It's not a matter of electing "the right guy" into the presidency. The whole American system of government is designed to make sure that when "the right guy" is elected, he or she will not be able to change anything. The United States constitution is a MONUMENT TO POPULAR INCAPACITATION. Any significant change that "the right guy" manages to enact into law will be tossed out by the US Supreme Court.
2 things would happen, either he goes or nothing would change, even if Jesus was president nothing would change they would just crucify him (again), we need a new system and it starts with having a mixed economy, nationalize healthcare, education, infrastructure, banks etc
Sad state, totally depressing. Glad i was able to retire, making more now. Now that i am old. How long will we allow this scam ? The "morality" ( pay your debts ) is false. Lender has NO risk, the borrower is screwed. even land can not be owned
@@BlackBeltMonkeySong One writes books of economic theory and detailed investigations of economic history with his name attached to them and is interviewed in videos posted by authoritative TH-cam channels. The other leaves anonymous comments on TH-cam. Quod est stulti?
@@B_Estes_Undegöetz Academics, and people on TH-cam, are sometimes simply because they tell people what they want to hear. Academics are people with strong opinions. There's a multitude of authorities that I could point to that disagree with Hudson. From radical leftwing Krugman, to rightwing Friedman.
@BlackBeltMonkeySong Except Micheal Hudson has written detailed critiques of both Krugman and Friedman, and Krugman has no rebuttal so he pretends Hudson doesn't exist, while believers of Friedman have no rebuttal to Hudsons criticisms. In fact, everything Hudson has been saying for the last 50 years has come true, while the Friedman school does mental gymnastics to try to explain the present day economy and Krugman lies through his teeth and is platfotmed by the billionaires that benefit from his lies.
@@terracottaneemtree6697 No Dr HUDSON don't expect anything from anybody he just informed people of what is going on if you understand it good if you don't you don't.
@CrabApples Bodaciously Bitter Fruit's Except China never act same way as Merricaa during its most prosperous time (thousand of years) & currently even helped other countries gain power by building infrastructure without meddling with their internal politics & policies (unlike Murica).
No, Werner is speaking about businesses and corporations. As far as homeowners go, unless the house buyer goes, if they get a 30 yr mortgage they will spend 3x the purchase price by the end of the their 30 year contract. This is the interest paid to the bank. This increases inflation, overall for society. Banks get rich, folks get poor!🤮
This is why banks are known as Predatory Lenders. Because they "feed" off their customers. This is the reason corporations are buying entire neighborhoods. They pay cash, they raise rent and profit handsomely year after year.
@@cyberpunkalphamale Werner means that an existing asset changing hands does not contribute to wealth. Only creating new things, like a new house, food, appliances contribute to the wealth He also says that small banks contribute to the real economy more than big banks because small Banks need to lend smaller amounts and help real people through their projects. An example is Germany where the post world war boom was financed by smaller banks like regional banks.
What I still don't understand is how financialization could actually succeed. I remember coming to the US from Europe in the 1990-ties and found that people widely believed that real estate and finance was an "industry", implying that it was productive in some sense. They were proudly bragging that for Columbus Ohio almost 1/3 of the "industry" was related to real estate, banks, and insurances. It was argued that more and more financialization would be needed to better optimize capital allocation and to reduce the overhead. Obviously that was nonsense, a big bamboozle, or simply bullshit propaganda, since this mostly unproductive part of the economy had already been grown faster than almost everything else.
Allocating capital isn't even a difficult problem. Generally to know where capital is needed, you just have to ask workers what they need to be productive, or better yet, just let them have the resources to arrange their own tools. When allocating capital takes effort, that is itself symptomatic of a serious societal problem, with inequality at its root.
@@LCTesla who will let us have the resources to arrange our own tools? I wanna join a worker coop and there's none to join and I cant afford to start one and if I had that many middle class friends to go in with me I wouldn't be me, some people can bring a worker coop into existence, when that happens, please remember me, ok?
The finance industry exists to direct capital. It has problems. Compare and contrast to the massive misdirection of capital in places like the USSR and China demonstrates that the finance industry is about a billion times better.
A rather simple question: what it the actual purpose of finance? To enable capital to flow to where it is needed in other industries. It creates nothing on it's own, so the larger % it is of an economy, the worse the economy is. Similar to military spending; yes it is needed so you're industry doesnt get captured by an invader, but it produces nothing of it's own. It's all one big overhead cost.
You have to understand that when there is talk of "being productive" you have to look at the context of a host and a parasite. From the point of view of the parasite, words like "productive", and "freedom" translate into how much wealth it can find to suck out of the host and how "free" or "easy" it is to do with little resistance from the host. If you look at hosts and parasites in real life, some parasites inject a chemical into the nervous system of the host so that the host will cooperate. Sometimes it's by anesthesia, or by delusion, or by insanity. Sometimes the head or brain is eaten first. The control of the brain (gov't) enabled the weakening of the education system over the years and the hijacking of education that followed along with the complete control of media is the equivalent of the taking over the host's nervous system. You're right in seeing this as propaganda. I like to see it as the "cool-aid" fed to the people of a nation so they cannot see they're being eaten alive. Michael Hudson wrote "Killing the Host". It's a great analogy. When one hears "I love my pet lamb" said by industrial capitalists, versus I love lamb (while licking the lips) by finance capitalists. You have to understand there is a big difference. A nation and a people needs to realize which one they should trust. Both will say they "love" you but for very different reasons. Financialization "succeeds" when the parasite rolls over and rubs it's belly and wipes its mouth and gives a great big burp and says "Mmmm, that was delicious!" Of course, for the host there's nothing left but bones; but the parasite doesn't want the host to know that. So yeah, let's pretend that real estate, insurance and finance IS an industry and when we start to feel sick and unwell, we'll believe we need more of the same! It's a brainwashing and deception that goes deeeeeeepp in the US.
His analysis of the Roman oligarchy is partially correct. The two Gracchus brothers actually wanted to restore the basis of the Republic which was the small farmer. The small farmer did not depend on the state for pay and weapons. Actually the ability to supply one's own weapons was what determined ones place in Roman society during the Republic. The Gracchi brothers wanted to restore the independence of the small farmer, not introduce communism.
Tiberius Gracchus was elected a plebeian tribune in 134 BC, and was particularly sensitive to the fate of slaves and of poor peasants whose land had been appropriated by the Roman nobility while they were away serving on military campaigns. He proposed an agricultural reform limiting land ownership to 125 hectares per citizen or 250 hectares per family, and distributing the freed-up land to the poorest Romans, usually free of charge. A triumvirate which included Tiberius' brother, Gaius Gracchus, was charged with enacting the law. However, the Roman senators saw it as a threat to their own estates, as well as to their powers of land attribution. Tiberius was murdered in 133 BC. Gaius Gracchus was elected a tribune in 123 BC and continued his brother's reforms. He ordered bushels of wheat to be distributed to Roman citizens at a low price, and planned to set up colonies in Italy and Carthage.The Senate ordered his death, which occurs in circumstances still unclear.
hudson is right, an armed revolution is the only way things will change. the idea that being armed with ideas will change anything is the infantile view of history.
@@SlackKeyPaddy History shows, however, that when violent revolution is successful you tend to get authoritarian fascism within about five years. I believe this comes out of Erica Chenoweth's research.
Up until the 1980s, we still believed that as machines and technology did more of the work we would be able to enjoy a lot more leisure time Neoliberal ideas had gained traction, but we didn’t know where this was leading. Try imagining a bright future now!
Countries around the world come to the US to get rich like the Americans so they learn US financial economy and take that back to China Russia Europe but China refuses US graduates economics systems so China is getting better while US is growing in debt. 😅 😂 Thanks again for Michael Hudson schooling 🏫
@1:27:00 QE is not really the problem, it is just flooding bank reserves, which banks do not need, since reserves are only used to run the payments clearing system. QE is simply misguided idiocy, since banks do not lend reserves, it does not stimulate the economy. Government net spending is the main stimulus. Also, zero interest rates are not the problem. Hiking up interest rates hurts the debtors, and enriches those already with money (Treasury bonds are basic income but only for people who already have money). For stimulus you want low rates (which is an anti-inflation bias) and higher government net sending (which is inflation-neutral if government pays the standard prevailing price), but this should be done via _functionally targeted spending,_ at the base of the economy where people are desperate, not targeted at the top at asset prices. Most people do not own homes or stocks, so house and stock price inflation is not helping most people gain real wealth.
When the Fed buys newly issued corporate bonds as part of its QE program, isn't that adding liquid cash to the economy and, in particular, allowing those bond-issuing corporations to speculate on existing assets and/or buy back their own stock? So I think QE may do more than "just flooding bank reserves".
Representative government is not a democracy. On every ballot for representatives or representative government there should be a general question, "does your senator/representative, Supreme Court represent you sufficiently to be reelected?" For years, I've very rarely believed that my governmental officials representative my personal needs, goals and aspirations for our city, county, state or national government.
I love the principals Michael espouses but when people make more sacrifices like 12 years of school for doctor or choose difficult skills, shouldn’t they earn more?
You obviously didn't listen to the rest of the talk. When the government is the 100% Reserve, there is no need to borrow for an education. There would be loans to Finance productive gains in the economy instead of speculation. With a debt jubilee, there would be enough to pay you a living wage.
neither Hudson or Marx argued against certain workers who are productive getting paid more. he is arguing against those who get UNearned income as John StuartMill said making money while you sleep
@@mervindervish284 Been holding my breath for a big crash for a decade. Can't believe the fuckery of banking these days. It is all fiction. They just make it up as they go. Criminals control the money supply. Interesting times ahead.
2-15-22. How does this relate to what we're watching right now in Ukraine vs Russia? Is the breaking Ukraine free of Russia so American banks can move in and load them down with debt?
Russia is the objective nato and their masters; rokefela, citi bank, cocacola, boeing, mcdonalds, johnson and johnson and all other corporate multinationals do not care about Ukraine: these corporations use humans as pawns for their theft. Ukraine has little resources but Russia has oil, gas, gold, minerals, metals and many other resources so it was never about Ukraine....corporations have used those nazis like puppets and those nazis will run away into the e.u!
I really like this guy except I think Professor Werner would answer that China went against his solution. The government as the distributor of credit sounds like the Gosbank of the Soviet Union, which China rejected in circa 1980. Small local not for profit banks that works in Germany, Japan and China is the real solution. Also I think Professor Hudson would like Werner's window guidance for GDP spending for business productivity. Reduce or eliminate credit creation for assets.
Always great points from Hudson...but i think a money that cant be manopulated (bitcoin?) would provide a more fair for all system rather than placing excess power in gov officials that are faliable as all people are
Some of the 99% have no debt because we've learned the hard way to live within our means. Everyone must be treated fairly. (Here is hoping that the US can get their SHT together 😮)
If anyone should talk about lessening the power of the banking system it should be Hudson who knows the creature up and down having worked in the deep inside of it for decades.
America is essentially 1 giant bubble waiting to pop. It can only keep sustaining itself by limitless money printing & huge debt creation. Those days are numbered as more economically healthier parts of the world (in the east) are popping the American bubble.
Debt is more easily serviceable when there is inflation in the economy. Rentier class is worried about mass defaults bc US households are so leveraged. So they are attempting to stimulate inflation so workers have money to service their outstanding debt. Their problem is that velocity of money has been tanking (and will continue) due to Baby Boomer retirement, low labor force participation, high household savings rate, covid layoffs etc. Look up Richard Koo and his concept of balance sheet recession
Prof. Hudson, isn't fascism individual and corporate wealth nodes in conjunction of a dictatorial government leadership ? And it seems as you noted that industrial economics is best for worker no matter what country that once industrial economics peak the investors move production to an area where labor, land, construction and environmental costs are significantly less and profit margin rates increase exponentially. It seems when the gold standard was dropped a decision was made by the American wealth nodes to invest overseas.
Is an underlying implication of evolution theory Darwinism) that modernity as the most evolved must represent the best of all possible worlds? If true, then perhaps it helps explain the general sentiment that Capitalism is presumptively the most evolved and best system.
Lmao at the genius that says "I don't like revolutions". How in the freshest of hells do you think humanity has ever advanced, it not for revolutions??
Generally, authoritarian regimes create extractive economic conditions. Such conditions prevent economies from growing and are only successful in the short term. Our economies in the West have become increasingly financialized, increasingly indebted, and increasingly authoritarian regimes. The national debt of the US now stands at over $35trillion . It is a debt that will never be repaid, and it is not unique. Many countries in this world are burdened with debt that will never be paid. Yes, the world is in bad need of a reset. The jubilee is badly needed.
The cat has been out of the bag since the 1930's and the debt fiat house of cards now reached heights of increasing instability. When it topples, what will take its place? Our Lords and Masters are gunning for a a global digital currency that keeps the common tithes in place. Blockchain technology could also facilitate decentralised currencies under no ones control benefiting everyone.
There are parallel worlds: if we bring the population up to even a reasonable standard of living, there will be XS entropy (heat) and we know what that means.
Michael started out in music and realized that "social harmony" was a lie promoted by logarithmic equal-tempered music tuning with the inverse "exponential function" as the basis of Western civilization. So his promotion of the Jubilee debt cancellation is to mathematically reverse that lie. Yes Mother Nature is now taking revenge with accelerating positive feedback - the arctic will soon be ice free for 1st time in 3 million years and then the East Siberian Arctic Shelf methane bomb goes off - with a soon doubling of global warming. See "arctic news blogspot" for details. We have around five years left of life on Earth - all due to the exponential math from the wrong music theory.
@seymour froggs - that is nonsense. If most people just cut out non-essential activity (impacting the standard of living drastically only for a few percent of the wealthiest assholes) there is enough carrying capacity on Earth and waste heat radiation to space to support many thousands times more people on the planet. There is plenty of space and land. The problem is in how we are using land and generating too much waste per capita with frivolous activity (like bitcoin for one).
@@Achrononmaster check out the nonlinear positive feedbacks of abrupt global warming as documented by conversation biology professor Dr. Guy McPherson. So also go to the "arctic news" blogspot for Dr. Maria Carmen Solana posts and Professor Andrew Glickson. Also check out Dr. Jim Massa science talk channel - an oceanographer. Also go to the "arctic sea ice" forum and check out Dr. Jim Hunt's blog "The great white con" - also check out former Cambridge physics PRofessor Peter Wadhams - who went to the arctic 50 times. Also search "biological annihilation" into googlescholar. Fact is that currently on Earth we are experiencing the fastest increase in CO2 and methane emissions - and this is an amplifying feedback. Life shuts down from lack of photosynthesis after 104 degrees Fahrenheit. I realize you think Technology is a Religion that can Save Us - for example NASA promoting "synthetic ecology" in outerspace. That is precisely our problem - that people worship technology due to being brainwashed by the wrong logarithmic/exponential math from Platonic philosophy. So we think "the calculus" has been so successful but in fact it's turned around. Civilization is a Heat Engine as Entropy while Nature as ecology is Negentropy - study quantum biology. A good book on this is "Life on the Edge" by professor JohnJoe McFadden. thanks
Long winded critiques are for those who want to take the long way round. Something to think about. Beginning with "I know nothing" the deliberately ignorant positioning of Sciencing Re-search of known unknowns. It's the equivalent of understanding Singularity-point nothing in i-reflection containment in/of QM-TIME Eternity-now Entanglement, Absolute Zero-infinity reference-framing of pure-math i-reflection containment. POV. The true horror fact is we are all together the Superpredators who ignore the defence of sense-in-common individual survival, which is centered around the Recursion to the Mean Bio-logically at Absolute Zero-infinity i-reflection holography dimensionality. Ie this is a stark metastable proportioning choice between supporting everyone everywhere all-at-once or complete self destruction, WYSIWYG pulse-evolution.
Just one problem. I'm a landlord. I rent, fix, take risk, meet people and assess their ability to pay, etc. Who will do that and do they deserve to get paid for the risk and work? Should stock holders get dividends or appreciation? Is anyone allowed to own anything and do they get a return on it? If not then what's the point in owning anything? Even Russia and China abandoned this idiocy
@@PeterMcCluskey-cb1ck If we're supposed to care about you you have to show that you care about others. If you don't care about others then I don't care about you or your property or whatever risk you think is involved.
@@someonenotnooneI'm not asking you to care about me. I'm saying that Michael Hudson is wrong to think that landlords should provide housing for nothing. He believes that"rentier,"profits are different from " productive," capital but if he was right then everyone would invest in productive capital. You have bought into his argument without thinking and instead want to paint me as uncaring but that is not only untrue but irrelevant to the argument. Rentier profits are not free money any more than any other business. Landlords are necessary because actual work is done. Hudson is spouting nonsense that sounds good but does not make sense. Every business is trying to make a profit. Russia and China tried to change that but it didn't work. Hudson is just as wrong.
@@PeterMcCluskey-cb1ck Usury is asking for something for nothing. Landlords are the ones expecting something for nothing. Landlords do not create housing, so they do not provide it. You're confusing landlords for developers and property managers. Rentier profits are by definition free money. Rent seeking and collecting rent aren't the same thing. "Every business is trying to make a profit." Slave traders were trying to make a profit. That doesn't mean they should be allowed.
It's humorous that Hudson rails against fascism and the right, and yet most of his economic critique is similar, when its not identical to fascism, especially national socialist varieties. He only differs in his social critique. The national socialist, of course, would point out that it is private *jewish* banking that is the issue, not some bs about Rome.
Really? Where has Michael Hudson said that "jewish" banking is a problem? I have read a lot from Hudson and I have never seen that. Michael Hudson is about as close to fascism as we are to the Andromeda galaxy. In what ways are Michael Hudson's economic theories similar to fascism? How absurd.
Fascists have always attempted to appropriate leftist economic analysis, but very poorly, because they themselves are an armed militia funded and created to protect the wealthy. Nazi Germany, fascist Italy and fascist Spain were the happy lands of supercapitalism. Some of the greatest fortunes in Europe today were accumulated in that time. Stop pretending you understand one single thing about economics you stupid little fascist.
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
Thank you Michael Hudson 🙌
Dr. Michael Hudson should have been President of the USA....in a better world, he would have been.
And nothing would change. The president is not a king or dictator. 😶
@@alphaomega1351 fdr has managed to put the US on a good path
Need FDR's BALLS. Not a dump trump.
It's not a matter of electing "the right guy" into the presidency.
The whole American system of government is designed to make sure that when "the right guy" is elected, he or she will not be able to change anything.
The United States constitution is a MONUMENT TO POPULAR INCAPACITATION.
Any significant change that "the right guy" manages to enact into law will be tossed out by the US Supreme Court.
2 things would happen, either he goes or nothing would change, even if Jesus was president nothing would change they would just crucify him (again), we need a new system and it starts with having a mixed economy, nationalize healthcare, education, infrastructure, banks etc
"written several books"...that's true. Some of the most important books ever written (and I know because I have them all, and have read them all.)
Sad state, totally depressing. Glad i was able to retire, making more now. Now that i am old.
How long will we allow this scam ?
The "morality" ( pay your debts ) is false. Lender has NO risk, the borrower is screwed.
even land can not be owned
@@jamesmorton7881 Try to look at many points of view. I think the history of economics reveals Hudson for the crank that he is.
@@BlackBeltMonkeySong One writes books of economic theory and detailed investigations of economic history with his name attached to them and is interviewed in videos posted by authoritative TH-cam channels.
The other leaves anonymous comments on TH-cam.
Quod est stulti?
@@B_Estes_Undegöetz Academics, and people on TH-cam, are sometimes simply because they tell people what they want to hear. Academics are people with strong opinions. There's a multitude of authorities that I could point to that disagree with Hudson. From radical leftwing Krugman, to rightwing Friedman.
@BlackBeltMonkeySong Except Micheal Hudson has written detailed critiques of both Krugman and Friedman, and Krugman has no rebuttal so he pretends Hudson doesn't exist, while believers of Friedman have no rebuttal to Hudsons criticisms. In fact, everything Hudson has been saying for the last 50 years has come true, while the Friedman school does mental gymnastics to try to explain the present day economy and Krugman lies through his teeth and is platfotmed by the billionaires that benefit from his lies.
"Basically those are the alternatives economy has today.
Debt forgiveness or barbarism ".
/Michael Hudson
Thank you, Dr. Michael Hudson.
Dr. Hud is my HERO!!!
Yes he is the BEST
Just remember: Dr. Hudson expects all who listen to him to be heros, too - as part of the solution,not the problem. 💪 ❤💙 💃
@@terracottaneemtree6697 No Dr HUDSON don't expect anything from anybody he just informed people of what is going on if you understand it good if you don't you don't.
@CrabApples Bodaciously Bitter Fruit's Except China never act same way as Merricaa during its most prosperous time (thousand of years) & currently even helped other countries gain power by building infrastructure without meddling with their internal politics & policies (unlike Murica).
Thanks everybody! Keep up the good work.
Richard Werner also argues that credit should only be created for new business development, and NOT for existing assets (leads to inflation)
If someone wants to sell his house he could only sell it to whoever has the money. Is that what you mean?
No, Werner is speaking about businesses and corporations. As far as homeowners go, unless the house buyer goes, if they get a 30 yr mortgage they will spend 3x the purchase price by the end of the their 30 year contract. This is the interest paid to the bank. This increases inflation, overall for society. Banks get rich, folks get poor!🤮
This is why banks are known as Predatory Lenders. Because they "feed" off their customers. This is the reason corporations are buying entire neighborhoods. They pay cash, they raise rent and profit handsomely year after year.
@@SocratesOnline yes, no new money creation for consumption or asset price increases. Existing money only
@@cyberpunkalphamale Werner means that an existing asset changing hands does not contribute to wealth. Only creating new things, like a new house, food, appliances contribute to the wealth
He also says that small banks contribute to the real economy more than big banks because small Banks need to lend smaller amounts and help real people through their projects.
An example is Germany where the post world war boom was financed by smaller banks like regional banks.
🏴 Reject, abolish or otherwise delegate all unnecessary hierarchy🏴. As always professor Hudson is spot on and on point 100%
Michael speaking truth! I love this man.
What I still don't understand is how financialization could actually succeed. I remember coming to the US from Europe in the 1990-ties and found that people widely believed that real estate and finance was an "industry", implying that it was productive in some sense. They were proudly bragging that for Columbus Ohio almost 1/3 of the "industry" was related to real estate, banks, and insurances. It was argued that more and more financialization would be needed to better optimize capital allocation and to reduce the overhead. Obviously that was nonsense, a big bamboozle, or simply bullshit propaganda, since this mostly unproductive part of the economy had already been grown faster than almost everything else.
Allocating capital isn't even a difficult problem. Generally to know where capital is needed, you just have to ask workers what they need to be productive, or better yet, just let them have the resources to arrange their own tools. When allocating capital takes effort, that is itself symptomatic of a serious societal problem, with inequality at its root.
@@LCTesla who will let us have the resources to arrange our own tools? I wanna join a worker coop and there's none to join and I cant afford to start one and if I had that many middle class friends to go in with me I wouldn't be me, some people can bring a worker coop into existence, when that happens, please remember me, ok?
The finance industry exists to direct capital. It has problems. Compare and contrast to the massive misdirection of capital in places like the USSR and China demonstrates that the finance industry is about a billion times better.
A rather simple question: what it the actual purpose of finance? To enable capital to flow to where it is needed in other industries. It creates nothing on it's own, so the larger % it is of an economy, the worse the economy is.
Similar to military spending; yes it is needed so you're industry doesnt get captured by an invader, but it produces nothing of it's own. It's all one big overhead cost.
You have to understand that when there is talk of "being productive" you have to look at the context of a host and a parasite. From the point of view of the parasite, words like "productive", and "freedom" translate into how much wealth it can find to suck out of the host and how "free" or "easy" it is to do with little resistance from the host. If you look at hosts and parasites in real life, some parasites inject a chemical into the nervous system of the host so that the host will cooperate. Sometimes it's by anesthesia, or by delusion, or by insanity. Sometimes the head or brain is eaten first. The control of the brain (gov't) enabled the weakening of the education system over the years and the hijacking of education that followed along with the complete control of media is the equivalent of the taking over the host's nervous system. You're right in seeing this as propaganda. I like to see it as the "cool-aid" fed to the people of a nation so they cannot see they're being eaten alive. Michael Hudson wrote "Killing the Host". It's a great analogy. When one hears "I love my pet lamb" said by industrial capitalists, versus I love lamb (while licking the lips) by finance capitalists. You have to understand there is a big difference. A nation and a people needs to realize which one they should trust. Both will say they "love" you but for very different reasons. Financialization "succeeds" when the parasite rolls over and rubs it's belly and wipes its mouth and gives a great big burp and says "Mmmm, that was delicious!" Of course, for the host there's nothing left but bones; but the parasite doesn't want the host to know that. So yeah, let's pretend that real estate, insurance and finance IS an industry and when we start to feel sick and unwell, we'll believe we need more of the same! It's a brainwashing and deception that goes deeeeeeepp in the US.
Thank you for uploading this video.
Thanks for hosting this talk
Great post. Strange the people asking the questions at the end didn't listen to what he actually said.
This requires focus and concentration. Many do not have the ability to do so. Minds wander off, including my own, sometimes. 😮
i always learn something new by listening to mr.hudson
His analysis of the Roman oligarchy is partially correct.
The two Gracchus brothers actually wanted to restore the basis of the Republic which was the small farmer.
The small farmer did not depend on the state for pay and weapons.
Actually the ability to supply one's own weapons was what determined ones place in Roman society during the Republic.
The Gracchi brothers wanted to restore the independence of the small farmer, not introduce communism.
That is what Jefferson wanted.
Tiberius Gracchus was elected a plebeian tribune in 134 BC, and was particularly sensitive to the fate of slaves and of poor peasants whose land had been appropriated by the Roman nobility while they were away serving on military campaigns. He proposed an agricultural reform limiting land ownership to 125 hectares per citizen or 250 hectares per family, and distributing the freed-up land to the poorest Romans, usually free of charge.
A triumvirate which included Tiberius' brother, Gaius Gracchus, was charged with enacting the law. However, the Roman senators saw it as a threat to their own estates, as well as to their powers of land attribution. Tiberius was murdered in 133 BC.
Gaius Gracchus was elected a tribune in 123 BC and continued his brother's reforms. He ordered bushels of wheat to be distributed to Roman citizens at a low price, and planned to set up colonies in Italy and Carthage.The Senate ordered his death, which occurs in circumstances still unclear.
I have learnt something new today, thank you.
Clear thinking. Thank you.
The parasite and host comparison was so apt and so creepy.
hudson is right, an armed revolution is the only way things will change. the idea that being armed with ideas will change anything is the infantile view of history.
Bullets, blood and fire will get the fascist class attention real fast ,LOL
@@SlackKeyPaddy History shows, however, that when violent revolution is successful you tend to get authoritarian fascism within about five years. I believe this comes out of Erica Chenoweth's research.
1:03:00 "Basically, your governments (the EU governments) are a branch of NATO." - THIS IS SO TRUE.
Up until the 1980s, we still believed that as machines and technology did more of the work we would be able to enjoy a lot more leisure time
Neoliberal ideas had gained traction, but we didn’t know where this was leading.
Try imagining a bright future now!
Prof. Has volume 3 of your trilogy of the tyranny of debt come out? If so, the title of the book, please
Countries around the world come to the US to get rich like the Americans so they learn US financial economy and take that back to China Russia Europe but China refuses US graduates economics systems so China is getting better while US is growing in debt. 😅 😂
Thanks again for Michael Hudson schooling 🏫
@1:27:00 QE is not really the problem, it is just flooding bank reserves, which banks do not need, since reserves are only used to run the payments clearing system. QE is simply misguided idiocy, since banks do not lend reserves, it does not stimulate the economy. Government net spending is the main stimulus. Also, zero interest rates are not the problem. Hiking up interest rates hurts the debtors, and enriches those already with money (Treasury bonds are basic income but only for people who already have money). For stimulus you want low rates (which is an anti-inflation bias) and higher government net sending (which is inflation-neutral if government pays the standard prevailing price), but this should be done via _functionally targeted spending,_ at the base of the economy where people are desperate, not targeted at the top at asset prices. Most people do not own homes or stocks, so house and stock price inflation is not helping most people gain real wealth.
Dudes. All great comments 😎
When the Fed buys newly issued corporate bonds as part of its QE program, isn't that adding liquid cash to the economy and, in particular, allowing those bond-issuing corporations to speculate on existing assets and/or buy back their own stock? So I think QE may do more than "just flooding bank reserves".
Representative government is not a democracy. On every ballot for representatives or representative government there should be a general question, "does your senator/representative, Supreme Court represent you sufficiently to be reelected?" For years, I've very rarely believed that my governmental officials representative my personal needs, goals and aspirations for our city, county, state or national government.
I love the principals Michael espouses but when people make more sacrifices like 12 years of school for doctor or choose difficult skills, shouldn’t they earn more?
You obviously didn't listen to the rest of the talk. When the government is the 100% Reserve, there is no need to borrow for an education. There would be loans to Finance productive gains in the economy instead of speculation. With a debt jubilee, there would be enough to pay you a living wage.
neither Hudson or Marx argued against certain workers who are productive getting paid more. he is arguing against those who get UNearned income as John StuartMill said making money while you sleep
Tusen tack! Fängslande i så många led. Om bara svensk offentlig debatt kunde låta så här...
@@mervindervish284 Been holding my breath for a big crash for a decade. Can't believe the fuckery of banking these days. It is all fiction. They just make it up as they go. Criminals control the money supply. Interesting times ahead.
Extraordinario
2-15-22. How does this relate to what we're watching right now in Ukraine vs Russia?
Is the breaking Ukraine free of Russia so American banks can move in and load them down with debt?
Russia is the objective nato and their masters; rokefela, citi bank, cocacola, boeing, mcdonalds, johnson and johnson and all other corporate multinationals do not care about Ukraine: these corporations use humans as pawns for their theft. Ukraine has little resources but Russia has oil, gas, gold, minerals, metals and many other resources so it was never about Ukraine....corporations have used those nazis like puppets and those nazis will run away into the e.u!
I really like this guy except I think Professor Werner would answer that China went against his solution.
The government as the distributor of credit sounds like the Gosbank of the Soviet Union, which China rejected in circa 1980.
Small local not for profit banks that works in Germany, Japan and China is the real solution.
Also I think Professor Hudson would like Werner's window guidance for GDP spending for business productivity.
Reduce or eliminate credit creation for assets.
Oooh si bapak ini yg sering di ceritakan sama Bossman mardigu wowiek di bukunya
Always great points from Hudson...but i think a money that cant be manopulated (bitcoin?) would provide a more fair for all system rather than placing excess power in gov officials that are faliable as all people are
Some of the 99% have no debt because we've learned the hard way to live within our means. Everyone must be treated fairly.
(Here is hoping that the US can get their SHT together 😮)
The decision to make student loans non bankruptable has been a disaster for young people in the U.S. trying to build a life.
Super!
Agree. The changes made are bad bad bad for the many long term being able to basically live
If anyone should talk about lessening the power of the banking system it should be Hudson who knows the creature up and down having worked in the deep inside of it for decades.
America is essentially 1 giant bubble waiting to pop. It can only keep sustaining itself by limitless money printing & huge debt creation. Those days are numbered as more economically healthier parts of the world (in the east) are popping the American bubble.
We need to cancel debt 👍
What about perpetual bonds
What is debt deflation? I tried to look for a definition on internet and it doesn't make any sense to the discussion here.
Debt is more easily serviceable when there is inflation in the economy. Rentier class is worried about mass defaults bc US households are so leveraged. So they are attempting to stimulate inflation so workers have money to service their outstanding debt. Their problem is that velocity of money has been tanking (and will continue) due to Baby Boomer retirement, low labor force participation, high household savings rate, covid layoffs etc. Look up Richard Koo and his concept of balance sheet recession
Paying off your debt leaves less to spend on goods and services or the real economy
Brilliant!
Prof. Hudson, isn't fascism individual and corporate wealth nodes in conjunction of a dictatorial government leadership ? And it seems as you noted that industrial economics is best for worker no matter what country that once industrial economics peak the investors move production to an area where labor, land, construction and environmental costs are significantly less and profit margin rates increase exponentially. It seems when the gold standard was dropped a decision was made by the American wealth nodes to invest overseas.
🏆
fantastic
👍
1:08:51
Fueling algor.
Is an underlying implication of evolution theory Darwinism) that modernity as the most evolved must represent the best of all possible worlds? If true, then perhaps it helps explain the general sentiment that Capitalism is presumptively the most evolved and best system.
Proven wrong.
Animals that died out also thought they were best adapted until their extinction
Most of the belt and road loans went to Russia.
Higher education is not provided freely anywhere. Someone is paying for it.
It it at the point of service, and it is paid for without inducing debt peonage.
So China economy is sustainable development unlike western nations economies
Lmao at the genius that says "I don't like revolutions". How in the freshest of hells do you think humanity has ever advanced, it not for revolutions??
Yes voting and grass root movement work just as well as they have for the last 70 years -_-….
No debt equals no money. Debt is not necessary for any loan to be effective. Debt is not the purpose of money. Profit and prosperity is.
The debt system is basically a word trick. The West is built on lies.
The moee from manufacturing to financialization is good for ameriKKKa
Generally, authoritarian regimes create extractive economic conditions. Such conditions prevent economies from growing and are only successful in the short term.
Our economies in the West have become increasingly financialized, increasingly indebted, and increasingly authoritarian regimes.
The national debt of the US now stands at over $35trillion . It is a debt that will never be repaid, and it is not unique. Many countries in this world are burdened with debt that will never be paid.
Yes, the world is in bad need of a reset. The jubilee is badly needed.
Sorry professor but you are so way off on Chinese system. They do not provide many of the things you mentioned, such a healthcare...
Johnson Larry Johnson Richard Thomas Michelle
Neoliberalism = economic Lysenkoism of the rentier capitalists. 😒😟🤔
Socialism for the rich
The cat has been out of the bag since the 1930's and the debt fiat house of cards now reached heights of increasing instability. When it topples, what will take its place? Our Lords and Masters are gunning for a a global digital currency that keeps the common tithes in place. Blockchain technology could also facilitate decentralised currencies under no ones control benefiting everyone.
Markets & financial institutions have gotten too big for their britches.
There are parallel worlds: if we bring the population up to even a reasonable standard of living, there will be XS entropy (heat) and we know what that means.
Michael started out in music and realized that "social harmony" was a lie promoted by logarithmic equal-tempered music tuning with the inverse "exponential function" as the basis of Western civilization. So his promotion of the Jubilee debt cancellation is to mathematically reverse that lie. Yes Mother Nature is now taking revenge with accelerating positive feedback - the arctic will soon be ice free for 1st time in 3 million years and then the East Siberian Arctic Shelf methane bomb goes off - with a soon doubling of global warming. See "arctic news blogspot" for details. We have around five years left of life on Earth - all due to the exponential math from the wrong music theory.
@seymour froggs - that is nonsense. If most people just cut out non-essential activity (impacting the standard of living drastically only for a few percent of the wealthiest assholes) there is enough carrying capacity on Earth and waste heat radiation to space to support many thousands times more people on the planet. There is plenty of space and land. The problem is in how we are using land and generating too much waste per capita with frivolous activity (like bitcoin for one).
@@Achrononmaster check out the nonlinear positive feedbacks of abrupt global warming as documented by conversation biology professor Dr. Guy McPherson. So also go to the "arctic news" blogspot for Dr. Maria Carmen Solana posts and Professor Andrew Glickson. Also check out Dr. Jim Massa science talk channel - an oceanographer. Also go to the "arctic sea ice" forum and check out Dr. Jim Hunt's blog "The great white con" - also check out former Cambridge physics PRofessor Peter Wadhams - who went to the arctic 50 times. Also search "biological annihilation" into googlescholar. Fact is that currently on Earth we are experiencing the fastest increase in CO2 and methane emissions - and this is an amplifying feedback. Life shuts down from lack of photosynthesis after 104 degrees Fahrenheit. I realize you think Technology is a Religion that can Save Us - for example NASA promoting "synthetic ecology" in outerspace. That is precisely our problem - that people worship technology due to being brainwashed by the wrong logarithmic/exponential math from Platonic philosophy. So we think "the calculus" has been so successful but in fact it's turned around. Civilization is a Heat Engine as Entropy while Nature as ecology is Negentropy - study quantum biology. A good book on this is "Life on the Edge" by professor JohnJoe McFadden. thanks
@@Achrononmaster You are arguing qualitatively. No use throwing in an "If only". Also, there might be "land" - there is frequently not water.
@@Achrononmaster Your foul language tells all.
High Taxes the problem. is what happening in Australia having 125 taxes to pay = less savings the private sector
@CrabApples Bodaciously Bitter Fruit's private sector in Australia debt been growing since a socialist became prime minister in 1983
@CrabApples Bodaciously Bitter Fruit's increases taxes on purchases & services we buy put more people in poverty
@@slimyfisher1370 has that help middle class & upper class in Australia no
@@slimyfisher1370 franchise own businesses not multi national . You buy from franchise majority in middle class
@@slimyfisher1370 socialism policy for bludger & losers wake up in Australia . Albonese going to make life worse increasing regulations & taxes
I think Mr. Hudson has an evil twin in the camp of these wicked parasites 🤔
a half truths
Long winded critiques are for those who want to take the long way round. Something to think about.
Beginning with "I know nothing" the deliberately ignorant positioning of Sciencing Re-search of known unknowns. It's the equivalent of understanding Singularity-point nothing in i-reflection containment in/of QM-TIME Eternity-now Entanglement, Absolute Zero-infinity reference-framing of pure-math i-reflection containment. POV.
The true horror fact is we are all together the Superpredators who ignore the defence of sense-in-common individual survival, which is centered around the Recursion to the Mean Bio-logically at Absolute Zero-infinity i-reflection holography dimensionality. Ie this is a stark metastable proportioning choice between supporting everyone everywhere all-at-once or complete self destruction, WYSIWYG pulse-evolution.
Just one problem. I'm a landlord. I rent, fix, take risk, meet people and assess their ability to pay, etc. Who will do that and do they deserve to get paid for the risk and work?
Should stock holders get dividends or appreciation?
Is anyone allowed to own anything and do they get a return on it? If not then what's the point in owning anything? Even Russia and China abandoned this idiocy
What's the point of owning anything? Using it, as opposed to *using people*?
If they care about not renting they can save and buy a house. If they didn't they can use a landlord and use his house.
@@PeterMcCluskey-cb1ck If we're supposed to care about you you have to show that you care about others. If you don't care about others then I don't care about you or your property or whatever risk you think is involved.
@@someonenotnooneI'm not asking you to care about me. I'm saying that Michael Hudson is wrong to think that landlords should provide housing for nothing. He believes that"rentier,"profits are different from " productive," capital but if he was right then everyone would invest in productive capital.
You have bought into his argument without thinking and instead want to paint me as uncaring but that is not only untrue but irrelevant to the argument.
Rentier profits are not free money any more than any other business. Landlords are necessary because actual work is done. Hudson is spouting nonsense that sounds good but does not make sense.
Every business is trying to make a profit. Russia and China tried to change that but it didn't work. Hudson is just as wrong.
@@PeterMcCluskey-cb1ck Usury is asking for something for nothing. Landlords are the ones expecting something for nothing. Landlords do not create housing, so they do not provide it. You're confusing landlords for developers and property managers. Rentier profits are by definition free money. Rent seeking and collecting rent aren't the same thing.
"Every business is trying to make a profit." Slave traders were trying to make a profit. That doesn't mean they should be allowed.
It's humorous that Hudson rails against fascism and the right, and yet most of his economic critique is similar, when its not identical to fascism, especially national socialist varieties. He only differs in his social critique.
The national socialist, of course, would point out that it is private *jewish* banking that is the issue, not some bs about Rome.
Really? Where has Michael Hudson said that "jewish" banking is a problem?
I have read a lot from Hudson and I have never seen that.
Michael Hudson is about as close to fascism as we are to the Andromeda galaxy.
In what ways are Michael Hudson's economic theories similar to fascism?
How absurd.
Fascists have always attempted to appropriate leftist economic analysis, but very poorly, because they themselves are an armed militia funded and created to protect the wealthy. Nazi Germany, fascist Italy and fascist Spain were the happy lands of supercapitalism. Some of the greatest fortunes in Europe today were accumulated in that time. Stop pretending you understand one single thing about economics you stupid little fascist.
GIGO