@Der Gorghast So you're not able to look up basic information? Michael Hudson wrote a book called "Super-Imperialism" and because it so well explained capitalism then Hudson was hired as the chief economist - the accountant for the Rockefellers. en.wikipedia.org/wiki/Michael_Hudson_(economist) worked as a balance of payment economist in Chase Manhattan Bank (1964-1968). In 1964, Hudson, who had just received his master's degree in economics, joined Chase Manhattan Bank's research economics department as a balance-of-payments specialist. His task was to establish the payment capacity of Argentina, Brazil and Chile. Based on data on their export earnings and other international payments, Hudson had to find out what kind of income the bank could get from the debt payments that these countries had accumulated. He recalled as such: "I soon found that the Latin American countries I analyzed were fully "loaned up." There were no more hard-currency inflows available to extract as interest on new loans or bond issues. In fact, there was capital flight". Among other important tasks that Hudson performed in Chase Manhattan were an analysis of the balance of payments of the American oil industry and the tracking of dirty money that settled in the banks of Switzerland. According to Hudson, this work has given him invaluable experience in understanding how banks and the financial sector work as well as understanding how banking accounting and real life correlate. It was during the study of oil companies' flows (the study was funded by Chase Manhattan and Socony Oil Company) that Hudson met with Alan Greenspan (future Chairman of the Federal Reserve Board of Governors) who acted as an observer for Socony Oil. Hudson recalled that Greenspan had already successfully lobbied the interests of his clients in those years and in the framework of the research tried to provide rough estimates of the American market based on global trends: "Mr. Rockefeller, Chase President, told me to inform Mr. Greenspan that unless he could provide specifically US figures, and/or be forthright about his assumptions, we would have to leave his contribution out of the study".[citation ne
@@voidisyinyangvoidisyinyang885 So what you’re saying is he has a first hand knowledge of the financial system from the inside, how evil and corrupt it is and believes it’s the root of almost all of our social economic problems to date. You could have just said that.
Excellent guest. Very informative, specially this fact: The bigger the stimulus into Wall St (including bail outs), the more that is sucked out of the real economy.
STEVE KEEN has been saying the same critiques of neo-liberalism for a decade. UNTIL neo-liberalism DIES ( by way of a world wide collapse ) WE in OZ will soon see the extreme poverty Mr Hudson has described.. THIS OZ government Worships Wall Street and its bankers ( ps USA capital investment in OZ is now $1 Trillion, with UK @ $500 billion) and thus we in OZ are the new 'serfs' to labour for USA and OZ bankers
Great guest. He's a great author too. Multiple videos online. "Two dynamics define the economy in the 21st century: 1. We have substituted debt-driven speculation for productive investment. 2. We have substituted debt for earnings. This is why the repricing of speculative-bubble assets can’t be stopped: debt-driven speculation is not a sustainable substitute for investing in increasing productivity. And debt-fueled consumption masquerading as “investment” is not a sustainable substitute for limiting consumption to what we earn and save."
Always a pleasure to hear Mr. Hudson's clear headed perspective on economic issues. He's very unlike the vast majority of economists who behave more like propogandists.
Legend! Finally you put some really substance in that was easy to follow for the everyday person. More of that because that's the people who really need to know the truth. You've done a real service to the public by having Michael on. So happy😁
A fantastically frank and clear explanation of what we are facing now, and quite possibly into the future. Thank you both for your hard work and sharing of your vast knowledge. Greatest respect.
Holy sweet Jesus! I've beem waiting for a guest of this stature for a long time on your channel! I'll be contributing to your PayPal if you can keep up having guests of this stature! I have read his other book J is for junk economics! Awesome read! Keep up the hard work Martin!
@@PikachooUpYou I have been following and reading some of his work for years! David is an intellectual that is ahead of his time & honestly I think he managed to get on the wrong side of quite a few by speaking the truth!
Best guest. I've recommended Michael Hudson to all my online contacts. His ideas are becoming popular with millennials and those who know that our economies are just rentier parties funded by central bank confetti. I recommend watching this alongside Steve Keen's latest on Renegade Inc.
Wow, Martin...I am so happy to see one of my favorite people ever on your show! I love to use folks like MH to teach my students-at jobs like the one I have just told I do not have in 2 weeks. MH is fun and fascinating to listen to. A great time to talk about "too much debt" in Australia. To any watching, Michael Hudson has given several fascinating talks that can be found on youtube on this and related topics and he explains so well. Thanks Michael!
Great video, and Michael Hudson is a great guest. I think this wise old saying sums up the economic mess the world finds itself in: “The world has enough for every man’s need, BUT NOT every man’s GREED”.
The best episode of your show by far. Please have Michael on as often as possible. It’s a shame David Graeber is no longer with us RIP. They worked together but David was a king among economic anthropologists.
The bailing out of these corporations is what blows my mind. The government rewards them for corruption and mismanagement. The government hands over money but takes no stake in ownership??? Would the same government hand over money to bail to bail me out of my mortgage and take no stake when it does so?
Yeah L N, donors own our bought’n’paid4 politicians. The political system is designed to obfuscate the rights of regular taxpayers, while preferential treatment is given to wholesale tax evaders and political donors. Anger is a byproduct of frustration, violence is a choice... Let’s hope our predatory politicians don’t leave violence as the only viable option for change.
Jæ Š - Agree, But I don’t know who will carry out the violence, I see lots of calls for violence, but no ordinary person quite rightly wants anything to do with that, I certainly don’t want any blood she’d in my name. I have thought about damaging property as part of a protest, but it’s only a thought. This is a war of attrition, and right now the Oligarchs have all the power, all the money and all the weapons, I don’t know how we are going to get out of this. I think the lockdown came because we were causing them trouble, and they used the marshal law card( or next thing to marshal law). I could be wrong on all of this of course, but I don’t think so.
This is cognitive dissonance. It applies to the vast majority of citizens. The government is not responsible to you the voter citizen they are, quite simply the agents/employees of those who print the money. You will not understand this fact until you educate yourself ,until you realize "the Emperor has no clothes".
This interview & your last one have been among the most educational I have ever watched. Thank you so very much for bring these high caliber guest on to help us grow our knowledge base - outstanding!
Martin you are a pretty smart guy in financial matters to be sure. But I got the very strong impression from you that Hudson showed you a whole new slant on world economic history and how we have arrived at this unserviceable worldwide debt crisis, as he did the rest of us. I now see more clearly why China and Russia are detaching from this disastrous situation with the USD which is a unit of debt from the moment it is conjured out of thin air and issued. Thank you for this fantastic video.
philip james are u delusional u don’t think China & Russia aren’t the next proxy! Come on champ they are 4 steps ahead of the situation ! China will be the new proxy and the beat goes on ! Oops minus a few pensioners who probably fought in wars orchestrated by these bastards !
Peter North no I’m not delusional and I’m not into your interpretation of what China and Russia are doing. I’ve heard all sorts of theories and yours is just a variation on some of them. Let’s agree to disagree and leave it at that.
“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” ― Napoleon Bonaparte
@Ki Wise. This is just a trial run for the elites to test the sheeple out to how far they can get away with. This virus is a bio weapon, different strains in different areas. I'm sure they have been vaccinated against it already. and I'm not talking about the billionaire's here I'm talking about the gilzilionaire who's money is 3 pages higher on the chart of the rich list.
@kl wies All recessions are the cleaning of the market of competitors. Ashenfelter and Penvacel (1980). Effective 2016, the markets were already inflated, i.e. Greenspan's over exuberance. 1.5 mil from TB, 650,000 from Influenza the common cold, etc, die annually. This light Corona illness was.fortuitous for monopoly capital to clear the market. Now, monopoly capital will in by the 1/4th quarter acquire all of the merchandise and market share of the broken businesses. "Mayhem" is an image of the end of the capitalist state wrought by the media to deify the State. Be assured that the corporate advertisers will direct the news media tooth paste vendors to report the light at the end of the tunnel and their State tools to report "mission accomplished" bringing a sudden end to the production cessation. No, the workers of the world will not unite, as a build up of organizing growing class conscious peasants did not occur in any nation post 1965 to be a catalyst for revolution. See Fitzgerald, Francis, "Fire in the Lake," see also Gilbert, Dennis, "Sandinistas."
good stuff martin ,ive read some of his stuff on zero hedge or globalresearch cant remember which it was.we are going to need your channel I hope you stay healthy .and everyone else be carefull out there and stay awesome.
Credit finance is an indispensable part of industrial society as few sectors have the liquidity to make capital purchases: equipment for the trades, student loans, income generating real estate like farming, income generating vehicles, airplanes, mining equipment, etc.
@TheCanMan Can Since 1990 Access to credit lending is indispensable in capitalism, exposing the weakest sectors to insurmountable debt. Individual consumers suffer asset shortage in capitalism and cannot purchase essentials such as food, housing, medical care, and education, in particular with declining real wages and extraction of their savings during recessionary cycles: The stagnant finances of American households are no surprise given the dismal performance of the U.S. economy since the middle of the last decade. Figure 1 shows the gross domestic product (GDP), the most commonly-used summary metric of U.S. economic health, from 1970 to 2011 in real (inflation-adjusted) dollars and nominal (non-inflation-adjusted) dollars. The flat real GDP growth and slow nominal growth since 2005 stands out from the trend of generally increasing GDP of the last 40 years. The 16.5% real growth between 2000 and 2010 is less than half the growth rate in each of the prior three decades. The decline in real and nominal GDP from 2007 to 2009 represented the first nominal decline in GDP in 60 years and the years and the largest real decline since the Bureau of Economic Analysis began keeping statistics in 1929. Wolff, Sarah D. “The State of Lending in America and Its Impact on U.S. Households.” Center for Responsible Lending, (June 16, 2015) ; www.responsiblelending.org/the-state-of-lending; C.F. Darrick Hamilton and William A. Darity, Jr., "The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" (Federal Research Research Series, Review, Vol. 99, Issue 1, 2017), pp. 1, 61-62, peer reviewing "State of Lending in America and its impact on U.S. Households," (When it comes to liquid assets-financial assets that can be readily converted into cash-Blacks and Latinos are nearly penniless. Based on the 2011 Survey of Income and Program Participation (SIPP), Black families have about $200 in median liquid assets, which is over 100 times less than White families with $23,000 in median liquid assets (Tippet et al., 2014). For Latino families, the median is only $340, while the Asian median estimate is $19,400. Moreover, if retirement savings are removed from our estimates of liquid assets, then the typical White or Asian family has only $3,000 in liquid assets. That is dramatically larger than the $100 and $25 respective “financial cushions” for Latino and Black families to deal with any expected or unexpected expenses or budgetary shortfalls. To put this in context, $25 would not be enough to feed a Black family of four for a single day). papers.ssrn.com/sol3/Delivery.cfm/fedlrv00073.pdf?abstractid=2918735&mirid=1 In a market whereby asymmetric business ventures, essential governmental services, and individuals do not have adequate assets, lending became essential to basic operations: Credit provision. Credit fuels economic activity by allowing businesses to invest beyond their cash on hand, households to purchase homes without saving the entire cost in advance, and governments to smooth out their spending by mitigating the cyclical pattern of tax revenues and to invest in infrastructure projects. Banks directly provide a substantial amount of credit in the U.S., but, unlike in almost any other economy, financial markets are the ultimate providers of most credit. Liquidity provision. Businesses and households need to have protection against unexpected needs for cash. Banks are the main direct providers of liquidity, both through offering demand deposits that can be withdrawn any time and by offering lines of credit. Further, banks and their affiliates are at the core of the financial markets, offering to buy and sell securities and related products at need, in large volumes, with relatively modest transaction costs. This latter role is particularly important in the U.S., given the dominance of markets, but is often under-appreciated. Risk management services. Finance allows businesses and households to pool their risks from exposures to financial market and commodity price risks. Much of this is provided by banks through derivatives transactions. These have gotten a bad name due to excesses in the run-up to the financial crisis but the core derivatives activities provide valuable risk management services. Baily, Martin Neil, Elliott, Douglas J., "The Role of Finance in the Economy: Implications for Structural Reform of the Financial Sector" (The Brookings Institution, July 11, 2013), pp. 1-2. www.brookings.edu%2Fwp-content%2Fuploads%2F2016%2F06%2F11-finance-role-in-economy-baily-elliott.pdf&usg=AOvVaw1Kmu-gE5LdCposL80zxG_P C.F. The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" at pp. 1 "meager economic circumstance-not poor decisionmaking or deficient knowledge-constrains choice itself and leaves borrowers with little to no other option but to use predatory and abusive alternative financial services."
I've watched many videos on economic theory recently, and this without doubt one of the best on TH-cam, I particularly like the historic references, many thanks to both parties. The Netflix "look over there, not over here" reference is sooo true, just like the 'bread and circus' anecdotes from Roman time......So I'm sharpening my pitchfork as I speak, you guys just give me the heads up about when we're storming the central banks!
It should bve called "fake debts and criminal power". Dear Michael Hudson I love the fact that at least you are not afraid to expose the banker's crimes. If you suggest debt forgiveness you are admitting that there was a bone-fide debt which is false. We need debt repudiation and the bankers must make restitution for the amount of money they robbed most nations.
An honest man who doesn't mince words. Citigroup must love him. I don't agree with jubilee but he does make good points about the banks inflating the greatest debt bubble the world has ever seen. Currently over 250tn. Great guest. Thanks.
Thanks Martin and Michael for sharing! This knowledge is so important for the freedom and living standards of the 99%, and thus needs to be more commonly known.
One of the best talk. We, people following this channel know what is the reality, but how this situation will turn around to benefit the people? It looks like there is no hope for the masses until "Mad Max" times comes along in the future.
I. had never heard of this channel, but when Michael Hudson said that the 15 or so people who were talking about his concerns had been guests here (26:12), I subscribed.
The beauty of Capitalism and banking is that a bank can make a mortgage loan of $250,000 at 5% interest using money they don't have, money they created, and charge the borrower a total of $483,000 over a 30 year period. The bank does not get to keep the original $250, 000 they printed but they do get to keep the interest of $233,000 the borrower paid. So for each 1 Million Dollars (4 houses) a bank can create and loan out at 5%, they make $932,000. For 1 Billion Dollars worth of loans (4000 houses) the bank makes at this rate, they make $932 Million Dollars in interest. A small town of 40,000 homes (around 120,000 or so inhabitants) would net the bank $9,320,000,000.00 over 30 years. That is 9 Billion Three Hundred Twenty Million Dollars in interest off this town of 40,000 homes. For a city of 400,000 of these homes, or around 1.5 Million people, the interest collected increases by another factor of 10, bringing the interest collected to $932,000,000,000. That's Nine Hundred Thirty Two Billion Dollars just in interest collected by the banks with money they printed in the back office.
Keen looks exhausted and bittered. All due respect to him, he is very smart and he was right eventually. But at what cost. Then we reset and do it all again 🎈
Not too many of us are keen on Steve Keen because he always fails on the PR and PC (political correctness) fronts. Perhaps that's why he is such a thorn...
@@tomsoleymanbik3266 What we mean is Keen has been denoncing for years the bad or currupt management of central banks and Govs. And this at the expense of the population at large. Lower wages, less secure jobs, high private debts levels just to feed and house families.
One of the best i must say. Micheal provides a great inside into that grey area of society. Facts and reasonable argument that does not go too far into conspiracy. Also, it is unfair that the 1% is trying to down the market to shift everyone’s wealth into theirs, it does makes me think a bit when considering Theory of Evolution.
I just came across this clip. Great questions and your guest, Michael Hudson was both informed and explained his answers well. Many thanks from Canada. (subscribed)
No, private debt should not be forgiven. It undermines those that saw the scam that was going and took sensible amount of debt that was managable. This is no different to bailing out the banks. If you don't like bailing out unscrupulous gamblers because of their greed. Why should you have pity on those that took on more debt than they can manage and live it up while you suffer for you sensible choice. I disagree. Let them suffer and let those that made the sensible decisions be rewarded for using their brains.
Martin this episode was like watching the ending of The Usual Suspects when the detective just realises who Keyser Söze really is ! ☕️ oops don’t drop that cup of tea!
His other book J is for Junk Economic, it explains the Orwellian economic double speek, a dictionary. Plenty of his interviews on the tube, where he explains the geography of wall street.
We need a Debt Jubilee for the Working Class Not the Banker/Corporate Class. In 2008 we had a Debt Jubilee for the Wall Street Bankers and Big Banks. The workers were thrown under the bus!!! Thanks President Obama!!
@chris0tube they didn't have CDS's and CLO's nor the electronic means of issuing fiat currency in 3000 BC. so it rhymes. while the whole world falls apart do you really need to attack some rando on yt. heading back to me rock
I like the saying "Don't write a cheque that you're arse can't cash!" But, yeah. Self-discipline is easier said than done. We've all been conditioned to live lives of maximum convenience and instant-gratification.
waynebow 2018 - But will the Oligarchs allow it, or would they rather just let the human race go to hell, because they have their paradise islands and their private armies?
@@OMGAnotherday Call me what you want... but I think that maybe they are 'stealing' as much money from us as quickly as possible, to build underground shelters for an on coming natural disaster. Unknown civilizations keep vanishing from the earth due to floods etc. The Tartarian Empire being a great example. Knowledge is being kept from us !
waynebow 2018 - I Agree, I wouldn’t call you anything but a person with an open mind. Most people can’t believe that there are individuals on this planet that couldn’t care less about others, they are called sociopaths and psychopaths, and we know exactly what kind of behaviour they are capable of. The fact that the modern world has enabled them to congregate and communicate has only enhanced their power, and yes they and their system is destroying the human race. I’m not sure if the rest of us will be strong enough to arrest the planet back from these people, however I can see that their measures of control have to be stronger and more intense each time the system gets into trouble. With regards to natural disaster, well there is no underground bunker that will save them, if it’s so bad they have to go underground, then the likelihood of them surviving in the long term is small, and even if they do, how do you think a bunch of psychopaths will survive in the event of them being the only ones left, it would not be long before they turned on each other that being their nature!
waynebow 2018 - Exactly, and I think this is one of the major factors that we need to keep in mind. “We the people” get called sheep, but in actual fact we are the people that keep the world going round. It will be 100’s of years before they can do away with human labour completely, so “they” need us whether they like it or not.
This is worthwhile & sensible. Unfortunately, near the end, the guest refers to 'libertarianism' in the sense Americans use it: minimal government. Here in Australia (& UK) too, we use the JS Mill definition: that a person should be at liberty to behave as they like so long as their behaviour has no adverse effect on others. Put another way, that restrictions on liberty, whether legal or religious or social or familial, should be NECESSARY rather than ideological or paternalistic. This is quite consistent with BIG government doing the planning & undertaking redistributive economic responsibilities. To someone in the US, it seems a contradiction. There are many examples of US English usage diverging in confusing ways from the rest of the English speaking world.
A very topical interview still now in December 2023.. I think my favourite insight amongst the many is that “bad debt” should be thought of as “bad loans”. My understanding is that mercantile or business to business debt would not be written off however year to year consumer debt could be - at least to some extent in order to free up the productivity of the economy. A long term strategy to build the economy would therefore have to be put in place beforehand, and a public bank could be part of this equation.
Martin, you look chuffed that you;re interviewing him. Dr Hudson is awesome, I've read his books and love his work. He cops a lot of criticism for being Marxist, but how can you be Marxist if you're an excellent economist who understands history?
Stage 1 begins........NAB conjuring the idea of foregoing home mortgage payments for 6 mths, that's avg loan of 400k allowing borrowers to keep approx 11k over that period to assist with their living cost's...........Of Course!! they can afford to do this now that rates are virtually ZERO, so weighing up the potential outcomes is it better to foreclose on over a million mortgages OR run at slight loss?
Hudson is a fount of wisdom. Best part of this interview was at the very end when he said liberty is the preserve of the rich. The working class has been suckered by the reactionaries for decades with the illusion that liberty applies to them, too. It's a big club and you ain't in it.
Thanks for this highly interesting interview. I’ve seen Mr. Hudson before on Keiser Report. Very good insights. Author Michael Ruppert, when appearing on „America - Freedom to Fascism“, said concerning the difference between Democrats and Republicans: „It’s like a crap game,, with lots of money. You just call the Republicans the Gambinos and the Democrats the Genoveses. Occasionally somebody shoots each other at the table, but as soon as somebody threatens their crap game, they all unite to protect it.“ Or as it once appeared in a Simpsons-sequel: You have the option to vote either for John Jackson or to vote for Jack Johnson. „It’s a crap
If I'm the guy who's cleared his debts over time while my neighbour hasn't paid his. Why should he have his forgiven, while I've paid mine? Is anybody else thinking this?
If we value others as more important than our self, than we live within our means and avoid at all cost becoming a burden on others by a huge debt and bankruptcy. Problem is, the vast majority consider their importance above all others and debt for them is good it it enables them to seek all pleasure and avoid all pain.
Net profit hasn't gone up turnover costs gone up and to Alp & Green liars this is proft increasing it not ... net profit fallen decades for small & medium and franchise. The corporation proft off Franchise owner globally and shareholders putting money in a Corporaton why CEO earn milions salary
Great interview Martin, and great guest. Unless something changes our youth is screwed, clearly they want our elderly out of the way. Time for a revolution I think.
I have been following Micheal for years he's an amazing economist and expert in monetary history.
@Der Gorghast In a "managed the Rockefellers" way.
@Der Gorghast So you're not able to look up basic information? Michael Hudson wrote a book called "Super-Imperialism" and because it so well explained capitalism then Hudson was hired as the chief economist - the accountant for the Rockefellers. en.wikipedia.org/wiki/Michael_Hudson_(economist) worked as a balance of payment economist in Chase Manhattan Bank (1964-1968). In 1964, Hudson, who had just received his master's degree in economics, joined Chase Manhattan Bank's research economics department as a balance-of-payments specialist. His task was to establish the payment capacity of Argentina, Brazil and Chile. Based on data on their export earnings and other international payments, Hudson had to find out what kind of income the bank could get from the debt payments that these countries had accumulated. He recalled as such: "I soon found that the Latin American countries I analyzed were fully "loaned up." There were no more hard-currency inflows available to extract as interest on new loans or bond issues. In fact, there was capital flight". Among other important tasks that Hudson performed in Chase Manhattan were an analysis of the balance of payments of the American oil industry and the tracking of dirty money that settled in the banks of Switzerland. According to Hudson, this work has given him invaluable experience in understanding how banks and the financial sector work as well as understanding how banking accounting and real life correlate. It was during the study of oil companies' flows (the study was funded by Chase Manhattan and Socony Oil Company) that Hudson met with Alan Greenspan (future Chairman of the Federal Reserve Board of Governors) who acted as an observer for Socony Oil. Hudson recalled that Greenspan had already successfully lobbied the interests of his clients in those years and in the framework of the research tried to provide rough estimates of the American market based on global trends: "Mr. Rockefeller, Chase President, told me to inform Mr. Greenspan that unless he could provide specifically US figures, and/or be forthright about his assumptions, we would have to leave his contribution out of the study".[citation ne
me too
@@voidisyinyangvoidisyinyang885 So what you’re saying is he has a first hand knowledge of the financial system from the inside, how evil and corrupt it is and believes it’s the root of almost all of our social economic problems to date. You could have just said that.
@@PikachooUpYou If u can repeat what @Der Gorghast had stated first to which I then replied then I can properly reply to you also. thanks
Thank you for bringing up this honest man to your show!
Yes so refreshing when someone is honest and cares about the majority. Didn't realise Obama is the worst president of the century!
Magnificent Interview Mr North. Best to your guest Michael.
Excellent guest. Very informative, specially this fact: The bigger the stimulus into Wall St (including bail outs), the more that is sucked out of the real economy.
No bail in or bail out Y User.
Eat the political pigs
Animal Farm
@@AlienLivesMatter , Who is advocating bail outs?
Interesting history lesson...but he's a BIG GOVERNMENT MARXIST. Perhaps he doesn't know his history that well! LOL
@@countchivas Whatever his persuasion, he gives a good explanation of the status quo.
Michael Hudson is the world’s greatest economist.
Unbelievable interview thankyou for having michael on first time coming across him
Fantastic interview. We really do have to start looking at economics in a different way. Thankyou Martin.
STEVE KEEN has been saying the same critiques of neo-liberalism for a decade. UNTIL neo-liberalism DIES ( by way of a world wide collapse ) WE in OZ will soon see the extreme poverty Mr Hudson has described.. THIS OZ government Worships Wall Street and its bankers ( ps USA capital investment in OZ is now $1 Trillion, with UK @ $500 billion) and thus we in OZ are the new 'serfs' to labour for USA and OZ bankers
@@tomtesoro7994 You may enjoy this with Steve Keen and Michael Hudson -
www.rt.com/shows/front-running/476294-billionaire-tax-usa-finances/
@@peoplearepower2622 Thanks PAP. Great interview! Go Bernie!
Three economists worth listening to: Michael Hudson, Richard Werner & Steve Keen.
@@SirQuixoteofLaMancha U should check out this guy named Donlad Trump as well! LOL
Great guest. He's a great author too. Multiple videos online.
"Two dynamics define the economy in the 21st century:
1. We have substituted debt-driven speculation for productive investment.
2. We have substituted debt for earnings.
This is why the repricing of speculative-bubble assets can’t be stopped: debt-driven speculation is not a sustainable substitute for investing in increasing productivity.
And debt-fueled consumption
masquerading as “investment” is not a sustainable substitute for limiting consumption to what we earn and save."
Well said! Spot on.
Always a pleasure to hear Mr. Hudson's clear headed perspective on economic issues. He's very unlike the vast majority of economists who behave more like propogandists.
Legend! Finally you put some really substance in that was easy to follow for the everyday person. More of that because that's the people who really need to know the truth. You've done a real service to the public by having Michael on. So happy😁
So glad there are people like Mike Hudson speaking out.
Yes a clear voice at a time of uncertainty!
A fantastically frank and clear explanation of what we are facing now, and quite possibly into the future. Thank you both for your hard work and sharing of your vast knowledge. Greatest respect.
He forgets to mention how awful his alternatives are?
@TheHomoludens 🤣🤣nice one👍
@TheHomoludens 🤣🤣socialism is cancer!
@Steve Benn if you say so. However on another note, socialism is cancer
@@kurt.wilkinsongardendesign you should check under your bed for reds.
Holy sweet Jesus! I've beem waiting for a guest of this stature for a long time on your channel! I'll be contributing to your PayPal if you can keep up having guests of this stature!
I have read his other book J is for junk economics! Awesome read!
Keep up the hard work Martin!
Read some David Graeber books. They are/were(RIP) friends and worked together. “Bullshit Jobs” “Debt” etc. Amazing and excellent work.
@@PikachooUpYou I have been following and reading some of his work for years! David is an intellectual that is ahead of his time & honestly I think he managed to get on the wrong side of quite a few by speaking the truth!
Great guest!
Best guest. I've recommended Michael Hudson to all my online contacts. His ideas are becoming popular with millennials and those who know that our economies are just rentier parties funded by central bank confetti. I recommend watching this alongside Steve Keen's latest on Renegade Inc.
Hes a genius. Thanks for having Michael on. Great video.
My favorite economist. 🙏🏼
Thank you for bringing in Prof. Hudson. Wonderful material.
Wow, Martin...I am so happy to see one of my favorite people ever on your show! I love to use folks like MH to teach my students-at jobs like the one I have just told I do not have in 2 weeks. MH is fun and fascinating to listen to. A great time to talk about "too much debt" in Australia.
To any watching, Michael Hudson has given several fascinating talks that can be found on youtube on this and related topics and he explains so well. Thanks Michael!
Hudson is always a great guest...........have him on as a regular.
Wow only half way in but great guest Martin!
Great video, and Michael Hudson is a great guest.
I think this wise old saying sums up the economic mess the world finds itself in:
“The world has enough for every man’s need, BUT NOT every man’s GREED”.
Hudson, awesome. It's all a command economy I recall him saying, this should be good.
The best episode of your show by far. Please have Michael on as often as possible. It’s a shame David Graeber is no longer with us RIP. They worked together but David was a king among economic anthropologists.
Thanks - yes I hope to have Michael on again sometime...
The bailing out of these corporations is what blows my mind. The government rewards them for corruption and mismanagement. The government hands over money but takes no stake in ownership??? Would the same government hand over money to bail to bail me out of my mortgage and take no stake when it does so?
GEB - Not government, Oligarchs. We lost our governments a long time ago.
Yeah L N, donors own our bought’n’paid4 politicians.
The political system is designed to obfuscate the rights of regular taxpayers, while preferential treatment is given to wholesale tax evaders and political donors.
Anger is a byproduct of frustration, violence is a choice...
Let’s hope our predatory politicians don’t leave violence as the only viable option for change.
Jæ Š - Agree, But I don’t know who will carry out the violence, I see lots of calls for violence, but no ordinary person quite rightly wants anything to do with that, I certainly don’t want any blood she’d in my name. I have thought about damaging property as part of a protest, but it’s only a thought.
This is a war of attrition, and right now the Oligarchs have all the power, all the money and all the weapons, I don’t know how we are going to get out of this.
I think the lockdown came because we were causing them trouble, and they used the marshal law card( or next thing to marshal law).
I could be wrong on all of this of course, but I don’t think so.
The companies are owned by the people in government duh?
This is cognitive dissonance. It applies to the vast majority of citizens. The government is not responsible to you the voter citizen they are, quite simply the agents/employees of those who print the money. You will not understand this fact until you educate yourself ,until you realize "the Emperor has no clothes".
This interview & your last one have been among the most educational I have ever watched. Thank you so very much for bring these high caliber guest on to help us grow our knowledge base - outstanding!
Thank you again Martin.
There is zero lateral thinking about the big picture of this broken economy.
Martin you are a pretty smart guy in financial matters to be sure. But I got the very strong impression from you that Hudson showed you a whole new slant on world economic history and how we have arrived at this unserviceable worldwide debt crisis, as he did the rest of us. I now see more clearly why China and Russia are detaching from this disastrous situation with the USD which is a unit of debt from the moment it is conjured out of thin air and issued. Thank you for this fantastic video.
philip james are u delusional u don’t think China & Russia aren’t the next proxy! Come on champ they are 4 steps ahead of the situation ! China will be the new proxy and the beat goes on ! Oops minus a few pensioners who probably fought in wars orchestrated by these bastards !
Peter North no I’m not delusional and I’m not into your interpretation of what China and Russia are doing. I’ve heard all sorts of theories and yours is just a variation on some of them. Let’s agree to disagree and leave it at that.
A very interesting discussion. And as you mentioned Martin, this topic about debt today is fundamental and should be on everyone's lips.
“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”
― Napoleon Bonaparte
I hate to inform you, but your Chinese Government is in debt too to the elite, www.economist.com/content/global_debt_clock. they have a economy too.
Yes but only in China, not the world and they are in debt to the world elites.
Your right, but trust me the elites are behind this crisis. remember 1 years loss to them is like losing $1.00
@Ki Wise. This is just a trial run for the elites to test the sheeple out to how far they can get away with. This virus is a bio weapon, different strains in different areas. I'm sure they have been vaccinated against it already. and I'm not talking about the billionaire's here I'm talking about the gilzilionaire who's money is 3 pages higher on the chart of the rich list.
@kl wies All recessions are the cleaning of the market of competitors. Ashenfelter and Penvacel (1980). Effective 2016, the markets were already inflated, i.e. Greenspan's over exuberance. 1.5 mil from TB, 650,000 from Influenza the common cold, etc, die annually. This light Corona illness was.fortuitous for monopoly capital to clear the market. Now, monopoly capital will in by the 1/4th quarter acquire all of the merchandise and market share of the broken businesses.
"Mayhem" is an image of the end of the capitalist state wrought by the media to deify the State. Be assured that the corporate advertisers will direct the news media tooth paste vendors to report the light at the end of the tunnel and their State tools to report "mission accomplished" bringing a sudden end to the production cessation. No, the workers of the world will not unite, as a build up of organizing growing class conscious peasants did not occur in any nation post 1965 to be a catalyst for revolution. See Fitzgerald, Francis, "Fire in the Lake," see also Gilbert, Dennis, "Sandinistas."
good stuff martin ,ive read some of his stuff on zero hedge or globalresearch cant remember which it was.we are going to need your channel I hope you stay healthy .and everyone else be carefull out there and stay awesome.
Wow, I can't believe i missed this episode. It's probably the most relevant talking point of our lives, yet even I missed it.
Moral Hazard! The only solution is to let those that took on the risk go under!
Yeah young family first home buyers that finally saved enough for a deposit and just wanted to get out of the rent cycle
Fuk em
Credit finance is an indispensable part of industrial society as few sectors have the liquidity to make capital purchases: equipment for the trades, student loans, income generating real estate like farming, income generating vehicles, airplanes, mining equipment, etc.
@@Jj-gi2uv equipment for trades= wrenches=workers.
@TheCanMan Can Since 1990 Your posts are incoherent.
@TheCanMan Can Since 1990 Access to credit lending is indispensable in capitalism, exposing the weakest sectors to insurmountable debt. Individual consumers suffer asset shortage in capitalism and cannot purchase essentials such as food, housing, medical care, and education, in particular with declining real wages and extraction of their savings during recessionary cycles:
The stagnant finances of American households are no surprise given the dismal performance of the U.S. economy since the middle of the last decade. Figure 1 shows the gross domestic product (GDP), the most commonly-used summary metric of U.S. economic health, from 1970 to 2011 in real (inflation-adjusted) dollars and nominal (non-inflation-adjusted) dollars. The flat real GDP growth and slow nominal growth since 2005 stands out from the trend of generally increasing GDP of the last 40 years. The 16.5% real growth between 2000 and 2010 is less than half the growth
rate in each of the prior three decades. The decline in real and nominal GDP from 2007 to 2009 represented the first nominal decline in GDP in 60 years and the years and the largest real decline since the Bureau of Economic Analysis began keeping statistics in 1929.
Wolff, Sarah D. “The State of Lending in America and Its Impact on U.S. Households.” Center for Responsible Lending, (June 16, 2015) ; www.responsiblelending.org/the-state-of-lending; C.F. Darrick Hamilton and William A. Darity, Jr., "The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" (Federal Research Research Series, Review, Vol. 99, Issue 1, 2017), pp. 1, 61-62, peer reviewing "State of Lending in America and its impact on U.S. Households," (When it comes to liquid assets-financial assets that can be readily converted into cash-Blacks and Latinos are nearly penniless. Based on the 2011 Survey of Income and Program Participation (SIPP), Black families have about $200 in median liquid assets, which is over 100 times less than White families with $23,000 in median liquid assets (Tippet et al., 2014). For Latino families, the median is only $340, while the Asian median estimate is $19,400. Moreover, if retirement savings are removed from our estimates of liquid assets, then the typical White or Asian family has only $3,000 in liquid assets. That is dramatically larger than the $100 and $25 respective “financial cushions” for Latino and Black families to deal with any expected or unexpected expenses or budgetary shortfalls. To put this in context, $25 would not be enough to feed a Black family of four for a single day). papers.ssrn.com/sol3/Delivery.cfm/fedlrv00073.pdf?abstractid=2918735&mirid=1
In a market whereby asymmetric business ventures, essential governmental services, and individuals do not have adequate assets, lending became essential to basic operations:
Credit provision. Credit fuels economic activity by allowing businesses to invest beyond their cash on hand, households to purchase homes without saving the entire cost in advance, and governments to smooth out their spending by mitigating the cyclical pattern of tax revenues and to invest in infrastructure projects. Banks directly provide a substantial amount of credit in the U.S., but, unlike in almost any other economy, financial markets are the ultimate providers of most credit.
Liquidity provision. Businesses and households need to have protection against unexpected needs for cash. Banks are the main direct providers of liquidity, both through offering demand deposits that can be withdrawn any time and by offering lines of credit. Further, banks and their affiliates are at the core of the financial markets, offering to buy and sell securities and related products at need, in large volumes, with relatively modest transaction costs. This latter role is particularly important in the U.S., given the dominance of markets, but is often under-appreciated.
Risk management services. Finance allows businesses and households to pool their risks from exposures to financial market and commodity price risks. Much of this is provided by banks through derivatives transactions. These have gotten a bad name due to excesses in the run-up to the financial crisis but the core derivatives activities provide valuable risk management services.
Baily, Martin Neil, Elliott, Douglas J., "The Role of Finance in the Economy: Implications for Structural Reform of the Financial Sector" (The Brookings Institution, July 11, 2013), pp. 1-2. www.brookings.edu%2Fwp-content%2Fuploads%2F2016%2F06%2F11-finance-role-in-economy-baily-elliott.pdf&usg=AOvVaw1Kmu-gE5LdCposL80zxG_P
C.F. The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" at pp. 1 "meager economic circumstance-not poor decisionmaking or deficient knowledge-constrains choice itself and leaves borrowers with little to no other option but to use predatory and abusive alternative financial services."
I've watched many videos on economic theory recently, and this without doubt one of the best on TH-cam, I particularly like the historic references, many thanks to both parties. The Netflix "look over there, not over here" reference is sooo true, just like the 'bread and circus' anecdotes from Roman time......So I'm sharpening my pitchfork as I speak, you guys just give me the heads up about when we're storming the central banks!
Shared on social media hope people take the time to watch and have the insight to understand and the foresight to make personal decisions to resist
It should bve called "fake debts and criminal power". Dear Michael Hudson I love the fact that at least you are not afraid to expose the banker's crimes. If you suggest debt forgiveness you are admitting that there was a bone-fide debt which is false. We need debt repudiation and the bankers must make restitution for the amount of money they robbed most nations.
Than you great talk.
What a wonderfully enlightened guest you have here Martin. I do enjoy your shows .
Great info from both of you, well done
Wow, the legend of debt based economic pandemic research. I got all Michaels books, very insightful research.
Oh Jack i Finally Find you, you got message from....
@@yosbudi5708 ？？
Michael Hudson is the Richard Feynman of Economics. Thanks for sharing this video. :)
You bet!
11:20 Good that you asked the crucial question regarding who the central banks are working for
Fantastic Martin. And thank you Michael, as always, very powerful messages.
An honest man who doesn't mince words. Citigroup must love him. I don't agree with jubilee but he does make good points about the banks inflating the greatest debt bubble the world has ever seen. Currently over 250tn. Great guest. Thanks.
Very interesting guest.
Thanks Martin and Michael for sharing! This knowledge is so important for the freedom and living standards of the 99%, and thus needs to be more commonly known.
Our pleasure!
Probably one of your best friend Martin..
One of the best talk. We, people following this channel know what is the reality, but how this situation will turn around to benefit the people? It looks like there is no hope for the masses until "Mad Max" times comes along in the future.
Hudson is the best economist on the planet. I like our own Steve Keen as well.
I. had never heard of this channel, but when Michael Hudson said that the 15 or so people who were talking about his concerns had been guests here (26:12), I subscribed.
Yes- Michael Hudson.
Oh goodie! A special!
The beauty of Capitalism and banking is that a bank can make a mortgage loan of $250,000 at 5% interest using money they don't have, money they created, and charge the borrower a total of $483,000 over a 30 year period. The bank does not get to keep the original $250, 000 they printed but they do get to keep the interest of $233,000 the borrower paid.
So for each 1 Million Dollars (4 houses) a bank can create and loan out at 5%, they make $932,000. For 1 Billion Dollars worth of loans (4000 houses) the bank makes at this rate, they make $932 Million Dollars in interest.
A small town of 40,000 homes (around 120,000 or so inhabitants) would net the bank $9,320,000,000.00 over 30 years. That is 9 Billion Three Hundred Twenty Million Dollars in interest off this town of 40,000 homes.
For a city of 400,000 of these homes, or around 1.5 Million people, the interest collected increases by another factor of 10, bringing the interest collected to $932,000,000,000. That's Nine Hundred Thirty Two Billion Dollars just in interest collected by the banks with money they printed in the back office.
What a fantastic explanation from Micheal Hudson, great stuff. Thank you Martin.
@Walk The World Martin congratulations .One of your best.
Steve Keen been saying this for years.
Bonus Shaker so what every gambler wins at some point doesn't mean his right! What a stupid thing to say, your logic sucks.
Keen looks exhausted and bittered. All due respect to him, he is very smart and he was right eventually. But at what cost.
Then we reset and do it all again 🎈
Not too many of us are keen on Steve Keen because he always fails on the PR and PC (political correctness) fronts. Perhaps that's why he is such a thorn...
@@tomsoleymanbik3266 What we mean is Keen has been denoncing for years the bad or currupt management of central banks and Govs. And this at the expense of the population at large. Lower wages, less secure jobs, high private debts levels just to feed and house families.
@Der Gorghast We are so well brainwashed that we have morphed into pussycat-like creatures that can only tolerate half truths carefully wrapped.
The politicians and financiers will be working on the principle of 'never let a good crisis go to waste'.
Michael, your brilliant! I've been following you for the past year, thank you!
One of the best i must say. Micheal provides a great inside into that grey area of society. Facts and reasonable argument that does not go too far into conspiracy. Also, it is unfair that the 1% is trying to down the market to shift everyone’s wealth into theirs, it does makes me think a bit when considering Theory of Evolution.
I just came across this clip. Great questions and your guest, Michael Hudson was both informed and explained his answers well. Many thanks from Canada. (subscribed)
No, private debt should not be forgiven. It undermines those that saw the scam that was going and took sensible amount of debt that was managable. This is no different to bailing out the banks. If you don't like bailing out unscrupulous gamblers because of their greed. Why should you have pity on those that took on more debt than they can manage and live it up while you suffer for you sensible choice. I disagree. Let them suffer and let those that made the sensible decisions be rewarded for using their brains.
Excellent informative video thanks.
Gr8 Discussion Michael and Martin.
Martin this episode was like watching the ending of The Usual Suspects when the detective just realises who Keyser Söze really is ! ☕️ oops don’t drop that cup of tea!
0:50... such a simple question... and an obvious answer... too bad so many people are blind to the obvious
Interest always leads to stealing people's wealth and debt enslavement.
His other book J is for Junk Economic, it explains the Orwellian economic double speek, a dictionary. Plenty of his interviews on the tube, where he explains the geography of wall street.
Usury is a sin for a reason. This guy is smart. He sees things from a long term perspective.
Thank u Martin ! 👌
could the 5 viewers who 'thumbed down' please take their medication!
Err.... those would be the 5 big Oz banks.
Brilliant chat Martin thank you!
Wow what an insight into the real way the world is ruled
that was beautiful Michael Hudson, thank you.
Thanks - yes, I thought this was a special conversation, especially now!
Yank here. Great show! Thanks!
Have a read of the Bankers Manifesto 1829 if you've not already. It's only short
Bankers Manifesto 1892 (get the date right)
This is good too
th-cam.com/video/WSDjvok-fW8/w-d-xo.html
@@Ninja4ssasin th-cam.com/video/G9rcgo28nG0/w-d-xo.html little video of it
We need a Debt Jubilee for the Working Class Not the Banker/Corporate Class. In 2008 we had a Debt Jubilee for the Wall Street Bankers and Big Banks. The workers were thrown under the bus!!! Thanks President Obama!!
great content. thanks Mr North.
history doesn't repeat, but it often rhymes
@chris0tube they didn't have CDS's and CLO's nor the electronic means of issuing fiat currency in 3000 BC. so it rhymes.
while the whole world falls apart do you really need to attack some rando on yt.
heading back to me rock
So what trolls dislike this video? Stop watching TROLLS!!! Brilliant video, thank you!
Don't borrow more than you can repay.
To be safe, don't borrow more than you can repay PLUS with a sizeable savings...
I like the saying "Don't write a cheque that you're arse can't cash!"
But, yeah. Self-discipline is easier said than done. We've all been conditioned to live lives of maximum convenience and instant-gratification.
@@Aermydach and an endless amount of credit. Credit cards are evil.
@@Aermydach only if ur stupid!
Debt Jubilee for the people!
I think we have just been told ( without actually saying it ), the only way out !
waynebow 2018 - But will the Oligarchs allow it, or would they rather just let the human race go to hell, because they have their paradise islands and their private armies?
@@OMGAnotherday Call me what you want... but I think that maybe they are 'stealing' as much money from us as quickly as possible, to build underground shelters for an on coming natural disaster. Unknown civilizations keep vanishing from the earth due to floods etc. The Tartarian Empire being a great example. Knowledge is being kept from us !
waynebow 2018 - I Agree, I wouldn’t call you anything but a person with an open mind.
Most people can’t believe that there are individuals on this planet that couldn’t care less about others, they are called sociopaths and psychopaths, and we know exactly what kind of behaviour they are capable of.
The fact that the modern world has enabled them to congregate and communicate has only enhanced their power, and yes they and their system is destroying the human race.
I’m not sure if the rest of us will be strong enough to arrest the planet back from these people, however I can see that their measures of control have to be stronger and more intense each time the system gets into trouble.
With regards to natural disaster, well there is no underground bunker that will save them, if it’s so bad they have to go underground, then the likelihood of them surviving in the long term is small, and even if they do, how do you think a bunch of psychopaths will survive in the event of them being the only ones left, it would not be long before they turned on each other that being their nature!
@@OMGAnotherday Good point. They would all be used to giving orders and having their own way. They wouldn't be able to work as a team to survive.
waynebow 2018 - Exactly, and I think this is one of the major factors that we need to keep in mind.
“We the people” get called sheep, but in actual fact we are the people that keep the world going round.
It will be 100’s of years before they can do away with human labour completely, so “they” need us whether they like it or not.
This is worthwhile & sensible. Unfortunately, near the end, the guest refers to 'libertarianism' in the sense Americans use it: minimal government. Here in Australia (& UK) too, we use the JS Mill definition: that a person should be at liberty to behave as they like so long as their behaviour has no adverse effect on others. Put another way, that restrictions on liberty, whether legal or religious or social or familial, should be NECESSARY rather than ideological or paternalistic. This is quite consistent with BIG government doing the planning & undertaking redistributive economic responsibilities. To someone in the US, it seems a contradiction. There are many examples of US English usage diverging in confusing ways from the rest of the English speaking world.
A very topical interview still now in December 2023..
I think my favourite insight amongst the many is that “bad debt” should be thought of as “bad loans”. My understanding is that mercantile or business to business debt would not be written off however year to year consumer debt could be - at least to some extent in order to free up the productivity of the economy. A long term strategy to build the economy would therefore have to be put in place beforehand, and a public bank could be part of this equation.
Thanks - yes the content is probably even more relevant now....
Amazing interview. Thank you guys.
@Walk the world.
Your videos are not only transparent but crystal clear.Almost bettet than 8k UHD 200hz screen.Love it ;)
What about the people that didn't borrow recklessly and paid back their debt?
I don’t have debt. More than happy to have debt forgiveness.
I also don’t have corona 🤞. But keen for those who do to get treatment.
@@billythekid9821 Serious? The irresponsible get bailed out or do we all get an equal handout?
@@KOGitnow That makes no sense.
This is again brilliant, thanks Martin 👏
Martin, you look chuffed that you;re interviewing him. Dr Hudson is awesome, I've read his books and love his work. He cops a lot of criticism for being Marxist, but how can you be Marxist if you're an excellent economist who understands history?
@@billythekid9821 that sounds Marxist...
He is criticised for being Marxist by the Totalitarians because he is actually a Capitalist.
@@anthonythomas4541 That's right, but some people don't understand that
Billy The Kid - You are an uneducated idiot!
Great discussion
I have extra pitchforks...
Stage 1 begins........NAB conjuring the idea of foregoing home mortgage payments for 6 mths, that's avg loan of 400k allowing borrowers to keep approx 11k over that period to assist with their living cost's...........Of Course!! they can afford to do this now that rates are virtually ZERO, so weighing up the potential outcomes is it better to foreclose on over a million mortgages OR run at slight loss?
Hudson is a fount of wisdom. Best part of this interview was at the very end when he said liberty is the preserve of the rich. The working class has been suckered by the reactionaries for decades with the illusion that liberty applies to them, too. It's a big club and you ain't in it.
Thank you. It's pay back time !!!
Thanks for this highly interesting interview. I’ve seen Mr. Hudson before on Keiser Report. Very good insights.
Author Michael Ruppert, when appearing on „America - Freedom to Fascism“, said concerning the difference between Democrats and Republicans:
„It’s like a crap game,, with lots of money. You just call the Republicans the Gambinos and the Democrats the Genoveses. Occasionally somebody shoots each other at the table, but as soon as somebody threatens their crap game, they all unite to protect it.“
Or as it once appeared in a Simpsons-sequel:
You have the option to vote either for John Jackson or to vote for Jack Johnson.
„It’s a crap
If I'm the guy who's cleared his debts over time while my neighbour hasn't paid his. Why should he have his forgiven, while I've paid mine? Is anybody else thinking this?
If we value others as more important than our self, than we live within our means and avoid at all cost becoming a burden on others by a huge debt and bankruptcy.
Problem is, the vast majority consider their importance above all others and debt for them is good it it enables them to seek all pleasure and avoid all pain.
Net profit hasn't gone up turnover costs gone up and to Alp & Green liars this is proft increasing it not ... net profit fallen decades for small & medium and franchise. The corporation proft off Franchise owner globally and shareholders putting money in a Corporaton why CEO earn milions salary
Great interview Martin, and great guest. Unless something changes our youth is screwed, clearly they want our elderly out of the way. Time for a revolution I think.
Thank you both ❤️
Our pleasure!
great show thanks please try to get these ideas on our so called independent ABC
Great economist amd writer. Bring on Steve Keen and Stephanie Kelton too. :). Thanks