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?

By No tags Permalink

"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

By No tags Permalink

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

By No tags Permalink

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 ...

Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony

The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America. Just as the Vietnam War drove the United States off gold by 1971, its sponsorship and funding of violent regime change wars against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is now driving European and other nations to create their alternative financial institutions. This break has been building for quite some time, and was bound to occur. But who would have thought that Donald Trump would become the catalytic agent? No left-wing party, no socialist, anarchist or foreign nationalist leader anywhere ...

Guns & Butter: The Vocabulary of Economic Deception

By No tags Permalink

This is Guns and Butter, October 8, 2018. Transcript The aim of classical economics was to tax unearned income, not wages and profits. The tax burden was to fall on the landlord class first and foremost, then on monopolists and bankers. The result was to be a circular flow in which taxes would be paid mainly out of rent and other unearned income. The government would spend this revenue on infrastructure, schools and other productive investment to help make the economy more competitive. Socialism was seen as a program to create a more efficient capitalist economy along these lines. I'm Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today's show: The Vocabulary of Economic Deception. Dr. Hudson is a financial economist and historian. He is President of the Institute for the ...

FT: Wiping the slate clean: is it time to reconsider debt forgiveness?

By No tags Permalink

by Gillian Tett, Financial Times, December 12, 2018. (Life and Arts, p. 20, Saturday, December 15, 2018).  ‘Debt is still sometimes wiped out in our modern world – through bankruptcies, defaults or sovereign debt restructuring plans – but these events are aberrations, not the norm. If you mention the word “debt”, many people will wince — especially at this time of year. For the holiday season is not just about family and festivities; it is also a bonanza of consumer spending. And when the New Year rolls around, most of us will be rueing that credit card bill.  If you want to get another perspective on debt hangovers, read American economist Michael Hudson’s new book  . . . and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year. In ...

Lessons from Babylonia for Today’s Student Crisis

By No tags Permalink

As published on Inequality.org Societies have tended to polarize between creditors and debtors since ancient times, but this tendency can and must be reversed. NOVEMBER 21, 2018 Today, the wealthy depict inequality in glowing colors as a byproduct of economies pulling ahead, “creating wealth” by innovations that add to prosperity. This view is unprecedented in history. From antiquity to quite recently, personal accumulation of large amounts of wealth was frowned upon, because it usually was achieved at the expense of others. One party’s gain often tended to be at the expense of others, polarizing communities by pushing many below poverty levels. The most corrosive method of gaining personal wealth, from the ancient world to today, is interest-bearing debt that mounts up with compound interest. The inability to pay has led small farmers and the poor ...