If the economy deteriorates in the L-shaped “hockey-stick” rut that many economists forecast, what political price will President Obama and the Democrats pay for having returned the financial keys to the Bush Republican appointees who gave away the store in the first place? Reappointing Federal Reserve Chairman Ben Bernanke may end up injuring not only... Read More
Counterpunch The State of the Union address is in danger of purveying the usual euphemisms. I expect Obama to brag that he has overseen a recovery. But can there be any such thing as a jobless recovery? What has recovered are stock market averages and Wall Street bonuses, not disposable personal income or discretionary spending... Read More
Political Economy Research I am travelling in Europe for three weeks to discuss the global financial crisis with government officials, politicians and labor leaders. What is most remarkable is how differently the financial problem is perceived over here. Its like being in another economic universe, not just another continent. The U.S. media are silent about... Read More
Ben Bernanke’s False Analogy Global Research On the March 15 CBS show “60 Minutes”, Federal Reserve Chairman Ben Bernanke used a false analogy already popularized by President Obama in his quasi-State of the Union Speech. He likened the financial sector to a house burning down – fair enough, as it is destroying property values, leading... Read More
Global Research The financial “wealth creation” game is over. Economies emerged from World War II relatively free of debt, but the 60-year global run-up has run its course. Finance capitalism is in a state of collapse, and a new wave of credit cannot revive it. A quarter to a third of U.S. real estate has... Read More
GlobalResearch Martin Wolf started off his Financial Times column today (February 11) with the bold question: “Has Barack Obama’s presidency already failed?” The stock market had a similar opinion, plunging 382 points. Having promised “change,” Mr. Obama is giving us more Clinton-Bush via Robert Rubin’s protégé, Tim Geithner. Tuesday’s $2.5 trillion Financial Stabilization Plan to... Read More
Counterpunch On Friday, October 24, the pound sterling dropped to just $1.58 (down from $1.73 earlier in the week, an enormous plunge by foreign-exchange standards), and the euro sunk to just $1.26, while Japan’s yen soared by 10 per cent. These shifts threatened to disrupt export markets and hence industrial sales patterns. Global stock markets... Read More
An interview with Economist Michael Hudson, by Mike Whitney Global Research. Mike Whitney: On Friday afternoon the government announced plans to place the two mortgage giants, Fannie Mae and Freddie Mac, under “conservatorship.” Shareholders will be virtually wiped out (their stock already had plunged by over 90 per cent) but the US Treasury will step... Read More
A Counterpunch interview by Mike Whitney Mike Whitney: Before John Kennedy took office, anyone making an income of over $200,000 was taxed at a rate of 93 per cent. Corporations also paid a much higher percentage of the total tax burden than they do today. The higher tax rates on the wealthy never hurt Gross... Read More
An Interview by Mike Whitney with Michael Hudson on the Economy – Counterpunch 1–Fed chairman Bernanke has been on a spree lately, delivering three speeches in the last two weeks. Every chance he gets, he talks tough about the strong dollar and “holding the line” against inflation. Treasury Secretary Henry Paulson even said that “intervention”... Read More
Oslo conference, “Financial Crises in Capitalism”, Aug. 27, 2007 I first met Erik Reinert in 1994 at an economic history conference in Germany, and have been a member of his Reality Economics group since its founding. Erik Reinert’s Reality Economics group has revived the awareness of economists whose names have disappeared from most histories of... Read More
English translation of a pamphlet published in Russia by The Land Policy Association, St. Petersburg, Russia, April 1999 Instead of becoming wealthier and more like America since 1990, Russia is being turned into a third world country. In less than a decade the nation has been stripped of its capital and forced into debt 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.