Guns & Butter: The Vocabulary of Economic Deception

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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 ...

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 ...

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 ...

Argentina: Loans upon Loans

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Michael Hudson: Argentina’s New $50 Billion IMF Loan Is Designed to Replay its 2001 Crisis, July 23, 2018. The recently elected neoliberal government of Mauricio Macri has decided to seek a $50 billion IMF credit line, which will only enable more capital flight for the upper class and greater unpayable debt for the rest of the population, says the economist Michael Hudson. SHARMINI PERIES: It’s The Real News Network. I’m Sharmini Peries, coming to you from Baltimore. For several months now. Argentines have been taking to the streets to protest against neoliberal austerity measures of President Mauricio Macri. The most recent such protest took place on July 9 on Argentine’s Independence Day. There have also been three general strikes thus far. In the two years since he took office, President Macri has laid ...