Days of Revolt: Junk Economics and the Future
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- เผยแพร่เมื่อ 24 พ.ย. 2024
- In this episode of Days of Revolt, Chris Hedges continues his discussion with UMKC economics professor Michael Hudson on his new book Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. Hedges and Hudson expose the liberal class’ allegiance to the predatory creditors on Wall Street and their indifference to real economic justice. multimedia.tele...
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The clarity of Michael Hudson clearly demonstrates the immense cloud of insatiable capitalistic propaganda we all live in. We are surround by the myths and crooked dogmas that capitalism is the only way, even though we all know that a better system is inevitable on the horizon of human progress. Thank you Mr. Hudson for your light !
Absolutely. Hudson is razor sharp. For me Hudson and Chomsky are comparable that way. Encyclopaedic knowledge, incorruptible integrity, and an ability to distill that complicated and vast knowledge into clear, concise, 'common sense', form.
Even though Mr. Hudson summarized some of the conclusions in his book, I learned more about economics, from this one book, than I studied for my economics degree. It makes sense, if one thinks about it. Donor funding to private institutions vehemently refuse to allow the economics of truth, per economists like Michael Hudson, Richard Wolff and Karl Marx, to be taught anywhere within their spheres of influence. We all need to think of a replacement vision so it's not total chaos when we push the reset button for real.
And to add to your point not only are these perspectives not taught broadly, they are demonized and negatively propagandized to the point of hysteria in trigger words and Pavlov's dog reactivity.
No one wants to question the system. The intellectual class believes things are the way they are they've sipped the tea of neoliberalism and believe the working class are just idiots and that they are better. So they don't see the system for the scam that it is. Until something affects them personally that is. I never quite understand economics is high school, probably because I've always inherently believed it was bullshit and questioned it. Perhaps because I am a womxn of color, I've always experienced the predatory nature and evils of capitalism that was glossed over in our textbooks of required reading. Who needs a degree in business, when to be successful you must learn how to properly exploit other people. You have to be comfortable being a sociopath to get ahead in this society. The slow decline is crushing the 99% and half of us are blaming ourselves, while the other half is blaming the ones not in power. We've got a real mess on our hands.
*excuse the typos, I'm fueled up with anger with very few outlets!
@@runwaygina Don't read Chain of Title (2016)
Thevenusproject.com
Thank you Chris for continuing to fight the good fight
+jbartnik1918 ... The way for evil to triumph is for apathetic citizens to sit on their butts and watch it happen on the evening news hoping someone else will act in their behalf to confront the threat.
Thank YOU. So good to hear an intelligent interview between intelligent people.
Yikes, Wall Street has all the bases covered and the people just don't get it.
Yup, the problem is capitalism, but most people just haven't woken up to the fact yet.
@@nevadataylor No, the problem is crony capitalism that has goals other greed. I trust the greedy because they will normally fight for profits unless you allow monopolies and cartels. Central Banks have an agenda! It's on their websites and youtube channels! It's the green commie scheme!
Great job, Chris
+johnnyr25 ... Yes - thank you Chris. But not Hudson ? ? ? ? ? ?
I thought he interrupted too much and wouldn't let Michael end his sentences in many cases, but not all....Chris should not give interviews; he feels he knows so much..Gary Null to feels he has to have something to say on everything and outshines his guests...
This is so fucking depressing I wanna scream.
Back in 1985, David Halberstam wrote about the parasitic economy in his book "The Reckoning."
Fantastic discussion. Please keep spreading the word.
Where the hell will it all end? The greed that's killing us all. God bless you Chris!
Such a shame so few get to watch this show. It should be on prime time for everyone to see!
And now the Panama papers. And you know it's just a tip of the iceberg pulling us down...
Recovery my ass!
+Jan Söderlund Share it. Wake a few up. Word spreads. Clue people in why their lives are a mess. It's not their fault. The resources on this planet are enough to sustain, minus the sociopaths when they are allowed to run amok.
joyceann011 Yes. You're right. That must be the way to revolt. Violence is no way to fight back considering the resources the armed forces and police would employ. Given any reason to use violence they would cause Armageddon, rather than give in to their enemy (the people).
To 'drop out' and go off grid could never be a crime(?). A non monetary lifestyle is probably the only way to address climate change and the road to complete destruction. Unfortunately the propaganda promoting our ever increasing consuming lifestyle is so intense that the majority will probably never give in to any long-term solution. Not until they are forced to by shocking new realities. When it's too late.
WhIke Turner inequality is what they want. The stupid American Dream combined with Greed is what feeds the 1% and sucks blood out of the rest. Unfortunately, the majority don't seem to give a damn. Not if they can conjure up even a microscopic chance to succeed in reaching some projected materialistic 'needs'.
Yes. We sure need to spread the word. Soon it will be too late.
+Jan Söderlund you put all my thoughts in to words sir. I too wish people will get off their asses from bias news media outlets and actually pick up a book to empower them selves in making green technology or how to grow our own food.
+Kevin Molina The sad fact is that 'Corporate America' includes so much more than the U.S. It spans most of the world. So we will all go down together. But maybe that's what this planet needs...
I wish that Mr.Hudson produce an online course on economic, a bit like Michael Sandel. That would so worth watching.
@TheCanMan Can Since 1990 Great podcast.
We are all sharecroppers now, the company store is walmart and the company mandate is for all the little people (all of us) to work those pointless service delivery jobs delivering crap to the slightly bigger people who can sit home and pay twenty bucks EXTRA for a home ordered medium pizza and no drinks
great interview Hudson! very informative. Keep up the great work Chris
Thank you, Michael Hudson and Chris Hedges.
Michael is a hero!
Wow. Every1 needs to see this.
That is one scary vision, and I talk to people all the time about finance and Wall Street and they do not have a clue as to what is coming. I wish Chris had asked Michael if there was anyway someone of modest means could protect themselves from this horrific future. This is the kind of shit that keeps me up at night, when the former Soviet Union fell it was the wild west and out of control dangerous - the mob too over and many people were murdered.
The mob had a lot of help from the University of Chicago economic experts, all disciples of Milton Friedman.
Should have a talk with Peter Joseph
+bkspicture By the end of the video I was literally thinking the same thing.
Destroy the ENTIRE system and implement a new technologically driven anarchistic resource based economy that meets all human needs and runs purely on renewable energy sources.
+HybridHalfie ..... The way for evil to triumph is for apathetic U.S. citizens to sit on their butts and watch it happen on the evening news hoping someone else will act in their behalf to confront the threat.
2 geniuses sharing the same room.
As someone who worked in the banking sector for nearly forty years, I take issue with Michael's broad brush denunciation of the financial sector. I certainly agree that the systems of law and taxation secure and protect rentier interests. This amounts to an ongoing redistribution of income and wealth from its producers to non-producing rentiers. However, the system has evolved to comingle productive and rentier interests at the individual and organization levels.
Most individuals in the U.S. directly own no capital goods. Two-thirds of households own a residential property that rests on land, and the ownership of land yields some net imputed rental income capitalized into a selling price for the land. The widespread availabililty of credit, particularly when borrowing rates have been as low as they have been over the last decade, greatly benefits the owners of land where the low effective annual rate of taxation on land value permits long-term land hoarding and a speculation-driven pricing structure.
Until very recently, a large portion of the population believed they benefit by the existing rules of the game. The net worth statistics comparing people to are renters versus owners of a residential property support this belief.
This is a high risk game, as the periodic crashes in property prices reveal. With each boom-to-bust property cycle the risks have been shared by individual property owners and by investors who provide the funding by investing in institutional shares of stock or mortgage-backed securities. One also has to consider the large number of financial institutions that had to close their doors when loan losses brought on insolvency. The executives and senior management of these failed institutions may have walked away after accumulating huge incomes, but thousands and thousands of employees were left in difficult financial straits.
The long process of deregulation of the financial sector has resulted in the concentrated control over financial assets in the hands of a shrinking number of firms. When I joined Fannie Mae in 1985 about 80 percent of our business volume came from over 200 mortgage banking firms, commercial banks and savings institutions. By the time I retired in 2005, the business volume had not only skyrocketed but was coming from just a handful of now global financial institutions.
All this gets us back to Michael's core point, which is that we someone need to break the power of the rentier elite. This can only be accomplished by comprehensive changes in how government at all levels is permitted to raise needed revenue.
A new system would recognize that money is born as debt and would exercise debt relief as an essential mechanism of that system.
Donars are the employer
Politicans are the employee
Some democracy we have.
No mention that in 1971 USA went off gold standard .... from that point on wages lag behind productivity gains - because the increased financialisation (possible once you go off the gold standard) distorted income distribution towards the 0.1 percent.
Mondragon Corporation is the alternative to the Parasitic economy. The Co-operative Economy.
Thanks for uplifting interview. WTF. No really, I'll try to get as many people as I can to watch both parts. Going to library now to get the book.
Thank you so much for this excellence!
Not sure I agree with Hudson's prediction of a 'slow crash'. Given the staggering amounts of global debt, the interconnectedness of the financial and banking system, and near-complete regulatory oversight, the coming collapse likely to be quick and violent.
+Jeremy Tucker maybe if one looks at this as not something new but has been growing slowly (think China).
+Jeremy Tucker Hudson is wrong about this, but the collapse while likely huge might not be so quick to arrive. He should pay more attention to his friend and colleague Fred Harrison imo. Hudson has acknowledged his work in the past
'For the past century or so, it usually has taken 18 years for the typical real estate cycle to run its course.'
He now appears to believe we are no longer in a cycle, i disagree and think we will hit a mid cycle in the West 2018/19 and following a peak around 2024 a full crash around 2026.
Note the last crash in Asia was 1997/8, 18 years later look what is happening in China and the region. Worse to come from there over the next year or two and Hudson's other friend and colleague Steve Keen is probably right Australia will see a big crash 2017/18.
However sick the West and US economy are, they will not totally collapse till after the real estate peak.
+schumanhuman ... 20-20 hindsight will make one viewpoint prognosticator look like a genius.
chip When you look at how often land prices have cycled in or around 18 years for the last three centuries, and how a large recession recession has always followed 12-36 months later, it doesn't take a genius. It's just that most economists don't even look at land data at all, let alone distinguish between the shorter business cycle and a land cycle.
It could of course be different this time, but my belief is when the next western crisis/recession hits probably 2-3 years from now enough will be done to keep credit rising and the housing bubble going until the land price peak.
It's not that important though whether this timescale is correct or not- other than to several rich real estate investors who are now following Harrison's model, what we need is change to prevent land price bubbles in the first place.
+schumanhuman Recessions also tend to follow oil price spikes.
Fascinating and depressing at the same time.
That vision of the future is Basic Income.
+LAFOLLETTER lol. very true. you could also rephrase that: 'economic elites love economic systems that serve them'
+edzillion If you mean what I think you mean then I agree. A lot of liberals like Robert Reich tout BI as a humanitarian future. I see it as the New Fuedilism. The 99% living as serfs on BI.
LAFOLLETTER Yes I'm aware that RW folks like Charles Murray push BI, and I didn't give original credit to Reich.
I can't find anything on "American Economic System" but I don't see how the 99% will possibly be able to "earn a decent living through work" when the project to eliminate labor via technology has been so successful and continues to be more so.
+LAFOLLETTER I know. I have always wondered at the fact that Walmart had their "buy America" thing, when most of that stuff was made in China, a Communist country. When you hear the world in a political sense, it's always portrayed as bad, and yet, when it suits the right people, it's good. Animal Farm, here we come.
+LAFOLLETTER ... Wall Street "PIRAHANNAS"
Debt jubilee. Glaring ommission of Hudson's main argument: debt creation and debt jubilee (cancellation) go hand in hand since beginning of time except in Western civilization. Debt jubliee for the public is the solution to debt.
NINJA, got it
American NINJA
Poor people around the world have a bad case of Stockholm Syndrome, they identify with their exploiters and blame themselves.
I prime example of this exists right here in the United States, in what's called 'Coal Country,' in the states of Kentucky, Virginia, and West Virginia.
excellent...
It is called slavery, period.
I protested in Salinas to stop the tear down.
+Andrew Gonzalez ... Bravo Patriot ! ! !
michael hudson and chris hedges are my personal jesusesessseesus
07:22 - Book titled CONFIDENCE MEN by Ron Suskind
we have no federal debt! !!!! we have personal debt
OK, that's it: I'm getting a Michael Hudson T-Shirt.
love this dude
Wow, a whopping 6000 views. What a surprise. One day this Dimond mine of an informations will get to 7000 views. Let's Hope so
think if i saw tim geitner's smile in a dark alley
i'd prolly poop in my pants.
In 2008 Obama had the choice of saving Wall st. or the economy . He chose wall st.
Can anyone explain to me if this is happening in Mexico also? Does the MX government and the MX Banks do the same? I remember that when I was a Child I could buy a pice of bread with 0.20 cents, now it costs 6000 (old pesos). My dad could probide for the home working as a mechanic, now My wife and I work 4 jobs and hardly can probide for our home.
very interesting chat. the only issue I have is that hedges seemed particularly quick to cut off mr hudson compared to other interviews he's done. and it wasn't to disagree or counter the point. so I'm not sure why he did it so often here
I find hedges does this everyone! Hes not a great interviewer. Though i agree with much of his views
where is part one link
Hillary is just another obama 4 to 8 years of Notting for the people and wall street gets evryting*
what economic insanity have we got into
Brilliant as usual.
Attacked by MSM, as usual.
Be doomed or make bombs. Not even a billion marching in the streets will make headway. It will be a matter of who gets destroyed, not what is left to salvage. The slow crash will accelerate rapidly.
go to the sec.gov website and look at the forex, binary options and investor related products and brokers that were shut down.
I like any video with blues music even if the message is depressing.
This presentation is fair game for psychoshock.
SPIVOCRACY ☠😎
Nice to see your comments after a spin in face book and talking to a bunch of my long lost friends that just don't get it ! It 's nice to be with intelligent people who care about the information they Suscribe to and the issues we all face as a nation ! I think I can go to sleep now and dream a good dream ! Lol !!
Its Brer Bear who throws Peter Rabbit into the briar patch NOT the fox.
damn i miss the economist i found years ago, he would be disgusted by this because he told the real truth of economics--he didn't use clickbank related products or hint...he told the truth and he didn't tell what the tv wanted you to see, he used real math.
I made 600$ in my own home my first day, sitting in my underwear with a cup of coffee, just by typing incomprehensible nonsense.
ubuntu is the vision O_o?
this is a good interview but federal taxes DO NOT FUND GOVERNMENT SPENDING
Europe used to be monitarily sovereign
Freaking genius
THE GUY DIDN'T LEARN ABOUT THE LEAD POISONING IN ROME OR WHY
High-frequency radio waves will prove to be the USA's lead water pipes.
he's almost done with the sentence as Chris steps in with a comment...
Gold and silver is not a debt. The past is not a debt. Only the future promises are debt. Pensions are debts. Social security is debt. Gold and silver is the only refuge from the storm that is a claim on the past, not the future. Hold 50 ounces of gold, per person, or 10% of net worth in gold bullion, in hand. Prices will drop 90% if the reset occurs.
i got many of those products emailed to me--i got a broker on the phone, was in the UK and admitted to not be registered with the sec and i told them that i can't give you my money because you don't have proper paper and fed law forbids what you want me to do. i had to educate the scammer why he was being told to piss off.
7:30 i ll lose my part of my day reflcting on that affirmation because that is what i've been noticing in some particular oportunistic people in my life.
Timothy Geithner is also featured in the book Bailout. What a slime bag. Update: Hudson just mentioned that book.
If he d drop the religion, he d be on my hero list
One thing at a time.
Fix the economy, fix the system.
Honestly, i suspect that his belief in god is all that keeps him going.
Make the world kinder, and maybe then people won't need 'god' so much.
We'er boned.
We do have solutions: take over the congress and change the constitution.
But first, it is our duty to educate vast number of People----- Caleb Maupin , You tube shows.
now they are under the EURO
0:07:10 - The secret of success is sincerity. If you can fake that you've got it made. - Groucho
0:07:25 - Book by Ron Suskind titled CONFIDENCE MEN
__________ ronsuskind.com/books/confidence-men/
0:07:30 - Why is Wall Street so hostile to Obama when . . . A : If hostile then he does what is asked.
0:08:38 - I feel your pain
0:13:27 - Problem in 2008. : Either save The Economy or save Wall Street from bad loans
0:13:45 - Pretense (An attempt to make something that is not the cause appear true) : Loan
___________ Money to banks (bail) and money will be loaned to build new industry (Pants On fire)
0:14:00 - Wall Street knew that Real estate Market was LOANED-UP & Credit Card Debt was Loaned-up
___________ So they moved to Foreign Currency & U.S. student school loan debt.
0:14:25 -
THIS GUY NEVER PLAYED POKER IN AMERICA
I made 600$ in my own home my first day, sitting in my underwear with a cup of coffee, just by typing incomprehensible nonsense.
ever wonder what Robespierre would say ?
+Roger Wallace .... "my final haircut was WAY to short ? "
Right on Michael Hudson. Every time I listen to you I... Duh... what that word? Learn more stuff. I even got two of your books and my phone dictates them to me. However I've got to interject right here at the 7 min mark and suggest that after the next crash there will be no bail outs. The bankers have been working towards and anticipating the inevitable death of the international monetary system and subsequent reset with so much enthusiasm they don't even care if it plunges mankind into a new dark age. Except here's the thing...
The globalist oligarchs and psychopathic plutocrats already know what kind of a cashless, digital, total surveillance, global control, negative interest rate monetary system they want to try and force us into next.
If mankind is going to avoid that supranational monstrosity of totalitarian governance, we should be coming up with a lot more and better mediums of exchange..
We will not have a government for the p[people until we have a currency of the people and by the people.
I'm thinking block-chain based, decentralized in nature and of course, created not in accordance with the issuance of new debt but as a measure of the goods and services that each individual economy can or will produce but, Duh...IDK? What do you think?
The only thing that the monied interests bet on is a sure bet.
The problem is capitalism.
What is going to happen to China?
I agree with most of what was said except for that part where the endgame is some kind of neo-feudalism. I think total collapse Mad Max style is more realistic, if only because foreign governments will reconsider america's economic hegemony when the rentiers eat it all up with another bailout. If I lend money to people, I'll value the business owner trying to expand over the guy who claims to have a winning strategy for winning at the casino slot games.
If america's only reason for yet another treasury auction is always "bail out the robber barons" and "enslave the masses", it makes no sense, morally or economically, to encourage such behavior. The only reason the US kept the faith as the dollar standard after 2008 was because it's a common knee jerk reaction to go for where the money is...(if the ship starts to sink, climb up the crow's nest). This will not last forever, and it's hard to build detonating slave collars with no factories.
Chris..it's not necessary for you to talk so much, just because your the host;....let the guest do his job..ask your question and be quiet...unless really appropriate..
The only sector of the economy expanding is finance, and in particular, an inflating stock bubble. The bailouts continue playing out as 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 passive income and/or intangible capital accumulation tax, debt cancellation, a job guarantee, and redirecting the bailouts to States and households 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.😁
Geitherner rich for life?
Spiriutally he will pay big time...
Doc
people won't have enough money to throw away on a bunch of cheap plastic crap that has limited life span through planned obsolescence. Maybe when they can't afford cable and unlimited data they can start to look around and realize that we're on the brink of environmental disaster.
who do you bank with M.H?
this guy is close......but doesn't know MMT
there are major problems with MMT... think about those in power of the money supply... you will always have to pay homage to the reinters before you do anything for the common people... it will only solidify the power of capitalists over the system.
We don't need none of that madmax bullshit.
Greece is NOT MONETARILY SOVEREIGN! !!!!!!We are
Who are "we"?
Sorry I can't watch this anyone, make me sick
that's a lie what he is saying....he's 50/50 on this
I made 600$ in my own home my first day, sitting in my underwear with a cup of coffee, just by typing incomprehensible nonsense.
you lost a small part of me Chris Hedges
The amount of half truths and superficial reasoning in this video discredits everything Hudson is saying.
WTF ARE THEY SMOKING? DRINKING? POPPING?
Hedges seems like a pretty lousy interviewer, to me.
+James Williamson Well, now we know what YOU care about. I said he was a lousy interviewer. He cuts off the interviewee repeatedly, he summarizes his points incorrectly and jumps to his own conclusions. He is intrusive. He may be a brilliant writer and thinker -- I never said he wasn't! -- but he is a poor interviewer. Wow, I really feel like we're moving forward here. Didn't I say that originally?
Way too theoretical. Michael Hudson failed or refused to answer the question, "So where does this lead?:" My question, " "So where does this lead in everybody's everyday lives?:"What does 'dark age' mean to the averrage person, for instance? Hedges and Hudson need to get real. Real not so theoretical, forget analogies to the Roman Emprie. What about the shelves in the grocery store next week?
THERE IS NO REQUIREMENT TO OWN A HOUSE TO GET MARRIED! ROTHFLMAO
Slaves used to be in chains! Today, slaves are in debt!