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Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer. There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy... Read More
French railroad workers
The Deep Meaning of the French Railroad Strikes
The current series of railroad strikes in France are portrayed in the media as “labor unrest”, a conflict between the government and trade union leaders, or as a temporary nuisance to travelers caused by the self-interest of a privileged category of workers. In Anglo-American media, there is the usual self-satisfied tongue-clicking over “those cheese-eaters, always... Read More
SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries coming to you from Baltimore. President Trump presented his infrastructure plan on Monday. The long-awaited plan proposes to spend $200 billion in federal funds over the next 10 years. This is to be complemented with another 1.3 trillion in spending from cities, states, and private... Read More
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The fall of 2017 will witness the most brutal assault on working and middle class living standards since the end of World War II. Three presidents and their congressional allies will ‘revise’ labor legislation, progressive income tax laws and regulations and effectively end the mixed economy in France, the US and Brazil. Throughout the summer,... Read More
KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. Donald Trump promised repeatedly to, "Drain the swamp," during his presidential campaign, his vow to end the cycle of corruption within the Federal government. All while touting his own experience as a businessman, as reason enough for him to be Commander-in-Chief. Yet,... Read More
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive... Read More
Donald Trump’s $1 trillion infrastructure plan is not an infrastructure plan and it won’t put $1 trillion of fiscal stimulus into the economy. It’s basically a scheme for handing over public assets to private corporations that will extract maximum profits via user fees and tolls. Because the plan is essentially a boondoggle, it will not... Read More
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SHARMINI PERIES: Welcome back to The Real News Network. I’m speaking with Michael Hudson, the author of, J is for Junk Economics, a Guide to Reality in the Age of Deception. Don’t miss it. We’re going to be talking about this book, and some of the misleading concepts that are out there, in terms of... Read More
The privatization movement and the deregulation movement have turned out to be failures. Privatization in Britain under the Thatcher government had its origin in the belief that the absence of incentivized managers and shareholders with a stake in the bottom line resulted in nationalized companies operating inefficiently, with their losses covered by government like the... Read More
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NOTE: Readers are asking to know who, in addition to the Western-financed NGOs, are the Fifth Columnists inside Russia. Michael Hudson and I left the description general as Atlanticist Integrationists and neoliberal economists. The Saker provides some specific names. Among the Fifth Columnists are the Russian Prime Minister, head of the Central Bank, and the... Read More
Social Security and Medicare are under attack from Wall Street, conservatives, and free market economists. The claims are that these programs are unaffordable and that the programs can be run more efficiently and at less cost if privatized. The programs are disparaged as “entitlements.” The word has come to imply that entitled people are getting... Read More
Discussions on the APEC, G20 and TPP meets, with key geo-political issues in the Ukraine, Germany, China and Russia investigated.
An interview with Radio Voice of Russia, World Service on Ukrainian sovereignty in the face of IMF loans, the push for fracking by US interests and how corruption lurks in the background. Is this Ukrainian pressure part of an EU fracking wedge on behalf of certain interests? According to this perspective, food sovereignty is a... Read More
More at The Real News Welcome to The Real News Network. I’m Jessica Desvarieux in Baltimore. And welcome to this edition of The Hudson Report. Now joining us is Michael Hudson. Michael is a distinguished research professor of economics at the University of Missouri-Kansas City. His two newest books are The Bubble and Beyond and... Read More
The New York Times has acquired a new Judith Miller
Libertarian ideology favors privatization. However, in practice privatization is usually very different in result than libertarian ideology postulates. Almost always, privatization becomes a way for well-connected private interests to loot both the public purse and the general welfare. Most privatizations, such as those that have occurred in France and UK during the neoliberal era, and... Read More
As first published on Truth Out “Let them loot.” That is the demand of the West when its NGO subsidiaries firebomb government buildings, murder policemen and loot the arms depots of military forts. Kiev is the equivalent of Kosovo as a Slavic city-of-origin. Are we seeing a replay? What would Dick Cheney (or President Obama... Read More
Not that long ago government and free market proponents were at sword’s point, but no more. With little left in the private sector to rip off, the financial gangsters have turned to the public sector and put to work for them the free market economists’ advocacy of privatization. Governments themselves became part of the conspiracy... Read More
As published in the latest World Economics Association digest, the Real World Economics Review The Federal Reserve’s QE3 has flooded the stock and bond markets with low-interest liquidity that makes it profitable for speculators to borrow cheap and make arbitrage gains buying stocks and bonds yielding higher dividends or interest. In principle, one could borrow... Read More
More at The Real News Edited transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Baltimore. Former prime minister Margaret Thatcher has passed away, and of course around the world people are debating her legacy. Henry Kissinger said she was a great defender of Western interests. She’s known... Read More
The Queen Mother of Global Austerity and Financialization
We typically honor the convention to refrain from speaking ill of the recently departed. But Margaret Thatcher probably would not object to an epitaph focusing on how her political legacy was to achieve her professed aim of “irreversibly” dismantling Britain’s public sector. Attacking central planning by government, she shifted it into much more centralized financial... Read More
Failed Privatizations – the Thatcher Legacy
By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond”. This is from my book on privatization, written some 15 years ago, never published. As in Chile, privatization in Britain was... Read More
Hudson on the Thom Hartmann Program.
Renegade Economists interview 05.09.2012 Interview with Professor Michael Hudson by Karl Fitzgerald Listen KF: We welcome to the show Professor Michael Hudson, Distinguished Research Professor at the University of Missouri-Kansas City, the leading Post-Keynesian university in America. It’s been fantastic to see, Michael, that the public profile of UMKC has really taken off with Randall... Read More
We all know that the world is unfair. The most useful question to ask is how much poverty is economically necessary, how much is a product of policies that can be alleviated? A related question is how financial and fiscal austerity hurts the national economic interest. This problem is especially relevant in Russia today, since... Read More
More at The Real News Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. And in Washington the drama over whether the United States Congress will raise the debt ceiling or not continues. The Republicans defend the need to cut spending and get government under control and... Read More
November 12, 1989, New York Times This article was published in the NYT more than 20 years ago, forecasting precisely what has happened. I attended the annual meetings of the International Monetary Fund and World Bank in Washington last month. When the meetings ended, I was left with the impression that no further writedowns would... Read More
How Bankers are using the Debt Crisis to welcome in the Financial Road to Serfdom
Financial strategists do not intend to let today’s debt crisis go to waste. Foreclosure time has arrived. That means revolution – or more accurately, a counter-revolution to roll back the 20th century’s gains made by social democracy: pensions and social security, public health care and other infrastructure providing essential services at subsidized prices or for... Read More
Will Greece Let EU Central Bankers Run Riot Over Sovereignty?
When Greece exchanged its drachma for the euro in 2000, most voters were all for joining the Eurozone. Their hope was that it would ensure stability, and that this would promote rising wages and living standards. Few saw that the stumbling point was tax policy. Greece was excluded from the eurozone the previous year as... Read More
Replacing Economic Democracy with Financial Oligarchy
“But if a country is still not delivering, I think all would agree that the second stage has to be different. Would it go too far if we envisaged, at this second stage, giving euro area authorities a much deeper and authoritative say in the formation of the country’s economic policies if these go harmfully... Read More
A landmark fight is occurring this Saturday, April 9. Icelanders will vote on whether to subject their economy to decades of poverty, bankruptcy and emigration of their work force. At least, that is the program supported by the existing Social Democratic-Green coalition government in urging a “Yes” vote on the Icesave bailout. Their financial surrender... Read More
Another excellent interview with Bonnie Faulkner. Topics covered: Financial and fiscal austerity policies; the appeal of economic austerity to bankers; economic depression and war; post-WWII vs. post-cold war economic policy; government to government grants vs. commercial lending; the euro and dollar; privatization in New Zealand and elsewhere; social unrest; speculation and prices; criminalization of the... Read More
Interview with Michael Hudson, Eleftherotypia, Sunday December 12, 2010. 1. A recent article of yours, “Schemes of the Rich and Greedy,” cites the bailouts in Europe among such schemes. What are the main faults with bailouts, and for whom are they designed? The financial sector is trying to get politicians to siphon off money from... Read More
Professor Hudson appeared on the Renegade Economists radio show in Melbourne, Australia last Wednesday. Listen
What would Adam Smith have said about the Bowles-Simpson economic report last week? What a pity the great free marketer was not around to serve on the Deficit Reduction Commission. He not only would have rolled over in his grave, he would have risen up wielding an ax to the fiscal proposals that are diametrically... 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
Foreign investment by MNCs is highly prejudicial to most Third World countries, because of the non-market incentives that it demands. Much of what passes as favorable ‘market conditions’ are in large part political decisions which maximize benefits to the MNC at the cost of the local economy, its tax payers, consumers and workers. The meaning... Read More
an Interview with Michael Hudson for Counterpunch. By STANDARD SCHAEFER Since the 1980s computer technology has been promoted as democratizing leisure by lowering the production costs of knowledge and culture. Consumers were promised more free time, yet a quarter or even a third of family income for the low- and middle-income brackets now goes to... Read More
an Interview with Michael Hudson for Counterpunch By STANDARD SCHAEFER In acknowledging the recent thirtieth anniversary of the US-sponsored coup that brought to General Augosto Pinochet to power in Chile, a number of articles and opinion pieces have appeared. The Nation recently cast the incident in somewhat sentimental terms. Such efforts to turn Salvador Allende’s... Read More
An Interview with Michael Hudson for Counterpunch By STANDARD SCHAEFER During the boom of the 1990s, neoliberal economists and the financial press promoted the the high tech revolution for its ability to reduce production costs. As long as government did not interfere with markets, technology would lead to an improvement in the quality of life.... Read More
Contents Introduction Why it was regressive to fund Social Security as an autonomous system Financial engineering vs. industrial profits and employment Social Security, forced saving and Labor Capitalism What if the stock market does boom? Will that save Social Security? Introduction This would not seem to be an auspicious time to mount a campaign to... Read More
Speech to the Norwegian Shipowners’ Association, August 17, 2000 by Dr. Michael Hudson, ISLET © The debate over whether to privatize Norway’s oil, telephone system and other national assets has focused on considerations of whether private management would be more efficient than government management. The discussion to date has turned more on political ideology than... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution