"The best economist alive ... Period" Except he isn't an economist, which is why he is so brilliant.lol. He is an ethical thinker analyst. A joy to witness.
Amazing wisdom. Hudson articulates many thoughts that have crossed my mind only to be put on the back burner as they are too complicated. He really joins the dots and I can feel my synaptic connections getting stronger and more organised!
Yes. It is hard to unlearn the BS I learned. I liked reading The Monster and Killing the Host. Also Forgive them Their Debts. I did not vote for Obama. I was sad when he won.I cheered myself up by knowing he was a liberal and would go after the banksters, take their money and put them in jail. Also he would stop invading and destabilizing foreign countries like GWB. I was so wrong. Then he destroyed Libya and tried to destroy Syria! I am a Trump voter. Now I am a fan of Trotky's godson, Michael Hudson! WTF?
And capital gains are not income until they sell something so they they pay little in income tax. ALso income from sold capital gains pay zero payroll taxes i.e. no 18% SS and medicare.
As Voltaire rather succinctly explained the nature of ‘the system’ in 1764: “In general, the art of government consists in taking as much money as possible from one party of the citizens to give to the other.”
@Language and Programming Channel I don't know much about him except for know the name. This is a gre quote. What were some of the things he said were not true
@@delatroy You're attempting to make a different point, but I would certainly not agree with the your assertion that the state has no means of production either.
I tell folks that'll listen "we have the answer, . It's just totally unpalatable " lol. Explaining it to people results in stunned silence, quite funny when that happens. The money- power pyramid must be turned upside-down. Great analysis and explanation Michael. U r so right about financialization. Most people don't understand, which is a large part of the problem.
Economists get hugely rewarded for espousing policy beliefs that increase the wealth of the rich, so it's hard to find modern economic thought that actually helps the middle class. Michael Hudson has been an economist of the people for decades even though it's been a constant burden on his career. He is a man who puts personal advancement behind academic honestly; a rarity in our times. Kudos Mr. Hudson!
Yes. The conclusion, "You can't have a counter culture that lives off trust funds." me in a bar in Minneapolis in the 1980's, me in a blue collar job paying with overtime net 650 net every two weeks overhearing a trust fund baby whining about the parents dumping them in Minneapolis with an apartment but cutting their allowance from a thousand a week to only six hundred until they complete their rehab clinic attendance. This woven into the conversation about how to convert factory space into lofts for upscale rentals while they are so supportive of the music scene and are working on increasing price of tickets....
Love MH. Nice intro too. "Don't look to politicians to even up the score..." has to be more nuanced than a line in a song though. Justice requires legal protections and regulations, _we the people_ have to demand justice from the politicians through mass social movements. We have to force the politicians to do the work (raising their hand in a vote for more justice, it's not hard work). We tell the politicians how to even up the score, we lead, they follow. How it's always been.
The key salient point starts at 37:15 and hits its rhetorical crescendo at around 38:20. There's only one solution. Several strategies to get there, but only one solution.
I believe the ruling elites now control all of the traditional levers of change: manipulated elections, paid-off congress, politically appointed judiciary, corporate controlled mass media, and so on. The only power "we the people" have left is the power of numbers as expressed in direct confrontation in the streets. We should be organizing now, during the pandemic, for sustained mass demonstrations of non-violent civil disobedience, to begin just as soon as the need for social distancing is lifted. But who will take the lead? My great hope would be that the young will wake up and provide both the leadership and the energy for a sustained non-violent revolution. After all, they have the most "skin in the game". I'll be right there with them.
@@RussCR5187 Try to join the extinction rebellion as long as their young minds are not completely usurped by the ideologies that the financial parasites insert everywhere. They managed to occupy Occupy Wall Street not too long ago, and succeeded to completely misdirect the Democrat's campaign, including much of Bernie's campaign.
@@RussCR5187 this is exactly why they unleashed Co--vid19-84!......... Now there are only two possibilities left, a feudal matrix or one hell of a big nuerimburg trial!
It is all over without hope. Sorry. Mr. Cohen says it best. Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That's how it goes Everybody knows Everybody knows that the boat is leaking Everybody knows that the captain lied Everybody got this broken feeling Like their father or their dog just died Everybody talking to their pockets Everybody wants a box of chocolates And a long-stem rose Everybody knows
Boris Johnson PM of UK said recently '' society does exist'' could this be a sign ? Maggie Thatcher uttered' ''society does not exist'' And she started the whole financialisation business with ole Ronnie Reagan.
To control the value of the currency, MMT depends on the government's ability to tax "excess". Capital concentrates so that it controls politics. It's fantastic to suppose that government largess, even if distributed according to need, would circulate in a manner novel to the entrenched mode. In fact, talk of MMT is largely absent this fantastic mechanism because it is fantastic. So what is the purpose of MMT talk?
Bernie should know, because he has spoken to Yanis Varoufakis, former finance minister of Greece, who actually quit his job when the EU wanted to give Greece more unsustainable loans! Please talk to Bernie, Michael Hudson, because I'm sure he's capable of seeing this!
The Dems will hold their 2020 convention in Finserv Forum. Dems had 2016 conv in Wells Fargo Center. GOP had 2016 conv in Quicken Loans Arena. Anyone see a pattern?
Dr. Hudson is a genius and a national treasure. Our world will not improve until the hounds of hell are removed from high places. Check me on Hive at @clumsysilverdad ,,, peace
South Korea and US had their first virus cases as the same time. SK OKed tests in one week. The US FDA and CDC delayed US testing by 6 weeks until they got out of the way. The US govt is terrible. I do not want them running health care at the fed level. Putting tariffs on imports would not create US monopolies but would make it possible to mfg in the US.
the corporate controlled government is terrible at everything, on purpose/intentionally. to get chumps like you to say, "i dont want big gub'ment blah blah derp". if the government doesnt control it then corporations will. you want unaccountable corporations in control cuz you think that would be better?
R.E.M. "It's the end of the world as we know it", Therefore it is the last chance to be as horrible as can be. There is no incentive at all to behave other than as foul as can be. Since the wicked have usurped all positions of power and authority then you can expect the worst so the reaction has been to expect the Biblical rapture followed by the wrath of God. The promise then is to use force to make the people obey the authorities regardless of the consequences.
Covid-19 Economy The only sector of our economy expanding is finance, and in particular, an inflating stock bubble. The covid-19 bailouts continue playing out on stock buybacks and other asset inflating gimmicks. The real economy is shrinking, where supply relentlessly extorts ever vanishing pockets of liquidity, through compulsory rent and debt inflation. Instituting a steep, passive income and/or intangible capital accumulation tax, rent control, debt forgiveness and a job guarantee will put money in our hands, spending it on the goods and services we need and want, creating immediate demand that directly translates into an inclusive, productive and sustainable economy.
@5:00 false framing dude. The *"trillion dollar public debt"* 😱 is literally *the net money supply,* it's our savings (private sector savings equals government debt, to the dollar). The problem is not the size of it, the problem is who owns it.🧐 It's owned by the One Percent, not the Ninety Nine Percent.
The best economist alive...period.
The only economist alive .... all the others are frauds or ideologues
Steven Keen and Richard D. Wolff are great economists too and goes along with proff. Michael Hudson
because he brings economics back to its moral roots.
"The best economist alive ... Period" Except he isn't an economist, which is why he is so brilliant.lol. He is an ethical thinker analyst. A joy to witness.
@@mireillelebeau2513 +Mark Blyth, Stephanie Kelton & David Graeber
Amazing wisdom. Hudson articulates many thoughts that have crossed my mind only to be put on the back burner as they are too complicated. He really joins the dots and I can feel my synaptic connections getting stronger and more organised!
Yes. It is hard to unlearn the BS I learned. I liked reading The Monster and Killing the Host. Also Forgive them Their Debts. I did not vote for Obama. I was sad when he won.I cheered myself up by knowing he was a liberal and would go after the banksters, take their money and put them in jail. Also he would stop invading and destabilizing foreign countries like GWB. I was so wrong. Then he destroyed Libya and tried to destroy Syria! I am a Trump voter. Now I am a fan of Trotky's godson, Michael Hudson! WTF?
@@silverchief2910 Haha. Yeah that's the problem with labels, they kinda stop you searching for the truth. I'm an anti-labelist!
"Rich people don't make profit because they produce nothing, they make capital gains appropriating the economic overdrive." Michael Hudson.
And capital gains are not income until they sell something so they they pay little in income tax. ALso income from sold capital gains pay zero payroll taxes i.e. no 18% SS and medicare.
Can't wait to hear Michael. Long and fruitful life to you.
Yes, Michael Hudson simply has most consisten answers to all major questions in the area of economics and sociaety at large. Great interview.
MIchael is 80 years old. Stay well!
As Voltaire rather succinctly explained the nature of ‘the system’ in 1764:
“In general, the art of government consists in taking as much money as possible from one party of the citizens to give to the other.”
@Language and Programming Channel I don't know much about him except for know the name. This is a gre quote. What were some of the things he said were not true
No just the 5% taking more and more from the 95%
Isn’t that statement obvious? The state has no means of production. Only redistribution
@@delatroy You're attempting to make a different point, but I would certainly not agree with the your assertion that the state has no means of production either.
Hudson is a fantastic guest...........have him on as a regular
I tell folks that'll listen "we have the answer, . It's just totally unpalatable " lol. Explaining it to people results in stunned silence, quite funny when that happens. The money- power pyramid must be turned upside-down. Great analysis and explanation Michael. U r so right about financialization. Most people don't understand, which is a large part of the problem.
Economists get hugely rewarded for espousing policy beliefs that increase the wealth of the rich, so it's hard to find modern economic thought that actually helps the middle class. Michael Hudson has been an economist of the people for decades even though it's been a constant burden on his career. He is a man who puts personal advancement behind academic honestly; a rarity in our times.
Kudos Mr. Hudson!
Can't scud the Hud!!
America..
Land Of The Fee
Home Of The Slave!
Another excellent informative discussion..
Prof. Hudson✊
Yes. The conclusion, "You can't have a counter culture that lives off trust funds."
me in a bar in Minneapolis in the 1980's, me in a blue collar job paying with overtime net 650 net every two weeks overhearing a trust fund baby whining about the parents dumping them in Minneapolis with an apartment but cutting their allowance from a thousand a week to only six hundred until they complete their rehab clinic attendance. This woven into the conversation about how to convert factory space into lofts for upscale rentals while they are so supportive of the music scene and are working on increasing price of tickets....
Yes, the world's greatest economist. Often said to be the best American economist since Thorstein Veblin.
Excellent
Always appreciate mr hudsons view point....but lets not forget the financial bailout of 2008 was started under jr bush
Love MH. Nice intro too. "Don't look to politicians to even up the score..." has to be more nuanced than a line in a song though. Justice requires legal protections and regulations, _we the people_ have to demand justice from the politicians through mass social movements. We have to force the politicians to do the work (raising their hand in a vote for more justice, it's not hard work). We tell the politicians how to even up the score, we lead, they follow. How it's always been.
The only true economist.
The key salient point starts at 37:15 and hits its rhetorical crescendo at around 38:20. There's only one solution. Several strategies to get there, but only one solution.
I believe the ruling elites now control all of the traditional levers of change: manipulated elections, paid-off congress, politically appointed judiciary, corporate controlled mass media, and so on. The only power "we the people" have left is the power of numbers as expressed in direct confrontation in the streets. We should be organizing now, during the pandemic, for sustained mass demonstrations of non-violent civil disobedience, to begin just as soon as the need for social distancing is lifted. But who will take the lead? My great hope would be that the young will wake up and provide both the leadership and the energy for a sustained non-violent revolution. After all, they have the most "skin in the game". I'll be right there with them.
@@RussCR5187 Try to join the extinction rebellion as long as their young minds are not completely usurped by the ideologies that the financial parasites insert everywhere. They managed to occupy Occupy Wall Street not too long ago, and succeeded to completely misdirect the Democrat's campaign, including much of Bernie's campaign.
@@RussCR5187 this is exactly why they unleashed Co--vid19-84!......... Now there are only two possibilities left, a feudal matrix or one hell of a big nuerimburg trial!
cant scud the hud!!
It is all over without hope. Sorry. Mr. Cohen says it best.
Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died
Everybody talking to their pockets
Everybody wants a box of chocolates
And a long-stem rose
Everybody knows
Mike your thoughts on MMT? rEAD 3 of your books, deeply enlightening Keep fighting for justice.. Thanks Mike!
Down with the wage système !
Down with the State !
Down with Money !
When he says consumer prices are going down, I'm assuming he means purchasing power?
DOWN WITH MONEY !!!
Boris Johnson PM of UK said recently '' society does exist''
could this be a sign ?
Maggie Thatcher uttered' ''society does not exist''
And she started the whole financialisation business with ole Ronnie Reagan.
Johnson is owned by hedge funds. He's a frontman.
They'll say anything. What they say and what they do aren't the same thing. Johnson's COVID19 response has been in almost lockstep with that of Trump.
To control the value of the currency, MMT depends on the government's ability to tax "excess". Capital concentrates so that it controls politics. It's fantastic to suppose that government largess, even if distributed according to need, would circulate in a manner novel to the entrenched mode. In fact, talk of MMT is largely absent this fantastic mechanism because it is fantastic. So what is the purpose of MMT talk?
Bernie should know, because he has spoken to Yanis Varoufakis, former finance minister of Greece, who actually quit his job when the EU wanted to give Greece more unsustainable loans! Please talk to Bernie, Michael Hudson, because I'm sure he's capable of seeing this!
The Dems will hold their 2020 convention in Finserv Forum. Dems had 2016 conv in Wells Fargo Center. GOP had 2016 conv in Quicken Loans Arena. Anyone see a pattern?
Wall Street sacrificed Main Street out of fear. Oh dear!
Dr. Hudson is a genius and a national treasure. Our world will not improve until the hounds of hell are removed from high places.
Check me on Hive at @clumsysilverdad ,,, peace
Why read Sanders' proposals? None of the sound ideas will ever be implemented anyhow.
South Korea and US had their first virus cases as the same time. SK OKed tests in one week. The US FDA and CDC delayed US testing by 6 weeks until they got out of the way. The US govt is terrible. I do not want them running health care at the fed level. Putting tariffs on imports would not create US monopolies but would make it possible to mfg in the US.
the corporate controlled government is terrible at everything, on purpose/intentionally. to get chumps like you to say, "i dont want big gub'ment blah blah derp". if the government doesnt control it then corporations will. you want unaccountable corporations in control cuz you think that would be better?
R.E.M. "It's the end of the world as we know it", Therefore it is the last chance to be as horrible as can be. There is no incentive at all to behave other than as foul as can be. Since the wicked have usurped all positions of power and authority then you can expect the worst so the reaction has been to expect the Biblical rapture followed by the wrath of God. The promise then is to use force to make the people obey the authorities regardless of the consequences.
Covid-19 Economy
The only sector of our economy expanding is finance, and in particular, an inflating stock bubble. The covid-19 bailouts continue playing out on stock buybacks and other asset inflating gimmicks.
The real economy is shrinking, where supply relentlessly extorts ever vanishing pockets of liquidity, through compulsory rent and debt inflation.
Instituting a steep, passive income and/or intangible capital accumulation tax, rent control, debt forgiveness and a job guarantee will put money in our hands, spending it on the goods and services we need and want, creating immediate demand that directly translates into an inclusive, productive and sustainable economy.
@5:00 false framing dude. The *"trillion dollar public debt"* 😱 is literally *the net money supply,* it's our savings (private sector savings equals government debt, to the dollar). The problem is not the size of it, the problem is who owns it.🧐 It's owned by the One Percent, not the Ninety Nine Percent.
oh boy ,Michael. AOC voted the bailout