Michael Hudson: Marxism, Economic Parasites, and Debt Cancellation
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Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, the history of economics, and the role of debt in shaping class stratification, among many other topics. Michael was also a guest on episode 180, where he and Robinson discussed neoliberalism, industrial capitalism, and the rentier economy. In this episode we continue the discussion, focusing on his book Killing the Host (ISLET, 2015). More particularly, they discuss the rhythm of debt and economic crashes, the role of history in the study of economics, the history of debt cancellation, Marxism, economic parasites, and how to heal ailing economies. Michael’s most recent book is The Collapse of Antiquity (ISLET, 2023).
Michael’s Website: michael-hudson.com
The Collapse of Antiquity: a.co/d/0TMt9Sh
Killing the Host: a.co/d/fG2wD19
OUTLINE
00:00 Introduction
8:27 The Role of History in Economic Thought
17:09 The Fascinating History of Debt Cancellation
25:52 Aristotle, Plato, and the Cancellation of Debt
31:49 Ancient Greek Debt Cancellation
41:10 The Problems with Today’s Neoliberal Economics
47:21 The Lord’s Prayer, Christianity, and Debt Cancellation
56:34 FIRE and Economic Parasites
1:09:57 Are We Hosts for Economic Parasites?
1:19:32 What’s Wrong With Austerity Measures for Economic Crashes?
Robinson’s Website: robinsonerhardt.com
Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between.
Michael Hudson talks like someone who knows so much that his mouth can't keep up with his brain. Stunningly brilliant man.
Michael have 4 books check
Not brilliant. He’s cherry picking ancient transactions to support his love of communism and upholding communist China as the most successful economy in the world while forgetting how destructive communism was over the past 100 years world-wide.
He’s getting older and us old folks have trouble aphasia and finding the word we need
But lacks DISCERNMENT on some important subjects
@@friarnewborg9213 Like What??????????
We are cancelling the debt of the rich everyday, we just don't allow for debt cancellation for the poor.
@@micro-organism-pv5gd China has detonated their housing bubble and its associated risks. I'm very curious to see how that turns out so that those living in neo-liberal economies who demand for positive change can point to it as a proof-of-concept. But yes the US - as the epicentre - is probably f'd.
Your sentence structure needs improvement. I'm trying to be kind
@@stickitupyourasteric
Fuck no grammar and syntax is irrelevant
Well edited pieces and smooth speakers are the surest sign of grifting
The person can speak in five languages or understand it
You don't get a label of dyslexia because they don't conform to your sentencing structure
The old languages don't even use subject objective verb
Sounds like a financial perversion to me a dumbing down for commerce
As a young Catholic boy in the '50's, I was taught the original version of the Lord's Prayer that read, "And forgive us our debts, as we forgive our debtors." I never understood the import of the difference until now. Thank you.
David Graeber talked about that also. Prayer in the Swedish protestan church also says "forgive us our debts". It's a incredibly powerful realization.
I had the honor to attend his lecture, speak with him and purchase his book, with a mutual friend at NYC's The People's Forum on the release of his latest book, "...and forgive them their debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year (Tyranny of Debt)". The man is beyond brilliant and his CV reflects it.
when does he go back to the people’s forum?
Michael Hudson is the most important expert on geo-economic fundamentals in the world
I Really like Michael Hudson,but this was brutal,and depressing.
Please,is there any hope?
@@lisacollins3304 Understanding how capitalism works and acting to overcome it.
Alongside Radhika Desai!
@@lisacollins3304no there is not
@@lisacollins3304 hope is called anti hegemony led by China. Boo!
master class god bless michael hudson
Love Michael Hudson!
love having you around ludvig!
Michael Hudson at his best getting right into the causes of the debt phenomona right from the beginning.
They got a perverted mystery school for you instead
Thank you, Robinson, for having Professor Michael Hudson again.
He speaks with great intelligence about why our economy is coming apart.
"The Art of War" & other Eastern Classics of Eastern Classics of Eastern Philosophy. Professor Michael Hudson definitely understands philosophy and religious divisions throughout the centuries with economics. What a gift he is!!! He is 💯 correct on each dissection of banking, wars, countries and who is running the show.
Remember what happened to Hypatheis? She was the first woman astronomer and a mathematician, inventer, and she was pagan. The Christains tore her flesh off of her.
One more question if I may.
Why are the Zionist Jews meeting in their synagogues today and buying real estate in Gaza? Zionism is an Ideology. It does not mean one is antisemitic. Apec controls both sides of our American politics. Facism and racism are words of ignorance.
The dull minds of President Ronald Reagon Reagon and Prime Minister Margaret Thatcher, austerity and privatization again and Milton Friedman's trickle down economics. The money went to the top elites, it never trickled down.
Thank you both.
I sent you $20.00!
I had to give a little for this discussion.
Michael Hudson is one of the greatest minds out there. Thank you for sharing your knowledge and wisdom!
He should be running the country.
Wow! I’m blown away by his abundance of knowledge.
yes he knows a lot!! I have learned a lot from him
His thinking is not healthy. He’s cherry picking ancient transactions to support his love of communism and upholding communist China as the most successful economy in the world (it’s currently imploding) while forgetting how destructive communism was over the past 100 years world-wide.
He thinks communist ➡️central control of the economy is ideal,
…yet calls having a “king” /president or ➡️central authority as right-wing and facist. Lololol.
And THEN he stated libertarianism is “right wing” and therefore facist. (Libertarianism is market driven without a central authority). 🙄
@@NotAnnaJonesChina is not imploding...what right wing (or whatever nonsense) have you been watching 😇
@@NotAnnaJones "He thinks communist ➡central control of the economy is ideal" GOOD! WE AGREE!
@@NotAnnaJones "his love of communism" GIVE THAT MAN A MEDAL!!
41:00 You mean the prayer actually is "Forgive our debts as we forgive our debt against others" and they changed it trespass only to make light of the significance of forgiving someone's debt.
I'm a Muslim and it makes me sick that someone could play with religious text like that.
And Karl Marx Vol 3 is the only place where you can find the Martin Luther King sermon on forgiving debt.
Mr Hudson is a man of God opening the eyes of many to the sickness of usury.
I think you mean Martin Luther 😉
Usury works for those who have a lot to use.
The Concept of Capital is only around 6,000 years old but Humans did exist for thousands of years without the concept.
Forgive me if I play with words......
The US Currency is now a Fiat Currency that counts on sales of Treasury Notes,
to insure some value to the Federal Reserve Notes printed.
As the Moslem Nations react to The ruthless expansion of the Israel State,
the buyers for the US Treasury Notes that support the Federal Reserve Currency decrease.
The apparent effects of Usury to overcome the debts created by Compound Interest,
seem to have been among the thoughts of early Moslem thinking?
Now the effects of Capitalist use of Usury to embellish profits through creating debt,
indicates the understanding of ancient Moslem Dudes was correct.
The US Creation of debt that now stands to erode the Citizens ability to afford a home,
is exceeding the limitations of Business to provide Pay to the average Citizens of the USA,
to actually live indoors.
The Food issue is another feature that grows beyond Human access.
I agree that Moslem Thinkers did have the understanding of Human behavior clearly defined.
The issue is not simply the Roman Anglo creation of Adam Smith Theology,
but the concept of Capital as a measure of Value,
now faces the test of Human acceptance.
The issue is beyond Theological discussion ,
it appears to be now a question of Human survival.
6000 years is demonic deception - no such expanse of time has ever existed - not in old texts, not in old megaliths, not in archaeology, not in geology, not in volcanology or glaciology - not in chemistry - not in astronomy - not in astrophysics - no where - ever.
All religions all of them are pretty much debate of morality of predator versus debtor without exception
Lol creditor
@@danielhutchinson6604dust of rehba is upon you
They were the last nation to keep their usury laws on the books right out front to boot
now you know why the middle East is a war zone
Love Michael Hudson and listen to a lot and admire his work .One thing he doesn't talk about much is the fact that they still do write off debts when it suits the ruling class. Particularly whenever a giant company goes bankrupt and leave massive debts they write off or write down the debts to it's creditors.
Socialising the debts and privatising the profits for the elites. Plutocracy
Public/Private Partnerships are effectively subsidizing Corporate profits rather than allowing for the bankruptcy of 80% of the S&P500, which are only viable through debt restructuring/refinancing. This evolved over the past 50 years of Neoliberal Austerity as the Public funding of Privatized wealth hoarding.
The Oligarchy understands that financialized debt-slavery has caused the collapse of Western Civilization, yet they have no idea how to mitigate the devastation and probable species extinction, so they’ve gone ‘full-nihilist’ and proselytize the virtues of techno-feudalism and the Cult of technocracy as a means of Salvation, which is the foundation for Mass Formation Psychosis. The result will be a deepening of our Anti-Social Civil, Economic and Social Orders towards Universal Psychopathy and the destruction of the Ecology for other evolving species that might not have caused their own extinction had humans not destroyed the Planet.
Blind-spot indeed.
Beautiful analysis, Mr. Hudson. And thanks for hosting him, Mr. Erhardt!
I appreciate the Mr before both names.
@@omarei Pure respect.
"One does not own the earth upon which one walks." Crazy Horse
Then there is no need for "land acknowledgements", right?
U s government begs to differ
@@matthewnelson4298 every government begs to diff
@@matthewnelson4298every government begs to differ
Came for Michael Hudson, saw the chilling cat, gave you a like, then saw the dog show up and decided to subscribe :) You've managed to make me do in 90s flat what most others can't in 5 videos! Keep it up!
This is the first interview/podcast in half a dozen years without a totally awesome bookshelf/prop in the background.
I like this scholar.
Michael is amazing. This is the quality of experiential wisdom Elders impart to the youthfull. Well done Michael.
It is funny that Michal brought up the original meaning in the Lord's Prayer. I was watching the movie - Jesus of Nazareth from the 1970's, and they used the words " forgive us our debts as we forgive ". My thought at the time was they must have had serious historians consulted for the movie.
Hudson is worth checking in on every 20 episodes.
41:00
My God I can keep on listening to Mr Hudson for hours and hours.
Prof Hudson what a FANTASTIC 🤩 history lesson you have. It slots in so many disparate bits that I ALREADY knew or suspected.
It really says something about academia that Hudson isn't at a place like Harvard or Princeton.
he was, but he's 84 years old now so he's not going to hold a full-time professor position i suppose
Its not just FIRE it is double Fire because the people who 'work' in Finance Insurance and Real Estate (FIRE) who have and promote Financial Independence and Retire Early. (FIRE) Of course on the backs of people who produce goods and services in the real economy.
Harvard and most Ivy League colleges are far far left.
@@dennisgrant538Ha. No they are not. Not even close. They're liberal and liberalism is a facade the right wing puts on when they want to ward off the wrath of the masses.
@dennisgrant538 Depends what you mean by left. If you mean identity politics nonsense, then sure, but in the material sense they are staunchly right wing. They exist to preserve all the problems Hudson is talking about.
There's a degenerate left and a degenerate right, but they're two sides of the same coin.
Unbelievably valuable history presented here. Thank you!
Thank you! Michael Hudson's depth and breadth of knowledge is stunning.❤
This channel needs a huge following. HES TELLING US WHAT IS REALLY HAPPENING! I am going to send to some ppl bec this is a must watch channel for ALL adults and students
Dr. Hudson gets it and the profound nature of economics. I never could see why libertarians existed. His explanation here is a truly revolutionary conclusion and should be taught to EVERY STUDENT
Prof Hudson is Excellent thank you.
Fantastic interview
I hope I'm this lucid and capable at 85.
Fantastic conversation!!!
Amazing interview.
Spot on. Excellent
Great interview!
Thank You, Michael Hudson.
Valuable information is much appreciated 👍
I was hoping you would have Dr. Hudson back!
I love this dude !!
Great guest 👍🏼
The average person cannot even grasp all of this. They all just adapt to the system whatever that system is. So how to battle all this?
Good seminar
Fatastic Lecture Sir
I really like your work.
Jubilee. Cancel debts, fallow the land.
Fascinating!
Subscribed and liked 👍 ❤
Its not just FIRE it is double Fire because the people who 'work' in Finance Insurance and Real Estate who have and promote Financial Independence and Retire Early. Of course on the backs of people who produce goods and services in the real economy.
A great man and thinker. God bless him
Thanks!
wow! thank you so, so much!
@@robinsonerhardt
Thank you.
🙏❤️🌎🌿🕊🎵🎶🎵
@@robinsonerhardt Please look up Look up Pathocracy
If you love Michael Hudson, you will love his Patreon group. We are small, but we are blessed to belong to his group.
Round two here we come
You need to have MMT economist Bill Mitchell on as well him and Michael Hudson are my 2 favourite economists.
he is the economic advisor to the stein campaign for prez in 2024. Vote for green party up and down the ballot. Your conscience will thank you
Unfortunately, so will Trump.
@@kvaka009 well if u view this thru the lens of history, biden is to palestinians hitler. He is the gr8er evil. I dont know how those who vote 4 biden can sleep at nite knowing that because of this administration we are directly implicated in genocide.
@@kvaka009 Bidens the gr8er evil in this game.
@@hhheee3939 stop it. That's silly.
@@kvaka009 oh so in ur mind h^tler is worse than trump? I hate trump but this guy is a ok wit the murkin innocents and whoever is left leavin em to die off from disease, thirst or starvation. In a sane persons mind thats worse. If u cant see that theres a word for peeps like u starts with an n and ends with a z i.
"there is something about the MENTALITY of WEALTHY PEOPLE" 🎯
Good one. Thank you. Perhaps a video about sanction price fixing
Mr. Erhardt, you did however not introduce or even mention your 2 collegues, the big brown one and the grey cat!?
Wow, the basic ancient history of economics puts the modern BS into so much perspective so easily that it's no wonder the people who make all the money don't want it to be taught. Great interview, basically everyone should listen to it.
Thank you!
Constantinople, Jerusalem, Alexandria, Antioch, Rome
In modernity, debt charge offs are technically tax deductible… Robinson, thank you for hosting professors and intellectuals. Gratitude
Not for the average joe it isn't..!
The Government now has 2X the Consumer Debt.
US Treasury Debt is at $34.4 and growing fast.
Consumer Debt is above $17 trillion and now appears to be straining Banks limitations....
The Government needs any form of income they can produce,
taxation is among the tools to relieve the Debts.
The Folks who benefit from reduced taxation,
appear to have the funds to purchase a few Leadership positions,
for their good and faithful Servants.
The ability to forgive Student Debt seems to be something they avoid discussing.
The Capital Gains Tax increases seems equally Verbotten.
Property Tax seems to have been limited so their extra Homes of Oligarchs, do not become more of a Burden.
The suggestion of a sales tax on Stock Exchange transactions seemed to be shot down quickly.
We do need to face the fact that an Oligarchy is in charge of the US Government,
and is in position to control Policy decisions in the same fashion as the Monarchy,
that the USA Founding Documents indicate are harmful to human development,
and now are the establish form of government the US has in place.......
56:09 That really is important.
Are not the brokers of Wall Street in the Rentier class?
In minute 56, he explains it is the entirety of Finance, Insurance, and Real Estate are making money in their sleep and not a part of the productive economy
Earned vs unearned income
They are purely extractive cost over an above profit
Arguments of what are cost of doing business vs overhead
Is price an value
The basic principle of political economy
Pareto optimums
Is how much how big if it's a medicated alabaster
You would like the banksters to poke your hiney with after he she
Tells ya your shoes undtied
Heads up about your shoe being untied what's the alleged currency swap traders like Drexel called the price of information
Michael is my guiding light through this whole situation we find the world in
In other words, no regulation for the wealthy and their corporations and heavy regulation for everyone else, even in our bedroom and even for use of our own bodies!
Debt is good for the lender and for the wealthy who already can afford to borrow with interest, but it's bad for everyone else who have no control of the economy, wages or the rate of interest charged.
Oligarchy is benign for oligarchs who can purchase politicians who will protect their wealth. It's pernicious for everyone else who cannot regulate oligarchs or politicians without risking life and security.
Debt is killing us because we can't earn enough to keep up with the cost of living.
Let's do something about all of this. Get off the sofa, put your social media away. Turnn off the television. Join a political organization that represents you and pressure the politicians from within and without to regulate the system, to represent us, not the wealthy. Then fight for a better system but never forget democracy as you work for a better way to live. There is a better system but it requires vigilence to maintain!
His Books are Wonderful!I Have Them All!!!
At the height of the Roman Empire the name of the poet was nearly forgotten.
The fact that the rhythms of agriculture shapes our economy should not be as novel as it is presented. It's because so many are so divorced from farming and where our food and fiber comes from. Anyone who pays attention to agriculture knows intrinsically about this debt cycle.
Greetings Respected Gentlemen . Debt cancellation is very much part of Indian Agricultural economy . Some Arab principalities also cancel non agricultural debts of its citizens during festivals. Agriculture is still the riskiest business due to a host of problems causing crop loss. This is totally different from deliberately indebting nations beyond their paying capacity leading to enslavement. Money chaging tricks played upon ignorant hapless populations and gamble away the future of nations. This is not Economics but theft and the Federal Reserve is the Fountain head of this criminal enterprise.
I heard about an Indian religious holiday, something about the books, meaning the old book is closed, debts are written off, and a new book is openened. Is this just a symbolic remnant from antiquity, or is it a real practice today? If it is the latter, it would be marvelous, but I doubt it.
Genuine question.
It is still a Government policy
I hope Nishta Jain is well
Ban social impact bonds crypto and ESG
@@hajijalaldarvish7350it's a ridiculous IP fight
Sensors trackers finders and feelers need to be removed from farming equipment
John Deere and Harley-Davidson should not be opting for a subscription model and then shilling that they're American made
The whole planet shouldn't use monsanto's seeds from Sweden
His Dog and Cat breed choices are supreme, A+
Alexander Hamiltons "American System."❤
The "american mephistopheles".
As an electrical engineering with Management experiene I am fully aware of the power of using System theory or Cybernetix to create solutions in complex dynamic Environment. That is why I fully understand Dr. Shivas approach on geopolitics. Thank you Ivor that you have brought up his voice on your Show and yes you should thinks his arguments through and incorporate your findings in your key notes. I try to explain also the benefits of Libertarian thinking with the knowlededge of system theory, which is very easyJet. One should know that the system theory was developed in Princeton University in the 1940s and F. Hayek included the findings in his liberterian model of free markets. This is definitiv the only way to overcome Our problems😅
21:07 introducing the idea of charging interest
26:58 expurgating the frame of Plato's republic
The fundamental mistake in all failing economies is that the money supply is controlled by someone else than the end users. The money supply should not be under neither private nor governmental control, but be commonly controlled like all infrastructure.
National treasure !
He's very interesting.
Thank you Michael Hudson, excellent, even better than normal. And normal is great. Argentina is a basket case, I lived 7 years in South America so I had some contact and a few were okay, really great, but the rest were delusional, talking about Buenos Aires as Paris and saying they were not South Americans etc etc.
I could listen to Dr. Hudson all day… Thanks for letting him roll. I learned so much.
Did you de-Tune Michaels voice? Why is everything so much lower in pitch ?
Yeah, that was weird… It was like he was talking through molasses
1:15 ok Dr. Dolittle.
We need a public banking system.
Bravo
Michael Hudson's knowledge of history and the reality of our economy's organization and operation is invaluable to the citizenry's perspective on our Main St. economy now. How does the Fed/Wall St. unlimited bailout system undermine the necessary cancellation of debt? Is it true that the Dems cancellation of the Student Debt is actually going to bailout the Crditors?
history is one thing but hudson also gave you a hint. read marx. what ppl seem to dont understand is that marx put the whole math down showing that capitalism is just a economic system for certain circumstances and has huge problems.
The observation of the Investors like the Rockefeller Bros in Electoral Industry affairs created a point of conflict in the ability to provide representative government that actually represented the average American Citizen in 1968.
My observations since that period appear to have indicated an increase in the ability of Money to purchase the service of Political Prostitutes,
has multiplied around 100 times.
How do the average Citizen get representative government that serves their needs?
The increase in the Electoral Industry offering good return on investment,
seems to be one of the growing costs that US Citizens now are forced to deal with?
How can the average American get representative government?
Handing the debt to the Consumers to insure the GDP remains positive,
was the work of Bernanke and Paulson in 2008.
Now the Consumer Debt has risen by $5 trillion since then.
The trend is to create more debt to support the concept of prosperity......
The indefinite continuation of the policy faces the challenges that all Colonial Empires faced.
The US Economy has run into a BRICS Wall that ended the ability to enable Colonial Exploitation,
to serve the needs of a lifestyle built on exploitation.
Vietnam was a classic demonstration of colonial exploitation that failed.
Iran was the second major indicator that US Colonial exploitation that began in 1776,
and was magnified in 1898 with the purchase of the Spanish Empire.
The USA became the wealthy Nation due to exploiting others.
Since the BRICS Trade Group organized the Trade Union,
from former US Colonies,
inflation has gone up.
The US is exploiting European Consumers to maintain a positive GDP.
That Policy does not seem to demonstrate good long term prospects.
Who will remain solvent as the US Treasury goes Tits Up?
Who is left to forgive the debts?
@@danielhutchinson6604 BRICS may not be the power we are all supposed to be afraid of. Our leadership is destroying America and the EU just fine as it is. Just as the political system is screaming at New Yorkers to 'GET OUT NOW'. As the aftermath of the 1/6 event communicates, a political intervention, not an 'Insurrection', the Washington DC Establishment, represented at the Capitol, are making political power exercised by the People impossible, making seeking redress from political representation illegal. It's the Establishment screaming get out of the USA now!. 'We the People' and our existential system, the economy, are being looted as if we were Argintina, and the rest of the 2nd and 3rd world, etc. Every town, city, county, and state in the US are every bit looted as if each of the 50 states were a colony, via the Wall St. central, command, control, bond market and other devices, as if the Dodd- Frank Act, which no one can explain, were never written. Labor has been destroyed to make way for Slave Labor, small businesses are destroyed by a PsyOp. Real Estate is being destroyed, organized under the dicktats of a corporatist takeover. It's not a series of inexplicable hostile acts, it's organized War on the people in our US Constitutional Republic.The case for the reorganization of this Fed/Wall St. unlimited bailout system is obvious, they owe us money, yet it's not proposed to the public. The Redevelopment of North America, the national security, the people's survival, orders the reorganization of the US Banking and Finance system.
18:52 can you synthetically make "the palace" the creditor to all debts if, for example, "the palace" maintains a "central bank" (yes, able to transact in the "free market") that will (during a jubilee) effect extraordinary measures (eg, becoming the "lender of last resort", brokering "private" recapitalization deals, etc)?
Isn't it a similar effect to occasionally step in ("extraordinary measures") for the psychological purpose of getting creditors and debtors to behave as if "the palace" is in fact the ultimate creditor?
(In a system of forced taxation and deficit spending, "the palace" basically socialises the bad debt writedowns across creditors and the economy at large)
How does this guy manage to get hold of so many important intellectuals?
I would _so_ love to read any of Michael's books...but they're so expensive! (I live in a non-English speaking country so libraries are not an option.)
Same situation. I found most of his aufiobooks on you tube. Read by a robot. I don't mind, I can understand it quite well.
Sorry, can't leave links anymore, comments get deleted.
Evil evil situation we’re living through 😢
45:55 karl marx volume 3 debt and sociiety. 😢😢😢
MD has amazing knowledge. He should work on how to fix the stupid system that we are trapped in.
A very interesting view on history.of debt and how it shapes the economy to this day. Still, I don’t quite understand the need to cancel debt, rather than not go into debt in the first place
I can see startup going into debt to implement ideas in a timely manner, but even in that example there’s probably ways around it.
A few questions:
How would we approach growth without the ability to borrow?
Would growth be slower? And would that be such a bad thing?
Why does Islam forbids usury?
I don't think he says that borrowing should be forbidden. Catholicism used to forbid usury for catholics, only or mostly jews were the ones lending money. One of the main reasons for the historical hate on jews and why when revolution happened their houses were the first to burn.
the potential impact of Marxism and debt cancellations on investments, diversification seems more crucial than ever. But how do we safeguard our portfolios against such drastic economic shifts?
Very easy instead of keeping your paper currency whatever Dollars euro Japanese yen in the Bank on low interest rate. Buy phisical Gold and Silver bullion and coins. 🥇🥇🥇🥈🥈🥈
This is absolutely insane
27:09 please dont worry about time. If you have to take 10 hours believe me people will still care and listen ❤
I thought so 🧐
40:06 never heard this about western civilization that. 😢and i am over 40 years.
They never teach about economic history. 😢😢😢😢😢😢😢
So now i getvwhat they mean by those who write history control history. 😢😢😢
This was deliberate they even did the same thing to computer science
Economics was just the most gratuitous example
Shifting it from political economy to the modern propaganda
You would have had to take high level math what year of geology like 10 other things to get that degree
Now unless you deliberately choose hardware all you're going to do is focus on how to make apps
Just use java
Hyperinflation or regular inflation has some effects of canceling the debt.
You get rid of feudalism with free markets.
Am i hearing wrong here, its sound like Michael voice sound different than normally
Robinson doesn’t quite sound right either, something is wrong with the audio mix.
Jaysus. Ever been a Landlord, Michael? I think not. Just today, I have been dealing with Two Leaks in two different condos. While thinking about how to decorate a vacant unit, so I can attract a decent tenant. And i have a lot of capital tied up, earning a current return no better than govt bonds. I might be sometimes "making money in my sleep," if I could sleep better, instead of worrying. Some ignorant guy with degrees comes along and thinks he understands my life and issues.
This is where Yani's analysis falls short. The collective west has never truly advanced beyond feudalism.
What about Techno-feudalism?
There are some problems in modern societies with debt cancellation. Let's talk about the other side of the equation. Most of the debt is private debt therefore canceling debts will wipe out crucially important economic entities, the banks and their depositors because banks invest their depositors' money. So all debt needs to be nationalized first. This is pretty much what happened in 2008 by the way, the financial system was bailed out. Did it work? Since than we had zero interest rates, quantitative easing, asset prices skyrocketing and finally consumer price inflation going through the roof and in the next step we are going to have a sovereign debt and currency crisis.
Are you really comparing the bailing out with Tax Money of failed banks in 2008 with what MR Hudson js actually saying? 😂😂
@@manchesterunited9576economics has destroyed their mind
They talk in circles
@@manchesterunited9576let me try to make his argument for him.
What they don't tell the public and the reason why they can't cancel student debt.
They took the original debts an
Re Hypothecated them sold them to forth filth an sixth parties.
God knows who's balance sheet they are on now on top of likely not even being solely domestic any more
Christopher Riccardi CDO's are truly like the nuclear reactors of finance
All external costs aren't paid...sea changes reset the books