Suppose a country owes money to another nation’s government or official agency. How can creditors collect, unless there’s an international court and an enforcement system? The IMF and the World Bank were part of that enforcement system and now they’re saying: ‘We’re not going to be part of that anymore. We’re only working for the... Read More
As Russia and Asia move to circumvent the stranglehold of an aging, U.S. dominated international financial and legal system with its promise of endless austerity and privatization by foreign investors, the IMF and World Bank double-down by making it more difficult for them to transact business and administer credit. A nightmare scenario of U.S. geopolitical... Read More
Watch the video on the Democracy Now site Black Monday is how economists are describing Monday’s market turmoil, which saw stock prices tumble across the globe, from China to Europe to the United States. China’s stock indices fell over 8 percent on Monday and another 7 percent today. On Wall Street, the Dow Jones Industrial... Read More
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
APEC meetings November 12, 2014 President Putin Pledges to Increase Trade with China and Asia to Rebuke Sanctions SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I’m Sharmini Peries, coming to you from Baltimore. During this year a number of governments applied sanctions against Russia for its involvement in the alleged pro-Russian... Read More
How can China avoid the “Western financial disease” – a real estate bubble followed by defaults and foreclosures? The U.S. and European economies originally sought to avoid this fate by taxing the location’s site value. A rent tax was the focus of Progressive Era reforms. Enacting a rent tax remains China’s main challenge to accompany... Read More
Another in the series of interviews on the Renegade Economists radio show (Australia), a wide ranging analysis of the advantages to wealth that money printing and poor tax policy produce. Topics include land and housing policy, German gold repatriation, Occupy, Bradley Manning, Iran, Obama and Kruegar. Listen here Subscribe to the show (itunes) Transcription 06.03.2013:... Read More
Michael Hudson appears on the Renegade Economists podcast to discuss the motivations behind rating agencies, austerity aiding bankers, the disintegration of the EU and how property bubbles are to blame for so many of the global economy’s problems. Michael Douglas from Wall St: Money Never Sleeps makes a cameo appearance. Listen now Subscribe to the... Read More
What does Norway get out of its Oil Fund, if not More Strategic Infrastructure Investment? For the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its oil-export receipts – which are in foreign currency – in... Read More
Here’s the quandary that the U.S. economy is in: The Fed’s quantitative easing policy– creating more liquidity so that banks can lend more – aims at helping the economy “borrow its way out of debt.” But banks are not lending more, for the simple reason that a third of U.S. real estate already is in... Read More
It is traditional for politicians to blame foreigners for problems that their own policies have caused. And in today’s zero-sum economies, it seems that if America is losing leadership position, other nations must be the beneficiaries. Inasmuch as China has avoided the financial overhead that has painted other economies into a corner, nationalistic U.S. politicians... Read More
Interview with Xulin Dong May 2010 DX: You have strongly advocated the use of taxation as a most effective and desirable way to prevent real-estate bubble. Now in the Chinese media there’s a good deal of discussion about the need to re-design China’s real-estate tax regime. In particular, about the merit of a US type... Read More
Hudson to Premier Wen Jaibao, March 15, 2010 Dear Premier Wen Jiabao, I write this letter to counteract some of the solutions that Western politicians are recommending for China to cope with its buildup of excess foreign-exchange reserves. Raising the renminbi’s exchange rate against the dollar will not cure the China-US payments imbalance. The dollar... Read More
Michael Hudson on Renegade Economists Radio discussing China’s looming isolationism, the background on G20 austerity plans plus a few serves on what economics should be looking at. Hudson appears at the 2 minute mark. Audio – 22/06/2010 Subscribe to the Renegade Economists podcast
Based on an interview with Eric Janszen of iTulip April 10, 2010 On April 10, 2010 I caught up with Michael Hudson and he was in rare form. Readers know that my personal view is that much of the right wing of the political spectrum doesn’t know what the problem is and all of the... Read More
Report for the Robert Schalkenbach Foundation These words were written over a century ago by an American who saw that it was money that put the nation’s tangible wealth, its natural resources and labor, in motion. Recognizing that money was essentially a social and legal institution, a creation of the state, the author urged the... 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.