Cross-posted from The Saker The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a “technical default”. Is... Read More
Below are the transcripts from the film Surviving Progress I was a part of. The film can be purchased here. Canada FILM group on PROGRESS 2010: The Road to Debt Serfdom Cinémaginaire, ASHOP (USA): Interview with Michael Hudson – Tapes #112-113-114 Theme: In the name of “progress,” the world is regressing to neoserfdom. Mainstream economics... Read More
Prof Hudson appears on the Renegade Economists radio show to discuss the economic growth trap, compound interest, Sumeria, the corruption of economics and how US interests are flexing in the debate over what constitutes a CDO default in the EU. This interview was conducted just days before Greece was given another reprieve. Recorded March 7th... Read More
Michael Hudson (UMKC) in Paul G. Bahn, ed., An Enquiring Mind: Studies in Honor of Alexander Marshack (American school of prehistoric research monograph series, Oxford and Oakville: Oxbow Books, 2009):149-53. I first met Alex Marshack in 1982 at a lecture he gave in New York City, where we both lived. That evening he described the... Read More
“Whoever enters here must know mathematics.” That was the motto of Plato’s Academy. Emphasizing such abstract ratios as the Pythagorean proportions of musical temperament and the calendrical regularities of the sun, moon and planets, its philosophy used the mathematics of nature to reveal an underlying harmony and order in the universe and hence, in an... Read More
Introduction to Debt and Economic Renewal in the Ancient Near East (ed. with Marc Van De Mieroop) (CDL Press, Baltimore, 2002) Economists, anthropologists and assyriologists have discussed the origins of debt and the setting of interest rates from such different perspectives that there has been remarkably little overlap or mutual discussion. Indeed, when economic theorists... Read More
Copy of a regular newsletter by Boudewijn Wegerif, Sweden WHAT MATTERS-77 Dear list members, Yesterday I was with an American economist who says of himself that he is a Marxist, whose godfather was Leon Trotsky, whose father was thrown in prison in the US in 1941 for advocating the overthrow of the government, who has... Read More
2. Why Economies Develop Debt Crises: The Mathematics of Compound Interest The past century’s economic schoolbooks have described a universe running down from entropy. Production is assumed to be plagued by diminishing returns, so that each additional unit of input produces less and less output. Even if technology were recognized to raise the productivity of... Read More
Originally published in Journal of the Economic and Social History of the Orient 43 (Spring 2000):132-161 Máš, tokos and fænus as metaphors for interest accruals* * An earlier draft of this paper has benefited from comments by William Hallo, the late W. F. Leemans, Johannes Renger, Piotr Steinkeller, Cornelia Wunsch and Norman Yoffee. For the... Read More
On the origins of cities as offshore banking centers – chapter 3 from my Urbanization volume, Urbanization and Land Ownership in the Ancient Near East (ed. with Baruch Levine) Cambridge, Mass.: Peabody Museum, Harvard University, 1999 The social sciences have long viewed the earliest cities as playing much the same role as they do in... Read More
(from the Temples of Enterprise book in progress) Delivered at a symposium at the Institute of Fine Arts, New York University, March 15th-16th, 1990, this article was published in Gunter Kopcke and Isabelle Tokumaru, eds, Greece between East and West: 10th – 8th Centuries BC (Mainz: Verlag Phillip von Zabern, 1992). This paper seeks to... Read More
Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971).
ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East.
Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.