@@coolmodelguy Makes me giggle. In one of his other talks, he mentions his background. Godson of Leon Trotsky. Open Marxist. From a Marxist family. Hired by the CIA, because their background checks are shit.
first book on economics i ever read was '...and forgive them their debts'. then i read 'killing the host'. luckily i had no economic education before (didnt know what a bond was, even) which meant i didnt have to go through any neoliberal deprogramming to understanding what he was saying (just a lot of looking up terms in the dictionary). i dont know if youve read it, but you have to get 'killing the host'. i would also recommend elaine myksin woods 'the history of capitalism'.
Man, I love this man Hudson....what a common sense great man...where has his like disappeared to? We're surrounded and lorded over by greedy gluttonous pathological money hoarding creeps now instead of whole hearted conscientious men like him.
"Economic rent is unearned income, they don't earn it, it is a result of privilege, almost always inherited otherwise monopoly privilege or the right to appropriate for yourself that should be public. Land ownership, mineral resources [...], education should be public, people shouldn't have to pay, education should be a human right [...] medical care should be a human right. America, that people used to think as the most progressive capitalist country, suddenly becoming the most neo-feudal country in the world." Michael Hudson
Yes, and the collateral of the federal reserve bank and IMF is the labor if the population, otherwise known as taxation.. now, their collateral is not just in goods financed, like land, but the collateral is the labor of the American people called income tax. Property taxes keep the people down and dependent
@@MrCharlyAndy maybe collateral is ok, fair enough perhaps. What isnt good is interest. Interest is prohibited in the bible and debt release happened every 50 years. Slavery was more like indentured servant hood because the person had to be released in 7 years
Hes wrong. That bit about jesus talking about the year of jubilee is TOTALLY WRONG . Lol. Jesus quoted the first part of Isaiah 61 announcing HIS ministry, which was redemption and reconciliation. He left out the second part of the quote which had to do with God's vengeance because that was not His role at that time. Jesus will return as the arm of vengeance later. Unbelievable how stupid secular know it alls interpret scripture with no understanding . If you just look at the context it's obvious He was announcing His ministry. But yes, God did demand a year of debt forgiveness, the jubilee, AND outlawed charging INTEREST. Both of these would correct what Hudson is talking about
100% understood and 100% agreed with by the people courageous enough not to play the game to be deaf, knowing that no one can be more hypocrite that those who don't want to hear.
I loved it that he is the only person I have ever heard besides myself that described modern USA as a neo-feudal state, it does possess a striking resemblance to the Western Europe of the medieval times when it comes to relationship between the peasants (the 99.9%) and the feudal lords (the 0.01%), it is extremely unfair and it cannot be justified by any economic model.
My first visit to the MNN youtube channel and as such, I'm unfamiliar with the host Jim Vrettos. That said, when *I saw the still image of Michael Hudson and someone who I mistook for Lewis Black* , I thought my GAWD, my favorite economist and favorite comedian in one sitting!!! Interestingly, Lewis Black describes himself as one of three socialists remaining in the U.S. He's also a resident of Manhattan. Please consider inviting both Mr. Black and Mr. Hudson to participate in a conversation on the topic.
This is what accurate reporting on actual biology based social behavior is in principle, as opposed to the many flexible interpretations of "social-isms". Which "isms" include materialism and spiritualism..
Just for fun: The mass of that ball of gold with a radius of Jupiter's orbit around the sun would be about 1.93 x 10^10 solar masses - it would be a super massive black hole. For comparison: The largest known super massive black hole in the universe has 4 x 10^10 solar masses. If you want to check this, these are the data I used: Mass of the sun: 1.989 x 10^30 kg. Density of gold 19.32 tons/m^3 = 1.932 x 10^4 kg/m^3. Radius of Jupiter's orbit: 5.2 AU. 1 AU = 150 million km = 1.5 x 10^11 m.
@@Anticolonialist Jesus did not want a church, and the Christians have been led to the wrong path by Paul, jewish himself. The Roman Catholic Church has betrayed Christ, and Protestants are closet jews, unfortunately, specially since Vatican II, and this pope François I, who is obviously NOT a true believer in Jesus Christ. No hate in my heart, only Love for Truth, Beauty, and Good. ,
@@19battlehill jesus was a great men he did put his enemies the Jewish rulers & the roman empire out of busyness however his aim was never accomplished which was more humanity more love and understanding on that field he fail. people are no different today than 2000 years ago. why the Jews had to walk for 2000 years + is another matter that is more psychology than religion. israel today is a mess , and that is the system. not religion .
And god spoke and the people listen somehow trying to understand what is so twisted in the financial world that by understanding some of it one has the impression that we are taken for a ride for a century and no one knew any better other than the bankers themselves. Some twenty years ago a survey was made in Europe about what people knew about the banking structure, the result what fabulous, only a tiny minority had some idea about how the banking system works, a result that delighted the financial world. Now 2021, do we have any changes on this deplorable situation? Yes, a minute one but it is better than before. Indeed Micheal Hudson help to put some light in the dark tunnel we are travelling in.
krugman doesnt seem to understand that if banks create money, and banks charge interest. because banks need to make a profit. repayments>total money supply every time unless you have an ever increasing money supply. the question then becomes is that possible that banks can keep issuing loans above the replacement value and turn a profit?
I noticed that in a different video too. I should just google it but is there a purpose/tradition to this I'm just curious? I have been told to wear watches on my left wrist and continue to do so to this day but have no real reason other than being told early on in life. But uh, c'est la vie I suppose... I want to apply some baseless psychoanalytical linguistic correlations and say it's like keeping time closeby and to yourself or something but that's all I can think of.
Great, inspiring talk. Hudson no doubt one of the few exquisite economists globally. One mistake he made, which became clear yesterday. Bernie has defeted himself and extended support to Biden.
I wonder if they threatened him. Remember how he had a sudden stay in hospital for his heart? Soon after, Biden got the nomination. I knew Sanders would never be allowed to win.
@@gmac8586 Afraid ? At his age? Bernie was a fony. He has like maybe 20 years left. Even if they threatened him once we get to the end of our life we tend to get fearless. Iam not saying Bernie was a bad person. I am just saying Bernie had plenty of chances and every time he went along with the establishment.
He is AMAZING!! That is exactly what I’ve been saying to friends. If Bernie isn’t running and the Dems put Biden up against anyone else, I won’t vote until we get another party.
yes. a really good interviewer is almost not there with a guy like hudson, who can do a lecture, thank you very much. If I was interviewing, I would stop in mid sentence if hudson said um, err
Short answer is, they will be gone, just like every other speculative instrument. The whole pension system would have to be restructured so that pensions are paid from the public budget, paid for by work that is done today (or rather, will be done next year). Although for the short term there wouldn't be anything stopping the government from guaranteeing the pensions, and things like ordinary bank savings, before everything else. That is theoretically at least. Most likely what will begin to happen if COVID crashes the financial system entirely is that the bankers will try to stick the most toxic assets into pension funds first, essentially liquidating them. Interesting times are ahead.
@@MilesBont any jubilee isnt going to be an easy sell on pensioners, the ones who vote the most, much less on the wealthy donors to political campaigns.
@@fracta1organism True, but like Hudson said in the beginning of this interview, 'debts that can't be paid, won't be paid'. I wouldn't be surprised if pretty soon you didn't have to sell the pensioners anything, and you didn't have to care one bit about the wealthy donors. When it is impossible for the system to function, it comes down one way or another, and we might very well be at that point sooner than anyone of us thought. I'm not saying it's all going to necessarily turn out fine either in the short or the long term, or that it's going to be easy, but I am sure that there are many bankers in this world right now who are (or at least should be) very, very scared of (especially) the middle class, be it pensioners or employees, who are going to be very, very angry after the dust eventually clears from COVID.
@@joaolitos This is exactly what the Deep State wants. Please don't think that violence will do anything except accelerate global monopoly of privately held corporate wealth. Any viable solution is a peaceful solution, including the oligarchs and their worshipers.
@@The.world.has.gone.crazy... Yes but why are the drug cartels able to be successful? It's because they have an endless supply of desperate people. Just getting rid of cartels won't accomplish anything until Mexico figured out a new economic situation.
Note to Mr Vrettos: please - when Mr Hudson makes a point and is about to expand upon the basis of that point - please let him be. He does not need any help.
I'd like to be on board with Hudson. He makes many good points, but... why is he playing the "lesser of two evils" card?? Chomsky: Biden Hudson: Trump Didn't trump kill the main general of Iran?...
Some of Hudson's views have close resonance with Islamic economics - eg no usury, 2.5% tax only on surplus income etc. Pity he has not focused his eagle eye on the economic history of Islamic civilization and what it has to teach us today.
Religion is psychology / however the system includes psychology, the system is a process same as humans they are a process / first was the wheel them the automobile & later the airplane , today is eye phones. technology is part of the process. the old system 1913 is gone, that is why you feel that the american empire only lasted 150 years & it has ended reason is technology tecnología modifies all systems is part of the process , humans also get modified genetically & hopefully mentally consciousness also evolves . you are a moving element however your child will look & be like you today but probably 1000 years from today he might be totally different his thinking he might live longer many changes could take place since he is a process in motion 🤔
Tell the world about this, tell the Nations about that.. Debts that can't be paid, won't be paid! Lies, damned lies and political finances, in the same context?
Jesus was not referring to the year of jubilee. He was referring to isaiah 61 regarding the time of messiah and did not quote the rest about Gods vengeance because that was not happening yet. Jesus's role was redemption and reconciliation. The next role will be jesus as the arm of Gods vengeance. Thats why he didnt finish isaiah 61 . It's got nothing to do with the freaking year of jubilee
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Michael Hudson is a genius. If you want to understand how the world works read his books and watch his videos. He’s changed my life.
Agreed.
@@coolmodelguy Makes me giggle. In one of his other talks, he mentions his background.
Godson of Leon Trotsky.
Open Marxist.
From a Marxist family.
Hired by the CIA, because their background checks are shit.
Michael is my hero, his learning is of the special kind.
@@antediluvianatheist5262 So what?
You Have A Good Point absolutely followed by Richard Werner.... too bad Prof Richard Wolf gets more publicity than both.
Michael Hudson is treasure --- EVERYONE SHOULD HEAR WHAT THIS MAN HAS TO SAY!!!!!!!!!!!!!!!!!!
Hudson is one of our finest minds. Thanks for this
This man has changed my entire political-economic outlook from right-libertarian...to left-libertarian.
welcome!
first book on economics i ever read was '...and forgive them their debts'. then i read 'killing the host'. luckily i had no economic education before (didnt know what a bond was, even) which meant i didnt have to go through any neoliberal deprogramming to understanding what he was saying (just a lot of looking up terms in the dictionary).
i dont know if youve read it, but you have to get 'killing the host'. i would also recommend elaine myksin woods 'the history of capitalism'.
He’s changed my life of ignorance
I’m on my seventh book of his.
Libertarianism is Totalitarianism
It’s so nice that people are starting to see who Michael Hudson is and how what he has to say is the answer to solve our problems.
He's the guy.
Man, I love this man Hudson....what a common sense great man...where has his like disappeared to? We're surrounded and lorded over by greedy gluttonous pathological money hoarding creeps now instead of whole hearted conscientious men like him.
We have to write those leaders in.
Hard to believe Michael Hudson was 80 when this interview was conducted. Wow, imagine being this sharp when you're over 80. What a guy!
Bernie is up there and he’s just as focused and clear as always! More than Biden or Trump!
"Economic rent is unearned income, they don't earn it, it is a result of privilege, almost always inherited otherwise monopoly privilege or the right to appropriate for yourself that should be public. Land ownership, mineral resources [...], education should be public, people shouldn't have to pay, education should be a human right [...] medical care should be a human right. America, that people used to think as the most progressive capitalist country, suddenly becoming the most neo-feudal country in the world." Michael Hudson
I’m inspired to get a pair of those pants and suspenders
When the debt can't be paid, the collateral will be taken. That was the objective all along.
But what Hudson is suggesting is that the collateral shouldn’t be taken. The bank took a chance and loses.
Yes, and the collateral of the federal reserve bank and IMF is the labor if the population, otherwise known as taxation.. now, their collateral is not just in goods financed, like land, but the collateral is the labor of the American people called income tax. Property taxes keep the people down and dependent
@@MrCharlyAndy maybe collateral is ok, fair enough perhaps. What isnt good is interest. Interest is prohibited in the bible and debt release happened every 50 years. Slavery was more like indentured servant hood because the person had to be released in 7 years
Wow, his view on the Bible give me a fresh perspective on the sermons about, “Jesus paying for our sins”
Hes wrong. That bit about jesus talking about the year of jubilee is TOTALLY WRONG . Lol. Jesus quoted the first part of Isaiah 61 announcing HIS ministry, which was redemption and reconciliation. He left out the second part of the quote which had to do with God's vengeance because that was not His role at that time. Jesus will return as the arm of vengeance later. Unbelievable how stupid secular know it alls interpret scripture with no understanding . If you just look at the context it's obvious He was announcing His ministry. But yes, God did demand a year of debt forgiveness, the jubilee, AND outlawed charging INTEREST. Both of these would correct what Hudson is talking about
100% understood and 100% agreed with by the people courageous enough not to play the game to be deaf, knowing that no one can be more hypocrite that those who don't want to hear.
As a good friend said, "statistics are like a yellow cab, tell 'em where you want to go and you'll be taken there."
I loved it that he is the only person I have ever heard besides myself that described modern USA as a neo-feudal state, it does possess a striking resemblance to the Western Europe of the medieval times when it comes to relationship between the peasants (the 99.9%) and the feudal lords (the 0.01%), it is extremely unfair and it cannot be justified by any economic model.
Ichael is just wonderful. I just wish for more and slowly explained for US. All of the same. Detailed to convince us amateurs
Bravo Jim, Hudson an original thinker and economist not kowtowing to careerism.. we need new ideas!
Video starts at 9:00
Kosmos Faber Thank you!
Hudson is a great guest.........he has a lot to say
I love how he exposes Krugman for the pathetic little weasel he is.
My first visit to the MNN youtube channel and as such, I'm unfamiliar with the host Jim Vrettos. That said, when *I saw the still image of Michael Hudson and someone who I mistook for Lewis Black* , I thought my GAWD, my favorite economist and favorite comedian in one sitting!!!
Interestingly, Lewis Black describes himself as one of three socialists remaining in the U.S. He's also a resident of Manhattan. Please consider inviting both Mr. Black and Mr. Hudson to participate in a conversation on the topic.
This is what accurate reporting on actual biology based social behavior is in principle, as opposed to the many flexible interpretations of "social-isms". Which "isms" include materialism and spiritualism..
Just for fun:
The mass of that ball of gold with a radius of Jupiter's orbit around the sun would be about 1.93 x 10^10 solar masses - it would be a super massive black hole.
For comparison: The largest known super massive black hole in the universe has 4 x 10^10 solar masses.
If you want to check this, these are the data I used:
Mass of the sun: 1.989 x 10^30 kg.
Density of gold 19.32 tons/m^3 = 1.932 x 10^4 kg/m^3.
Radius of Jupiter's orbit: 5.2 AU.
1 AU = 150 million km = 1.5 x 10^11 m.
"NOTHING OF IMPORTANCE IN THIS WORLD WILL EVER GET DONE UNTIL MEN ARE PREPARED TO KILL ONE ANOTHER IF IT IS NOT DONE." G B SHAW
That says it all, about the aspects of the human economic situation within the holistic ecology of balancing energy and social momentum.
Almost at the end . Michael states " and that's why the Christian's hate jesus!" So true .
@51:00
Jews hate Jesus not Christians.
@@Anticolonialist
Jesus did not want a church, and the Christians have been led to the wrong path by Paul, jewish himself.
The Roman Catholic Church has betrayed Christ, and Protestants are closet jews, unfortunately, specially since Vatican II, and this pope François I, who is obviously NOT a true believer in Jesus Christ.
No hate in my heart, only Love for Truth, Beauty, and Good.
,
@@19battlehill And Christianity loves the Roman rather than Jesus's teachings.
@@19battlehill jesus was a great men he did put his enemies the Jewish rulers & the roman empire out of busyness however his aim was never accomplished which was more humanity more love and understanding on that field he fail. people are no different today than 2000 years ago. why the Jews had to walk for 2000 years + is another matter that is more psychology than religion. israel today is a mess , and that is the system. not religion .
If y ou're going to do a program, do it with an audio one can hear!!
Exactly and it's most of these videos. I'm like if you want to be the next Oprah you gotta at least do a practice video and things like that.
real gem real economist ......love
when did the interview take place, its important to state the exact date
And god spoke and the people listen somehow trying to understand what is so twisted in the financial world that by understanding some of it one has the impression that we are taken for a ride for a century and no one knew any better other than the bankers themselves. Some twenty years ago a survey was made in Europe about what people knew about the banking structure, the result what fabulous, only a tiny minority had some idea about how the banking system works, a result that delighted the financial world. Now 2021, do we have any changes on this deplorable situation? Yes, a minute one but it is better than before. Indeed Micheal Hudson help to put some light in the dark tunnel we are travelling in.
It's almost impossible to find anyone to mention Solon the Great and what he did. NO ONE.
Solon,?
40:34 "the economic clown Paul Krugman" 😂
Btw has Krugman finally understood that private banks are not merely intermediaries?
Aha. We will rework nature and stop the write down of debt. Capitalism over the whole Galaxy!
Krugman is an idiot.
krugman doesnt seem to understand that if banks create money, and banks charge interest. because banks need to make a profit. repayments>total money supply every time unless you have an ever increasing money supply. the question then becomes is that possible that banks can keep issuing loans above the replacement value and turn a profit?
Let Hudson finish his thaughts
I always remember a Sicilian Woman saying that if a Banker cohorts came to retrieve her house they know how to settle it.
Wrist watch on outside sleeve - straight up pimp
I noticed that in a different video too. I should just google it but is there a purpose/tradition to this I'm just curious? I have been told to wear watches on my left wrist and continue to do so to this day but have no real reason other than being told early on in life. But uh, c'est la vie I suppose...
I want to apply some baseless psychoanalytical linguistic correlations and say it's like keeping time closeby and to yourself or something but that's all I can think of.
If you have allergy to metal on the back of the watch face, good to do
Great, inspiring talk. Hudson no doubt one of the few exquisite economists globally. One mistake he made, which became clear yesterday. Bernie has defeted himself and extended support to Biden.
Lol
I wonder if they threatened him. Remember how he had a sudden stay in hospital for his heart? Soon after, Biden got the nomination. I knew Sanders would never be allowed to win.
@@gmac8586 Afraid ? At his age? Bernie was a fony. He has like maybe 20 years left. Even if they threatened him once we get to the end of our life we tend to get fearless.
Iam not saying Bernie was a bad person. I am just saying Bernie had plenty of chances and every time he went along with the establishment.
He is AMAZING!! That is exactly what I’ve been saying to friends. If Bernie isn’t running and the Dems put Biden up against anyone else, I won’t vote until we get another party.
In an economy everyone is a part. Plays a part.
Everyone...has a part.
EVERYONE.
In other words everyone has skin in the game all countries and people
The sound has become unintelligible at 39:07!
Vrettos has a nasty habit of interrupting the guest...............nobody wants to hear Vrettos,
they want to hear what the guest has to say.
yes. a really good interviewer is almost not there with a guy like hudson, who can do a lecture, thank you very much. If I was interviewing, I would stop in mid sentence if hudson said um, err
This a million times
Great
Forgiving third world debt and redistributing first world minority wealth to a large degree to equalise society and build institutions is the key.
Frauds, all of them, don't let them pretend innocence.
simple question for michael, what happens to retirement pensions if the banks are allowed to fail or debts are cancelled?
Short answer is, they will be gone, just like every other speculative instrument. The whole pension system would have to be restructured so that pensions are paid from the public budget, paid for by work that is done today (or rather, will be done next year). Although for the short term there wouldn't be anything stopping the government from guaranteeing the pensions, and things like ordinary bank savings, before everything else. That is theoretically at least.
Most likely what will begin to happen if COVID crashes the financial system entirely is that the bankers will try to stick the most toxic assets into pension funds first, essentially liquidating them. Interesting times are ahead.
@@MilesBont any jubilee isnt going to be an easy sell on pensioners, the ones who vote the most, much less on the wealthy donors to political campaigns.
@@fracta1organism True, but like Hudson said in the beginning of this interview, 'debts that can't be paid, won't be paid'. I wouldn't be surprised if pretty soon you didn't have to sell the pensioners anything, and you didn't have to care one bit about the wealthy donors. When it is impossible for the system to function, it comes down one way or another, and we might very well be at that point sooner than anyone of us thought.
I'm not saying it's all going to necessarily turn out fine either in the short or the long term, or that it's going to be easy, but I am sure that there are many bankers in this world right now who are (or at least should be) very, very scared of (especially) the middle class, be it pensioners or employees, who are going to be very, very angry after the dust eventually clears from COVID.
Pick the pitchforks , and get the scum who have it all... problem Solved.
@@joaolitos This is exactly what the Deep State wants. Please don't think that violence will do anything except accelerate global monopoly of privately held corporate wealth. Any viable solution is a peaceful solution, including the oligarchs and their worshipers.
43:17
Marx was a tough read till the second half...at money accumulation....
look at his feed while he is speaking
hudson @ 6:22
DON'T STARVE THE ANIMALS ON THE ANIMAL FARM
cant scud the hud!!
What in gods name are you thinking with that 10 minute introduction!
I wish he could work with Andres Manuel Lopez Obrador my president of Mexico
Mexico first has to get rid of the drugcartels before it can get a real economy and democracy.
@@The.world.has.gone.crazy... Yes but why are the drug cartels able to be successful? It's because they have an endless supply of desperate people.
Just getting rid of cartels won't accomplish anything until Mexico figured out a new economic situation.
Note to Mr Vrettos: please - when Mr Hudson makes a point and is about to expand upon the basis of that point - please let him be. He does not need any help.
What a beautiful singing. Could be mine.
🗣. 👀 👀 👀
I'd like to be on board with Hudson. He makes many good points, but... why is he playing the "lesser of two evils" card??
Chomsky: Biden
Hudson: Trump
Didn't trump kill the main general of Iran?...
Biden is still worse... even if its not by much
Ask who destroyed Libya? Oh I remember now. It was our black president. At least with Trump and Bush you can see the knife.
Know it all host needs to listen more than speak.
It's all very well claiming that someone predicted the GFC but where has that person presented the clear evidence.
Nothing is
Some of Hudson's views have close resonance with Islamic economics - eg no usury, 2.5% tax only on surplus income etc. Pity he has not focused his eagle eye on the economic history of Islamic civilization and what it has to teach us today.
Religion is psychology / however the system includes psychology, the system is a process same as humans they are a process / first was the wheel them the automobile & later the airplane , today is eye phones. technology is part of the process. the old system 1913 is gone, that is why you feel that the american empire only lasted 150 years & it has ended reason is technology tecnología modifies all systems is part of the process , humans also get modified genetically & hopefully mentally consciousness also evolves . you are a moving element however your child will look & be like you today but probably 1000 years from today he might be totally different his thinking he might live longer many changes could take place since he is a process in motion 🤔
A sphere if gold extending from the sun to Jupiter can not exist. The sphere would collapse into a black hole
Don't listen to this man. He might challenge your fundamental beliefs lol
Tell the world about this, tell the Nations about that..
Debts that can't be paid, won't be paid!
Lies, damned lies and political finances, in the same context?
It's a real pity this interviewer keeps INTERRUPTING !!!
Listened to Hudson many times and learned so much ,but the host here was irritating with his interjections and babbling sometimes.
His opinion on Trump's aged like milk
Jesus was not referring to the year of jubilee. He was referring to isaiah 61 regarding the time of messiah and did not quote the rest about Gods vengeance because that was not happening yet. Jesus's role was redemption and reconciliation. The next role will be jesus as the arm of Gods vengeance. Thats why he didnt finish isaiah 61 . It's got nothing to do with the freaking year of jubilee