Michael Hudson is in the highest sense a teacher’s teacher, or guru. He’s giving us a chance to learn from his years of working in privileged, decision making sectors of Wall Street and government finance. Having a family that personally knew certain famous people who discussed these types of things didn’t hurt either. He’s just one blessed SOB, and I thank God for him. A man who invests his time in continued learning and teaching,shares his wealth. Thank God he’s not afflicted with a money or power addiction that the oligarchy is infected with. 😘
Love Michael. The only thing I slightly disagree with is that workers create value. In part, but that’s not how it mostly works in practice. You see this a lot in real estate: developers or home owners who have renovated their property always overvalue it due to the additional work put into it and often times over price relative to the comps around the area. But once you put it out in the market, your value is determined by who’ll buy it. In the case of property, if your house is higher than the comps, most people won’t buy it. And if the economy is not good, people will have diminished purchasing power, so no one for sure is going to buy anything. So you’ll be forced to react to the demand and decrease prices.
Banks used to do more seizure of property under the gold standard, I think. I don't like how bank lobbying gets special favors (welfare) and systemic benefits. But credit is apparently a key factor in a market system. Steve Keen points out that mainstream economics ignores the *existence of debt and money* in ordinary commerce.
@@gg_rider Fiat Dollars are mere Debt..... The Promissory Note defers the debt to the fortunate progeny who pick up the tab for the excess of the greed that today displays..... In 1970 we did have some discussions of the introduction of Funny Money, among the Economics Students in Berkeley....
@@danielhutchinson6604 Fiat money is fine as long as it's being used for public purpose, productive investment and welfare. The problem is when the money fountain is appropriated by private interests who are trying to get all the purchasing power for themselves.
Piketty: Problem-- Stark inequality. Solution--Monetary Reforms needed; Progressive Taxes is the main solution. Hudson: Problem-- Finance is taking over Economy Financial returns are bigger than economic growth; what is the reason behind it? Increasing interest rates in 70s, and by the strategy of 'privatizing' change the flow of income towards the wealthy. .Solution--1.(The most radical) Debt Jubilee, then start with a clean sheet. 2.Not allow private entities like FED to create money and regulate monetary policy. Leave banking, but to the Government, in it's practical understanding like in China.
It's always a huge delight learning from Prof Hudson. Our economy is controlled by the the financial class and the raw material class that constitute 1%, to this Hudson says "without dealing with this structure, the system is going to shrink and shrink... We see the same kind of concentration and polarisation in the Roman empire, the last stage of that is feudalism, so we are back to what Rosa Luxembourg said, the choice is between socialism and babarism basically, and there's no other way to do it, you can't solve the problems in the existing system because it's already controlled by the 1%". Hudson asks," if you leave this 1% in place, the economy is going to be sacrificed and shrinking, is it worth shrinking the economy just to leave the 1% in place?" It's a radical idea. I feel that all the structures and instruments are in place, changes would be hard to implement, it's so deeply entrenched in the global ecosystem, perhaps a reset would only come about when many economies collapse. Perhaps in the next few decades, no crystal ball here.
Why Barbarism should be the only alternative to Capitalism seems to disrespect the quality of altruism that is clearly what has sustained Humanity for as long as it has..... Noodling around with displaced debt seems to avoid confronting the core of Capitalism? Can Humans actually exist without the concept of Money and Real Estate? Indigenous Humans seemed to do it for thousands of years before Roman traditions arrived in Massachusetts.....
So far from the truth it’s sad that most on the left think this. The planned destruction of the economy is too keep the 1% in power. The surplus population will just die from lack of Heath care or another carelessly released virus. The hope of not socialism or any ism but democracy. Real direct democracy. Fractal and scale dependent. Yes communism in the family, yes socialistic in the entrenched but necessary infrastructure corporations. But freedom in the innovation and small business area
@@danielhutchinson6604 I think its a question of values. If you want to live in a world where there is cheap and abundant toilets optimized in every dimension for human use (flushes quietly, comfortable to sit on, limits smell, etc...) some form of capitalism might be your only shot and definitely the fastest way to get there. Humans are fallen creatures, our will tends towards evil (selfishness, self-worship, laziness, ... and worse).. to get us do something at all, and to do it well at that, we tend to want to be compensated a bit more than fairly. Of course these are generalizations, but I think they hold true on the whole. Our fallen nature is a necessary condition for money and capitalism in my view. I think its the same kind of truism as "if men were angels we wouldn't need laws" Fundamentally, money is a stabilizing force in society with potential to destabilize. You won't run a large nation state on altruism. We tend to organize in larger numbers spontaneously. Its an emergent behavior driven by our individual desire to make life easier. You want toilets? Cars? Roads? Electricity?Internet? Money is necessary, and some form of Capitalism is your best bet.
Micheal hit every point of the mosters system in play better than anyone for quite awhile. Everyone is muddling around in the mudhole to protect their interest / wealth. How interesting.
As a Servant of the Rockefeller Estate, Hudson seems to defend his Employers Power. The representation of the eternal value of Wealth and how to preserve it, Hudson seems to be the Ultimate Bullshitter.....
@@jamesmurphy9426 I have been aware that Mr Hudson is a capitalist, but I do not envision him as a Rockefeller Guy? I must have been way drunk if I wrote that one...... All my friends complain about folks stealing their Name and doing strange things with them. I know Kissinger was the Rockefeller Bros Errand Boy. But I never seem to have assumed Hudson was sponsored by the Bros.
Piketty just doesn't quite seem to get it, you don't need to tax wealth if the land and other unearned rents (IP and other government privileges) are taxed directly before the wealth forms. Trying to tax it after the fact is not only impractical but isn't nearly radical enough.
Additionally, am I wrong by interpreting Hudson's point about compound interest (on investment/debt)? That it will outpace any redistributive gains made through wealth (or especially income) taxation from the rentier class?
@@pierrechildress8875 Hudson understands the Math that made the folks who owned the Chase name in the 1920's as powerful as they became. The Rockefeller Clan has held on to power for almost a Century and their Servants are living a comfy lifestyle as well. The appointment of Paul Volker from the offices of Kissinger & Associates seemed to demonstrate the powers that are represented by a Family that can suggest to Presidents that the displacement of the Gold Standard in the Bretton Woods Agreement, and then expand their wealth exponentially. Hank Kissinger began to be employed by the Family in the 1950's as he assembled the Prospect for America, that seemed to define the US involvement in Colonizing Vietnam..... Compound Interest is interesting to those who have enough disposable income to leverage that excess. If Greed were not involved in the equation the concept might lead to some form of social progress..... But sadly they merely used that power to kill another 10 million over the coarse of 50 years. Power Corrupts, and the power you can buy with a large pile of Fiat Dollars is as invisible as the publication of the names of the Investors that the Roman Tradition of concealment of the names of the People who possess the power seem to own..... When you see down there in fine print at the end of some Public Media report about the facts, the name of the Rockefeller Bros Fund, you begin to understand how the ability to purchase influence is accomplished?
I wish that l had the patience to try to find a kernel of understanding of any essential truth in Pikerty's vague and dismayingly obtuse observations but half way through l always ended up simply skipping ahead to what ol' Mike had to say. Life is too short.
@5:15 debt is not a difficult concept or topic, it is as simple as reciprocity. What is tricky is that it is a taboo topic: orthodox economists are scared of acknowledging all debt is credit. Why? Because they know the vast majority who are in debt are the workers and they are precisely the people who should be in credit. The rentiers have sucked up all the credit, fraudulently so.
I studied at the Abbie Hoffman School of economic Philosophy as well, and I agree that your assessment is as correct as any..... All Economists are afraid that if the economic system of Capital were to vanish, their purpose in life would go away as well..... They need to get a real job......
Keen's for total private debt cancellation since it was all artificially manufactured since the 1980's when Wall St shut off normal government investment in the public sector and forced the nation to be exploited by privatization and to make ends meet with credit cards and predatory loans. Watch YT video Life in a Creditocracy with Andrew Ross.
Cleary they are both kindred spirits and, at base, are advocating the same ends, essentially, by the same means. Hudson makes a very compelling argument that the only way is to write off debt. Piketty raised no objections and, in fact, said he agreed with Hudson. They both agree that the status quo is rapacious, unsustainable and will require radical solutions, Piketty going so far as to twice note that some of the current conditions resemble those that precipitated the French Revolution! C'est vrai! Vive la Commune !!!!!
Lady Liberty leading some Congregation of Anti Capitalists to dethrone the Rockefellers, seems to engineer more of the same? How about an abandonment of Capitalism as the starting point of creating Equality? Neither of this Pair seem to advocate that concept? The ability of the Majority of Humans who seem to always be left in the dust by the Big Capitalist Bus, could simply agree to cease participation in the system...... No Beheadings required...... I almost felt some sadness for Louis of Fourteen Street.....
So , by Piketty acknowledging that Hudson is correct with his assertion that the change can't come about because of the rigged politico-economic system , is he thereby admitting that his ( Piketty's ) proposed solution that progressive taxation is bankrupt and altogether ineffective , thereby nullifying the argument made in 'Capital in the Twenty-First Century' - his own book , or have I got that wrong ?
It’s looking very like a bad parasite, ie it’s killing the host. Thomas and Michael are historians and economists and are brilliant in their own right. We need more of this kind of debate in the public sphere, then maybe we could really abolish slavery. I learn loads from good people like these. Thank you RSA.
EXACTLY the wrong tax. All you're foing is giving those with political power control and wealth. You must be stick in communism. The solution is NO taxation. What do you have against people being free? Inheritance and land taxation is tje one thing that puts the people in bondage
'We have this economy controlled by the financial elites, and they have all the power, and their is very little we can do, and their is this Chinese counter-model... but nobody wants that' 🤣 We know the NSA and GCHQ are keeping a watchful eye on things. For the most benevolent reasons of course. 😉
So how do you no what China like to you go to China and see. why do so many Chinese leave China on holiday and all go back to China where in America no leave as the government say the the rest of the world is not good. You got more freedom in China than england guaranteed
How I adored David Graeber's writings and listening to his speeches. So wonderful to see Michael Hudson and Thomas Piketty here honoring him. It does seem odd to see this vlog titled "Fight Club" and to see the bikini clad girl in the opening. Both are so 20th century. Fighting is why we are in our current economic system and how it is maintained, so it seems unlikely that "fighting" is going to extricate us from it. If these vlogs continue, I hope they are renamed and the use of women as sex symbols is replaced with something more fitting for a better world.
Even after a few years of coaching Boxing I never attended one of the events that included some perfectly proportioned Barbie displaying the Round Numbers. I tend to find my economic advice more well represented by the Indigenous Americans who existed for thousands of years without cash. The clash of interests between economic beliefs that are represented by the Roman Tradition of concealing the names of the Investor Class, as it has confronted various traditions of respect for Nature, seems to have reached some Plateau of Power where the majority of the residents of the planet are exploited for the benefit of a few. Even the basic functions of Nature are threatened by Capitalism today. Rearranging Capitalism for the supposed benefit of the small portion of the population who seem to find some benefits from manipulating the rest of the inhabitants of the planet for their own position to be maintained, is commonly called greed..... Why not dismiss the concept of leverage and begin with a system of equality where Capitalism is a dirty word?
As Yanis Varoufakis and Richard Wolff have said over and over on 8/15/1971 we went off the Bretton Woods agreements and let the genie out of the bottle(The Bankers) and gave then free reign which means privatization. The deindustrialization of The USA began. Millions of descent paying jobs for the working class gone. turned Detroit into a charnel house. Millions shipped to China to exploit cheap labor and then Brazil and India. If you read The Powell memorandum and Samuel Huntingtons contribution to The Trilateral commission report on “Crisis of Democracy” That’s when the financialization of our economy(turned it over to Wall St) and the deindustrialization of The USA.
All Occupy did was give protest a bad name. The discussion point of debt should be about how the perception of debt is manipulated by the creditors for their benefit. It is the notion that debt is sacred that prevents it being addressed by modern society. And of course if debt is dissolved, the rate to borrow would be commensurately raised, so elimination of debt must be done wisely with respect to future available credit, not philosophically/ideologically.
Somehow I thought there was going to be more discussion / debate. Somehow I liked this much more. If we keep debt (in it's current form) we will always have this problem (coming back). We should have a money system in stead of the credit system that we have today.
But you can't. Money IS debt by definition. You'd have to create some kind of forced barter system where you cannot take loans and you can only borrow/sell existing goods for other existing goods. That would be an industrial nightmare.
@@whaha you are generally right. But more like "payment" is an idea, and "money" is this specific version of payment based on debt. So you can de-debtify (if that's even a word) payments and obligations, but that would also destroy money as we know it. I know it's a technicality, but libertarians abuse the concept of "money can be molded into whetever we like" to create some abhorrent barter-based thought experiments.
@@whaha what we have is a tax-driven money system. It is perfectly fine, because it means _no one ever needs to be put into a position of unpayable debt,_ precisely because money (state currency) is a tax credit, not gold, not a commodity. The problem is not tax-driven currency, the problem is politicians (not just neoliberals, all of them) do not understand the money system they operate. No one needs to have unpayable debt obligations with a fiat currency. But politicians ensure most workers _do_ have unpayable debts, and sometimes that is by design, to enslave the workers. That's the bottom line. But if someone wants to borrow (take out credit) to expand a bsiness, then that is fine, provided the terms are not fraudulent, and if they become unpayable then the fault is more on the banker who did not make an accurate credit assessment, not the debtor. Place the risk of debt onto the lender/banker and you will find fraudulent loans are not so easily granted.
@@whaha It cannot be both a tool and an idea. Primitively, the "idea" of money is a means of redemption, this is from pure David Graeber anthropology. But redemption is always realized in some concrete way, it is not an abstraction without material meaning. There are different _types_ of money, but there is also a standard definition: money is what someone will accept for payment/redemption of a liability. You take groceries off my store shelf, then before you get out the door you should probably redeem me for them. Maybe I will accept a kind word... if I do then to you that's "money" and when you offer me a kind word you've redeemed your grab off my shelf.
The main driver of wealth concentration in Rome involved/involves land degradation. Destroy the soil, deplete it, crops fail, famers lose their land, it becomes consolidated into plantations growing cash crops, the profit incentive shuts soil husbandry down, which destroys soil... this cycle of land-use is the most common for civilizations. Very few cultures maintain their soil when cash-crop profits dominate. The ones that feed people over profit last, one by luck, like Egypt lasted thousands of years.
I see three worlds: 1) Cost cutting and liability shifting 2) Capital Gains generated from bubbles created by Credit. 3) Debt Enslavement of which the Interest swallows up wages and Capital Gains. And businesses wonder why they’re not seeing revenue growth.
Officiellement, en tant qu'éditorialiste à Libération et Le Monde, Thomas Piketty ne peut que "trouver Marx pas très intéressant" pour, officieusement, être d'accord avec le professeur Hudson.
Hudson is a realist and Piketty looks idealist. One thing the economist will have to win in the argument is the 1% earned by undue and we will have to make a political platform on such just and reasonable ideas. If we say that all wealth be redistributed then, the question of undue privilege will arise. Second is that Piketty still believes in gradual change through politics., but the point of Hudson is that getting that kind of political power to implement redistribution is not short of a revolution.
I think i agree with with prof. Michael hudson regarding debt concelation. And for the1 %, the goverment should tax them 2,5% of their wealth every year for developing public infrastructure such as school, roads, hospitals etc.
@38:00 I agree with Michael for the most part, but there is still the possibility even in China that if you give the Evergrande bond holders the middle finger (which I would, they made a corrupt investment, no one made them do it) the chance is some of them are Triad and you, as a Chines gov official, might just wake up with a dead horse head under your sheets one morning. If it comes to this, the Chinese central bank can always pay off the bond holders. Then they should make sure they do not sponsor such am asset bubble again, since you do not want Mafiosi just getting bailed out every time a speculative boom crashes. In the USA this Mafiosi are called collectively "Wall Street" the banksters and parasitic FinTec.
Cancelling debt lances the boil, but to stop debt from reemerging, a lot of privatization would have to absolutely be unraveled. I think we need a different monetary system one that does not drive commerce through interest rates and inflation. I consider inflation another kind of interest charge. And also in America, we need a heavy heavy, heavy dose of anti-trust
The problem I have with turning finance over to public (government) hands is that so much of the government is a) stupid b) corrupt. Take a look at the average congressperson (doesn't matter which party) for example. Take a look at the current and former president, or the current Fed chair - I wouldn't let any of them run a lemonade stand.
The only thing I slightly disagree with is that workers create value. In part, but that’s not how it mostly works in practice. You see this a lot in real estate: developers or home owners who have renovated their property always overvalue it due to the additional work put into it and often times over price relative to the comps around the area. But once you put it out in the market, your value is determined by who’ll buy it. In the case of property, if your house is higher than the comps, most people won’t buy it. And if the economy is not good, people will have diminished purchasing power, so no one for sure is going to buy anything. So you’ll be forced to react to the demand and decrease prices.
Micheal Hudson is correct, Thomas Pikkety’s books do not threaten western capitalism and the 1% who own the world’s wealth, nor does Thomas Pikkety provide solutions that are threatening and radical. Hence he is celebrate.
click on the three dots next to "save" under the video, then "open transcript." Click on the three dots in the transcript box to remove the timestamps. Then you can copy & paste.
click on the three dots next to "save" under the video, then "open transcript." Click on the three dots in the transcript box to remove the timestamps. Then you can copy & paste.
Picketty for all his supposed intellectual credentials seems to me to have zero self-awareness. Does he forget the dollar hegemony is essentially monetary digital dictatorship? Has he ever heard of sanctions? Seriously? This guy wrote a book?
But why do we continue with paying taxes under the premise of "paying for something" or "wealth redistribution" if it can be printed by the government with deficit spending? Now we're creating classes (rich vs poor, or capitalist vs worker) that are fighting eachother needlessly in the political arena.
The solution is very simple, tax land and all economic rent. To combat climate change and biodiversity collapse just tax environmental externalities. Get rid of other taxes
That is the exact wrong thing to do. Taxing land, property and income is THE problem. Taxation is the collateral of the banks . It consolidates power in the hands of government and rich. Good grief.
@@deborahdean8867 the point of taxing economic rent and externalities is so we can get rid of all other taxes, especially getting rid of taxes on income and trade. This means the power of the free market now works to minimise monopoly and externalities. Our current system promotes monopoly, a private tax, externality, theft from others, and high taxes on productivity. Tax Monopoly and stop taxes on income effectively abolished taxes on the productive elements of society and only taxes the parasitic parts of society.
@@peetasmith4403 I still dont think land should be taxed. Not even. Sure economic rent should be taxed. They'll tax your vegetable garden and chicken coop.
@@deborahdean8867 land is the very essence of economic rent. It's location value is not created by the owner, but by his neighbours. Land is the mother of all Monopoly and if not taxed will absorb all productivity in the increase of its value. It sucks the life out of the work of others. It creates vast inefficiencies in the economy. Taxing land at it unimproved rental value returns to others what is stolen, but leaves the landowner with the efforts of thier work. It is just and right and will transform our economy and extinguish poverty.
@@peetasmith4403 absorb who's productivity? Not the land owner's. And this bit about values changing is a farce too. Seldom does anything happen significant enough to actually change real value. From a field to a productive farmstead, yes. From that to rubble from an earthquake, yes. Most of our value estimation is from wall street and banks. Not true value. Their own Land is the only place an individual has freedom and independence .
Piketty is out of his mind, he is delusional. Americans will fight you to retain the debt system, every American in debt see anyone who wants to wipe out debt as the enemy, as grifters.
Solutions as it pertains to USA: 1.Eliminate all Central Banks across the Universe 2. De-Centralize everything -most importantly banking. 3. No Trade barriers exist 4. Re-Balance pay - If anyone works for a Corporation then pay is limited to 50X of the lowest paid employee. Sole Proprietors and Self Contracted workers are not considered employees-keep small business alive 5. Re-Balance Generational Wealth Transference. NO Governmental Estate Tax. Estates must be disseminated in maximum $2M buckets (adj for inflation). Exception - $200M for individual schools or health care enterprises 6. Tax rate on earned income - real wages - flat 10%. Tax on unearned income in excess of 20K is taxed at 80% (includes rents/royalties/gambling/trading (long term and short term)/government handouts) - lazy bums and idle rich are not allowed suck the life out of the working class. Retirement saving accounts fall under the earned income category 7. Student Debt can be forgiven in bankruptcy 8. Downsize the military industrial complex
50X of the lowest paid employee? Wow, that is so... fascist. So, some people are worth 50 times more than other people? You still want a SICK, exploitative system.
@@davidcollins8150 Mondragon corp. has it 9x. Still too high imo. Let the workers decide. It should be democratic. Why does EVERYBODY hate democracy? Because under a democratic system like (genuine) socialism or anarchism or co-operative economic systems, etc, there would be no lording it over other people, and insecure psychopaths want to have power over other people - capitalism rewards such people - disgusting! But sure, 10x right now would be a phenomenal improvement!
39:50 the "rich" stop using this term! The term is En-riched!!! This apparently insignifigant prefix En, sends the analysis to the root causes, or it should. En-riched not rich!!! Look up the definition or Radical, = root. Otherwise great debate
Sad to hear picket believes hook line and sinker all the crap about China. There's a reason why his book was successful, he offers a harmless, solutionless critique.
I remember working 50 hours a week, going to school at night, and then PAYING OFF my staggering debts in the late 80s...what happened to this new generation that wants to live for free and have everything paid for them?
Do you also remember how much more you could buy with your money? My dad had an entry level delivery job and was able to own a corvette and a house and support a family. Good luck doing that these days! You can’t really compare your experiences with what is going on now. I believe in working hard to get ahead and pay off debt, but it’s getting so damn hard to do. The system is failing for everyone except the top 1%. I work about 50 hours a week and live very frugally, yet can only afford to rent a room.
Its human nature to give up when theres no hope. That's what has happened to this younger generation. They see no hope of bettering themselves. The only future young ppl see is debt debt debt!!!. This is global. From the hikikomoris of Japan to the young generation of males in the west just dropping out of society, to the chinese lie flat movement, to the below zero birth rate of korea and high suicide rates. Young ppl cant afford anything without going into massive debt and they see no hope..they have no ambition, goals and even the evolutionary instinct to reproduce has disappeared. why should they breed more debt slaves? Why should they do anything when everything they do gets sucked into the financial black hole of debt?
Definition of "Freedom" for the rich:
"The right to impoverish other people and reduce them to dependency."
The touchstone of modern libertarianism.
Yes, exactly right, that is the freedom they speak of.
I guess free market means that you are free to manipulate the stock market if you have enough cash to freely throw at politicians.
Profits is privatised whilst loss is socialised
... Or to create a society of unequels.
there is no such thing as a debate with michael hudson, he talks, we learn,..that's it
lol
💯
Michael Hudson is in the highest sense a teacher’s teacher, or
guru. He’s giving us a chance to learn from his years of working in privileged, decision making sectors of Wall Street and government finance. Having a family that personally knew certain famous people who discussed these types of things didn’t hurt either.
He’s just one blessed SOB, and I thank God for him. A man who invests his time in continued learning and teaching,shares his wealth.
Thank God he’s not afflicted with a money or power addiction that the oligarchy is infected with. 😘
The type of infection (inflicted) you refer to is called afluenza. All the super rich suffer from this dangerous (to humanity) mental illness.
Love Michael. The only thing I slightly disagree with is that workers create value. In part, but that’s not how it mostly works in practice. You see this a lot in real estate: developers or home owners who have renovated their property always overvalue it due to the additional work put into it and often times over price relative to the comps around the area. But once you put it out in the market, your value is determined by who’ll buy it. In the case of property, if your house is higher than the comps, most people won’t buy it. And if the economy is not good, people will have diminished purchasing power, so no one for sure is going to buy anything. So you’ll be forced to react to the demand and decrease prices.
Hudson is a lion. Many people are intelligent, but on top of that, Micheal thinks clearly and expresses himself economically.
Hudson absolutely right
As Lord Acton said, "The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
Banks used to do more seizure of property under the gold standard, I think. I don't like how bank lobbying gets special favors (welfare) and systemic benefits.
But credit is apparently a key factor in a market system. Steve Keen points out that mainstream economics ignores the *existence of debt and money* in ordinary commerce.
"Banks" is a metonymy for capitalism.
@@gg_rider Fiat Dollars are mere Debt.....
The Promissory Note defers the debt to the fortunate progeny who pick up the tab for the excess of the greed that today displays.....
In 1970 we did have some discussions of the introduction of Funny Money, among the Economics Students in Berkeley....
@@danielhutchinson6604 Fiat money is fine as long as it's being used for public purpose, productive investment and welfare.
The problem is when the money fountain is appropriated by private interests who are trying to get all the purchasing power for themselves.
Yes it really boils down to this simple struggle.....
The overall presentation is spoken in a very coherent way. No charts needed here.
Piketty: Problem-- Stark inequality. Solution--Monetary Reforms needed; Progressive Taxes is the main solution.
Hudson: Problem-- Finance is taking over Economy Financial returns are bigger than economic growth; what is the reason behind it? Increasing interest rates in 70s, and by the strategy of 'privatizing' change the flow of income towards the wealthy. .Solution--1.(The most radical) Debt Jubilee, then start with a clean sheet. 2.Not allow private entities like FED to create money and regulate monetary policy. Leave banking, but to the Government, in it's practical understanding like in China.
Thanks for the great summary!
I have just one problem with everything Pickety said.
Why did he need to say all that.
Windy!
Bravo Michael Hudson.
One of the most important discusions by two of the top economists in the world today
It's always a huge delight learning from Prof Hudson. Our economy is controlled by the the financial class and the raw material class that constitute 1%, to this Hudson says "without dealing with this structure, the system is going to shrink and shrink... We see the same kind of concentration and polarisation in the Roman empire, the last stage of that is feudalism, so we are back to what Rosa Luxembourg said, the choice is between socialism and babarism basically, and there's no other way to do it, you can't solve the problems in the existing system because it's already controlled by the 1%". Hudson asks," if you leave this 1% in place, the economy is going to be sacrificed and shrinking, is it worth shrinking the economy just to leave the 1% in place?" It's a radical idea. I feel that all the structures and instruments are in place, changes would be hard to implement, it's so deeply entrenched in the global ecosystem, perhaps a reset would only come about when many economies collapse. Perhaps in the next few decades, no crystal ball here.
Why Barbarism should be the only alternative to Capitalism seems to disrespect the quality of altruism that is clearly what has sustained Humanity for as long as it has.....
Noodling around with displaced debt seems to avoid confronting the core of Capitalism?
Can Humans actually exist without the concept of Money and Real Estate?
Indigenous Humans seemed to do it for thousands of years before Roman traditions arrived in Massachusetts.....
@@danielhutchinson6604 they also didn't have toilets
So far from the truth it’s sad that most on the left think this. The planned destruction of the economy is too keep the 1% in power. The surplus population will just die from lack of Heath care or another carelessly released virus. The hope of not socialism or any ism but democracy. Real direct democracy. Fractal and scale dependent. Yes communism in the family, yes socialistic in the entrenched but necessary infrastructure corporations. But freedom in the innovation and small business area
@@markokalabic3958 I have lived on several Farms where the Outhouse was a common member of the family.
What are you suggesting?
@@danielhutchinson6604 I think its a question of values. If you want to live in a world where there is cheap and abundant toilets optimized in every dimension for human use (flushes quietly, comfortable to sit on, limits smell, etc...) some form of capitalism might be your only shot and definitely the fastest way to get there. Humans are fallen creatures, our will tends towards evil (selfishness, self-worship, laziness, ... and worse).. to get us do something at all, and to do it well at that, we tend to want to be compensated a bit more than fairly. Of course these are generalizations, but I think they hold true on the whole.
Our fallen nature is a necessary condition for money and capitalism in my view. I think its the same kind of truism as "if men were angels we wouldn't need laws" Fundamentally, money is a stabilizing force in society with potential to destabilize. You won't run a large nation state on altruism. We tend to organize in larger numbers spontaneously. Its an emergent behavior driven by our individual desire to make life easier.
You want toilets? Cars? Roads? Electricity?Internet? Money is necessary, and some form of Capitalism is your best bet.
Micheal hit every point of the mosters system in play better than anyone for quite awhile.
Everyone is muddling around in the mudhole to protect their interest / wealth. How interesting.
As a Servant of the Rockefeller Estate, Hudson seems to defend his Employers Power. The representation of the eternal value of Wealth and how to preserve it, Hudson seems to be the Ultimate Bullshitter.....
@@danielhutchinson6604Explain the Bullshit
Cancelation of Debt
Unless you believe it's billionaires debt
@@jamesmurphy9426 I have been aware that Mr Hudson is a capitalist,
but I do not envision him as a Rockefeller Guy?
I must have been way drunk if I wrote that one......
All my friends complain about folks stealing their Name and
doing strange things with them.
I know Kissinger was the Rockefeller Bros Errand Boy.
But I never seem to have assumed Hudson was sponsored by the Bros.
@@danielhutchinson6604 how is hudson a capitalist ?
@@danielhutchinson6604 What are you talking about? You obviously know absolutely nothing about Michael Hudson or his work.
Piketty just doesn't quite seem to get it, you don't need to tax wealth if the land and other unearned rents (IP and other government privileges) are taxed directly before the wealth forms. Trying to tax it after the fact is not only impractical but isn't nearly radical enough.
Additionally, am I wrong by interpreting Hudson's point about compound interest (on investment/debt)? That it will outpace any redistributive gains made through wealth (or especially income) taxation from the rentier class?
On what basis do you value land and other sources of rent for tax purposes?
@@pierrechildress8875 yes, flat wage growth for most, and you are no longer needed,
@@pierrechildress8875 Hudson understands the Math that made the folks who owned the Chase name in the 1920's as powerful as they became.
The Rockefeller Clan has held on to power for almost a Century and their Servants are living a comfy lifestyle as well.
The appointment of Paul Volker from the offices of Kissinger & Associates seemed to demonstrate the powers that are represented by a Family that can suggest to Presidents that the displacement of the Gold Standard in the Bretton Woods Agreement, and then expand their wealth exponentially. Hank Kissinger began to be employed by the Family in the 1950's as he assembled the Prospect for America, that seemed to define the US involvement in Colonizing Vietnam.....
Compound Interest is interesting to those who have enough disposable income to leverage that excess. If Greed were not involved in the equation the concept might lead to some form of social progress.....
But sadly they merely used that power to kill another 10 million over the coarse of 50 years.
Power Corrupts, and the power you can buy with a large pile of Fiat Dollars is as invisible as the publication of the names of the Investors that the Roman Tradition of concealment of the names of the People who possess the power seem to own.....
When you see down there in fine print at the end of some Public Media report about the facts, the name of the Rockefeller Bros Fund, you begin to understand how the ability to purchase influence is accomplished?
I wish that l had the patience to try to find a kernel of understanding of any essential truth in Pikerty's vague and dismayingly obtuse observations but half way through l always ended up simply skipping ahead to what ol' Mike had to say. Life is too short.
This is a debate that had to happen.
I have never been so pumped
@5:15 debt is not a difficult concept or topic, it is as simple as reciprocity. What is tricky is that it is a taboo topic: orthodox economists are scared of acknowledging all debt is credit. Why? Because they know the vast majority who are in debt are the workers and they are precisely the people who should be in credit. The rentiers have sucked up all the credit, fraudulently so.
I studied at the Abbie Hoffman School of economic Philosophy as well, and I agree that your assessment is as correct as any.....
All Economists are afraid that if the economic system of Capital were to vanish, their purpose in life would go away as well.....
They need to get a real job......
Fascinating discussion - Thank You!
A folder named "Nightmare" ! Brilliant!
Awesome debate by 2 excellent intellectuals !
the host did a great job and asked relevant questions !
coming from Steve Keen's patreon
Keen's for total private debt cancellation since it was all artificially manufactured since the 1980's when Wall St shut off normal government investment in the public sector and forced the nation to be exploited by privatization and to make ends meet with credit cards and predatory loans. Watch YT video Life in a Creditocracy with Andrew Ross.
Is it me or is Pikitty missing the great points of Hudson?
"I Proclaim" I am a disciple of Michael Hudson.
Cleary they are both kindred spirits and, at base, are advocating the same ends, essentially, by the same means. Hudson makes a very compelling argument that the only way is to write off debt. Piketty raised no objections and, in fact, said he agreed with Hudson. They both agree that the status quo is rapacious, unsustainable and will require radical solutions, Piketty going so far as to twice note that some of the current conditions resemble those that precipitated the French Revolution! C'est vrai!
Vive la Commune !!!!!
Lady Liberty leading some Congregation of Anti Capitalists to dethrone the Rockefellers, seems to engineer more of the same?
How about an abandonment of Capitalism as the starting point of creating Equality?
Neither of this Pair seem to advocate that concept?
The ability of the Majority of Humans who seem to always be left in the dust by the Big Capitalist Bus, could simply agree to cease participation in the system......
No Beheadings required......
I almost felt some sadness for Louis of Fourteen Street.....
So , by Piketty acknowledging that Hudson is correct with his assertion that the change can't come about because of the rigged politico-economic system , is he thereby admitting that his ( Piketty's ) proposed solution that progressive taxation is bankrupt and altogether ineffective , thereby nullifying the argument made in 'Capital in the Twenty-First Century' - his own book , or have I got that wrong ?
Absolutely correct
To the extent things are rigged, doesn't that invalidate all possible solutions? Including any Hudson might be suggesting?
@@someonenotnooneHudson mostly focused on China and BRICS these days, recognizing the USA and the west are a write off.
It’s looking very like a bad parasite, ie it’s killing the host. Thomas and Michael are historians and economists and are brilliant in their own right. We need more of this kind of debate in the public sphere, then maybe we could really abolish slavery. I learn loads from good people like these. Thank you RSA.
Lame. We don't need more debate, we need action.
ironically Hudson has a book by that name, killing the host. it truly is killing us.
thank you so very much.
Michael Hudson for President of the World! God loves this man. What a hero, doing some diligent and powerful work. Thank you Mr. Hudson❤
good to know that Operation Mockingbird can speak in a French accent as well
Lol
I don’t see how the rich would ever allow a debt jubilee
If any taxes are needed, they’d be an inheritance tax and a land tax.
EXACTLY the wrong tax. All you're foing is giving those with political power control and wealth. You must be stick in communism. The solution is NO taxation. What do you have against people being free? Inheritance and land taxation is tje one thing that puts the people in bondage
'We have this economy controlled by the financial elites, and they have all the power, and their is very little we can do, and their is this Chinese counter-model... but nobody wants that' 🤣
We know the NSA and GCHQ are keeping a watchful eye on things. For the most benevolent reasons of course. 😉
So how do you no what China like to you go to China and see. why do so many Chinese leave China on holiday and all go back to China where in America no leave as the government say the the rest of the world is not good. You got more freedom in China than england guaranteed
How I adored David Graeber's writings and listening to his speeches. So wonderful to see Michael Hudson and Thomas Piketty here honoring him. It does seem odd to see this vlog titled "Fight Club" and to see the bikini clad girl in the opening. Both are so 20th century. Fighting is why we are in our current economic system and how it is maintained, so it seems unlikely that "fighting" is going to extricate us from it. If these vlogs continue, I hope they are renamed and the use of women as sex symbols is replaced with something more fitting for a better world.
Bravo, great content. forgive them their Debts
Even after a few years of coaching Boxing I never attended one of the events that included some perfectly proportioned Barbie displaying the Round Numbers.
I tend to find my economic advice more well represented by the Indigenous Americans who existed for thousands of years without cash.
The clash of interests between economic beliefs that are represented by the Roman Tradition of concealing the names of the Investor Class, as it has confronted various traditions of respect for Nature, seems to have reached some Plateau of Power where the majority of the residents of the planet are exploited for the benefit of a few. Even the basic functions of Nature are threatened by Capitalism today.
Rearranging Capitalism for the supposed benefit of the small portion of the population who seem to find some benefits from manipulating the rest of the inhabitants of the planet for their own position to be maintained, is commonly called greed.....
Why not dismiss the concept of leverage and begin with a system of equality where Capitalism is a dirty word?
I agree Tina. Very sexist and off-putting.
The sexist imagery is bad enough; the boxing (fight/ competition) stuff is even worse! It all serves to coarsen our society
As Yanis Varoufakis and Richard Wolff have said over and over on 8/15/1971 we went off the Bretton Woods agreements and let the genie out of the bottle(The Bankers) and gave then free reign which means privatization. The deindustrialization of The USA began. Millions of descent paying jobs for the working class gone. turned Detroit into a charnel house. Millions shipped to China to exploit cheap labor and then Brazil and India. If you read The Powell memorandum and Samuel Huntingtons contribution to The Trilateral commission report on “Crisis of Democracy” That’s when the financialization of our economy(turned it over to Wall St) and the deindustrialization of The USA.
Thank you. ✌
All Occupy did was give protest a bad name. The discussion point of debt should be about how the perception of debt is manipulated by the creditors for their benefit. It is the notion that debt is sacred that prevents it being addressed by modern society. And of course if debt is dissolved, the rate to borrow would be commensurately raised, so elimination of debt must be done wisely with respect to future available credit, not philosophically/ideologically.
Michael is so clear while Piketty is so confused and muddled. Piketty is an apologist for the wealthy by his confusion.
Somehow I thought there was going to be more discussion / debate. Somehow I liked this much more.
If we keep debt (in it's current form) we will always have this problem (coming back). We should have a money system in stead of the credit system that we have today.
But you can't. Money IS debt by definition. You'd have to create some kind of forced barter system where you cannot take loans and you can only borrow/sell existing goods for other existing goods. That would be an industrial nightmare.
@@michaziemski2492 Money is what we want it is. Money is an idea. It should be a tool. If we don't like it's current form, we should change it.
@@whaha you are generally right. But more like "payment" is an idea, and "money" is this specific version of payment based on debt. So you can de-debtify (if that's even a word) payments and obligations, but that would also destroy money as we know it.
I know it's a technicality, but libertarians abuse the concept of "money can be molded into whetever we like" to create some abhorrent barter-based thought experiments.
@@whaha what we have is a tax-driven money system. It is perfectly fine, because it means _no one ever needs to be put into a position of unpayable debt,_ precisely because money (state currency) is a tax credit, not gold, not a commodity. The problem is not tax-driven currency, the problem is politicians (not just neoliberals, all of them) do not understand the money system they operate. No one needs to have unpayable debt obligations with a fiat currency. But politicians ensure most workers _do_ have unpayable debts, and sometimes that is by design, to enslave the workers. That's the bottom line.
But if someone wants to borrow (take out credit) to expand a bsiness, then that is fine, provided the terms are not fraudulent, and if they become unpayable then the fault is more on the banker who did not make an accurate credit assessment, not the debtor. Place the risk of debt onto the lender/banker and you will find fraudulent loans are not so easily granted.
@@whaha It cannot be both a tool and an idea. Primitively, the "idea" of money is a means of redemption, this is from pure David Graeber anthropology. But redemption is always realized in some concrete way, it is not an abstraction without material meaning. There are different _types_ of money, but there is also a standard definition: money is what someone will accept for payment/redemption of a liability. You take groceries off my store shelf, then before you get out the door you should probably redeem me for them. Maybe I will accept a kind word... if I do then to you that's "money" and when you offer me a kind word you've redeemed your grab off my shelf.
The main driver of wealth concentration in Rome involved/involves land degradation. Destroy the soil, deplete it, crops fail, famers lose their land, it becomes consolidated into plantations growing cash crops, the profit incentive shuts soil husbandry down, which destroys soil... this cycle of land-use is the most common for civilizations. Very few cultures maintain their soil when cash-crop profits dominate. The ones that feed people over profit last, one by luck, like Egypt lasted thousands of years.
just THE VERY BEST 👌
I see three worlds:
1) Cost cutting and liability shifting
2) Capital Gains generated from bubbles created by Credit.
3) Debt Enslavement of which the Interest swallows up wages and Capital Gains.
And businesses wonder why they’re not seeing revenue growth.
The main stream is scared to death / pee in the pants if they have a face-to-face with Micheal. That's the truth of the matter.
Officiellement, en tant qu'éditorialiste à Libération et Le Monde, Thomas Piketty ne peut que "trouver Marx pas très intéressant" pour, officieusement, être d'accord avec le professeur Hudson.
Can't scud the Hud
Hudson is a realist and Piketty looks idealist. One thing the economist will have to win in the argument is the 1% earned by undue and we will have to make a political platform on such just and reasonable ideas. If we say that all wealth be redistributed then, the question of undue privilege will arise. Second is that Piketty still believes in gradual change through politics., but the point of Hudson is that getting that kind of political power to implement redistribution is not short of a revolution.
Poor French sounding guy. Mismatched.
In a just world, after this Mr Picketty should have to use Mr Hudson as a boss and editor from now on.
I think i agree with with prof. Michael hudson regarding debt concelation. And for the1 %, the goverment should tax them 2,5% of their wealth every year for developing public infrastructure such as school, roads, hospitals etc.
I didn't know Piketty was French. My bad. Thank the Econ Gods for subtitles.
@38:00 I agree with Michael for the most part, but there is still the possibility even in China that if you give the Evergrande bond holders the middle finger (which I would, they made a corrupt investment, no one made them do it) the chance is some of them are Triad and you, as a Chines gov official, might just wake up with a dead horse head under your sheets one morning. If it comes to this, the Chinese central bank can always pay off the bond holders. Then they should make sure they do not sponsor such am asset bubble again, since you do not want Mafiosi just getting bailed out every time a speculative boom crashes. In the USA this Mafiosi are called collectively "Wall Street" the banksters and parasitic FinTec.
For real or just joking. The only constituency in China more powerful than the CPC is the mass of people. This is China not the west.
Cancelling debt lances the boil, but to stop debt from reemerging, a lot of privatization would have to absolutely be unraveled. I think we need a different monetary system one that does not drive commerce through interest rates and inflation. I consider inflation another kind of interest charge.
And also in America, we need a heavy heavy, heavy dose of anti-trust
Hudson destroyed Thomas.
Ah, I see the issue, you seem to be confusing a friendly and productive discussion between two intellectuals with a pokemon battle
@@Muzikman127 Destroyed with a smile and logic 😂😆🫰
The problem I have with turning finance over to public (government) hands is that so much of the government is a) stupid b) corrupt. Take a look at the average congressperson (doesn't matter which party) for example. Take a look at the current and former president, or the current Fed chair - I wouldn't let any of them run a lemonade stand.
Ban usury, it really is that simple. Read the book "The Original Monetary Sin" by Ahmed Danyal Arif
I agree but you'll have to objectively define usury before you can effectively ban it. I do like the "2x the principal" limit.
The only thing I slightly disagree with is that workers create value. In part, but that’s not how it mostly works in practice. You see this a lot in real estate: developers or home owners who have renovated their property always overvalue it due to the additional work put into it and often times over price relative to the comps around the area. But once you put it out in the market, your value is determined by who’ll buy it. In the case of property, if your house is higher than the comps, most people won’t buy it. And if the economy is not good, people will have diminished purchasing power, so no one for sure is going to buy anything. So you’ll be forced to react to the demand and decrease prices.
That's a semantic confusion. You're talking about different types of value.
Find a better video. The audio has children playing in the background.
Say, you want a Revolution, Oh yes
Beatls
Debate at 6:45
Micheal Hudson is correct, Thomas Pikkety’s books do not threaten western capitalism and the 1% who own the world’s wealth, nor does Thomas Pikkety provide solutions that are threatening and radical.
Hence he is celebrate.
DEBT IS ENSLAVEMENT !!!! PLAIN AND SIMPLE !!!!!!!!!!!
is a transcript available of this discussion?
click on the three dots next to "save" under the video, then "open transcript." Click on the three dots in the transcript box to remove the timestamps. Then you can copy & paste.
Hudson puts the "Pro" in Professor.
Anyone knows how I can get a transcription of the talk. Thanks, it's for a friend ;)
click on the three dots next to "save" under the video, then "open transcript." Click on the three dots in the transcript box to remove the timestamps. Then you can copy & paste.
I feel this guy loves talking about himself
My book
My book
Hudson is a Marx of our time.
I will cry a thousand tears when we lose him. He's a national treasure whether they know it or not.
Piketty way out of his depth with M. Hudson
Piketty's accent is barely understandable
Yeah, I had to enable the CC lol
Even still, he babbled alot
I could not understand what Nika was saying
sorry, I am working on my accent.
Will anything improve for the workers and the below minimum wage slave wages without having millions of people in the streets.
David left us too soon ...
Picketty for all his supposed intellectual credentials seems to me to have zero self-awareness. Does he forget the dollar hegemony is essentially monetary digital dictatorship? Has he ever heard of sanctions? Seriously? This guy wrote a book?
But why do we continue with paying taxes under the premise of "paying for something" or "wealth redistribution" if it can be printed by the government with deficit spending? Now we're creating classes (rich vs poor, or capitalist vs worker) that are fighting eachother needlessly in the political arena.
Why do we continue paying taxes?
Because they've got a monopoly on violence
These classes were not just created.
Picketty "I don't pretend to have all the answers". Yeah, we see. Not the important ones, def.
The solution is very simple, tax land and all economic rent. To combat climate change and biodiversity collapse just tax environmental externalities. Get rid of other taxes
That is the exact wrong thing to do. Taxing land, property and income is THE problem. Taxation is the collateral of the banks . It consolidates power in the hands of government and rich. Good grief.
@@deborahdean8867 the point of taxing economic rent and externalities is so we can get rid of all other taxes, especially getting rid of taxes on income and trade. This means the power of the free market now works to minimise monopoly and externalities. Our current system promotes monopoly, a private tax, externality, theft from others, and high taxes on productivity. Tax Monopoly and stop taxes on income effectively abolished taxes on the productive elements of society and only taxes the parasitic parts of society.
@@peetasmith4403 I still dont think land should be taxed. Not even. Sure economic rent should be taxed. They'll tax your vegetable garden and chicken coop.
@@deborahdean8867 land is the very essence of economic rent. It's location value is not created by the owner, but by his neighbours. Land is the mother of all Monopoly and if not taxed will absorb all productivity in the increase of its value. It sucks the life out of the work of others. It creates vast inefficiencies in the economy. Taxing land at it unimproved rental value returns to others what is stolen, but leaves the landowner with the efforts of thier work. It is just and right and will transform our economy and extinguish poverty.
@@peetasmith4403 absorb who's productivity? Not the land owner's. And this bit about values changing is a farce too. Seldom does anything happen significant enough to actually change real value. From a field to a productive farmstead, yes. From that to rubble from an earthquake, yes. Most of our value estimation is from wall street and banks. Not true value. Their own Land is the only place an individual has freedom and independence .
Piketty is out of his mind, he is delusional. Americans will fight you to retain the debt system, every American in debt see anyone who wants to wipe out debt as the enemy, as grifters.
I enjoyed the comedy accents almost at much as the economics
6:23
Michael Hudson is hands down the world's greatest living economist.
Great, once i locked into the voice.
This our reality.
beggers in our own lands, WTF
CHANE now
Solutions as it pertains to USA:
1.Eliminate all Central Banks across the Universe
2. De-Centralize everything -most importantly banking.
3. No Trade barriers exist
4. Re-Balance pay - If anyone works for a Corporation then pay is limited to 50X of the lowest paid employee. Sole Proprietors and Self Contracted workers are not considered employees-keep small business alive
5. Re-Balance Generational Wealth Transference. NO Governmental Estate Tax. Estates must be disseminated in maximum
$2M
buckets (adj for inflation). Exception -
$200M
for individual schools or health care enterprises
6. Tax rate on earned income - real wages - flat 10%. Tax on unearned income in excess of 20K is taxed at 80% (includes rents/royalties/gambling/trading (long term and short term)/government handouts) - lazy bums and idle rich are not allowed suck the life out of the working class. Retirement saving accounts fall under the earned income category
7. Student Debt can be forgiven in bankruptcy
8. Downsize the military industrial complex
50X of the lowest paid employee? Wow, that is so... fascist. So, some people are worth 50 times more than other people? You still want a SICK, exploitative system.
@@selwynr considering the current standard is 400X then it would be a great improvement. I am all for 10X
@@davidcollins8150 Mondragon corp. has it 9x. Still too high imo. Let the workers decide. It should be democratic. Why does EVERYBODY hate democracy? Because under a democratic system like (genuine) socialism or anarchism or co-operative economic systems, etc, there would be no lording it over other people, and insecure psychopaths want to have power over other people - capitalism rewards such people - disgusting! But sure, 10x right now would be a phenomenal improvement!
Socialists saying that we should end capitalism, I've never heard it before!
This French guy babbles
Thomas is an apologist for wall st.
The French guest, surely, he knows that his English cannot be understood by most people, surely he deliberately added much confusion.
39:50 the "rich" stop using this term! The term is En-riched!!! This apparently insignifigant prefix En, sends the analysis to the root causes, or it should. En-riched not rich!!! Look up the definition or Radical, = root. Otherwise great debate
BTW, Bitcoin fixes this!
Sad to hear picket believes hook line and sinker all the crap about China. There's a reason why his book was successful, he offers a harmless, solutionless critique.
I agree with Tina Eden that the intro is dishearteningly sexist. Please consider changing it.
There is little as useless as a france economist!
Why are you objectifying women to promote intellectual debate. What is wrong with you
Эта мочалка в начале видоса говорит с жутким русским акцентом.
I remember working 50 hours a week, going to school at night, and then PAYING OFF my staggering debts in the late 80s...what happened to this new generation that wants to live for free and have everything paid for them?
Do you also remember how much more you could buy with your money? My dad had an entry level delivery job and was able to own a corvette and a house and support a family. Good luck doing that these days! You can’t really compare your experiences with what is going on now. I believe in working hard to get ahead and pay off debt, but it’s getting so damn hard to do. The system is failing for everyone except the top 1%. I work about 50 hours a week and live very frugally, yet can only afford to rent a room.
Its human nature to give up when theres no hope. That's what has happened to this younger generation. They see no hope of bettering themselves. The only future young ppl see is debt debt debt!!!. This is global. From the hikikomoris of Japan to the young generation of males in the west just dropping out of society, to the chinese lie flat movement, to the below zero birth rate of korea and high suicide rates. Young ppl cant afford anything without going into massive debt and they see no hope..they have no ambition, goals and even the evolutionary instinct to reproduce has disappeared. why should they breed more debt slaves? Why should they do anything when everything they do gets sucked into the financial black hole of debt?
V0te L1bertarian 💯 n00bs 🔥🔥🔥✊