plastic pollution. This fatal combination of the national security state’s mentality and oil industry lobbying threatens to destroy the planet’s climate. The prospect of raising temperatures and sea levels along the coasts while inland regions suffer drought is viewed simply as collateral damage to the geopolitics of oil. The State Department is ...

Even He Can’t Get Away With It

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Trump’s New Tariffs on China Help Pay for his Corporate Tax Cut, TRNN, August 2, 2019, Trump's claim that China is paying for the tariffs is completely false and basically serves to redirect income from his poor supporters to his wealthy supporters. Not only that, the policy will have the consequence of further isolating the United States, says Michael Hudson GREG WILPERT: Welcome to The Real News Network. I’m Greg Wilpert in Baltimore. President Trump announced on Thursday via Twitter that trade negotiations with China have stalled and that he will now impose a 10% tariff on $300 billion worth of goods imported from China. At a rally later in the day on Thursday, Trump said the following. PRESIDENT DONALD TRUMP: I just announced another 10% tariff on $300 billion worth of ...

The Coming Savings Meltdown

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Debts that can’t be paid, won’t be. That point inevitably arrives on the liabilities side of the economy’s balance sheet. But what of the asset side? One person’s debt is a creditor’s claim for payment. This is defined as “savings,” even though banks simply create credit endogenously on their own computers without needing any prior savings. When debts can’t be paid and debtors default, what happens to these creditors? As President Obama showed, banks and bondholders can be bailed out by new Federal Reserve money creation. That is what the $4.6 trillion in Quantitative Easing since 2008 was all about. The Fed has spent the last few years supporting stock market prices (and holding down gold prices) by manipulating the forward option markets. But this artificial life support to keep the debt overhead ...

Are debts sins?

For millennia we have been told that Jesus Christ died for our sins. So much focus on sin hasn’t left much room for theologians to talk about Jesus’ thoughts on economic justice. But what if, as a social reformer, Jesus was killed because he talked about reforming the economics of his day? Writing-off debt has been a cornerstone of economic reform for millennia, so could it have been debt that Jesus wanted to do away with? Ross Ashcroft travels to New York to meet economist Michael Hudson, whose latest book explains why ancient debt principles have never been more relevant than today. LIKE Renegade Inc. on Facebook here FOLLOW Renegade Inc. at @Renegade_Inc PODCAST https://soundcloud.com/rttv/sets/renegade-inc  

Inflation: the End?

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"Is inflation dead?" asks the Bloomberg/BusinessWeek magazine cover. DOUBLE DOWN's Max Keiser & Stacy Herbert talk to Dr Michael Hudson, an economist and author, who laughs out loud at the notion. Inflation in asset prices has soared as witnessed in Berlin recently where tens of thousands took to the street to protest rising rents. The rise in inflation has been reflected in the rise in debt that is where it is all masked. Hudson notes that student debt, most of it unpayable, is now at over $1.5 trillion. They also discuss policies like Medicare4All now taking off amongst the younger generations saddled with all these debts. Healthcare costs also burden US employers in a way none of their competitors around the world have to deal with. So is inflation dead? ...

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.

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 ...