People’s Forum: Economic Lessons for 2020

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Economic Lessons for 2020: A Conversation with Dr. Michael Hudson Peoples Forum, December 12, 2019. https://youtu.be/nluLNA30e8k We are facing a crisis of poverty and economic precarity, where 140 million people are poor or low-income, the costs of living are going up and the chances of living are going down. What condition is our economy in today, more than ten years after the Great Recession of 2008, to withstand another economic downturn? What lessons have we learned – or failed to learn – over this past decade? What lessons can we draw from history to guide us in the months and years to come? On December 12, 2019, the Kairos Center hosted a talk at The People’s Forum in New York City with economist Dr. Michael Hudson on the 2008 economic crisis, what’s happened ...

The Importance of Neighborhood Banks

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An interview with Ellen Brown on Its Our Money, Show #124 Michael Hudson: There's recognition that commercial banking has become dysfunctional and that most loans by commercial banks are either against assets – in which case the lending inflates the prices of real estate, stocks and bonds – or for corporate takeover loans. The economy’s low-income brackets have not been helped by today’s financial system. Here in New York City, red lining and a visceral class hatred by high finance toward the poor characterized the major banks. From the very top to the bottom, they were very clear they were not going to lend to places with racial minorities like the Lower East Side. The Chase Manhattan Bank told me that the reason was explicitly ethnic, and they didn't ...

Kindergarten debts

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FRONT RUNNING: Student Debt, March 2, 2020 Topic: Student Debt || Guests: Steve Keen, Michael Hudson, Randy Voller MAX KEISER: Welcome to Front Running 2020 with Max Keiser and Stacy Herbert and a bevy of special guests right here in fabulous, hipster Brooklyn. I'm feeling it. So Stacy, this episode is all about student debt. STACY HERBERT: And the students, of course, are the Millennials and Generation Z. They like the candidates promising to get rid of all the student debts. There's $1.6 trillion in outstanding debt today in America. That is up from $363 billion in just 2005. Joining us to discuss this, Dr. Michael Hudson, Professor Steve Keen and Randy Voller. Professor Steve Keen, of course, you talk a lot about debt and in fact the rate of increase of ...

Persian Powerplay

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Cross-posted from The Saker: Introduction: After posting Michael Hudson’s article “America Escalates its “Democratic” Oil War in the Near East” on the blog, I decided to ask Michael to reply to a few follow-up questions. Michael very kindly agreed. Please see our exchange below. Q1: Trump has been accused of not thinking forward, of not having a long-term strategy regarding the consequences of assassinating General Suleimani. Does the United States in fact have a strategy in the Near East, or is it only ad hoc? Of course American strategists will deny that the recent actions do not reflect a deliberate strategy, because their long-term strategy is so aggressive and exploitative that it would even strike the American public as being immoral and offensive if they came right out and said it. President Trump ...

America Escalates its “Democratic” Oil War in the Near East

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The mainstream media are carefully sidestepping the method behind America’s seeming madness in assassinating Islamic Revolutionary Guard general Qassim Suleimani to start the New Year. The logic behind the assassination was a long-standing application of U.S. global policy, not just a personality quirk of Donald Trump’s impulsive action. His assassination of Iranian military leader Suleimani was indeed a unilateral act of war in violation of international law, but it was a logical step in a long-standing U.S. strategy. It was explicitly authorized by the Senate in the funding bill for the Pentagon that it passed last year. The assassination was intended to escalate America’s presence in Iraq to keep control of the region’s oil reserves, and to back Saudi Arabia’s Wahabi troops (Isis, Al Quaeda in Iraq, Al Nusra and other ...

Front Running

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Transcript FRONT RUNNING: 2020 MAX KEISER: Front Running: 2020 with me, Max Keiser, and Stacy Herbert. As we look ahead to all the excitement of the 2020 elections, every episode we dig deep into something new. This time we're going to look at the wealth tax, Stacy. STACY HERBERT: That's right. We're looking at all the economic policies being presented by the Democratic candidates. Many of them are very radical. Bernie Sanders, says, "Billionaires should not exist." And to find out whether or not they should. We have guests with us. Dr. Michael Hudson, and Prof. Steve Keen. Steve, we'll start with you first. PROF STEVE KEEN: Well, I have a very complicated position on this because part of my research is into Minsky, what's called the Financial Instability Hypothesis, that explains ...