Michael Hudson on the Orwellian Turn in Contemporary Economics
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
- Economist Michael Hudson sits down with Sharmini Peries to talk about the elections and his new book ‘J is for Junk Economics’
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This man speaks truth.
Fucking amazing.
Wow, I've never seen Michael go off like this!! Fantastic!
must be Trump?
ChannelMath I am very happy you have your oligarchs in the White House
Even more interesting and instructive in 2021. Mr Hudson nail it all the way. No loophole or fantasy. Great thanks for such good work.
Thank you for Micheal Hudson, an economist for the People! Thank you from Baltimore, Real News, for telling the truth. Happy and Transformative New Year!
A brilliant man. If I could push a button that would install his knowledge and wisdom in every human brain on the planet, I'd do it. And my thanks to the lovely and well-informed Sharmini Peries for doing the interview.
He does such a fantastic job of explaining this, the principle of Neo-Liberalism or "Reaganomics."
the are indeed principles, but also religions
Giles Cox
Who cares they all inmoral flawed BS.
"To allow the market mechanism to be the sole director of the fate of human beings and their natural environment…would result in the demolition of society.” ~ Karl Polanyi, 1944
“In 1945 or 1950 if you had seriously proposed any of the ideas and policies in today’s standard neoliberal toolkit, you would have been laughed off the stage or sent off to the insane asylum.” ~ Susan George, political scientist
Do not confuse the economic - oikos nomia - the norms of running home and community with chrematistics - krema atos - the accumulation of money. ~ Aristotle
Reagonomics had nothing to do with Liberalism, it was "Trickle-down-Economy". Which works in principal, but not in practice . The Rich are supposed to create jobs, but in reality the Rich just horde money and spend very little on job creation . How do they horde money? Buy other companies and get bigger and bigger , and in the process more and more people are laid off.
I have huge respect for the likes of Michael Hudson and Steve keen
(In my ideal world) the Real News would be full of hour long interviews with or lectures by persons like Michael Hudson.
profd65 Golden! Must hear!
Mine too. At they very least they should make playlists of these 15 minute segments so we can watch all at once. They used to do those longer Paul Jay interviews.
profd65 - if you havent found corbett report I'd like to introduce you www.corbettreport.com/interview-403-michael-hudson/
I know what you are saying but you really have to get out of the left v right paradigm
Hope you're not an infowarrior
I have read "Killing the Host" and also "J is for Junk Economics". Both are excellent and speak the Truth.
This interview is as important today as it was 4 years ago when I first heard it.
Amazing. Two fine and clever human beings. Michael Hudson really knows what's what. Sharmini Peries is a refreshing and engaging presenter. Thanks for this! ; ) K
Can I visit your supermarket? Is there a Jeddah location?
Khaartoum Supermarket ccc
He's the only economist that makes sense.
Excellent analysis.
How can American be competitive, if they don't receive free health care? True.
This 2-part video is so good I can't put it into words. Now, if only every Obama, Clinton, and Trump lover could actually hear this with an open mind, can you imagine how this little bit of information could transform our world?
a truth teller. honor these.
I lives and worked in a gambling town in Nevada for awhile and watched people lose their homes gambling. Others had big wins and lost their shirts when they were comped a free suite. Some lost so heavily they commuted suicide at the casinos. I had a nice place there and did well economically but the environment was depressing. Our economy has reminded me of that experience for decades. I had never heard of Trump before the election, but I know a con man when I see one. Too bad more people didn't have the experience to recognize him for what he is. I expect the country to become like a casino where the house always wins in the end because the odds stacked against you are unbeatable. We were already headed in that direction and had been since the Reagan administration and both parties are engaged in setting the odds.
Michael Hudson is the adult in the room.
I have and have read all of Professor Hudson's books. As an economist myself I consider him the only one in the US to celebrate.
Thomas Sowell?
@@davidpeterson9930 He's on the other side of the line.
I live in the UK and everything Michael say applies to us too.
Just as it does to more or less everyone in the world.
It will remain so if we continue choose to be willfully ignorant.
Sharmini , nice, show, looking good, great interview!
Wow! Brilliant!
I did more honest work by the time I was ten years old than Trump has done his entire life.
The WISEMAN has spoken.
I love this guy!!!
Ultimate Badass
I love her questions, very well thought out and so quick! Amazing work
Ken O'Reyes what are you implying?
In the 19th century, we had lower taxes, no central bank after Jackson, no income tax, a smaller army except during the civil war, and the infrastructure was largely privately owned - the railroads, Rockefeller's pipeline, the Erie Canal, the street car companies. One great public good was the City Beautiful movement. He's misconflating FDR's big central planning that lasted until neoliberalism (and still exists in forms) with the success of free markets. I think it's a hard money / soft money issue, and whether regulations promote or barricade competition. Maybe I should write a book!
BigKatz Look pal, we live in the 21st Century, you can have a thriving economy with high wages, or you can have a corporate capitalist state like in the 1870s where workers were at war demanding higher wages. One or the other will have to go.
"there but for Donald Trump's father go I" - lol, great line!
Fascinating.
Whoa, my understanding is that Trump actually builds things. A little different than a landlord simply collecting rent, or Goldman Sachs charging interest on money created out of nothing by the Federal Reserve.
No Trump does not acutally build things (he himself certainly not). And when he touches actual tangible products (wine, steaks, university, airline, real estate, casinos, hotels) they flop. To be honest I heard more about his failures but in the recent years when HE was the entrepreneur there are a lot of failures. Or his collusion with Scottish politicians to get his golf hotel there (against the locals). Or when he had a city sue under eminent domain. He wanted additionl parking space where her house stood. He lost.
He made money from having buildings constructed and then rented. He could draw from the business model, experience, connection and money of his father and I guess when he started out it was hard not to succeed if one had some basic business mindset, punctuality, could stay sober etc.
He is certainly good in the entertainment segment and yes his beauty contests are likely a commercial success. Then how much of the real work does he do - he keeps the oversight, he is certainly networking. I guess he knows and is willing to DELEGATE and may have some sense for good, hard working people. If you have enough money (or enough credit) you can buy talent and leverage it. OK that is an entrepreneurial skill, but not THAT impressive. He is not walking on water.
He also LICENCES his name and seems to be pretty CARELESS about it (for example Trump Magazine and appartment buildings in New Mexico if I remember correctly.) Trump and son Eric advertised the licensed real estate project. People trusted the "Trump" name and lost a lot of money. Legally Trump was not responsible for the bankrupcy. BUT: he got a lot of licensing fees (from the real estate project and also from the failed magazine) - and he actually GOT these. While other people (many of them not wealthy) LOST money because they were trusting/stupid enough to think that Trump meant rich and successful and a project with his name on it was a safe investment or a safe project to work for.
Other brands license their name as well, but they choose carefully to whom they tie it. They stay involved and/or have shares in the company. A magazine may take years to become succesful. If you are interested in sustainable, long-term business astrategy can be to not demand a lot of license fees in the beginning but to wait until the project is doing well and then have a steady stream of revenue. Trump got huge fees right from the beginning - for him (and only for him) it was a splendid project, very little work, a lot of revenue.
I suspect, Trum gave the newspapers and other media (especially the large ones) enough advertisements so they would not report too much and too detailled about these operations and damage his reputation.
I have my reservatations about Bill Gates and Steve Jobs (monopoly, outsourcing to China, working with suicide companies, Microsoft squeezing freelancers, cooperation with the surveillance state, tax evasion via Ireland). However: Donald Trump does not play in the same league with them, not even close when it comes to entrepreneurship, to create something sustainable (and something new).
Superb Economic Analysis
😊🏴☠️
Although I sympathize with much said here he (like Wolff and hedges and etc) have to show two things (if they can) what is the alternative to profit. Point to it in history.
There are numerous alternatives to "profits" but the establishment doctrine would have us believe that accountability is unreasonable and that the cost externalization of the environment and suppression of labor-value are fair and rational rules for gaming the system. Marx (and Wolff) suggest that the pre-distribution of profits directly to democratic worker-owners would solve much of the problems with capitalism whereas I see this as decaying into a modern corporate-mafia (albeit much slower than the accerlerationism that we have under inverted corporate totalitarianism.
So... we can solve this problem from any ideology that you'd like. {Each ideological approach has its own brand of fundamentalism to distort our reactivity into corruption. The establishment-concensus suggests an approach of incrementalism based on neoliberal-capitalism; effectively this illusion rests on the belief that if we all suffer more, for just a few more generations, then the righteousness of meritocracy and market mechanisms of wealth concentration will deliver a utopian paradise, but only for those who "deserve" access. {Please ignore our inhumanity behind our own iron-curtains of incarcerated victims of who found out that they were only permitted to participate in "free markets" if they didn't threaten the profits of the deep-state. This type of system, which rewards anti-social mutual oppression seems to work well for the purpose of driving wealth to a corrrupt oligarchy while simultaneously guaranteeing the collapse of civilization so that these criminal psychopaths can reinvent slavery in more brutal ways than before. That's our current trajectory. IMO}
There are many ways to transition our economy towards more equitable wealth distribution but mass-media would suggest that this can only be done through mass-distribution of income and wealth from those who have earned it to those who deserve none. This is a difficult belief system to confront because it suggests that "might is right", while reinforcing mass-disenfranchisement from the economy and the alienation of the masses from both society and themselves. So, what's the easy fix?
According to techocratic libertarians, crypto currencies offer a derivative play on the appreciation of capital asset values through speculation and encouragement of fiat-currency collapse by isolating property rights from human rights through a slow process of sadistic self-imposed imperial autocratic despotism where competitive crypto currencies may affiliate with market silos to create currency wars that proxy resource segments based on hoarding of property rights. Resource extraction, land speculation, agro-production derivatives, robotic manufacturing capacity (mostly surveillance state militarization), slave markets, and intellectual property markets will seek equilibrium through the competitive games of psychopathic hegemony. Or, maybe I'm wrong; are you willing to bet this future on hope?
In the multi-verse of infinite possibilities, humanity has always been searching for the ability to transition to a pro-social civilization where equitable distribution of wealth would NOT be realized through exploitation and alienation of our ecosystems. Fortunately, accountability of capital wealth is actually not terribly difficult to solve. We just have to segregate capital value from human values and limit the inequitable distribution of economic power by bringing into alignment with social power. {This means that property rights are subservient to the moral constraints of the global population, not just a few parasitic elite.}
For example, if we'd like to live in a pro-environmental society, our monetary system should allow for extraction of resources within the capacity for enough environmental regenerative growth potential to provide resiliency reserves for at least the next 7th generations.
Rewards for those who support this common value of self-preservation should be distributed proportionally but with boundaries that restrict perverse disparities of wealth as defined by global direct democratic input but restricted from alienating the masses from equal rights of access and equitable distribution of equity. In this world, individual and communal wealth still differentiate but are held in the values of long-term environmental resiliency and sustainability. That's a tough transition! Especially when our current ethos reinforces the opposite behavior.
What about a pro-social ecology where the environment and economic systems of domination are subservient to humanist goals of egalitarianism (perhaps)? In this verse, people come first. In our current competitive construct, labor-value deflation acts as a proxy for stochastic slavery by artificially shifting the burden of production externalities upon the backs of the working-poor. The alternative pro-social system would enfranchise all humanity though welfare provisions that limit the ability for capital to disabuse labor from their right to live unfettered by capital constraints other than equal access and opportunity and welfare through pre-distribution of wealth {Georgism was an effort to reform the distribution of wealth within the regulatory constraints of establishment. Although absolutely necessary, a LVT is insufficient to overcome the systemically corruption imbedded in our monetary design. As such, its tactical value is limited during early transition but would/will be adopted without reservation once the pre-distribution of ecological resources can be determined by direct consent.}
Right now, factions of corruption are trying to dissuade us from the re-inflation of humanist values. Alienation from access to justice imposed by extraction economics is just another way to stratify wealth and boost "unearned profits" as the shared cost we all pay living under an anti-social society. The libertarian utopia is rooted in the same delusional expectations of capitalism: if we delay our rights to social equality and economic equity into the future, in exchange for the hope of increasing productivity towards technological abundance, then we will be justly rewarded with prosperity for all. But a wealth tax doesn't seem politically possible under neoliberal-capitalism's circular logic. Unaccountability for cumulative harms to society is evidence of lack of ethical restrictions among the ruling classes.
How do we reconcile the reality with the fantasy? Construct an economic system that allows profits to be extracted only by future generations, thereby reducing the perversions of individualism? {interesting problem and elegant solutions but tactically premature}. Bring fairness to equity distribution through proggessive regulatory policies? {nearly the only viable proposal from within establishment hegemony}.
I believe that this is possible through pros-social direct democratic monetary systems that compete (with other "free market" weapons of class-warfare) on how effectively they distribute value to the global population through interconnected interdependence in a mutual plurality of hegemonic peace. Social gratification will come when we can convert hope (delayed or denied) into an equitable prosperity of values aligned for mutual benevolence (here and now). Structures of power would support justice directly and in proportion to the values that people have for themselves and not just values of oppression that they would like to apply to everyone else). We should each be able to weight value towards our subjective preferences while bounded by social equality as a mutual social contract. This provides individuals with actual freedom of choice, affinity, expression, and identity without unreasonable social censure by illegitimate intermediary representative governance vulnerable to institutional bias through cognitive capture.
Pragmatic transition strategies revolt through non-violent disintermediation of power from both systems of monopolistic capitalism and systems of hierarchical governance through the grassroots adoption of human-centric pro-social currency systems. Pro-social crypto currency is backed up by hard-money assets {tactically feasible and politically untouchable since year 1215}. the trust and faith in each other through The power of love and gratitude embodies of values of compassion. When this is shared through the currency of social justice, then an act of oppression can only be used to harm one's self.
Western europe has more socialism than usa.
love this dude
absolute lad speaking fire bombs that should wake up this country
When will J for Junk be available for purchase?
Why can't I find his book online!
Beautiful teaching.... Tha black movement...
only need to ask this guy one question and he'll take up the rest of the interview
What happened @0:29 ??
I keep asking but I never receive an answer to: Name one case of privatization that lead to a better product at a lower price? Anyone here have an answer?
velcro?
They were nationalized before?
Can you name one public-private partnership that didn't transfer the burdens to the public and the profit to the private side? Anyone here have an answer?
Yay thread for economic retards...
Hiring individual teachers is cheaper than what? Public school? Bullshit. Unless you hire an unqualified schmuck, or find a sucker who is willing to work for a non-living wage with no benefits, and/or the class size is enormous, there's no way.
Furthermore, you also have to pay for a facility, pay for someone to clean and maintain the facility, pay for transporting the kids to the facility, pay insurance on the facility, etc. You also have to pay for textbooks, audio-visual materials, maps, a lending library (unless you want to be a "socialist" and use the public library,) etc.
Also, already at the junior high level (and certainly at the high school level) you're going to need several teachers, each having a specialty. And for high school students, you're going to need a laboratory for chemistry. It goes without saying that your "homeschool" won't offer other things that an orthodox school does, such as interscholastic athletics and the social experiences that come from being a member of a large and diverse student body.
when will we have the political will and vision to push back ?
I love his suspenders. They suspend him as he walks on water..
Another excellent guy to tune into is Mark Blyth. Mark Blyth is basically saying the same thing but from a Political Science perspective. He's left wing but very objective.
Love this guy! wish he would slow-down, breathe a little! Would make him much easier to listen to!
As for slowing down Michael Hudson's interview. You can use a Video Download add-on (like Download Helper for Firefox) to download the video. When you play it with VLC player you can slow down speed (usually 90 or 80 % is O.K. without sounding too funny). BTW many youtube vids have the automatic transcript option. directly under the video window there are 3 buttons, click on "more" to access the transcript. It is usually fairly good and you have the timeline to countercheck. It is also possible to slow down the video when playing it here, last time I checked it did not offer nuanced speeding up or down (only +/- 50 % etc.)
12:40 Yes. Now the luxury cars sold out like crazy, like Farrier. and there are more new records sells of arts.
Well I know this much. I flunked macro economics. So I took it again the next semester and the tests were the same but the answers were different. Something is fcked up in that department.
Much love and peace to all priceless life. I really had not put much on this channel. I will subscribe. His books along with Thomas Sowell, intelligent, logic, exemplified.
Authority can Suck it with Authority Thomas Sowell is a uncle tom fraud. Fuck these Libertarian fascists
Ryan Zinna
Much respect to you. I can dig it. The Sowell logic and intelligence I admire has nothing to do with Politics, or the wasteonomy of Capitalism. I really appreciate his factual representation of society as a whole. His absolutely scientific analysis of modern societal falsehoods, which I use frequently help me shut the piehole of even the most genius of public school grads. Kudos brother, He is a damn Uncle Tom suck up "Libertarian" (maxi waste capitalist) total douche master of economics, but scientific analyzer of ignorant society.
It was his theories that caused the Crash of 2008, a total disregard for labor, workers abilities to organize, there should be no right to work states. He completely justified greed. We as a nation perfected greed, and many people have no voice on the matter. Look you got feudalism, breaking our backs for landlords, pay check to pay check, stressing about rent, no vacation, no healthcare, nothing that improves the quality of life. I say again he is an uncle tom fraud.
Constitutional Perfection Black conservatives, no patience, I have no patience with those assholes, they took what they wanted and left nothing for anybody else. Quit watching Fox News pal. Charles Bryan he's had run ins with the SECRET concerning insider trading. Fuck black conservatives. Do you know why everybody hates Latins? They're organized. They're a family. Family is everything. Blacks? Not organized, the only hope for them is organizing into unions.
What's with Hudson's surprised expression when she said "Thinking hard..."?
A weird editing decision to be sure.
It's clearly his "thinking hard" face.
Yeah, thinking hard for the last 60 years.
This now I understand after the money monsters have corrupted and destroyed the society is not intelligent. We need to anticipate this creature before hand.
Boycott rentals, start a workers coop and say no to the census. We will prevail.
This interview makes a whole lot of sense. The one argument I have with him is his view of Obama's improvements (or lack thereof....) were not enough. No, Pres. Obama's results were NOT good enough. When you have a Senate (M. McConnell vow to obstruct to make him a one term Pres. and Grover Norquist drawing up papers to sign to pledge opposition to Admin. FROM DAY ONE, the Executive Branch could not get the results they promised or thought they could accomplish. Ex: THE JOBS BILL!
The first two years he had a Democratic Congress. (And there is a reason the next midterms did not go well for the Democrats - the original enthusiasm had faded, people realized they would not get the desperately needed "hope and change" from the Democratic Party. Obama had run an exemplary presidential campaign, could reach the black voters and could have mobilized the masses - had he chosen to do so. The reality is: his donors and the political establishment (of both major parties) deeply detests the masses engaging in the political process, it could plant rebellious ideas in the mind of the plebs. So of course Obama did not encourage it (nor did he give the masses something to be excited about). He gave up single payer or even the public option voluntarily. He was totally OK with the crackdown on Occupy which was the middlefinger to the banksters. His financiers didn't like to be embarrassed that way. No one FORCED him to choose the foxes as guardians for the hens (his cabinet choices contradicted everything he had talked about during his campaign). For anyone watching him objectively it was clear within short time that he would sell out and betray his voters. He appointed voluntarily an Attorney General that could hardly be bothered to give the banks a slap on the wrist. Oh and of course Marijuana was not redefined - contrary to any scientific knowledge it is a schedule 1 drug = very dangerous, NO medical usefulness, no research allowed. Obama knows full well (and from experience) that Marijuana is not as dangerous as let's say Heroine (another schedule 1 drug). Even I know of Marijuana's medical applications and I do not have researchers at my disposal. It is a good example where he easily could have done something that would have helped the population and chose not to because of his ties to big industry (in this case three, big pharma, alcohol and the prison industry). Low level drug offenses are comparatively harshly punished, lives, families, communities are destroyed. Minorites are disproportionally suffering. Not to forget the patients who find relief with marijuana only and often risk fines, jail or losing custody of their kids if they use marijuana.
09:09 "Donald's Trump". How appropriate.
MARKET PLACE 101- SOCIALIZE COSTS, CONCENTRATE WEALTH. IT IS PROPERLY CALLED A PLANTATION. HAVE A NICE DAY?
It’s true yet 76 percent of the bad loans were on the government agencies balance sheet only twenty five percent were on bank balance sheet. The government agencies caused the problem not just the banks.
Must give Trump a chance to place or show. He's right abt much of the rest historically.
culturehorse Trump is as much of a liar as Clinton. You're welcome to give him a chance. I keep my arsehole covered thanks.
culturehorse (half- truths+lies)=(perfect-deception)
I love you guys so much, just, wish you could do 10th grade math. 😟
mr hudson...what makes you think we can not throw them out again...mind ya.....you are in maryland
tons of double speak from all of them.
Financialization is not parasytic to industrial capitalism, it's a natural consequence of its own contradictions.
That is not so much the issue: the problem with financialization today is that it is rarely used for productive activities.
Send in the make-up man.
Too bad none of "Q" believers will hear this FYI on Trump!
You need to get an anchor that can enunciate clearly.
Is THAT what you got from this brilliant interview?
Kc mga wala kqyong kunsinyantao mag laro na bubay ko un ang totoo wala kayong kunsinyang tao mayayaman ganyan kayo manisra sa buhay ng tao ng laro pang ako sinira ninyo buhay ko sa lahat ng yan sira ninyo ng husto kakahiyan ng buhay ko
I have asked before, WHY DOES THIS WOMAN NOT ADDRESS Professor Hudson with his real title., I HATE this lack of good manner and being so familiar. TRY to have respect! Even if you are a fe-manist!
How is Trump a job destroyer? You can't blame Trump for people gambling! Geez... people do that wether there is a casino around or not. How about the stock market? Now that's gambling! Man, I thought you were a capitalist, I guess I was wrong.
planBdeveloper you were wrong on that one. Micheal is a socialist.
My bad. I have listened to him in other interviews. This one sounded like a 180 to me.
+coilltin I agree with you completely. Those two comments show he/she never heard Michael Hudson explain the difference between earned income and unearned income. Sad. He also doesn't understand the difference between capitalist and corporate capitalist. It went right over his head and unless he gets it, he will never understand neoliberalism.
Well, he must be a shape shifter then, because I have heard him interviewed by others and never heard him sound like a liberal. I was shocked to say the least. I am a Capitalist. I am an entrepreneur. I haven't read any of his books, but if he's anything like Paul Krugman, then, he's a fricken moron.
Excuse me? You mean Communism is better? I never said Capitalism is perfect, but it's a hell of a lot better than any other ideal that has come along.
Haha, no. We all should know by now what the J really stands for. It's Jews.