yeah for sure Rick is my favorite but Hudson is right there with him they are both so well educated & great at teaching things/ explaining complex topics for mass consumption. just as any good leftist should do! :)
This commentary is explaining perfectly the present 2023 economic situation pertaining to the current failures of banks and the strategic political responses, announced bailouts etc, and accurately predicts the fate of society as a result.
After starting out in the world with a degree in economics, marketing, management, statistics, programming, economic geography and accounting/finance followed by 45 years of seeing neoliberalism at work tearing down what was built after WWII, I run across Michael Hudson who articulates my conclusions of reality. He is one of the most honest and observant analysts I have come across. A MUST 'listen to' if you are not in a walking coma. Things are going to get very bad from this 'covid pandemic' in economic terms due to mortgage and payment defaults resulting from the 'cheap credit' trap and THAT is when Neoliberalism and privatization jumps into high gear.
Thank you SO MUCH. I love Dr. Wolff but Michael C. Hudson is my favorite all-time living economist. His books, Killing the Host and J is for Junk Economics, are simply fabulous!
I have an economics major and pretty much everything Michael Hudson says is true. I literally felt like I was being brainwashed in some of my classes, and inherently knew that I was missing something; thank goodness I did my own research.
Richard wolf - the wonderful guy that started this channel...younger broke folks...we have got to be economists even with no money so we can take back our world and future
Don't you mean, Dr uh, Hudson, uh, is great, uh, love to hear, uh, him speak, uh, there aren't, uh, enough, uh, interviews, uh, with him, uh, so, uh, thank you, uh. He's a terrible, stuttering speaker. It's as pleasant as getting a root canal in a covered wagon, riding down a cobblestone road.
So much wisdom and such a knowledgeable lovely man. My one request is ( if at all possible ) for Prof.Hudson to present his fabulous knowledge in the manner Prof. Wolff presents his great information.
love keen and sub to him here on you tube . like keen mr hudson has a clear understanding of the reality of the economy , and we need more like him. thanks for the interview. i find nothing but truth in evry word of this. mr hudson should be heard everywhere.
Why he is a bag of hot air. He tries to blame banks, but the real culprit are the professors giving out cheap loans for worthless degrees. If the degrees were so valuable, the schools could give out loans for their degrees. The professors could take a cut of future earnings of the students. Maybe the University of Missouri in Kansas City could set and example of giving free tuiton to students for future pay? The reality is he wants to blame banks and capitalists for liberal lies and sins.
Why are the banks giving out loans? Don't they have any responsibility in the picture? For you totalitarian/authoritarian/statists, the slave owners/bankers are always innocent. When will you nutjobs stop worshipping the powerful and evil?
No look at lending club the average loan is 15%. The only reason loans are so cheap is the government backs the banks in times of crisis. Banks would be charging 10-15% for car loans today if there was no government support. All the banks paid their government loans back. They pay massive amounts of tax. Where does this money go? To support Hudsons salary. We need schools to start giving money to industry.
Civil War doesn't have to be a physical confrontation. It can be a financial issue, refuse to pay and millions of people worldwide protesting peacefully in the streets. If you aren't willing to die for liberty you will die from starvation!!!!!
This is exactly what they say " you will own nothing and be happy " thanks DAVOS!!! WE JUST SAT IN FRONT OF A SCREEN AND WATCHED IT HAPPEN AND PRETENDED IT WASN'T REAL!!! BURY YOUR HEAD IN THE SAND AND HOPE SOMEONE ELSE SAVES YOU???
The lowering of interest rates did benefit some people who were victimized by sub-prime mortgage loans and were eventually able to refinance out of these loans and reduce their interest costs. The number of people who benefited was not huge, of course, because they were people who continued to be employed and had maintained their credit. Others, those who either knowingly participated in loan fraud or did not really understand the terms of the loans they were agreeing to ended up evicted from their residence after a foreclosure proceeding. Many remain homeless even today.
It is difficult to argue against Professor Hudson's conclusion that the actions of the world's major banks have been self-serving and a primary cause of economic chaos. That said, not all financial institutions are the same. Not all banks abandoned prudent underwriting standards when making loans, either to people purchasing a residence or businesses needing financing for expansion. The problem even for prudent banks is that once an economy falls into recession, businesses cut back on spending, unemployment increases, the collateral value of assets backing loans falls, and the damage spreads throughout the population. The immediate public policy issue is who among those harmed deserves to be helped. The deeper issue is whether our elected officials have the integrity to implement systemic reforms that will prevent the same problems occurring again and again.
Facebook has blocked this link. Go to their debugger, and put it in, you will see, they tell you it is blocked. COMPLAIN. Not sure whether it is censorship or a mistake, but either way, complain.
I've complained on facebook like every time I post this link, and this is the best I have found where he breaks down the ideas in the book in a clear way. He also did a real news interview about the book, but this interviewer does really good question leading.
@25:30 most academic economists do not know or admit their entire edifice is flawed, even our own Prof Wolff does not *fully* admit it, he still (erroneously) believes taxes fund government spending.
I assume you are for the dismantling of neo liberalism as the framework that underlies society like me? I started work in 1978 and had union coverage and was part of the middle class i.e. FDR's new deal society now we are in a society straight out of George Orwell's 1984.
You need to put a comma after the word neo liberalism and another after the word society. Otherwise your statement is directed towards that portion of society that is like you. Punctuation is a thing.
Great point. Mark Blyth talks about this very fact. It was his big criticism of Varoufakis' plan. According to Blyth, they did not have a greek-currency plan (maybe backed by Russia/China).
I think people should understand better how to work for currencies like Gold and central banks-free currencies. Rejection of a currency works just like saying no to a certain product. May be hard in the beginning.
I can't even find a video about this debate he talked about between Keen and Krugman... can't imagine why? If anyone has a video could they plz link me
I still have some questions. I guess my main question, from which all my other questions or concerns regarding Michel Hudson's philosophy, revolves around how to safely extricate the parasitic elements of FIRE (finance, insurance and real estate) from the main street host. I say, the parasitic elements of FIRE, because I think it oversimplifies things to imply that all of FIRE is a parasitic malevolent force on society. But reading and listening to Mr. Hudson, it isn't entirely clear to me whether he thinks all of FIRE is parasitic or for what aspects are so, how do we go about the extrication process safely. It would seem to me that we living in a much more complicated situation insofar the parasite and the host are sharing the same 'blood supply', so to speak. Therefore, just yanking off the parasite could be very hazardous to the health of the host. While the top 5 percent may own the bulk of stock equities, I think a lot more than 5 percent of the population own a significant amount of stocks, usually through their 401k's or 403b's and IRA's. So any actions that has knock-on effect of crashing the stock market and a lengthy trough could be financially devastating to much of the remaining middle class population. While maybe the markets and the economy could have let Citibank fall, I'm not so sure about AIG. While lending may be currently tight, correct me if I'm wrong, but I believe there is still a great deal of small business lending going on with banks and credit unions providing loans for businesses very frequently. However, if that lending were to really dry up completely as we were warned could have happened if not for the infusion of stimulus cash into the economy soon after the fall of Lehman Brothers, then wouldn't we be facing an economic crisis on a scale severe enough to lead to a civil emergency similar to a natural disaster? Further complicating matters, isn't that there is a legitimate element to each area of FIRE. How are we going to, in any parasite extraction process, separate any legitimate actors from the malevolent ones? I'm not saying it can't be done, but we need to make sure we aren't throwing the baby out with the bathwater, so to speak. To take an analogy from the movies that I think has some realistic relevance to main street finance -- let's make sure we don't take measures that bring down the Bailey's Savings and Loan of the world while trying to go after the Potter's empire of the world, from the movie 'It's a Wonderful Life'. And to take examples not from the movies but straight from today's economic realities -- in terms of a mass discharging of debt, that sounds nice for the students facing mounting student loans but it doesn't sound so nice for the current and future retirees expecting municipalities and corporations to meet their highly underfunded pension debt obligations. I don't mean to be a naysayer but we need to come up with a plan where we have covered all the bases so that we can not only answer the tough questions, but also to get to where we are to trying to go. Indeed, I'm concerned that if we were to implement a plan, for instance, that did crash the markets and dry up small business loans, then the parasitic malevolent elements would sweep in like the Potter character from the movie previously mentioned, and say to the effect "see, you were wrong all along, so from now on let me do the thinking and planning while I buy up all of your land and shares for pennies on the dollar." I have all sorts of ideas myself for how to go about the parasite extraction process. I think Bernie Sanders has some good ideas that are a good start, but I think we can safely be a lot more aggressive with progressive reforms than even he is suggesting. For instance, I haven't heard Sanders even mention what I think we need to delve into and that is Federal asset taxes on corporations and the top one tenth of one percent of individuals. That, and we need to access revenue from other novel sources as well such as a Wall Street high frequency trading machine transaction tax. We can also get revenue from increased Tariffs and Excise taxes. We should also be better leveraging revenue when natural resources are extracted from federal lands. Personally I would rather Federal lands be preserved as much as possible in their natural state, but if it is already decided to sell some of the land's resources, we might as well do so in a financially responsible manner. So, instead of selling off the rights to all the timber in a tract of Federal land in a no-reserve auction, sell the timber for the going rate per board foot just as a private landowner would. Additionally, the US Treasury could bypass the private Federal Reserve, and increase the money supply by minting more coins in larger denominations. Then all this new revenue and money could be used towards instituting an FDR type of civilian conservation corp like program to rebuild our nation's infrastructure. Additionally we will be needing a lot of revenue if we are to have any chance of making up for the looming pension shortfalls that, if not remedied, will be hard on not only the pensioners, but also the overall economy due to the resultant lowering of aggregate demand from retirees having much less dollars to spend in their pockets.
The only way what he says makes sense is if you include the presence of oligopoly or virtual monopoly market control, corruption, corporatism. That really defines what he calls the rentier class. People who own a few rental properties or whatever are not the elites that he is talking about. He's talking about the banking and finance interests as well as corporate states which have basically become so big and powerful that they are above the law, outside the law, and often write the laws to heavily subsidize them or else they will bring the world economy down with them- or they will try. For example in a city near me something like 70% of the owners of the houses are now outside investors from other states or other countries.... That's not tenable for long term for outside investors to own all the housing in your area or for some small portion of the population to own all the housing bc they will eventually charge exorbitant rents- like over 50% of what people make a month and people in the US are so passive these days that they will not rent strike. In that city I mentioned- Asheville, NC the rents have skyrocketed since 2011 for many different reasons, but mostly because of outside interest. I think we need to just implement some old fashioned protectionism in some cases. Cause we want people to be able to make money if they invest, but to make money is enough- they don't or shouldn't be enabled to price gouge and fix markets.
For instance the word, liberal. Hot potato now. Berniecrat not so bad. I don't care what any one wants to label a package, I research the fine print on the back and then make further considerations. Disclaimers are the back door out and paying attention to that in the beginning should dictate any onward progression around the land mines created by the legal system.
Wouldnt you say it is a get rich kinda scheme for anyone as long as they pay the monopolys big enough money? At 1:01:00 tho I do see that since it's gotten so big its bound to crater especially with all the money printing happening.
Neoliberalism's fatal (intentional) flaw: Do not confuse the economic - oikos nomia - the norms of running home and community with chrematistics - krema atos - the accumulation of money. ~ Aristotle
It would be really useful for the more studious of us if the podcast could be annotated with any references to persons, works, or events that Mr. Hudson (or any future guest) makes. If I listened in my car and couldn't take notes or lookup things immediately, I'd have to take the time later to search in the stream for the right spot etc for any interesting reference... Not that I wouldn't do it but a simple list in the 'Show more' section would suffice and make this an all the more powerful and serious podcast.
We have made Facebook aware and are working on this! Meantime, you can find the video on our Facebook page as well as Soundcloud. soundcloud.com/democracyatwork/michael-hudson
I have recently completed a business degree, and I have to say based on that experience I don’t think most people actually understand it, and yes I stopped going further in economics and realised in the 101 class it was based on complete rubbish, that was promoting a con on the people. Now these rubbish economists have taken declared themselves experts in everything and are steering all areas of govt!
For thousands of years there have been Kings, Pharos, Sultans, and Grand Poobahs of one stripe or another. In Europe for instance, there's a long history of Nobility. The thing about nobility is that it is founded on bullshit. That is what priests were for. Kingdoms came and went over the centuries, but the Vatican remains.The rituals, and arcane language of priests mumbling in a dead language exudes mystery, secret knowledge, an aura of mysticism and magic that people for some reason associate with things that are old or ancient. Allan Greenspan, the Mumbling Maestro that mastered speaking bullshit as form of religion. Both conventional religions, and ideology can be defined as a set of beliefs, values, and/or principles to live by. They fulfill the same roll in societies. Priests legitimized the Nobility by supporting hereditary titles. The King was God's man. If the King was a fuck-up, there was a reason for it, all was a part of God's Plan, and who were peasants to question God's plan? Economists are the modern day priests of Bankers, and the rest of the Ownership Class in America that play the role of the Aristocracy. Votes are bought and sold with money, lies and empty promises, and passed around like a drunken slut at a gang bang. But strangely enough, voting is what gives the parasites that lord over us their "legitimacy".
Its such a shame that he couldn’t find a publisher and has to sell his books on Amazon, but I guess this is an example of how we might loose a battle but stay focused on winning the war!
So in order to have a "renovation of the economy", we need incorruptible, accountable tools to moderate and modulate the system, for which AI and Open Contracts are current favourites.., and democratically speaking, every individual needs to understand directly, what, how and why things are as they are. First on the list is human nature and modifying cultural practices. "No one's right if everyone is wrong" but at least it's possible to balance it all if everyone knows why "wrongness" is due to reasonable and rational proportions in/of natural uncertainty. Anything that is a name for something that ends in ism or ist etc does not "collapse" and disappear, only the name is changed to disguise the participants. Humans are human, and "leopards don't change their spots", so "nothing is good or bad, but thinking makes it so", means that thinking for yourself in Principle, will facilitate "recursion to the mean", (human average), which is at least a basis on which to optimise.
+Me Me - You fail to understand that one can follow the teachings and still care about the teacher. I care about Dr. Wolff, and my world would change if something would happen to him - the same way as your world would change if you would lose someone you care for. "Wolff followers began to sound like Mao followers in China, or Lenin in USSR." - Please support your claim with evidence. (BTW, if someone told me that I sounded like Lenin, I would take this as a compliment.)
Me Me - Instead of making baseless assumptions and putting words in people's mouth, start listening carefully to what others actually say. Neither I nor Doctor Wolff have stated that he is our only hope. Doctor Wolff made a little mistake - which he quickly corrected and apologized for. (Not to forget to mention that the word "only" was not even a part of it.) Still, you have chosen to misstate his words, and use it against him. You are being intellectually dishonest.
+Me Me - He never said: "I am your ONLY HOPE". He said: "I am your hope. Excuse me; I am your host." If you can't see the difference, and if you think that Wolff is acting as if it was all about him, then you should really start practicing your comprehension skills. I won't reply anymore to your nonsense.
Productive Capitalism (age of Limited Liability Corporations nevertheless with Owners who held responsibility and felt responsible) to Extractive Capitalism (with deregulated banks and a new class of managers without responsibility and who got rewarded equally for bad and good decisions and immunity from prosecution into the bargain) to ?????? something as yet not imagined, since we have new technologies that potentially favor decentralization and egalitarianism that we as a species lost _ perhaps after all not irrevocably _ after the evolution of the first urban societies in Mesopotamia.
Honestly... I had to look who was doing this interview. Paul Sliker, one of the people that is interviewing Micheal Hudson, sounds exactly like Ben Norton from the GrayZone.
Everyone of the voters need to refuse vote for all candidates running in either major party. Vote only for third parties or write in an independent's name.
Has anybody credible proof for Hudson's claim, that Smith and the other classics meant free markets to be "free of monopolists" instead of the modern interpretation "free of government" ? I mean, obviously, even standard neoclassical theory is praising competition above all, which implies a natural resentment of monopolies... But, government was always part of that set of things to be resented. I never heard of anyone claiming, that classics only meant monopolies and landlords, excluding the government, when they talk about free markets.
obviously I claimed that he made that up, did not try to find out sources for his claim, but rather just poke some random youtuber with no interest in giving me a fucking answer
Seems to me, the establishment talks a good game about "the free market" and keeping government off their backs, until they crash or trash the system and require the government to save them. We're approaching monopoly systems like not seen since the last guided age, and it's showing in the declining living standards of the vast majority of people.
@@stevenberge4238 this is the closest we have ever been to medieval feudalism in 700 years. "But people lived so badly in those times". Yeah, because they had no technology whatsoever, but the economic system is reminiscent of those days in terms of wealth theft by the feudal lords.
Please consider the volume difference between yourselves and your guest. I am unable to understand Michael Hudson at a volume I find comfortable to listen to your voice. I find it unsettling. I am unfortunately unable to finish listening.
![Global Capitalism: War, Sanctions, Deepening Splits: Economic, Political, and Cultural [July 2022]](http://i.ytimg.com/vi/HGVfTS489IY/mqdefault.jpg)
![Understanding Marxism: Q&A with Richard D. Wolff [June 2019]](/img/n.gif)
Michael Hudson is so very important to our understanding of the world we live in today. Thanks for this
Too bad it's too late, jailing the criminal 1% is the only solution now!!!
Michael is my favourite economist. I wish I had half the knowledge this guy has.
You may be interested in Dr. Richard Wolff as well since you're on Democracy@Work channel.
yeah for sure Rick is my favorite but Hudson is right there with him they are both so well educated & great at teaching things/ explaining complex topics for mass consumption. just as any good leftist should do! :)
I'm familiar with Wolff, he's great too and so is Steve Keen.
Wolff, Keen, and this guy are all morons, most people are just too dumb to research science and reality.
Enlighten us then if your so clever or just retract back into your shell and throw meaningless insults.
This commentary is explaining perfectly the present 2023 economic situation pertaining to the current failures of banks and the strategic political responses, announced bailouts etc, and accurately predicts the fate of society as a result.
After starting out in the world with a degree in economics, marketing, management, statistics, programming, economic geography and accounting/finance followed by 45 years of seeing neoliberalism at work tearing down what was built after WWII, I run across Michael Hudson who articulates my conclusions of reality. He is one of the most honest and observant analysts I have come across. A MUST 'listen to' if you are not in a walking coma. Things are going to get very bad from this 'covid pandemic' in economic terms due to mortgage and payment defaults resulting from the 'cheap credit' trap and THAT is when Neoliberalism and privatization jumps into high gear.
Awesome interview. Great Job Dante and Paul!! Mr Hudson is one of the most important scholars of our time!
Thank you SO MUCH. I love Dr. Wolff but Michael C. Hudson is my favorite all-time living economist. His books, Killing the Host and J is for Junk Economics, are simply fabulous!
I have an economics major and pretty much everything Michael Hudson says is true. I literally felt like I was being brainwashed in some of my classes, and inherently knew that I was missing something; thank goodness I did my own research.
Great to see you guys giving Hudson time.
Michael Hudson. Steve Keen. David Graeber. Bill Black. Nomi Prins. Ellen Brown. Mark Blyth. Noam Chomsky.
Would be a nice cabinet. Also galbraith, mosler, kelton, bill mitchell.
Don't forget David Harvey: davidharvey.org/2016/12/david-harvey-video-lecture-series-marx-and-capital-the-concept-the-book-the-history/
Add Thomas Frank to this list.
Richard Werner, Bernard Litaer, Charles Eisenstein
Richard wolf - the wonderful guy that started this channel...younger broke folks...we have got to be economists even with no money so we can take back our world and future
LOVE MICHAEL HUDSON!
This was such a good interview, very deep and truthful. Simply - scientific. I lower Richard Wolff but please - more of Michael Hudson...
absolutely!! i love both of them.. They have helped cure my depression from this deeply deceitful society.!!
One of the best and accurate accounts of the economics of the West.
8:16-10:12 Instutionalist definition. Wow. Amazingly put. Have to give props to the interviewers. This was a very well structured interview.
I misunderstood Hudson in previous talks. Now I see he's right on. Another great voice. Thanks for having this talk.
Dr. Hudson is great - love to hear him speak. There aren't enough interviews with him, so thank you.
Don't you mean, Dr uh, Hudson, uh, is great, uh, love to hear, uh, him speak, uh, there aren't, uh, enough, uh, interviews, uh, with him, uh, so, uh, thank you, uh.
He's a terrible, stuttering speaker. It's as pleasant as getting a root canal in a covered wagon, riding down a cobblestone road.
Thanks Democracy At Work.:)
Thank you, Michael Hudson.
excellent interview I love Michael Hudson & have his book Killing the Host. Glad you did this you should have more of these A+ job.
Awesome Michael Hudson.
So much wisdom and such a knowledgeable lovely man. My one request is ( if at all possible ) for Prof.Hudson to present his fabulous knowledge in the manner Prof. Wolff presents his great information.
Great work d@w team
GREAT interview! Thanks for doing this.
Thank you for this valuable interview1
Nice to hear fellows of Mr Wolff
love keen and sub to him here on you tube . like keen mr hudson has a clear understanding of the reality of the economy , and we need more like him. thanks for the interview. i find nothing but truth in evry word of this. mr hudson should be heard everywhere.
Great to hear Michael Hudson on d@w. Would be nice to also have Mark Blyth and Nomi Prins on as well.
hear, hear - Mark Blyth is great (and amusive) - Nomi would be a new acquaintance
yes I very much enjoyed mark blyth's book austerity the history of a dangerous idea
Why he is a bag of hot air. He tries to blame banks, but the real culprit are the professors giving out cheap loans for worthless degrees. If the degrees were so valuable, the schools could give out loans for their degrees. The professors could take a cut of future earnings of the students. Maybe the University of Missouri in Kansas City could set and example of giving free tuiton to students for future pay? The reality is he wants to blame banks and capitalists for liberal lies and sins.
Why are the banks giving out loans? Don't they have any responsibility in the picture? For you totalitarian/authoritarian/statists, the slave owners/bankers are always innocent. When will you nutjobs stop worshipping the powerful and evil?
No look at lending club the average loan is 15%. The only reason loans are so cheap is the government backs the banks in times of crisis. Banks would be charging 10-15% for car loans today if there was no government support. All the banks paid their government loans back. They pay massive amounts of tax. Where does this money go? To support Hudsons salary. We need schools to start giving money to industry.
Stay with this Michael Hudson!!!!
Civil War doesn't have to be a physical confrontation. It can be a financial issue, refuse to pay and millions of people worldwide protesting peacefully in the streets. If you aren't willing to die for liberty you will die from starvation!!!!!
This guy is about the best really.
You and Noam Chomsky. Great American thinkers.
Nice to hear Michael Hudson on your program. Would love to hear from Stephanie Kelton, L. Randall Wray, and Pavlina Tcherneva as well.
Fantastic interview and information.
This is an awesome knowledge source - thanks!
This is exactly what they say " you will own nothing and be happy " thanks DAVOS!!!
WE JUST SAT IN FRONT OF A SCREEN AND WATCHED IT HAPPEN AND PRETENDED IT WASN'T REAL!!! BURY YOUR HEAD IN THE SAND AND HOPE SOMEONE ELSE SAVES YOU???
The more I get into undestanding this junk neufeudale orwell econemy, the more horofying it is. Great teaching Michael.Thanks
The lowering of interest rates did benefit some people who were victimized by sub-prime mortgage loans and were eventually able to refinance out of these loans and reduce their interest costs. The number of people who benefited was not huge, of course, because they were people who continued to be employed and had maintained their credit. Others, those who either knowingly participated in loan fraud or did not really understand the terms of the loans they were agreeing to ended up evicted from their residence after a foreclosure proceeding. Many remain homeless even today.
This was an amazing interview
Absolutely brilliant, enlightenment of our bias economic system.
It is difficult to argue against Professor Hudson's conclusion that the actions of the world's major banks have been self-serving and a primary cause of economic chaos. That said, not all financial institutions are the same. Not all banks abandoned prudent underwriting standards when making loans, either to people purchasing a residence or businesses needing financing for expansion. The problem even for prudent banks is that once an economy falls into recession, businesses cut back on spending, unemployment increases, the collateral value of assets backing loans falls, and the damage spreads throughout the population. The immediate public policy issue is who among those harmed deserves to be helped. The deeper issue is whether our elected officials have the integrity to implement systemic reforms that will prevent the same problems occurring again and again.
Facebook has blocked this link. Go to their debugger, and put it in, you will see, they tell you it is blocked. COMPLAIN. Not sure whether it is censorship or a mistake, but either way, complain.
Listeners: Please do sent in a request on Facebook for the link to be shareable. We have sent in multiple requests. Thank you to our supporters!
I've complained on facebook like every time I post this link, and this is the best I have found where he breaks down the ideas in the book in a clear way. He also did a real news interview about the book, but this interviewer does really good question leading.
Pure disciplined Political Intelligence. Excellent.
@25:30 most academic economists do not know or admit their entire edifice is flawed, even our own Prof Wolff does not *fully* admit it, he still (erroneously) believes taxes fund government spending.
I assume you are for the dismantling of neo liberalism as the framework that underlies society like me? I started work in 1978 and had union coverage and was part of the middle class i.e. FDR's new deal society now we are in a society straight out of George Orwell's 1984.
You need to put a comma after the word neo liberalism and another after the word society. Otherwise your statement is directed towards that portion of society that is like you. Punctuation is a thing.
@M.E. Hedges punctuation is important, but, he could have been nicer about it, the last sentence was unnecessary.
Thank you for this informative lecture!
Greece needs to create it's own currency, like the US does.
Great point. Mark Blyth talks about this very fact. It was his big criticism of Varoufakis' plan. According to Blyth, they did not have a greek-currency plan (maybe backed by Russia/China).
Yep, there's a lot of advantages to being the monopoly money creator.
MONEY worship is the primary problem.
I think people should understand better how to work for currencies like Gold and central banks-free currencies. Rejection of a currency works just like saying no to a certain product. May be hard in the beginning.
A rigged monetary system is the technical problem and the addiction to money an outgrowth of that.
Fiat money worship.
wow guy blew my mind. great podcast but it wont let me share it.
We are working on this now! Sorry! Meantime, you can share via Soundcloud soundcloud.com/democracyatwork/michael-hudson
We'll also be posting a direct link on Facebook around Noon!
He always breaks things down. The fix is in, and he tells it like it is.
I can't even find a video about this debate he talked about between Keen and Krugman... can't imagine why? If anyone has a video could they plz link me
12:05 Someone know where to find the Alan Greenspan quote?
I still have some questions. I guess my main question, from which all my other questions or concerns regarding Michel Hudson's philosophy, revolves around how to safely extricate the parasitic elements of FIRE (finance, insurance and real estate) from the main street host. I say, the parasitic elements of FIRE, because I think it oversimplifies things to imply that all of FIRE is a parasitic malevolent force on society. But reading and listening to Mr. Hudson, it isn't entirely clear to me whether he thinks all of FIRE is parasitic or for what aspects are so, how do we go about the extrication process safely. It would seem to me that we living in a much more complicated situation insofar the parasite and the host are sharing the same 'blood supply', so to speak. Therefore, just yanking off the parasite could be very hazardous to the health of the host. While the top 5 percent may own the bulk of stock equities, I think a lot more than 5 percent of the population own a significant amount of stocks, usually through their 401k's or 403b's and IRA's. So any actions that has knock-on effect of crashing the stock market and a lengthy trough could be financially devastating to much of the remaining middle class population. While maybe the markets and the economy could have let Citibank fall, I'm not so sure about AIG. While lending may be currently tight, correct me if I'm wrong, but I believe there is still a great deal of small business lending going on with banks and credit unions providing loans for businesses very frequently. However, if that lending were to really dry up completely as we were warned could have happened if not for the infusion of stimulus cash into the economy soon after the fall of Lehman Brothers, then wouldn't we be facing an economic crisis on a scale severe enough to lead to a civil emergency similar to a natural disaster?
Further complicating matters, isn't that there is a legitimate element to each area of FIRE. How are we going to, in any parasite extraction process, separate any legitimate actors from the malevolent ones? I'm not saying it can't be done, but we need to make sure we aren't throwing the baby out with the bathwater, so to speak. To take an analogy from the movies that I think has some realistic relevance to main street finance -- let's make sure we don't take measures that bring down the Bailey's Savings and Loan of the world while trying to go after the Potter's empire of the world, from the movie 'It's a Wonderful Life'. And to take examples not from the movies but straight from today's economic realities -- in terms of a mass discharging of debt, that sounds nice for the students facing mounting student loans but it doesn't sound so nice for the current and future retirees expecting municipalities and corporations to meet their highly underfunded pension debt obligations.
I don't mean to be a naysayer but we need to come up with a plan where we have covered all the bases so that we can not only answer the tough questions, but also to get to where we are to trying to go. Indeed, I'm concerned that if we were to implement a plan, for instance, that did crash the markets and dry up small business loans, then the parasitic malevolent elements would sweep in like the Potter character from the movie previously mentioned, and say to the effect "see, you were wrong all along, so from now on let me do the thinking and planning while I buy up all of your land and shares for pennies on the dollar."
I have all sorts of ideas myself for how to go about the parasite extraction process. I think Bernie Sanders has some good ideas that are a good start, but I think we can safely be a lot more aggressive with progressive reforms than even he is suggesting. For instance, I haven't heard Sanders even mention what I think we need to delve into and that is Federal asset taxes on corporations and the top one tenth of one percent of individuals. That, and we need to access revenue from other novel sources as well such as a Wall Street high frequency trading machine transaction tax. We can also get revenue from increased Tariffs and Excise taxes. We should also be better leveraging revenue when natural resources are extracted from federal lands. Personally I would rather Federal lands be preserved as much as possible in their natural state, but if it is already decided to sell some of the land's resources, we might as well do so in a financially responsible manner. So, instead of selling off the rights to all the timber in a tract of Federal land in a no-reserve auction, sell the timber for the going rate per board foot just as a private landowner would. Additionally, the US Treasury could bypass the private Federal Reserve, and increase the money supply by minting more coins in larger denominations. Then all this new revenue and money could be used towards instituting an FDR type of civilian conservation corp like program to rebuild our nation's infrastructure. Additionally we will be needing a lot of revenue if we are to have any chance of making up for the looming pension shortfalls that, if not remedied, will be hard on not only the pensioners, but also the overall economy due to the resultant lowering of aggregate demand from retirees having much less dollars to spend in their pockets.
The only way what he says makes sense is if you include the presence of oligopoly or virtual monopoly market control, corruption, corporatism. That really defines what he calls the rentier class. People who own a few rental properties or whatever are not the elites that he is talking about.
He's talking about the banking and finance interests as well as corporate states which have basically become so big and powerful that they are above the law, outside the law, and often write the laws to heavily subsidize them or else they will bring the world economy down with them- or they will try.
For example in a city near me something like 70% of the owners of the houses are now outside investors from other states or other countries.... That's not tenable for long term for outside investors to own all the housing in your area or for some small portion of the population to own all the housing bc they will eventually charge exorbitant rents- like over 50% of what people make a month and people in the US are so passive these days that they will not rent strike.
In that city I mentioned- Asheville, NC the rents have skyrocketed since 2011 for many different reasons, but mostly because of outside interest. I think we need to just implement some old fashioned protectionism in some cases.
Cause we want people to be able to make money if they invest, but to make money is enough- they don't or shouldn't be enabled to price gouge and fix markets.
For instance the word, liberal. Hot potato now. Berniecrat not so bad. I don't care what any one wants to label a package, I research the fine print on the back and then make further considerations. Disclaimers are the back door out and paying attention to that in the beginning should dictate any onward progression around the land mines created by the legal system.
MH thx for Truth and Knowledge ❤️
Any Idea why Facebook won't let me share this?? Any workarounds?
20:00 the average holding period of stocks is years or lifetimes for most investors.
Is there anywhere I can watch the Paul Krugman Steve Keen debate that Michael Hudson mentions??
Behind great fortunes hide great crimes. French novelist Honoré de Balzac, 19 th century..
Economic alienation is a loss of the "locus of control" over one's workplace, thus one's life.
Wouldnt you say it is a get rich kinda scheme for anyone as long as they pay the monopolys big enough money? At 1:01:00 tho I do see that since it's gotten so big its bound to crater especially with all the money printing happening.
Great to hear Wallace Shawn doing well
Neoliberalism's fatal (intentional) flaw:
Do not confuse the economic - oikos nomia - the norms of running home and community with chrematistics - krema atos - the accumulation of money. ~ Aristotle
It would be really useful for the more studious of us if the podcast could be annotated with any references to persons, works, or events that Mr. Hudson (or any future guest) makes. If I listened in my car and couldn't take notes or lookup things immediately, I'd have to take the time later to search in the stream for the right spot etc for any interesting reference... Not that I wouldn't do it but a simple list in the 'Show more' section would suffice and make this an all the more powerful and serious podcast.
I'm not sure if you Folks know this But This Will Not Post to My Facebook.... has your ORG been blocked to facebook?
And ITS just This Video with Michael Hudson... all others will post to Facebook... without a problem...
We have made Facebook aware and are working on this! Meantime, you can find the video on our Facebook page as well as Soundcloud. soundcloud.com/democracyatwork/michael-hudson
Hi Martin, this link now works to share on Facebook!
It just denied me today- unless you paste the share link which also doesn't post as a video whenever I've tried it...
I have recently completed a business degree, and I have to say based on that experience I don’t think most people actually understand it, and yes I stopped going further in economics and realised in the 101 class it was based on complete rubbish, that was promoting a con on the people.
Now these rubbish economists have taken declared themselves experts in everything and are steering all areas of govt!
Excellent interview, thank you. I love your intro and ending music. Who is it?? Name of song? Thanks
Its an original beat by Cleveland Ave
Michael Hudson is a hero of left wing economics
I can definitely see why the left loves him but I think he is a hero of any economics because he is so clear and lucid in his evaluations
It seems as though sociologists would make better economists...yet our government is run by economists
they are caled ivory league freaks
For thousands of years there have been Kings, Pharos, Sultans, and Grand Poobahs of one stripe or another. In Europe for instance, there's a long history of Nobility. The thing about nobility is that it is founded on bullshit. That is what priests were for. Kingdoms came and went over the centuries, but the Vatican remains.The rituals, and arcane language of priests mumbling in a dead language exudes mystery, secret knowledge, an aura of mysticism and magic that people for some reason associate with things that are old or ancient. Allan Greenspan, the Mumbling Maestro that mastered speaking bullshit as form of religion. Both conventional religions, and ideology can be defined as a set of beliefs, values, and/or principles to live by. They fulfill the same roll in societies. Priests legitimized the Nobility by supporting hereditary titles. The King was God's man. If the King was a fuck-up, there was a reason for it, all was a part of God's Plan, and who were peasants to question God's plan? Economists are the modern day priests of Bankers, and the rest of the Ownership Class in America that play the role of the Aristocracy. Votes are bought and sold with money, lies and empty promises, and passed around like a drunken slut at a gang bang. But strangely enough, voting is what gives the parasites that lord over us their "legitimacy".
thanks
HUDSON FTW!
ACE GO TO GUY...ALL HAIL THE SCARLET BANNER
if propaganda didn't work, advertising would never exist.
Its such a shame that he couldn’t find a publisher and has to sell his books on Amazon, but I guess this is an example of how we might loose a battle but stay focused on winning the war!
So in order to have a "renovation of the economy", we need incorruptible, accountable tools to moderate and modulate the system, for which AI and Open Contracts are current favourites.., and democratically speaking, every individual needs to understand directly, what, how and why things are as they are.
First on the list is human nature and modifying cultural practices.
"No one's right if everyone is wrong" but at least it's possible to balance it all if everyone knows why "wrongness" is due to reasonable and rational proportions in/of natural uncertainty.
Anything that is a name for something that ends in ism or ist etc does not "collapse" and disappear, only the name is changed to disguise the participants. Humans are human, and "leopards don't change their spots", so "nothing is good or bad, but thinking makes it so", means that thinking for yourself in Principle, will facilitate "recursion to the mean", (human average), which is at least a basis on which to optimise.
Is Doctor Wolff okay? The fact that he is not the one doing the interview makes me nervous.
+Me Me - You fail to understand that one can follow the teachings and still care about the teacher. I care about Dr. Wolff, and my world would change if something would happen to him - the same way as your world would change if you would lose someone you care for.
"Wolff followers began to sound like Mao followers in China, or Lenin in USSR." - Please support your claim with evidence. (BTW, if someone told me that I sounded like Lenin, I would take this as a compliment.)
Me Me - Instead of making baseless assumptions and putting words in people's mouth, start listening carefully to what others actually say. Neither I nor Doctor Wolff have stated that he is our only hope.
Doctor Wolff made a little mistake - which he quickly corrected and apologized for. (Not to forget to mention that the word "only" was not even a part of it.) Still, you have chosen to misstate his words, and use it against him. You are being intellectually dishonest.
+Me Me - He never said: "I am your ONLY HOPE". He said: "I am your hope. Excuse me; I am your host." If you can't see the difference, and if you think that Wolff is acting as if it was all about him, then you should really start practicing your comprehension skills.
I won't reply anymore to your nonsense.
I wonder why you can’t edit the captions a bit to clarify the meaning. For example, saying “Ron TA” instead of rentier makes it more confusing.
Wall Street traders don't need to know about economics any more than poker players do.
Didn't know the federal banks can make laws to catch banking frauds.
Jesus Christ this was good
Productive Capitalism (age of Limited Liability Corporations nevertheless with Owners who held responsibility and felt responsible) to Extractive Capitalism (with deregulated banks and a new class of managers without responsibility and who got rewarded equally for bad and good decisions and immunity from prosecution into the bargain) to ?????? something as yet not imagined, since we have new technologies that potentially favor decentralization and egalitarianism that we as a species lost _ perhaps after all not irrevocably _ after the evolution of the first urban societies in Mesopotamia.
Love Not War
53:45
oh my god, so the chinese are good guys after all
👍👍👍😃😃😃😃😃👏👏👏
Peace Not War
1:15 | This is a strong charge. It is supported by evidence provided by 'Father of Linguistics', Dr Avram Chomsky.
Honestly... I had to look who was doing this interview. Paul Sliker, one of the people that is interviewing Micheal Hudson, sounds exactly like Ben Norton from the GrayZone.
very interesting but what can you say to the leader like government in Eritrea control all the money in their bank and control all the money
Facebook has blocked the image link i.ytimg.com/vi/k6y35aO_fpU/maxresdefault.jpg. So I can't link to this on facebook.
49 monetized debt creditors didn't like the video.
Boycotting is still the most powerful individual influence there is. Boycotting is really being under-used. Just saying, figure out what to boycott.
Your link above should be www.democracyatwork.info - missing an "a"
we have government for the 1% without the death squad thing, and failing to account for that is a big gap in your analysis
Everyone of the voters need to refuse vote for all candidates running in either major party.
Vote only for third parties or write in an independent's name.
HAAAAA, I always see the model when I google Dr. Hudson.
As I see it then we all surely need to be included as renteas in the system.
Good Reporting!
Try to get Jacob Appelbaum. There is a community of American journalists exiles living in Berlin. Just Google him
What has become of humans
Has anybody credible proof for Hudson's claim, that Smith and the other classics meant free markets to be "free of monopolists" instead of the modern interpretation "free of government" ?
I mean, obviously, even standard neoclassical theory is praising competition above all, which implies a natural resentment of monopolies... But, government was always part of that set of things to be resented. I never heard of anyone claiming, that classics only meant monopolies and landlords, excluding the government, when they talk about free markets.
Obviously professor Hudson would present such historicity with no respect for facts
obviously I claimed that he made that up, did not try to find out sources for his claim, but rather just poke some random youtuber with no interest in giving me a fucking answer
Seems to me, the establishment talks a good game about "the free market" and keeping government off their backs, until they crash or trash the system and require the government to save them. We're approaching monopoly systems like not seen since the last guided age, and it's showing in the declining living standards of the vast majority of people.
What do you mean proof? We have an entire book about it. It is called Wealth of Nations (in short).
@@stevenberge4238 this is the closest we have ever been to medieval feudalism in 700 years. "But people lived so badly in those times". Yeah, because they had no technology whatsoever, but the economic system is reminiscent of those days in terms of wealth theft by the feudal lords.
Adam Smith warned about rents: i.e., unearned income. (!!!)
(How did we fall so far?)
(Never mind.)
TRUMPSTER'S ONE PERCENT ONLY WANT ONE THING ! EVERYTHING !!!
this is ridiculous all our problems would be solved with a simple audit of the Fed.
Please consider the volume difference between yourselves and your guest. I am unable to understand Michael Hudson at a volume I find comfortable to listen to your voice. I find it unsettling. I am unfortunately unable to finish listening.