It's time for the next Hudson Roundtable, where Patreon supporters have the opportunity to ask Michael any relevant question. Last roundtable has amassed over 32,000 views and been shared many, many times on Substack. Where will we journey this time?Patreon Plus supporters and above are invited to register now.Thurs Sept 3rd530pm ETRegister HereReminder it is ...
When the Protector Became the Threat
Richard Wolff and I examine how America’s military alliances are becoming liabilities for the countries drawn into them. US bases across West Asia were supposed to provide security, but the war with Iran has made their host countries targets. Saudi Arabia’s refusal to provide airspace for an American attack showed that these governments increasingly understand ...
Capitalism Against Capitalism
Your weekend long read.Richard Wolff and I examine a history that modern economics has largely removed from view. Classical political economy was centred on the struggle against economic rent. Industrial capitalism sought to reduce the power of landlords, monopolists and financiers while using public infrastructure to lower the cost of production.Today’s rentier capitalism has reversed ...
When Oil Becomes Debt
The most dangerous part of the oil war may not appear in the quoted oil price. It lies in the financial arrangements being imposed on oil-importing countries as their reserves run down, their currencies weaken and the delivered cost of energy rises.Japan offers the emerging model. Selling its US Treasury holdings would drive American interest ...
The U.S. war against Russia has blocked Black Sea grain transport as well as the Persian Gulf oil trade.
Russia has independently adopted Iran’s strategy in protecting itself from US/NATO aggression in Ukraine. Just as Iran has defended itself from the US Oil War against it by making clear that if its oil exports are blocked, so will all exports through the Persian gulf be blocked. It has closed the Strait of Hormuz ...
When Inflation Breaks
The American economy has been sustained by a financial bubble that attracts foreign money into stocks, bonds and real estate. This inflow supports the dollar and finances the country’s external deficits, while concentrating wealth among creditors and leaving the productive economy increasingly indebted.Michael Hudson and Steve Keen explain why an oil-driven price shock could break ...
The Regime Change at Home
Iran prepared for punishment, America prepared for spectacle, the war is exposing which system can endure.Higher diesel prices squeeze truckers, fertiliser shortages hit farmers, expensive aviation fuel cuts routes. Beneath the stock market, the chain of payments is tightening across the productive economy.Trump sought regime change abroad, delayed the reckoning until November, brought the crisis ...
The Chokepoint Empire
The United States is attempting to rebuild its global dominance through control of four strategic chokepoints: oil, transportation, information technology and international payments. Having lost much of its industrial and creditor strength, it is turning monopoly access into a new source of economic rent.This strategy requires more than weakening Russia, China and Iran. Washington must ...
Oil, Tribute and Empire
This discussion examines the real economic struggle behind the war with Iran. The nuclear issue is a pretext. The underlying contest is over oil, dollar dominance and the ability of countries to retain control of their export earnings.Washington’s strategy is to make the Gulf states pay for American military power while recycling their oil revenue ...
The Imperial Objectives of America’s Oil War, from Venezuela to Iran
I dedicated some time on this for my colleagues at The Democracy Collective, I hope you enjoy. This article examines the real economic struggle behind the war with Iran. The nuclear issue is a pretext. The underlying contest is over oil, dollar dominance and the ability of countries to retain control of their export earnings.Washington’s ...
The U.S. dollar-yen swap dynamics
Today I did a one-hour interview on Treasury Secretary Bessent's swap of euros (not dollars) for yen to be dissipated in a short-term attempt to stem its falling exchange rate.As it happened, the record button was not pressed. So here are my notes, because I think the discussion was timely and I don't want ...
My quip for today
It just occurred to me what employers of workers told to simply follow the standard operating procedure or script are directed to say:"Don't think. Machines think. Your job is just to follow the procedure that they've laid out."This probably will be the automated consumer service or complaint number in coming years -- without any slipups ...
Why interest rates will soar when oil prices rise
The price rise will cause widening trade deficits for oil-importing countries such as Japan. Its yen already has been weakening steadily, to the point where the U.S. Treasury is intervening to support it. But as its payments for oil imports rise to reflect the price increases that the world oil shortage has created, Japan ...
Urgent – Transcribers
Thanks to all those who have helped as transcribers over the past. Michael's rolling interview roster is hard to keep up with - more volunteers are Urgently Needed. If you can spare an hour or two a week or two to read over the mostly accurate transcriptions from Ced's snappy transcription software Scripthub, Michael would ...
Why the US didn’t and can’t attack Iran
Larry Johnson today (Sonar23) has a good explanation of why Trump didn’t attack: the US has run out of air fuel and missiles. The air force doesn’t have enough fuel to mount a huge supply operation from Britain, Israel, etc., and not enough missiles to bomb Iran the way Trump would have liked to ...
The Primaries Are the Real Election
The 2026 midterms may become a test of more than Donald Trump’s popularity. They may reveal whether the American electoral system can still translate popular discontent into political change.In this discussion with Radhika Desai, we examine Trump’s falling support, the Democrats’ equally serious credibility crisis and the growing conflict between corporate party leaders and grassroots ...
AI, Asset Bubbles and the Rentier Economy
Michael Hudson explains how America’s economy has shifted from productive investment towards financial extraction, monopoly power and unearned wealth.In this Hudson Roundtable, he examines the difference between earned income and economic rent, how banks inflate property and asset prices, why modern business cycles resemble a debt-driven Ponzi scheme, and how AI, prediction markets and financial ...
My solution to resolve the U.S.-Iran War standoff
I woke up this morning after having fallen asleep watching the U.S. military buildup for new fighting against Iran. Suddenly everything became clear to me for how to settle the U.S. Oil War with Iran – and indeed with its neighboring Arab OPEC countries as well –without the mutual destruction that seems to have ...
