NY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman's dollar defense
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- เผยแพร่เมื่อ 9 พ.ค. 2023
- Economist Michael Hudson responds to the misleading arguments against de-dollarization that New York Times columnist Paul Krugman made, as part of an attempt to defend US hegemony and the dollar system.
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Michael Hudson- "if i hadn't met him and really didn't know how stupid he is as a person, then i would think he was deliberately lying but i have met and he really is that stupid" love the wisdom from mr hudson
i died! lmao...
Well. Maybe Krugman is playing by a higher set of rules. Maybe the US is being led into fascism by the neocons and Krugman knows it. Just a thought.
Well said.
Seriously, the inevitable question we always arrive at when questioning the deluge of rhetorical horseshit pumped out by these demonic arcons is of course: stupid or evil?
Of course at some point it hardly matters, but the best answer we can usually discern is either a fine-line or ambiguous mixture of compartmentalization - some inscrutable combination of the two - but it's always nice for consciousness-raising (presumably) when such platonic ideals of stupidity are propped up in place of that to so transparently reveal the fraud of this system prima facie.
Contrasting Michael's _actual_ wisdom with Krugman's solipsistic buffet of bullshit, reminds me of Nietzsche (talking about instrumentalized "Christianity", but since Krugman is one of the high-priests for the divine right of "the market", an easy substitution - some might even say a _continuity_ as Christianity's original anti-hegemonic ie anti-Roman empire, semi-class-conscious character is eventually neutered by the rebranded "Holy" Roman Empire under Constatine leading precisely to its irreconcilable fracturing and eventual insane protestant apotheosis in things like "prosperity gospel" which is simply a less secularized version of what is espoused by Krugman, as opposed to the "liberation theology" character of Christianity unsurprisingly more common in the global south where empire has given that religious symbology its proper context, but clearly I digress sorry lol...) who I will now pretentiously quote,
_"The idea of “life” as an experience, as he alone conceives it, stands opposed to his mind to every sort of word, formula, law, belief and dogma. He speaks only of inner things: “life” or “truth” or “light” is his word for the innermost-in his sight everything else, the whole of reality, all nature, even language, has significance only as sign, as allegory.-Here it is of paramount importance to be led into no error by the temptations lying in Christian, or rather ecclesiastical prejudices: such a symbolism par excellence stands outside all religion, all notions of worship, all history, all natural science, all worldly experience, all knowledge, all politics, all psychology, all books, all art-his “wisdom” is precisely a pure ignorance of all such things. He has never heard of culture; he doesn’t have to make war on it-he doesn’t even deny it.... The same thing may be said of the state, of the whole bourgeoise social order, of labour, of war-he has no ground for denying “the world,” for he knows nothing of the ecclesiastical concept of “the world”.... Denial is precisely the thing that is impossible to him.-In the same way he lacks argumentative capacity, and has no belief that an article of faith, a “truth,” may be established by proofs (-his proofs are inner “lights,” subjective sensations of happiness and self-approval, simple “proofs of power”-). Such a doctrine cannot contradict: it doesn’t know that other doctrines exist, or can exist, and is wholly incapable of imagining anything opposed to it.... If anything of the sort is ever encountered, it laments the “blindness” with sincere sympathy-for it alone has “light”-but it does not offer objections..._
_Let us not be led astray: they say “judge not,” and yet they condemn to hell whoever stands in their way. In letting God sit in judgment they judge themselves; in glorifying God they glorify themselves; in demanding that every one show the virtues which they themselves happen to be capable of-still more, which they must have in order to remain on top-they assume the grand air of men struggling for virtue, of men engaging in a war that virtue may prevail. “We live, we die, we sacrifice ourselves for the good” (-“the truth,” “the light,” “the kingdom of God”): in point of fact, they simply do what they cannot help doing. Forced, like hypocrites, to be sneaky, to hide in corners, to slink along in the shadows, they convert their necessity into a duty: it is on grounds of duty that they account for their lives of humility, and that humility becomes merely one more proof of their piety.... Ah, that humble, chaste, charitable brand of fraud!"_
At least for me, this is consistently one of the hardest insights - yes, the ppl in power really are that ignorant and - stupid.
it's so obvious that things are not improving. I'm looking at high-yield dividend stocks. Selling 200k worth of stocks is stupid without reinvesting it. I might turn to cash soon if I don't invest it. Any particulars? (Buying bonds or CDs is not for me)
The economy and stocks are two different things these days
I also think everyone needs a Margin of Safety in their portfolios and just remember, It's time in the market versus timing the market.
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I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
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lol, he went right to the point "the man is really that stupid, i have met him" :)
Finally, someone that knows what he’s talking about !
It's so nice to hear Dr. Hudson be so forthright about his views of Krugman. I have long held Krugman in extremely low regard, I appreciate having my feelings supported by someone else who is much more knowledgeable and experienced in this field.
It is so nice. To have gold coins at home.
I agree. I have been following Krugman on and off for over 20 years and it's mind boggling that this clown got a Nobel Prize in economy (which shows how that institution is corrupt and their prize largely overrated)
Often we are just too polite to call a spade "a spade"...
... but by any standard, Krugman IS an idiot ! 🤡
Exactly; Krugman is a loyal servant of the criminal cabal.
Feelings are all either of you have...
@@coachhannah2403 Oh yeah? Then why has Krugman been wrong about quite literally every major economic development in the past two decades? The dude has a batting average of -100, he's somehow scoring negative homers. Also why the heck are you even consuming Dr. Hudson's commentary if you love Mr. Krugman so much? A bit strange if you ask me.
As always ,thank you Michael Hudson for the IQ Boost.
Brialliant and thoroughly engrossing analysis by Michael Hudson, After being lied to 24-7 by mainstream media, what a pleasure it is to have someone treat you with respect and tell the truth.
As a soon-to-be economics graduate student this is such a gift. Thank you
Economic Calculation in a Natural Law / RBE, Peter Joseph, The Zeitgeist Movement, Berlin
th-cam.com/video/K9FDIne7M9o/w-d-xo.html
What is the name. Of the school that tithes economic ???
Love Michael Hudson.... he's been telling us how things really are in the financial world all of his life.
"he really is that stupid" 😭
WE're so fortunate to have Michael Hudson with us.
Michael Hudson truly deserves the noble prize in economics. I subscribed to geopolitical economy report but I was involuntarily unsubscribed by TH-cam algorithm. Michael’s analysis is right on.
Krugman is a politician and that probably was the cause he won the Nobel prize
Brilliantly said. Thank you.
Thank you Michael for your honest intellectual arguments. Krugman is really a fool not to understand that there is a shift in the international dollar system and the formation of an alternative system to the dollar predominance.
In case you haven't noticed the neo-clasical/neo-liberal blitzkrieg of non-sense lately in the corporate media and TH-cam. They are losing their minds trying to downplay the implication of de-dollarization. The so-called economists that advised Biden to use sanctions and confiscation against Russia should all be fired. IMNSHO they are personally responsible for the biggest foreign policy blunder in the history of blunders and the history of the US empire. One stupid move and the world balance of power started shifting to higher gears and speeding up. Down playing is all they got.
He's not a fool as you think. He has to reassure and convince people to keep making use of the dollar as the global currency.
@@amossutandi Just like a frog in a well
He is a Nobel prize Laureate, bravo
@@billyesomann Obama got the nobel peace prize...
“NY times is wrong”
Color me shocked
“NY times is wrong” not a surprise at all lol
When was NY Times ever right when it is just a propaganda tabloid?
Like the Bible, if it gets anything right it's by sheer chance.
Post WW2, City of London also set-up off shore entrepot zones to launder Sterling and provide tax evasion. Later they graduated to Euro Dollars. Finance Capitalism won in WW2.
The Bible is always accurate. It cannot be compared to any other Book. Read it intelligently for yourself, before making such an outlandish and idiotic comment. Due to widescale Biblical illiteracy, the West is fast on track to becoming "Banana Republics."
Remember when NYT was defending Hitler in 1924?
Hudson's the best.
That burn from Michael Hudson towards Paul Krugman at the beginning was great! I trust his assessment, on both the US economic outlook as well as Paul Krugman's intelligence!
This is what it looks like when you really know wtf you're talking about. Along with Obama, this also points to the increasing irrelevancy of a Nobel prize.
The Nobel Prizes were endowed with blood money from Nobel's dynamite. He felt guilty about, y'know, inventing the stuff that killed tens of millions, so he wanted to assuage that guilt.
This has been known since the 30s when people realized Tolstoy never won the prize for Literature whereas many bumpkins like Bob Dylan (né Zimmermann) did. Jean-Paul Sartre slapped the Fachakademie in the face by declining the prize.
Indeed. China clearly deserve a Nobel Prize to lift 800mio people out of poverty. This was never achieved in human history. Why China isn't awarded the Nobel Prize? If not, who else deserve the Prize?
Amen 🙏 Mr. Hudson 🙏
Mr Hudson in full, factual and analytical flow. A wonderful spectacle. Thank you both.
It is always a pleasure listening to Professor Michael Hudson! Thank you very much Ben for that!
The professor is an absolute gem
Has Krugman been right about anything ? ............ Ever ??
Inflation? Oh wait..
the Russians put porn on Krugman's computer?
He brilliantly and consistently predicts his bm’s.
As a professional deep state propagandist, being correct was never one of Krugman’s goals.
He doesn’t have to be, he’s a privileged Jew
Thanks Ben Michael is a gem
Because of him I understand more about my country and how it’s whole system is flawed
Why did Ben leave the Grayzone and steal their Patreon account?
Australia is not a country. It's a European colonial occupation.
@@RocketGator05did you ask that to Max too? My guess is people drift apart. Especially during a crisis such as a pandemic.
@@RocketGator05 ANY PROOF ?
@@RocketGator05 Ben became a paid up member of the Branch Covidian, but each to their own I guess.
I love these conversations. Someone has to have them
Excellent conversation. The only fault is that it does not last two more hours. Thank you both and congratulations.
Thanks Ben for covering de-dollarozation.
Michael Hudson at his best. Insightful, acerbic, ruthlessly truthful and a treat to listen to.
this was hysterical! i love Michael so damn much!
Hudson is an absolute gem…….Thanks for your service, sir…..👍🏿
Very well said Michael Hudson.
So bord. Trying to find out from boring. People's.
Thanks to Michael Hudson and Ben Norton for a very illuminating and educational commentary on the issue of De-dollarising the USD. Kudos to both of you.
Oh fuck, yes! I was dreaming of this interview when I read that piece of shit in the New York Times last week 😂🙏🏼
You actually read The New York Times?! That rag isn't worth 2 minutes of your time.
I’ve been following the petrodollar for a few decades, so whenever a known idiot like Krugman chimes in on the subject I absolutely have to read what they are saying. The more recent piece is an especially retarded amalgam of gaslighting and wishcasting. 😂
The Jewish Toilet Propaganda Paper Of Record. New York Times.
Thank you so much gentlemen.
Thank you! You made my day
"The prerequisite for winning the Nobel prize is to not understand foreign trade." Soooo SAVAGE 😂
Another massively important lesson in economics from Michael Hudson. I love this man!
Autre. atherosclerosis... waste of time.
Anyone of Michael Hudson's caliber willing to go to the term stupid for a description of who the NY times uses for their financial news says a whole lot about how concerning this really is. I can't remember Michael ever saying anything like this before in other interviews.
Man. I wish I could get refund on all the Krugman books I own. It is what it is.
I have Hudson's books, never considered Krugman worth reading
lol🙃🙃🙃
So much knowledge of how our world works.
Excellent!!
Dr Hudson is clearly the most intelligent and moral economist on the geopolitical and economic scence these days. I also greatly appreciate Ben Norton 's respectful and insightful contributions to this great lecture.
02:23
This is the best and most appropriate description of Nobel-prize-winning Krugman and his equals, themselves and their misbeliefs.
Thank you, Prof. Hudson!
I am a fan of both Ben Norton & Michael Hudson...this is nothing new! This particular podcast has left me flabbergasted for it has opened my mind to the sheer dishonesty of the powers that be. Hudson surpassed himself in brilliance, knowledge & honesty in his minute explanations of the present state of affairs. I have to consider myself lucky to have watched and understood this video. Thanks to both of you. It made me feel elated which is not really common.
Why did Ben leave the Grayzone and steal their Patreon?
@@RocketGator05 Why don't you ask whoever told you that? Being such a 'conscious citizen' you should've asked!
@@RocketGator05 Why does Max have rallies with fascists?
@@fun_ghoul which fascists? Do you mean the anti war rally?
@@RocketGator05 You mean the anti-a-particular-war rally attended mostly by fascists?
always a pleasure to hear Mr. Hudson.truth is always hard to swallow for the banksters and scamsters
What else would one expect from a newspaper that is owned by the same tribe that owns banks, academic institutions, Hollywood and American foreign policy?
"It's deliberate ignorance!"
That encapsulates the denial of reality in the Western World, whether it refers to its eventual demise to climate change.
😢 Michael Hudson, you are brilliant!
Michael Hudson has such a brilliant mind. His unique ability to express in lay terms and thus making intelligible such highly opaque monetary systems, is a gift we must be so grateful for. As for Krugman .....ouch!
The reason NYT gives Krugman a voice is because he props up Wall Street's Junk economic that benefits the few at the expense of the rest of us.
Thank you✌️👍❤️
M Hudson is a legend. Love his economics, the way he thinks. ❤
What an insult. Krugman cannot live it down.
Thanks! Ben , thank you for bringing on professor Hudson. The education we get from him is incalculable. Keep up the brilliant content.
Michael Hudson, getting a bit feisty on Krugman. We need more economists like Hudson, to go in on fraudulent charlatan-ish economist whenever possible.
The problem is that the employers of economic talent specifically don't want competence. They want the right ideology (neo-classical, neo-liberal, etc) to hock their agendas.
Whoever points this out is called antisemitic, because the (((elites))) are Jewish.
Michael Hudson is The. Very BEST economist in the World . I Have followed him for. Long Time. 👍👍👍👍👍👍
Such a pleasure listening to Michael Hudson.
Very interesting discussion!
Thanks professor Hudson. It is great discussion.
A fiat "dollar" economic system is absolutely dependent and built upon the "dollar" as the means of global finance.
You have stated the axiom perfectly my friend😊
Great, informative and entertaining talk. 👏 👏👏👏bravo!
The missing link is where does the dirty money go. Now we know where it goes.
Michael, tell us how you really feel about Paul Krugman.
I like Paul Krugman. He writes fairy tales for adults. He is not a serious writer, but if you are willing to engage in his fantastic world without war and crime, his happily ever after stories sound so neat.
He writes for the interests of (((his))) people.
You make it sound so charming. Thank you!
Fascinating discussion. Thanks.
Mr. Hudson is genius.
What I gathered from this conversation; if Paul Krugman can become successful and honored in this society, there's still hope for me.
This kind of society is corrupt
Don’t think you want that kind of hope. He was placing PK’s conditions of success at a Venn Diagram intersection, where one circle is “not astute” and the other is “contributes to our finance overlords’ propaganda.”
If you identified with the first circle you sure get points for modesty.
If it’s the second you identify with, think you’re watching the wrong channel.
@@teynaranjas788 Don't worry about me, I'm highly incompetent! Or, worry a lot! 😂
@@puppetMattster No Dunning-Kruger effect with you, so I’m sorry but you must be competent!😄
I caught Krugman live at the FU Berlin Oct 2010. After his talk, I leaned over to one of my profs and asked, "Did the university really pay this guy for these milquetoasty insights?" He rolled his eyes and nodded in agreement.
This is not okay. He is murdering the krueg
you can't murder a braindead _circle..._ 😏
Thanks
I think Krugman understand everything but he has become a tool for the financial oligarchy that run the country, he just sold out actually like most people do.
Its like the climate change deniers that take the oil $, they know $ spends
If you took a class from him and had to listen to his narcissistic anecdotes, you’d be nauseous.
Bravo! Bravo! Bravo!
Great video Ben Norton
Wonderful news.
Absolutely fantastic! Thanks for making this video.
Thanks!
Which country wants to hold dollars backed by printing machines that churns out a tsuanmi of worthless paper?
Michael Hudson about Nobel prize winner, Krugman:
"If i hadn't met him and really didn't know how really stupid he is as a person, I would think he was deliberately lying, but I have met him and he really is that stupid". :D
I love these guys.....truth and sense
Simply put, brilliant analysis...
“You are a den of vipers! I intend to rout you out, and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.” - Pres. Andrew Jackson, speaking of international bankers, 1829-37
Andrew Jackson was just sour that banksters wanted too large a cut of his colonial loot.
Ben: Can you ask Dr. Michael Hudson - in a future interview - just how much Central Bank of Russia reserves were actually frozen? The EU has been consistently saying it can find only $38B.
Love these real time educational updates with the G.O.A.T.
Krugman is political rhetorical raconteur rather than economist.
Though I don't endorse Paul Krugman's worldview I think it's important to illustrate that at the beginning of this discussion Ben Norton somewhat misrepresents Krugman. Norton accuses Krugman of defending the view that "if you don’t believe that the US dollar will stay dominant, you believe that it’s going to become toilet paper." but this isn't Krugman's view. In the article that Ben cites, Krugman starts by explicitly criticizing those persons who do hold that view. Krugman begins in this way: "The dollar is about to become “toilet paper,” says Robert Kyosaki, author of “Rich Dad, Poor Dad.” “Get rid of your U.S. dollars now,” says the investor and economic commentator Peter Schiff. They aren’t alone: I’m seeing a lot of stuff like this in my inbox lately." So Krugman is being critical of those alarmists of "Weimarists" who are saying that if the U.S dollar loses its hegemony, there will be massive hyperinflation in America and that it'll be worthless money.
It's somewhat ironic that Ben is accusing Krugman of strawman arguments (which Krugman does engaged in) but he himself strawman's Krugman's position and the discussion with Hudson is shaped by that. Again, I don't support Krugman and I'm more on Ben and Michael's side on this topic but I think it's crucial to represents the views of persons you disagree with accurately.
When an old codger like me is beginning to understand, you know your making real progress. Keep explaining, guys. We're getting there.
Don't sell yourself short - he makes sense- that's' why.
I assumed the Fiat Dollar would never be accepted, in 1970.
They proved Me wrong the next year.
I thought the Federal Reserve Note was done last year as the US GDP dropped into negative numbers for a couple quarters.
Then the money started to flow from the European Consumers being exploited with LNG forced on them.
The Dollar has been worth what the US Treasury can support since 1971.
The support is fading fast.
Since when does Murdoch Media tell the Truth?
They all tell the truth occasionally. It's the spoonful of sugar that makes the medicine (lies) go down.
Krugman is today's Pangloss.
If Michael's is the name that "should not be spoken" then we should all shout it out from the rooftops, in the process drowning out the likes of Krugman et al. 🎶Michael, Michael, Michael🎶 Well done Ben and Professor Hudson, excellent as always 👏👏
Such excellence. Thanks 😊
WOW! An amazing guest! Thank you! I’m ashamed to say that I hold Master degree in Economics and did not know any of the facts Mr. Hudson discuses.
An excellent talk, thank you.
Hi Ben. Thank you for your excellent reports and for having such brilliant, enlightening guests.
Could you do an episode (or a series) on countries that use the dollar as their currencies, such as Ecuador and El Salvador.
I live in Ecuador, which has been dollarized since 2000. I always had the feeling that something was very wrong with it. We witnessed drug trafficking and money laundering skyrocket. The police and the military have been involved in those illegal activities. More recently, we are suffering unprecedented levels of violence, as the US-puppet regimes in Ecuador have hardened their war-against-drugs policies, to the point of labelling drug cartels as "terrorists" in order to justify extra-judicial executions (and to criminalize social protest).
If the US loses its hegemonic power and a new Multipolar World emerges, what is going to happen to small countries that have been in the US orbit, specially the dollarized ones?
Great conversation..Thank you Gents!👍
Thank you Ben Norton for such a wonderful interview!
I aways listen to Michael Hudson and others, such as Professor Richard Wolff, Yanis Varoufakis. Men with a moral conscientious.
With the deepest appreciation and respect for Michael Hudson' Hudson's expertise with critical analysis on economics and knowledge .
Thank you, for having him on.
one of the best channels on YT.
Salute the Truth Teller's and All Activists. 🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋