All I can say is that in my 76 years of living in the Global South under the iron fist of the West I am even more excited and hopeful about the inevitable looming changes taking place in geopolitics after listening to you two fine economists.
Good on you. I am not so fortunate with my character and can't help but feel somewhat bitter about the wasted lives lost through such enormous amounts of suffering.
@@SofaKingShit thanks so much for both comments guys! I agree with the comment that a new era is on it‘s way and that it‘s something to be happy about. I also agree that neoliberal policies and western interests overall has destroyed and wasted so many lives in the global south.
Thank you so much for another great chapter in the dollar saga. I feel that you presented just enough detail for me to be able to grasp the basics without being swamped with your erudition 😊 I lived in Mozambique during the eighties and nineties where I worked in the ministry of agriculture. We had frequent and nasty meetings with the WB & IMF guys. It was so heartbreaking to watch and realize that every single policy "recommendation" (do it... or else) would be another nail in the coffin of Mozambique's struggle to rebuild the country after almost two decades of so called Civil war (also instigated by you know who)... And there was nothing we could do to avoid it... Thank you for explaining this in a way that lets me understand that the debacle wasn't really our fault.
Thank you for slowing your delivery so that it has become more understandable. I have lived through the times you discuss here, having graduated university in 1972. I moved to the USA east coast (from Washington State) in 1975. I witnessed the dismantling of the industrial sector as the "rust belt" crept along the East Coast. Everyone said it was moving to southern states for lower labor costs. Later, of course, the corporations moved industry to China. I couldn't understand why USA industrial capacity was being shoved away. Your discussion, while most being over my head, has helped my understanding of this. The "get rich quick" casino mentality seems exemplified in the "repo market" in which entire national treasuries are "bet" in overnight schemes. Truly a low in in the lowest of financial schemes.
Another great lesson from the brilliant series 'Geopolitical economy hour', as usual! Thank you very much, Professors Radhika Desai and Michael Hudson, for your wise insights!
....You two have an amazing wealth of knowledge on how the world really works !... The world really could be so much better if a few issues were addressed differently?. I really love this series,..and happy you are doing this. I have not seen anything like this anywhere..... Thanks so much for showing us the truth !
Thank you for all your education!.. For 2 years now, I've been trying to figure out what Professor Hudson meant by "Japan took one for the team" to crash the yen. At 1 hour in on this video, I finally know what happened.
Radhika, I would like to add to your statements about the rejection of the WB and IMF. Venezuela offered an alternative by paying off some of these predatory loans in South and Central America using its oil revenue. Which was answered with assassination attempts, attempted coup d'état, confiscation of assets, and draconian sanctions that literally destroyed their economy and currency. But more importantly the confiscations caused OPEC nations to start considering alternatives to the petrol dollar and swift system. When the same thing was attempted against Russia the BRICS nations had a unified response in the pipe. Even Mexico is putting its finger up to US pressures to privatize its nationalized oil company. IMNSHO, Biden's administration will go down in history for one of the biggest foreign policy blunders ever. Still fighting the previous war syndrome.
Current Mexican President Obrador is a "patriot" but the problem with Mexico is a President has a maximum of 1 term (6 years). No need for a coup in Mexico just yet. The Imperialist will try to get a "traitor" in office come 2024. How can any country develop "long term" strategies in such short time? It's failure by design.
I came up with most of the same conclusions independently with my own personal observations in real time. Usually, most of the economic discussion and channels are polluted by one of the economic religions or another. I usually have to correct something because of all the noise and misinformation that they generate. I have been particularly impressed by the algorithmic suppression of opposing economic views in the comments with the label of misinformation. The economic religions took over public discourse of any view not unlined with their corporate dogma. I can remember sound scientific economists coming on to the business channels only to be shouted down and never asked to return if they made a sound point in opposition to the dogma of the day (usually fictionalization). Most economic discussions in the corporate media are dominated by opinions and predictions that are flat out wrong and prove themselves to be wrong over time. Yet, these gentleman C economists are the regular contributors making a good living and have access to millions of viewers. While sound scientific economists are forced by labor dynamics to teach 40 students at a time off a strictly controlled script. In the last decade the reduction of tenured positions in higher education has decimated the pool of economic thinkers with the use of adjunct teaching positions as punishment literally starving out dissenting views. Under these conditions it is no wonder the levels of economic ignorance are at the levels they are now. Both of you have turned to writing books as an alternative method of reaching people and now your own channel. I'm loving your content. After 40 years of pursuing the science of economics, I actually picked up two new terms one from each of you to explain concepts I've been struggling to get across to the unenlightened. Financialization is a much better term than using neo-liberalism or Reaganomics. Neo-liberalism or Reaganomics are terms that have been rendered almost meaningless by the real campaigns of disinformation. google: Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Wikipedia : Financialization is a term sometimes used to describe the development of financial capitalism during the period from 1980 to present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors. Financialization is a term that the youtube comment spell checker doesn't even recognize as a word. It recommends fictionalization instead. You cannot make this up.
Professor Hudson just explained in a mere number of seconds what everybody stumbles over in hours. Only in 2000 were Black people getting the chance to buy homes through bank loans and even then they were getting robbed on the exchange. Then when the whole ordeal blows up, because the subprime crisis isn't actually about those Black first-time homeowners taking bad loans the media blame the Black people who were ripped off in the first place. If that isn't the clearest case for reparations I will never understand what is. I am really wrecked hearing that. I can't thank Professor Hudson and Prof Desai enough.
To say this episode was thrilling probably reveals more about me than I wish. Notwithstanding, you two did an excellent job on Volcker Shock. Insofar as trade arbitrage, is it not treason to play cheap-labor markets against the preferential corporate welfare of the American market. Whereas a VAT could mitigate the impact, the time hitherto this point has been a grift.
13:13 Exactly, by 2008 it had already been "reformed" mainly through revolving door lobbyists and ex-CEO's now in public charges to allow all kinds of dangerous speculation.
I’ve been asking mySenators & AOC & Bernie & the Democrat banking committee Y they kept neoliberals running the fed Y is Trumps appointee still the chairman Y not hire the 2 of u & make a bold courageous economic paradigm shift that we failed to do in 2008 Thanks for ur wisdom & ur videos
All the politicians are the same regardless of whoevers in the seat, they ain't making the decisions here you oligarchs who sell weapons and make billions do or those oligarchs who have made billions off cheap labour or stole oil from other countries, such people are the ones making decisions and your government is only there as a facade especially when things just go back to where they were and nothing changes while we foreign countries will have to suffer the same systems that you westerners installed into our country
"Financialization" is another term for "Rentier Capitalism"? Another term for "make money by indebting others and accumulating capital from the interest". Is that correct?
Despite having a high IQ I was indoctrinated in my youth into Pentecostal Christianity which screwed up my chances. I just want to thank you, from the bottom of my heart, for the inspired education I receive on this channel. I'm always running into the other room to excitedly tell my mate some explanation of events that finally make so much of the world make sense to me.
Thanks for this. I see now that I have gotten some things wrong by reading William Engdahl and. Stephen Zarlenga on economic history, their books are splendid for geopolitical awakening but maybe overly dramatic at times.
Total Gold mined since the beginning of mining would ONLY be a 75 ft cube, about the size of a semi-tractor & trailer cubed. Isn't it ridiculous that this 75 ft gold cube seems to rule the world?
Wow, I did the math, and that's true (actually I arrived at a 72 ft cube). Another fun fact, if gold was evenly distributed, each person would get ~2.5 gold rings.
Great! Have been waiting for this. Wanted to let you know that "Money and Empire" by Marcello de Cecco is unavailable. Do you know of ways to obtain this book?
I would be really interested to hear Radhika (and Michael) have a conversation/debate with Perry Mehrling. Would he be one of the die-hard dollar proponents she referred to? I think Mehrling does an excellent job describing the financial system. At least he provides the most detailed framework for understanding various prices of the dollar in terms of par, interest rates, and exchange rates. But of course he admits weakness in the price(s) of real goods, or CPI for lack of a better measure. His latest book applies the Kindelberger perspective to Money and Empire, which is what Radhika has been pretty much arguing against in this series. I would love to hear them go toe-to-toe on the details because Mehrling gets away with a sort of Dollar Dogma that Radhika opposes. With China brokering peace in West Asia, (Middle East), it seems geopolitical tectonics are shifting rapidly beneath our feet, at least relative to what all the dollar proponents believe is possible.
In the previous episode (about the rise of the dollar - I did not see away to comment there), Michael said that European economies had a “stop-go” problem in recovering from WW2, and the US solved it by running its own deficit via military spending. How did the US deficit solve Europe’s problem?
First and foremost the US market has not been a free market within sixty years after it was started. And even then that could be argued. Sono the US did not tried to have a totally free market
Just my luck to buy a house in 07.. Or right before the price of the house lost over a 100k in no time at all. And it's weird how a person can have terrible credit after being taken for enormous amounts of money. A well paying sucker should have outstanding credit. 😅
A wonderful discussion! 👍👍👍 Could you pls do a deep dive into the effect of the dollar hegemony on various continents such as Africa, South Asia etc with maybe a country or two highlighted for reference? I understand there's a lot more esp given US meddling and militarism there but that would be stating the obvious. It's the USD the underpins the military machine so, without it there's a good chance the US would instead be a force for good! 👍
Besides expanding currency swap agreements and increasing foreign exchange reserves in non-dollar assets, what other mechanisms will allow the Global South and other countries to migrate away from the dollar reserve system? And how might this work for many countries given chronic trade imbalances? Thanks.
Why was Germany running a budget surplus in the 1990's? Did it have anything to do with the industrialization efforts made by the USSR, in the area of Germany that they controlled, up until 1991? In other words, was it due to the USSR building up East Germany's productive forces throughout the cold war period?
Rhadica while i appreciate ur points i wish u would extend the same courtesy michael shows u when u speak in that he lets u finish talking. You tend to hog the vast majority of the show.
Wow.. so gas prices shot up in the 70's.. And everything else started shooting up in price then, too, right? Home prices, car prices, higher eduction prices, credit cards became ubiquitous... so the working class was turned into debt bondage slaves, to keep the system going.. Am i understanding this all correctly?
I learned something new that high interest rates caused the rise of financializarion. Thank you. Why then manufacturing didn’t revive during the period of low interest rates? Could labor cause the true reason for the rise of financialization?
Am I correct to understand that artificially low interest rates = increasing money supply = increased incentive to invest in asset markets (i.e. real estate, commodities) = artificial bubble = those with access to capital are at an earning advantage vs labor = the mess and inequality we have today. Is that simplified logic flow correct? Further, it sounds like the U.S. leveraged it's position as the owner of the de facto global currency to encourage foreign investment into these bubbles in addition to using the IMF to convince bankrupt economies to sell off their public assets to American finance. An interesting discussion would be how to discern healthy capital vs. unhealthy capital markets. Loans are essential to productivity, but how can we distinguish healthy, productive investments from speculative ones?
Is "asset" being used here exclusively as a name for financial securities? That seems to track with its usage in the video (and in the other videos in the series). If so, spelling that out would be helpful to avoid "asset" being understood in the sense that is arguably more intuitive to a general audience (i.e., a good or service insofar as it can be used to realize one or more goals). (Also, perhaps clarify the definition of "commodity" since one may take that term to mean "any exchangeable item".)
i read somewhere that american exporters wanted more for grain so they negotiated the oil price rise with opec to get higher grain prices................any truth to this ?
$10T annual FX income from Petro-dollar international settlements transactions. Most such incomes booked offshore. Who is going to give up this golden goose??????Cheer up.
Well, this is not as clear to the interested amateur with no background in economics as past talks by this dynamic duo have been. A definition of terms would have been helpful.
Ah a new bit of information that clarifies my understanding of the crash of 2008. I noticed the use of the word global financial crash. It is much like how the use of the words, international community, really only applies to US, Europe, and West. A clever piece of BS that really does not mean what is used for the words used. As Radhika said and shown in the graph and report. The Global Economic Crash of 2008 was centered on the US & Europe. I have understood for quite some time, when the US Political Mafia, The EU, and those western propaganda media. Say use the words of the international community. They mean Europe, US, and West. 40 or so countries that make up the West. Out of 196 countries in the UN, does 40 make up the international community or global community? I almost failed in math and barely passed to get my High School diploma. But even I know that 40 is far less than 196.
And they represent a small percentage of the world's population because when you look at Global South, BRICS+, China, India, Brazil and non western countries, they represent more than 1/2 of the world population.
I find this kind of proclamation miss a larger point that West constitutes @ 50 to 60% of World gdp in comparison of BRICS barely @22% of world GDP. More than that, the various BRICS do more business with west than amongst themselves. With @89% of swift transactions in $,I see very little relevance to arguments made here.
.... 'Not sure that GDP is a good marker of production/consumption cylce.... Imagine a body where an area takes blood and don't return it? Otherwise where is this argument documented?
@@atulmamtora In GDP statistics it includes preditory ecnomic activity like an increse in private debt.... My point is activities that shrink the economy is included in GDP statistics... So as the economy is in a phase of quick shrinkage the GDP will show some growth.
1:37:11 capital accounts? are you saying there are men and women stored in bunkers, or something. maybe there is a clearinghouse down the road that have men and women for sale, cheap. Excuse me, I am trying to be funny.
@@wenkeadam362 Peerhaps Fork Knife is a deindustrializing finachial vehicle they are describing?... Like the ever popular pump and dump operations. 'Eating the corpses of former industrial processef for dinner.
All I can say is that in my 76 years of living in the Global South under the iron fist of the West I am even more excited and hopeful about the inevitable looming changes taking place in geopolitics after listening to you two fine economists.
Good on you. I am not so fortunate with my character and can't help but feel somewhat bitter about the wasted lives lost through such enormous amounts of suffering.
@@SofaKingShit thanks so much for both comments guys! I agree with the comment that a new era is on it‘s way and that it‘s something to be happy about. I also agree that neoliberal policies and western interests overall has destroyed and wasted so many lives in the global south.
@@SofaKingShit Bruce Cockburn-"If I Had a Rocket Launcher."
Where are you living?
Thank you so much for another great chapter in the dollar saga. I feel that you presented just enough detail for me to be able to grasp the basics without being swamped with your erudition 😊
I lived in Mozambique during the eighties and nineties where I worked in the ministry of agriculture. We had frequent and nasty meetings with the WB & IMF guys. It was so heartbreaking to watch and realize that every single policy "recommendation" (do it... or else) would be another nail in the coffin of Mozambique's struggle to rebuild the country after almost two decades of so called Civil war (also instigated by you know who)... And there was nothing we could do to avoid it...
Thank you for explaining this in a way that lets me understand that the debacle wasn't really our fault.
These episodes have become a highpoint of my week! So much information. Thanks to both of you!
Thank you for slowing your delivery so that it has become more understandable. I have lived through the times you discuss here, having graduated university in 1972. I moved to the USA east coast (from Washington State) in 1975. I witnessed the dismantling of the industrial sector as the "rust belt" crept along the East Coast. Everyone said it was moving to southern states for lower labor costs. Later, of course, the corporations moved industry to China. I couldn't understand why USA industrial capacity was being shoved away. Your discussion, while most being over my head, has helped my understanding of this. The "get rich quick" casino mentality seems exemplified in the "repo market" in which entire national treasuries are "bet" in overnight schemes. Truly a low in in the lowest of financial schemes.
Another great lesson from the brilliant series 'Geopolitical economy hour', as usual! Thank you very much, Professors Radhika Desai and Michael Hudson, for your wise insights!
It's kind of cool how Radhika tries to keep the lecture on track and Michael inserts some juicy stories and polemics :)
Thank you so much for all you do. 🙏🏾🙏🏾 I so look forward to every instalment🙌🏾
Michael Hudson is an economic Icon !
Prof hudson needs his own show. I could listen to his analysis for hours.
Thanks
Thank you again for this educational series!
Such an incredibly educational series. Thank you so much for this.
Great episode. Keep them coming. I can't get enough of you two
I look forward to the next episode. I learned a great deal from the insight shared by both Micheal and Radhika.
Great as usual. The quality of these discussions is the best out there.
KEEP IT COMING !!!!!!!!!!!!!!!!!!!! GREAT WORK !!!!!!!!!!!!!!!!!!!!!!!!!!
Thank you Ms Desai and Mr Hudson for your expert discourse on this essential topic.
Fantastic both of you.thank you
The charts and written questions were very helpful. Great to get informed and encourage by you both. Thank you for your efforts. 🇲🇽
....You two have an amazing wealth of knowledge on how the world really works !... The world really could be so much better if a few issues were addressed differently?. I really love this series,..and happy you are doing this. I have not seen anything like this anywhere..... Thanks so much for showing us the truth !
Happy Birthday, Mr. Hudson.
This series has been absolutely wonderful! Thank you!!
Such a brilliant series. Really appreciate both your insights. Feel privileged for your generosity.
Thank you for all your education!.. For 2 years now, I've been trying to figure out what Professor Hudson meant by "Japan took one for the team" to crash the yen. At 1 hour in on this video, I finally know what happened.
Michael Hudson Incredible energy
A great discussion. I would love to hear more from Michael Hudson though.
Learned a lot.Thank you.
great discussion ! glad I stayed to the end ...
1 and a half hours?!!?! Thanks!!!
really interesting to see the nuanced and incredibly informed and subtle differences between these two, I don't know where to land where they disagree
Great conversation. Extremely educational!
Great info that explains our past and present, and is ominous in regard to the future.
this is terrifying ... the more i listen the more it seem the entire western financial system is like a house of card that is about to collapse...
Radhika, I would like to add to your statements about the rejection of the WB and IMF. Venezuela offered an alternative by paying off some of these predatory loans in South and Central America using its oil revenue. Which was answered with assassination attempts, attempted coup d'état, confiscation of assets, and draconian sanctions that literally destroyed their economy and currency. But more importantly the confiscations caused OPEC nations to start considering alternatives to the petrol dollar and swift system. When the same thing was attempted against Russia the BRICS nations had a unified response in the pipe. Even Mexico is putting its finger up to US pressures to privatize its nationalized oil company. IMNSHO, Biden's administration will go down in history for one of the biggest foreign policy blunders ever. Still fighting the previous war syndrome.
Current Mexican President Obrador is a "patriot" but the problem with Mexico is a President has a maximum of 1 term (6 years). No need for a coup in Mexico just yet. The Imperialist will try to get a "traitor" in office come 2024. How can any country develop "long term" strategies in such short time? It's failure by design.
Yes after Michael Hudson completed speaking. In a seperate video!
Us dollar hegemony continued after going off the gold standard because it shifted to a black gold (oil) standard.
I came up with most of the same conclusions independently with my own personal observations in real time. Usually, most of the economic discussion and channels are polluted by one of the economic religions or another. I usually have to correct something because of all the noise and misinformation that they generate. I have been particularly impressed by the algorithmic suppression of opposing economic views in the comments with the label of misinformation. The economic religions took over public discourse of any view not unlined with their corporate dogma. I can remember sound scientific economists coming on to the business channels only to be shouted down and never asked to return if they made a sound point in opposition to the dogma of the day (usually fictionalization). Most economic discussions in the corporate media are dominated by opinions and predictions that are flat out wrong and prove themselves to be wrong over time. Yet, these gentleman C economists are the regular contributors making a good living and have access to millions of viewers. While sound scientific economists are forced by labor dynamics to teach 40 students at a time off a strictly controlled script. In the last decade the reduction of tenured positions in higher education has decimated the pool of economic thinkers with the use of adjunct teaching positions as punishment literally starving out dissenting views. Under these conditions it is no wonder the levels of economic ignorance are at the levels they are now. Both of you have turned to writing books as an alternative method of reaching people and now your own channel.
I'm loving your content. After 40 years of pursuing the science of economics, I actually picked up two new terms one from each of you to explain concepts I've been struggling to get across to the unenlightened. Financialization is a much better term than using neo-liberalism or Reaganomics. Neo-liberalism or Reaganomics are terms that have been rendered almost meaningless by the real campaigns of disinformation.
google: Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes.
Wikipedia : Financialization is a term sometimes used to describe the development of financial capitalism during the period from 1980 to present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors.
Financialization is a term that the youtube comment spell checker doesn't even recognize as a word. It recommends fictionalization instead. You cannot make this up.
Thanks a lot Masters !!!
So grateful to be able to listen to these intelectual giants
Love this series - thanks
Professor Hudson just explained in a mere number of seconds what everybody stumbles over in hours. Only in 2000 were Black people getting the chance to buy homes through bank loans and even then they were getting robbed on the exchange. Then when the whole ordeal blows up, because the subprime crisis isn't actually about those Black first-time homeowners taking bad loans the media blame the Black people who were ripped off in the first place. If that isn't the clearest case for reparations I will never understand what is. I am really wrecked hearing that.
I can't thank Professor Hudson and Prof Desai enough.
awesome talk
Good presentation. Hope you two can continue with this format on a weekly basis. Maybe add other economics guests as well.
Very much looking forward to your analysis of the political economy of 'Standing with Ukraine'.
Well, watching these last three episodes I feel l just saved 4 years of my college tuition
To say this episode was thrilling probably reveals more about me than I wish. Notwithstanding, you two did an excellent job on Volcker Shock. Insofar as trade arbitrage, is it not treason to play cheap-labor markets against the preferential corporate welfare of the American market. Whereas a VAT could mitigate the impact, the time hitherto this point has been a grift.
13:13 Exactly, by 2008 it had already been "reformed" mainly through revolving door lobbyists and ex-CEO's now in public charges to allow all kinds of dangerous speculation.
I’ve been asking mySenators & AOC & Bernie & the Democrat banking committee Y they kept neoliberals running the fed Y is Trumps appointee still the chairman Y not hire the 2 of u & make a bold courageous economic paradigm shift that we failed to do in 2008
Thanks for ur wisdom & ur videos
All the politicians are the same regardless of whoevers in the seat, they ain't making the decisions here you oligarchs who sell weapons and make billions do or those oligarchs who have made billions off cheap labour or stole oil from other countries, such people are the ones making decisions and your government is only there as a facade especially when things just go back to where they were and nothing changes while we foreign countries will have to suffer the same systems that you westerners installed into our country
"Financialization" is another term for "Rentier Capitalism"? Another term for "make money by indebting others and accumulating capital from the interest". Is that correct?
I dream of:
- More words from Michael Hudson
- More grace and less editorialization from Radhika Desai
Great show as always!
Professor Desai is entitled...
@@dialecticcoma Looking for clues.
Can someone clip Michaels parts together please? Can't watch this.
Despite having a high IQ I was indoctrinated in my youth into Pentecostal Christianity which screwed up my chances.
I just want to thank you, from the bottom of my heart, for the inspired education I receive on this channel. I'm always running into the other room to excitedly tell my mate some explanation of events that finally make so much of the world make sense to me.
Thanks for this. I see now that I have gotten some things wrong by reading William Engdahl and. Stephen Zarlenga on economic history, their books are splendid for geopolitical awakening but maybe overly dramatic at times.
Total Gold mined since the beginning of mining would ONLY be a 75 ft cube, about the size of a semi-tractor & trailer cubed. Isn't it ridiculous that this 75 ft gold cube seems to rule the world?
Wow, I did the math, and that's true (actually I arrived at a 72 ft cube). Another fun fact, if gold was evenly distributed, each person would get ~2.5 gold rings.
❤❤❤
Great! Have been waiting for this. Wanted to let you know that "Money and Empire" by Marcello de Cecco is unavailable. Do you know of ways to obtain this book?
I would be really interested to hear Radhika (and Michael) have a conversation/debate with Perry Mehrling. Would he be one of the die-hard dollar proponents she referred to?
I think Mehrling does an excellent job describing the financial system. At least he provides the most detailed framework for understanding various prices of the dollar in terms of par, interest rates, and exchange rates. But of course he admits weakness in the price(s) of real goods, or CPI for lack of a better measure. His latest book applies the Kindelberger perspective to Money and Empire, which is what Radhika has been pretty much arguing against in this series.
I would love to hear them go toe-to-toe on the details because Mehrling gets away with a sort of Dollar Dogma that Radhika opposes.
With China brokering peace in West Asia, (Middle East), it seems geopolitical tectonics are shifting rapidly beneath our feet, at least relative to what all the dollar proponents believe is possible.
In the previous episode (about the rise of the dollar - I did not see away to comment there), Michael said that European economies had a “stop-go” problem in recovering from WW2, and the US solved it by running its own deficit via military spending. How did the US deficit solve Europe’s problem?
It's funny how the invisible hand is always pimp slapping the poor and never pimp slapping the rich. I guess the rich are just smarter. 🙄
First and foremost the US market has not been a free market within sixty years after it was started. And even then that could be argued. Sono the US did not tried to have a totally free market
Free market is a myth. A fairy tale told by the ownership class to keep you believing in their virtue.
Just my luck to buy a house in 07.. Or right before the price of the house lost over a 100k in no time at all. And it's weird how a person can have terrible credit after being taken for enormous amounts of money. A well paying sucker should have outstanding credit. 😅
👍👍
moral of the story ...really high interest rates are extremely toxic ............volker was no economic hero
Radhikal economics!
A wonderful discussion! 👍👍👍 Could you pls do a deep dive into the effect of the dollar hegemony on various continents such as Africa, South Asia etc with maybe a country or two highlighted for reference? I understand there's a lot more esp given US meddling and militarism there but that would be stating the obvious. It's the USD the underpins the military machine so, without it there's a good chance the US would instead be a force for good! 👍
Besides expanding currency swap agreements and increasing foreign exchange reserves in non-dollar assets, what other mechanisms will allow the Global South and other countries to migrate away from the dollar reserve system? And how might this work for many countries given chronic trade imbalances? Thanks.
Why was Germany running a budget surplus in the 1990's? Did it have anything to do with the industrialization efforts made by the USSR, in the area of Germany that they controlled, up until 1991? In other words, was it due to the USSR building up East Germany's productive forces throughout the cold war period?
No, Germany priced the mark to euro conversion to undercut other EU members, then bribed their leaders to swallow it.
Well I'm flummoxed, I was told that Beanie Babies were a hard asset that would weather a crash...
Don't even get me started on Frozen Concentrated Orange Juice.
Rhadica while i appreciate ur points i wish u would extend the same courtesy michael shows u when u speak in that he lets u finish talking. You tend to hog the vast majority of the show.
Wow.. so gas prices shot up in the 70's.. And everything else started shooting up in price then, too, right? Home prices, car prices, higher eduction prices, credit cards became ubiquitous... so the working class was turned into debt bondage slaves, to keep the system going.. Am i understanding this all correctly?
😊👍
👍🏼
I learned something new that high interest rates caused the rise of financializarion. Thank you. Why then manufacturing didn’t revive during the period of low interest rates? Could labor cause the true reason for the rise of financialization?
It's like a big ponzi scheme.
Hudson means God in my love language.
Am I correct to understand that artificially low interest rates = increasing money supply = increased incentive to invest in asset markets (i.e. real estate, commodities) = artificial bubble = those with access to capital are at an earning advantage vs labor = the mess and inequality we have today. Is that simplified logic flow correct? Further, it sounds like the U.S. leveraged it's position as the owner of the de facto global currency to encourage foreign investment into these bubbles in addition to using the IMF to convince bankrupt economies to sell off their public assets to American finance. An interesting discussion would be how to discern healthy capital vs. unhealthy capital markets. Loans are essential to productivity, but how can we distinguish healthy, productive investments from speculative ones?
Is "asset" being used here exclusively as a name for financial securities? That seems to track with its usage in the video (and in the other videos in the series). If so, spelling that out would be helpful to avoid "asset" being understood in the sense that is arguably more intuitive to a general audience (i.e., a good or service insofar as it can be used to realize one or more goals). (Also, perhaps clarify the definition of "commodity" since one may take that term to mean "any exchangeable item".)
i read somewhere that american exporters wanted more for grain so they negotiated the oil price rise with opec to get higher grain prices................any truth to this ?
Close but no banana.
@@rcmrcm3370 if you know better do tell us
$10T annual FX income from Petro-dollar international settlements transactions. Most such incomes booked offshore. Who is going to give up this golden goose??????Cheer up.
If you have ears listen .
Martinez David Wilson Ruth Hall Brenda
Btw to get more viewers u need a title like “US IN DECLINE” stuff like that so the people r inclined to watch
What are your thoughts on cryptocurrencies and the word that crypto could be used to wipe away the financial debt?
Look at my rad ego show.
Well, this is not as clear to the interested amateur with no background in economics as past talks by this dynamic duo have been. A definition of terms would have been helpful.
Let Hudson talk or rather give them separate shows...
They both had their say.
Agreed, they address on totally different levels. I just want to hear Michael, but she keeps droning on.
@@lenuvian her opinions are good, but she needs to let Hudson talk. I wouldn't mind watching her alone, but too much interruptions.
@@woodytobiasjr8265 Hudson didn't had much of a say.
Does that mean the US needs to re-industrialize.
Too late
Ah a new bit of information that clarifies my understanding of the crash of 2008. I noticed the use of the word global financial crash. It is much like how the use of the words, international community, really only applies to US, Europe, and West. A clever piece of BS that really does not mean what is used for the words used. As Radhika said and shown in the graph and report. The Global Economic Crash of 2008 was centered on the US & Europe. I have understood for quite some time, when the US Political Mafia, The EU, and those western propaganda media. Say use the words of the international community. They mean Europe, US, and West. 40 or so countries that make up the West. Out of 196 countries in the UN, does 40 make up the international community or global community? I almost failed in math and barely passed to get my High School diploma. But even I know that 40 is far less than 196.
And they represent a small percentage of the world's population because when you look at Global South, BRICS+, China, India, Brazil and non western countries, they represent more than 1/2 of the world population.
Ben, pls tell Radhika she’s taking up all the air time again. It’s almost like Micheal’s sitting in on the lecture too.
I fast forward when she starts to speak
Some of it is very sophisticated, I can understand why it would fly by you.
ms. ddesai talks too much!
Desai's verbose meanderings are exhausting to listen to and her political philosophy is very naive......... Hudson can barely get a word in.
this
Michael, do your own thing, if you can't find someone competent to talk to. We will listen. Damn do I miss David.
I find this kind of proclamation miss a larger point that West constitutes @ 50 to 60% of World gdp in comparison of BRICS barely @22% of world GDP. More than that, the various BRICS do more business with west than amongst themselves. With @89% of swift transactions in $,I see very little relevance to arguments made here.
.... 'Not sure that GDP is a good marker of production/consumption cylce.... Imagine a body where an area takes blood and don't return it?
Otherwise where is this argument documented?
Spoken like a true neoliberal with a self-centered and short-sighted perspective.
John,truth hurts.Why don't you provide logical reply?
@Wes Urry it is a broad approximate gage of economic strength and results in Geo political power.
@@atulmamtora In GDP statistics it includes preditory ecnomic activity like an increse in private debt.... My point is activities that shrink the economy is included in GDP statistics... So as the economy is in a phase of quick shrinkage the GDP will show some growth.
1:37:11 capital accounts? are you saying there are men and women stored in bunkers, or something. maybe there is a clearinghouse down the road that have men and women for sale, cheap.
Excuse me, I am trying to be funny.
I've been waiting an entire fork knife for this!
Forks Knife?.... Is that a financhal vehicle that I don't understand?
Fork knife = fortnight 😊
@@wenkeadam362 Good... I thought it was a finachial vehicle that I had no hope of understanding.
@@wenkeadam362 Peerhaps Fork Knife is a deindustrializing finachial vehicle they are describing?... Like the ever popular pump and dump operations.
'Eating the corpses of former industrial processef for dinner.
British Railways were privatized under John Major, not Tony Blair.
Thanks