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    The idea of annulling debts nowadays seems so unthinkable that most economists and many theologians doubt whether the Jubilee Year could have been applied in practice, and indeed on a regular basis. A widespread impression is that the Mosaic debt jubilee was a utopian ideal. However, Assyriologists have traced it to a long tradition of...
  • @Ilyana_Rozumova
    Brilliant article! Simply Brilliant.

    We cannot now replicate such Jubilees in a single stroke, because most financial contracts are intermediated via financial institutions, and the Sovereign has mutated from chief creditor to main debtor, (Section 6). But we can try to replicate the former objectives of such social engineering.

    Hudson is brilliant, and we need him thinking.

    Unfortunately, Hudson is mute on Sovereign Money. Modern Monetary Theory is not Sovereign Money. Modern Money is banking credit, which in turn is banking corporations. These corporations are the financial institutions, who have inserted themselves as a third party into our operations. We can go back to a Sovereign System, it is a simple law change. It is a sad commentary that the Sovereign has mutated to a debtor – a sad joke on us.

    http://www.sovereignmoney.eu

    A sovereign money system morphs money supply from bank credit into treasury money. Once the money supply shifts into money, then public jubilees become easier to do. These plans to convert the money supply are already done and ready to go, it is a simple matter of replacing Federal Reserve Notes (bank money) with U.S. dollars as loans are paid down in a 1:1 ratio. Banks are then forbidden from creating credit.

    In a sovereign system, the source, or headwaters where money is created is the State (Treasury or monetary authority), and at the uptake or Tax level is the State. At the private creditor/debtor level people still make credits and debts with each other, but they have to use Treasury Money.

    The true nature of money is law, and “financial institutions” have taken/usurped law into their own hands. Finance creating the credit is money power unrestrained and unlawful. At least in the past, a constitutional KING had his subjects best interests at heart.

    Hungary’s constitutional Kingdom lasted nearly 1000 years, so it must have had some sort of King mechanism for erasing debts.

    Hudson’s debt ideas and equity ideas are a form of Sovereign money power, but are ignoring the elephant in the room…. private bank hypothecations of credit have hosted society with usurious debts. Money power has to be ripped away from the claws of private banking corporations – maybe Hudson will advance his thinking in this area.

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  • Perhaps the key question is whether the private sector provides such insufficient equity funding for SMEs that it is worth going down the admittedly dangerous route of establishing a public sector equity fund for SMEs?

    Canada answered this question 1938-1974.

    Debt Free money issued from Bank of Canada to build infrastructure ultimately became wages. These wages accrued as savings. Said savings were put into trusts.

    To buy a home meant going to a Trust, and the paying back of said loan would be to pay back saving creditors. The Trust was Gyro like a Savings and Loan in the U.S.,… it only loaned existing money with no hypothecations of new credit.

    These Trust creditors tended to be the elderly who had saved over their lifetime; hence the money cycle was virtuous with young benefiting from house loans from the old, and the old benefiting from interest payments from the young. The old then buying the produce and output of the young.

    Small and Medium Size businesses formed as neighbors and relatives had savings and skills, thus banks were bypassed.

    Small and Medium size business formation kept large usurious type business at bay, as small tends to be more nimble and efficient.

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  • @Reg Cæsar
    Cancelling Puerto Rico's debts would be a small price to pay for their independence. Or should I say, our independence.

    4 big banks get 7.5 trillion in secret.
    New Zeland banks get 500 billion over night from Ben.
    Madicare and madicaid paid 400 dollars for a pil and still the insurance-farmacy ara allowed to get “copayment” of 80 dollars from a poor man.
    And Puerto Rico is the issue for you?

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  • Cancelling Puerto Rico’s debts would be a small price to pay for their independence. Or should I say, our independence.

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    • Replies: @Rafael Martorell
    4 big banks get 7.5 trillion in secret.
    New Zeland banks get 500 billion over night from Ben.
    Madicare and madicaid paid 400 dollars for a pil and still the insurance-farmacy ara allowed to get "copayment" of 80 dollars from a poor man.
    And Puerto Rico is the issue for you?
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  • @Twodees Partain
    I agree that Milton Friedman is a false god in the panoply of some deluded conservatives. What strikes me as good about the idea of a Jubilee is that forgiveness of debt to the government would have only good results. Depriving politicians of money to play with would hurt nobody who didn't richly deserve to suffer.

    The authors managed to stray from that concept into the territory of socialism's ideal of wealth redistribution. Forgiveness of debt between parties who agreed to the terms is rightfully left up the lenders. Seizure of property for nonpayment of taxes is a crime committed by government against citizens, but forfeiture of property pledged as collateral in a loan agreement isn't something that government should have any say over.

    Sorry for going off topic in my reply, anarchyst. I tend to do that now that I'm old.

    The government needn’t void a private contract.
    It can offer a voucher to debtors for the face value of debts for debts subject to the Jubilee, payable to the creditors. The debtors then use these vouchers to pay their creditors. Creditors redeem their vouchers for cash at a bank. Cash is created to fulfill and terminate the vouchers the same way it was created to buy toxic mortgage backed securities under quantitative easing.

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  • Seems like a political platform that deserves to be tested.

    There was a Jubilee for holders of Mortgage Backed Securities, why shouldn’t there be a Jubilee for your revolving credit and student loans?

    Combine that platform, and simple rhetorical question, with a much softened stance and rhetoric on Latin-Americans – especially the many who are citizens, and combine it with some rhetoric on how uncontrolled immigration hurts African-Americans and controlled immigration plus a Jubilee would really, really, really help African Americans, and you may have the combination that upends the whole game.

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  • The problem is governments being stupid enough or criminal enough to allow their nations’ exchange mediums to be created as debt at usury in the first place. Debt necessarily tears economies down to total destruction as everything about debt is a minus, there is no plus except to the OWNER OF THE DEBT.
    A proper medium of exchange must be MONEY, NOT ”credit,” which is just a euphemism for DEBT. The only way to get DEBT into circulation is by LOANS which must be repaid WITH INTEREST BUT THE INTEREST IS NEVER CREATED BY THE LOAN. This is simply a conveyor belt of all wealth to the owner of the DEBT. Moreover, AS THE DEBT MUST BE REPAID PLUS INTEREST, there must FOREVER BE NEW AND BIGGER LOANS TO COVER THE DEFICIT, otherwise there is soon NO EXCHANGE MEDIUM WHATSOEVER. This constantly growing deficit is the real inflation and usually becomes THE NATIONAL DEBT to boot.
    REAL MONEY is SPENT into circulation by its proper creator, the government of the people. It stays in circulation for the constant use of the people AT NO COST TO ANYONE. It is not based on ANY SORT OF COMMODITY but is BACKED BY THE ABILITY OF THE PEOPLE OF THE NATION TO CREATE NEW WEALTH.
    With REAL MONEY, there is never a need for a jubilee.

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  • What’s wrong with assortative mating?

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  • @Black Pill
    There can be no debt jubilee - the enacted system itself is debt and it won't begin to change until the demographics change, which they are. Hindus and Chinese, playing the long game, won't be content to be slaves to Jews, and they're the future in every dead western land:

    https://sspcdn.blob.core.windows.net/files/Documents/SEP/STS/2017/Program-Books/Scholars.pdf

    I could link to at least a hundred other indicators that show that debt-riddled Europeans are the past, vanishing like snow in spring.

    Are Hindus clever enough? Some are, most aren’t.

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  • @Joe Wong
    Debt Jubilee is only an interesting topic, a fancy idea or even a bad commie joke? Not applicable in the democratic society like the USA? As Milton Friedman defined captialism was the prerequisit of democracy, debt/loan, interest and peonage are the pilliars of Capitalism, denying these pilliars is denying capitalism hence denying democracy, thus debt jubilee can no do in the USA, doing so will be denying the USA is a democracy.

    America is an Oligarchy. It has never been, and is especially now, not, a democracy.

    So, in a sense, we agree.

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  • Every dollar printed by the government, over a certain amount, results in the devaluation of outstanding dollar obligations, as well as that money held in every ones wallets. The value of future payback dollars is therefore less than it would have been if the excessive printing had not occurred. The further into the future, the greater the devaluation effect, especially if the government prints excessive amounts on a regular basis.

    In effect, this is a form of Jubilee debt abnegation. Not total, but substantial.

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  • @Twodees Partain
    I agree that Milton Friedman is a false god in the panoply of some deluded conservatives. What strikes me as good about the idea of a Jubilee is that forgiveness of debt to the government would have only good results. Depriving politicians of money to play with would hurt nobody who didn't richly deserve to suffer.

    The authors managed to stray from that concept into the territory of socialism's ideal of wealth redistribution. Forgiveness of debt between parties who agreed to the terms is rightfully left up the lenders. Seizure of property for nonpayment of taxes is a crime committed by government against citizens, but forfeiture of property pledged as collateral in a loan agreement isn't something that government should have any say over.

    Sorry for going off topic in my reply, anarchyst. I tend to do that now that I'm old.

    Most of the homes taken for free by bankers during the financial crisis were fraudulent loans underwritten by the Government. In other words, banks wrote themselves their own paychecks over bubbled collateral backstopped by the US Government. A guarantee of success.

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  • @anarchyst
    This is the same Milton Friedman who came up with the idea of "withholding" income taxes. Previous to WW2 federal income taxes were not withheld from employees' paychecks. Taxes were due and payable in full by April 15.
    Withholding made it easy for the government to raise taxes at will...
    Imagine getting rid of withholding today.
    The result would be the 16th amendment being repealed.

    I agree that Milton Friedman is a false god in the panoply of some deluded conservatives. What strikes me as good about the idea of a Jubilee is that forgiveness of debt to the government would have only good results. Depriving politicians of money to play with would hurt nobody who didn’t richly deserve to suffer.

    The authors managed to stray from that concept into the territory of socialism’s ideal of wealth redistribution. Forgiveness of debt between parties who agreed to the terms is rightfully left up the lenders. Seizure of property for nonpayment of taxes is a crime committed by government against citizens, but forfeiture of property pledged as collateral in a loan agreement isn’t something that government should have any say over.

    Sorry for going off topic in my reply, anarchyst. I tend to do that now that I’m old.

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    • Replies: @Anonymous
    Most of the homes taken for free by bankers during the financial crisis were fraudulent loans underwritten by the Government. In other words, banks wrote themselves their own paychecks over bubbled collateral backstopped by the US Government. A guarantee of success.
    , @SimplePseudonymicHandle
    The government needn't void a private contract.
    It can offer a voucher to debtors for the face value of debts for debts subject to the Jubilee, payable to the creditors. The debtors then use these vouchers to pay their creditors. Creditors redeem their vouchers for cash at a bank. Cash is created to fulfill and terminate the vouchers the same way it was created to buy toxic mortgage backed securities under quantitative easing.
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  • @Heros
    Hudson, the closet marxist, should read the column to the left of this one titled "Its Time to Drop the Jew Taboo".

    Like all the other Zio-Sycophants his column amounts to some interesting history and a bunch of communist drivel. He needs to open his eyes and realize that the entire west lives under ZOG.

    The jews are not going to allow goyim to escape debts owed to jews. If Hudson wants to start to correct the wrongs that have lead the west to the massive over-leverage, he should advocate that all goyim debt to people with "stein", "berg", "rosen", "gold" in their family names should be "jubileed". That would of course include banks with managers and directors like "lloyd Blankfein" or "Jamie Dimon" as well.

    Hudson also does not mention what his favorite tribe has done to white, as well as other colors, families. All his blather about citizens paying taxes, serving in military and civil projects is worthless when social capital has been destroyed. In the US all the blacks and mexicans and other illegals want is welfare or a cushy state job payed for my Hudson's beloved progressive income tax.

    The real truth is that virtually all the massive productivity gains of since the beginning of the industrial revolution were stolen by the money changers and their (((central banks))) through inflation and games played with freshly created money. Throw in 150 years of wars for Israel, and it is clear who has destroyed the "middle class" (they always call the "middle class" the "bourgeoisie" right before they have them executed). The west should be the land of milk and honey, not depravity and debt.

    It is important also to note that Hudson fails to mention the invasion of the west by third worlders and what they would expect from a Jubilee.

    The sad part is that this debt enslavement of white people and where it eventually leads has been so well documented by the jews themselves. It is in the Talmud, Oded-Yinon, Coudenhove-Kalergy, The Protocols. Yet our intelligentsia, of which Hudson certainly thinks he belongs, not only refuse to acknowledge that it exists, they will happily call you an anti-semite and nazi if you even dare to mention it.

    When Michael Hudson refer to financial parasite are killing the host he is referring to the Jews and also to the white anglo – Saxon that are accomplice and help the jews .

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  • @anarchyst
    This is the same Milton Friedman who came up with the idea of "withholding" income taxes. Previous to WW2 federal income taxes were not withheld from employees' paychecks. Taxes were due and payable in full by April 15.
    Withholding made it easy for the government to raise taxes at will...
    Imagine getting rid of withholding today.
    The result would be the 16th amendment being repealed.

    Crime is tax free. Right junior?

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  • @Joe Wong
    Debt Jubilee is only an interesting topic, a fancy idea or even a bad commie joke? Not applicable in the democratic society like the USA? As Milton Friedman defined captialism was the prerequisit of democracy, debt/loan, interest and peonage are the pilliars of Capitalism, denying these pilliars is denying capitalism hence denying democracy, thus debt jubilee can no do in the USA, doing so will be denying the USA is a democracy.

    This is the same Milton Friedman who came up with the idea of “withholding” income taxes. Previous to WW2 federal income taxes were not withheld from employees’ paychecks. Taxes were due and payable in full by April 15.
    Withholding made it easy for the government to raise taxes at will…
    Imagine getting rid of withholding today.
    The result would be the 16th amendment being repealed.

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    • Replies: @Anonymous
    Crime is tax free. Right junior?
    , @Twodees Partain
    I agree that Milton Friedman is a false god in the panoply of some deluded conservatives. What strikes me as good about the idea of a Jubilee is that forgiveness of debt to the government would have only good results. Depriving politicians of money to play with would hurt nobody who didn't richly deserve to suffer.

    The authors managed to stray from that concept into the territory of socialism's ideal of wealth redistribution. Forgiveness of debt between parties who agreed to the terms is rightfully left up the lenders. Seizure of property for nonpayment of taxes is a crime committed by government against citizens, but forfeiture of property pledged as collateral in a loan agreement isn't something that government should have any say over.

    Sorry for going off topic in my reply, anarchyst. I tend to do that now that I'm old.
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  • China owns about 1,3 trillion of US debt. Say all countries around the world together including China own around 3 trillions.
    So still 17 trillion debt is own by the US citizens, mostly 1% rich Jews.
    So when the bond market will collapse who will be hit most?

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  • Anon • Disclaimer says:

    Given that this massive global private debt of $233 trillion is unsustainable and a drag on the economy, the real economy, not the fictitious financial economy that sit atop it like a tumor, it should be a serious consideration, especially since it has been DISHONORABLY created over the past forty years.

    Neoliberalism has been exposed as “fantasy or junk economics”, not at all a reflection or compatible with the real world and its reign has reached its zenith, now in its twilight. An ever growing movement of economic students worldwide are demanding to be taught economic history (imagine!) and MMT, the actual representation of the operational reality of the economy.

    The wizards of “oz.” have granted themselves a unique responsibility that has been appallingly abused, the creation of money. Sovereign nations have had the power all along to have a healthy, robust public sector. It’s time we demand it.

    Prof. Steve Keen agrees that the global private debt must be addressed:

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  • Anonymous • Disclaimer says:

    “Thus, if the State is to reduce the indebtedness of certain groups in the population (while maintaining its own fiscal solvency), it can do so only by redistributing wealth from the wealthy and powerful. The greater weight of such redistribution in any modern simulacrum of debt cancellation is bound to evince strong opposition from those at the receiving end.”

    Strong opposition means co-option and propaganda to get the hicks to do the dirty work. Remember how the Freedom Works teabaggers flocked like sheep to protest any possible help for the millions who were going to be tossed out of their houses? These intellectual lightweights will shoot their own neighbors if their favorite conservative movement tells them to.

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  • @Dutch Boy
    The present usurious system ought to be replaced by a non-usurious banking system. These could be state-owned banks or private banks licensed by the government to issue loans at no interest (only reasonable fees to cover the cost of originating the loan and insurance in case of default). Modern banking is merely the creation of money, which is a state responsibility. Allowing private banks to create money and charge interest for doing so is nothing but legalized theft and creates an enormous flow of wealth from those who have less to those who have more. Those who wish to earn money with investments would use investment banks, which would be forbidden to invest in debt instruments.

    34 Dutch Boy > The present usurious system ought to be replaced by a non-usurious banking system

    A gigantic Islamic-finance industry exists in the world today. Quite gigantic.

    I invite Mr Dutch Boy to put his money where his mouth is, and start lending money with no interest charged.

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  • I breathlessly await, Michael Hudson & Charles Goodhart putting their money where their mouth is

    No license is needed to lend money, guys….. put up or shut up

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  • @NoldorElf
    Considering many debts have been introduced because wages have not been kept up with the cost of living, I think that many of them should be. Take Payday loans for example. They are very clearly a form of predatory lending meant to get their debtors caught in a loop.

    The whole reason why they exist? Real wages have not risen for decades. They've all gone to the very rich.

    I mean take a look at the situation with housing, healthcare, automobiles, etc - they've all gone up, while the wages have gone down.

    At this point, Michael Hudson has the right ideas. The game is rigged against us lowly peasants. That's the real problem - the elites on top only care about themselves and are willing to loot society to make themselves richer. We need an economy that works for us, the people, not the small globalist elite that is ravaging society.

    Ron Unz himself has a good article on this one: http://www.unz.com/runz/chinas-rise-americas-fall/

    Not saying the Chinese elite are perfect (far from it), but they seem to realize that they have to deliver to the people as well, which they've done a far better job than our elite.

    All governments should know looking after the wellbeing of its people is their first order of business; neither ideology nor religion should be their business. Perhaps the American is born out of the Europeans who are a religious based civilization, therefore the elites who run the US government still carries their ancestor’s root and run the USA like their old continental forebears and put ideology/religion before the wellbeing of the people.

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  • @interesting
    "Could/Should Jubilee Debt Cancellations be Reintroduced Today?"


    So what you're saying is that because i DIDN'T go into massive debt i'm a fucking idiot and those that just borrowed with reckless abandon with not a care in the world about paying it back are the "smart" players of this stupid game?

    A jubilee rewards the reckless and punishes the prudent........yeah,, that makes total sense.

    Apparently, you only read the title of the article. The Jubilee primarily cancelled debts to the government, such as unpaid taxes and fees. It left business loans between private entities intact. The author did wander around off the subject, but that was the basis of the article.

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  • The present usurious system ought to be replaced by a non-usurious banking system. These could be state-owned banks or private banks licensed by the government to issue loans at no interest (only reasonable fees to cover the cost of originating the loan and insurance in case of default). Modern banking is merely the creation of money, which is a state responsibility. Allowing private banks to create money and charge interest for doing so is nothing but legalized theft and creates an enormous flow of wealth from those who have less to those who have more. Those who wish to earn money with investments would use investment banks, which would be forbidden to invest in debt instruments.

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    • Replies: @Karl
    34 Dutch Boy > The present usurious system ought to be replaced by a non-usurious banking system



    A gigantic Islamic-finance industry exists in the world today. Quite gigantic.

    I invite Mr Dutch Boy to put his money where his mouth is, and start lending money with no interest charged.
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  • @nsa
    Inflating away debt via the debasement of a fiat currency constitutes a SLOW MOTION DEBT JUBILEE.......the kind of invisible relentless debt jubilee that maybe one in one thousand can recognize unless the inflation gets out of control. When inflation exceeds 2 year CD returns by about 5%, even a college professor or economist can spot the debt liquidation and defrauding of the creditor.

    Morphing “Inflating away debt via debasement of fiat currency as a slow motion debt jubilee” is as brilliant as claiming bombing, killing and waterboarding on the fabricated phantom WMD allegation as humanitarian intervention. Following your logic, I guess all the Americans can stop paying their credit cards outstanding balances, student loans, mortgages, payday loans, etc., and wait for the inflation to work its magic to the way of their debt Jubilee, meanwhile forgetting about the compund interests of those loans and debts as well as all their incurred fees and charges.

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  • @nickels
    Look forward to this book, very interesting topic.

    Debt Jubilee is only an interesting topic, a fancy idea or even a bad commie joke? Not applicable in the democratic society like the USA? As Milton Friedman defined captialism was the prerequisit of democracy, debt/loan, interest and peonage are the pilliars of Capitalism, denying these pilliars is denying capitalism hence denying democracy, thus debt jubilee can no do in the USA, doing so will be denying the USA is a democracy.

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    • Replies: @anarchyst
    This is the same Milton Friedman who came up with the idea of "withholding" income taxes. Previous to WW2 federal income taxes were not withheld from employees' paychecks. Taxes were due and payable in full by April 15.
    Withholding made it easy for the government to raise taxes at will...
    Imagine getting rid of withholding today.
    The result would be the 16th amendment being repealed.
    , @nickels
    America is an Oligarchy. It has never been, and is especially now, not, a democracy.

    So, in a sense, we agree.

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  • @Barnard
    There is no excuse for taking a payday loan. The people who take them are idiots who can't delay gratification. Low wage earners can get a supplement for basic necessities from the government or private charities. These people have typically burned bridges with other lenders like credit card companies. They are dishonest people who don't pay their debts.

    Low wage earners can get a supplement for basic necessities from the government or private charities

    Even more evidence that you don’t live in the real world.

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  • @Barnard
    Payday loans were introduced because there is a class of people who don't have the ability to delay gratification or understand the basics of personal finance. On average, a payday loan user has a high probability of not repaying his debts and is still spending more than he brings in, mostly on non essential items. They shouldn't need to be outlawed because the public should be intelligent enough not to use the product.

    because the public should be intelligent enough not to use the product.

    Do you live in the same town as Garrison Keillor, where all the kids are above average? Half the population would have a hard time pouring urine from a boot , even if you wrote the instructions on the bottom for them.

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  • @Jake
    The Left has long called for debt cancellation when its a matter of blacks owing huge money to white Gentiles. What I'd like to see is a specific call for Jewish owned businesses to cancel debts.

    Of course, just as it would be anti-Semitic to cal for Israel to open its borders to hordes of black and brown Mohammedan refugees, it would be anti-Semitic to call for Jews to cancel debts., doubly so when those who owe money to Jews are white Gentiles.

    And that hypocrisy is not confined to Jews (or to Semites: the Arabic version is awful as well). Anybody who thinks Germany, or any Germanic country in the senses of language spoken and the ancestry of the nation's builders and shapers, would allow its Elites to lose money through sweeping debt forgiveness is hopelessly naive. The Germany of today intends to squeeze the poorer nations of the EU to the point of near death, which makes Germany's overlordship that much more powerful. allowing Germany to Do Good by inviting millions, then tens of millions, more black and brown Mohammendans into the EU.

    There is a most important reason that Yiddish is German, not a Germanized Hebrew or Aramaic. Yiddish is German with a few Semitisms. Nor is it a wild, and unaccountable, accident of history that Jews have adopted English as their new Yiddish - the universal Jewish vernacular - and that Angles and Saxons (as well as Jutes, Frisians, Danes and other Vikings) were Germanic.

    You cannot solve the 'Jewish Problem' without also, simultaneously, solving the specifically 'WASP problem' and more generally 'Germanic problem.'


    You cannot separate

    ANOTHER uppity ethnic! Unz, you must keep the lesser breeds from polluting this great site.

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  • @bluedog
    Fool paycheck loans were introduced because the sharks were well aware that with the low wages the people would need somewhere to go, seeing the mafia had been pretty much run out of town,and one of their favorite places were the reservations where the troops hang out and train some call them military post...

    There is no excuse for taking a payday loan. The people who take them are idiots who can’t delay gratification. Low wage earners can get a supplement for basic necessities from the government or private charities. These people have typically burned bridges with other lenders like credit card companies. They are dishonest people who don’t pay their debts.

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    • Replies: @Chris Mallory

    Low wage earners can get a supplement for basic necessities from the government or private charities
     
    Even more evidence that you don't live in the real world.
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  • “Could/Should Jubilee Debt Cancellations be Reintroduced Today?”

    So what you’re saying is that because i DIDN’T go into massive debt i’m a fucking idiot and those that just borrowed with reckless abandon with not a care in the world about paying it back are the “smart” players of this stupid game?

    A jubilee rewards the reckless and punishes the prudent……..yeah,, that makes total sense.

    Read More
    • Replies: @Twodees Partain
    Apparently, you only read the title of the article. The Jubilee primarily cancelled debts to the government, such as unpaid taxes and fees. It left business loans between private entities intact. The author did wander around off the subject, but that was the basis of the article.
    ReplyAgree/Disagree/Etc.
  • @Barnard
    Payday loans were introduced because there is a class of people who don't have the ability to delay gratification or understand the basics of personal finance. On average, a payday loan user has a high probability of not repaying his debts and is still spending more than he brings in, mostly on non essential items. They shouldn't need to be outlawed because the public should be intelligent enough not to use the product.

    Fool paycheck loans were introduced because the sharks were well aware that with the low wages the people would need somewhere to go, seeing the mafia had been pretty much run out of town,and one of their favorite places were the reservations where the troops hang out and train some call them military post…

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    • Replies: @Barnard
    There is no excuse for taking a payday loan. The people who take them are idiots who can't delay gratification. Low wage earners can get a supplement for basic necessities from the government or private charities. These people have typically burned bridges with other lenders like credit card companies. They are dishonest people who don't pay their debts.
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  • “…Nowadays, however, governments of our democratic societies are almost invariably large financial debtors, often the economy’s most highly indebted sector. There is no likelihood of this reversing…”

    There is a way to do this. Dump the Federal Reserve of all countries and go to a government owned bank. Each bank buys all the debts of each other and then cancels the debt.

    Debt money creation is worse than just printing the money. It makes sense because if you just print the money then you only have inflation for the amount printed. If the government borrows the money then not only is the money created but there’s a debt that continuously compounds along with the money creation. I might add much of the banker money created, by volume, rarely trickles down to the average person. Most is used by banks to buy the structure of the economy for which they charge us monopolist rents whether it be power, water, internet, phones, etc.

    I also don’t care much for high property or land value taxes. It means they are constantly shearing you just to have a space to rest your head. I had an Aunt who lived in New Jersey who had to sell her house because the taxes were higher than the house payments.

    There’s a guy who ran for President last time who has some excellent ideas. This guy invented Moprtage Backed Securities.

    https://web.archive.org/web/20160126102250/http://www.scottsmith2016.com/#scott-smith-home-1

    We need to address “what comes next”. How do you replace the money supply from a debt based system? How do you tax income or what do you tax? This guy has a plan and while I’m not sure all of it works it’s damn interesting. It cuts taxes of most people, replaces the banking system and ends all US debt in five years. He’s not some crazy person he is the actual person that invented “Mortgage Backed Securities”. In his original version they had normal valuations for housing and he had extra fees accounted for any housing that couldn’t be paid for. You can say the non Judophile version. It worked great because it provided money for housing and a stable known quantity investment for large pension funds, insurance companies and big investors.

    If all the goods and services in the economy were backed or shadowed by an equivalent amount of currency we would have a situation were there would be debt but it would be owed to no one in particular. The cash would be a direct substitute for goods and services. Benjamin Franklin wrote about the currency in Pennsylvania that worked like this but based on land. It worked very well and provided prosperity for the whole community. Of course when the Bank of England found out about it the King made them stop causing the whole community to crash into a downward spiral. Possibly being one of the reasons for the revolution.

    http://www.philadelphiafed.org/publications/economic-education/ben-franklin-and-paper-money-economy.pdf

    Since the debt is compounding it can’t be sustained. They’ve already got this figured out. They’re going to Special Drawing Rights SDR’s. There will be a big financial crisis and SDR’s will come in to save the day. It will of course be the same rip off but on a bigger scale.

    We should go to a money system that’s based on total goods and services. It could be inflationary, or not, but not necessarily any more than what we have now. All debt these days (bonds) are essentially monetized or currency anyways. You just borrow money on the value of the bonds. So doing away with bonds would not necessarily cause a cash inflation spiral as the bonds are likely monetized (cash) as it is.

    For revenue instead of getting most from income taxes he would get revenue from settlements. Like every time you buy something or deposit a check in the bank, etc. The value of this is it massively raises the tax base so that the amount of each transaction is minuscule. I read, “For Good and Evil: The Impact of Taxes on the Course of Civilization” by Charles Adams a book on taxes and it talked a lot about raising the tax base in order to lower the percentage taken from each transaction and to spread out where revenues came from.

    Let’s look at the numbers he quotes.

    Payrolls total $15 trillion.
    Not much for filling a $4 trillion federal spending.

    The base for what he calls payments, (transactions), is 3,600 Trillion. Big difference. So using this big difference he would only take a tax rate of just 1/8 of a percent.

    He also would stop charging interest as the money is made and backed by the taxpayers. He would only give banks a service fee. (I don’t agree with this. I think a small interest paid to the Federal Gov. would be helpful providing the majority of it went to the treasury and bypassed the FED and banks.)

    He’s got some great ideas on lots of issues. He’ll never get any publicity from the media with his cut out the FED ideas but they’re worth thinking about. My biggest problem is just how, even with such small percentage of tax, he would keep corporations and the 1% from gaming it so they pay none.

    Another thing Smith wants to do is pay the debt off. He points out that all the debt pays interest so it gets bigger and bigger. There’s a not so evident twist to the debt. Here it is…as soon as the debt is issued it is financialized. It becomes money. It may be debt but in today’s world you can use this promise to pay to raise cash. Therefore the money supply is already inflated by the debt. Get it? Debt becomes cash through financialization.

    He says,”…Coupon stripping would not be inflationary
    because it would replace our existing supply of interest bearing
    money with non-interest-bearing money…”

    When he says coupon stripping he’s talking about the old time bonds. Here’s a picture.

    Each bond has coupons that when torn off at a certain date become money. He says we pay all the bonds off with non interest bearing CASH now instead of letting the debt inflate further. The bonds have become cash already so it’s not necessarily inflationary to turn them into cash.

    Here’s another quote,”…Ironically, we would have inflated the money supply less if we had issued new money to pay for the deficit each year rather than selling Treasury bonds. At least ordinary money does not accrue interest…”

    That being the case he says we should pay off all debt within five years.

    Here’s a link to his pay off the debt page.

    https://web.archive.org/web/20170203085112/http://www.scottsmith2016.com/wp-content/uploads/2016/03/Pay-Off-the-Debt.pdf

    I think he’s somewhat right about turning debt into cash not being inflationary but not 100%. Some debt is parked and if they were forced to accept cash I have no doubt they would buy assets for cash causing some inflation. His point over all I believe is sound. That printing cash is less damaging to the economy than continuously expanding debt. Yes there is a limit to this. The damage is less when you have instant inflation than the delayed case of delayed debt. When you have instant feedback from printing cash you also can see the damage and correct it faster. The debt is hidden as it takes some money out of circulation while NOT extinguishing it. When debt is turned to cash it’s influence can’t be stopped as easy.

    https://web.archive.org/web/20160126102250/http://www.scottsmith2016.com/#scott-smith-home-1

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  • There can be no debt jubilee – the enacted system itself is debt and it won’t begin to change until the demographics change, which they are. Hindus and Chinese, playing the long game, won’t be content to be slaves to Jews, and they’re the future in every dead western land:

    https://sspcdn.blob.core.windows.net/files/Documents/SEP/STS/2017/Program-Books/Scholars.pdf

    I could link to at least a hundred other indicators that show that debt-riddled Europeans are the past, vanishing like snow in spring.

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    • Replies: @Anonymous
    Are Hindus clever enough? Some are, most aren't.
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  • @Anonymous wandering
    A very good article (though extensive).

    A well-worth read, very thought provoking, that joins some of my personnal pet peeves. Basically a strong and free society has to rely on a majority of free landowning citizens. If we don't restore a strong middle class, expect to say goodbye to a functionning democracy in a not too distant future.

    Debt jubilees would be a good solution to that. I really like author's solution of Equity financing for college , as I see higher eduction as an investment in human capital, therefore it would make sense to have the state co-invest.

    Taxes.

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  • Declaring all debt America obtained fighting wars for neocons and the state of Israel to be Odious debt would be a good start.

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  • @NoldorElf
    Considering many debts have been introduced because wages have not been kept up with the cost of living, I think that many of them should be. Take Payday loans for example. They are very clearly a form of predatory lending meant to get their debtors caught in a loop.

    The whole reason why they exist? Real wages have not risen for decades. They've all gone to the very rich.

    I mean take a look at the situation with housing, healthcare, automobiles, etc - they've all gone up, while the wages have gone down.

    At this point, Michael Hudson has the right ideas. The game is rigged against us lowly peasants. That's the real problem - the elites on top only care about themselves and are willing to loot society to make themselves richer. We need an economy that works for us, the people, not the small globalist elite that is ravaging society.

    Ron Unz himself has a good article on this one: http://www.unz.com/runz/chinas-rise-americas-fall/

    Not saying the Chinese elite are perfect (far from it), but they seem to realize that they have to deliver to the people as well, which they've done a far better job than our elite.

    Payday loans were introduced because there is a class of people who don’t have the ability to delay gratification or understand the basics of personal finance. On average, a payday loan user has a high probability of not repaying his debts and is still spending more than he brings in, mostly on non essential items. They shouldn’t need to be outlawed because the public should be intelligent enough not to use the product.

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    • Replies: @bluedog
    Fool paycheck loans were introduced because the sharks were well aware that with the low wages the people would need somewhere to go, seeing the mafia had been pretty much run out of town,and one of their favorite places were the reservations where the troops hang out and train some call them military post...
    , @Chris Mallory

    because the public should be intelligent enough not to use the product.
     
    Do you live in the same town as Garrison Keillor, where all the kids are above average? Half the population would have a hard time pouring urine from a boot , even if you wrote the instructions on the bottom for them.
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  • 1. debt jubilee ? ? ? sure, just give a little advance notice so i can run up my credit card balance…
    .
    2. meta comment on site: REALLY don’t give a shit about watching most/(all?) site’s ‘podcasts’, vidyos, whatever; i come to this site to read op/eds and articles, not waste time watching a 30 min vidyo for 1 minutes worth of information better gleaned by reading…
    yeah, old school, i know…
    accidentally clicked on the vidyo link once when i saw the topic i was interested in, but then saw it was a useless vidyo, with no transcript, to boot, so, buy-bye…
    .
    if’ns i wants to watch me some vidyos, i’ll go to Utubby…
    some itches are better left unscratched, meester unzzz…

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  • @j2
    Interesting article, but I would have to think about the proposed solution, I doubt it.

    As the authors go to the Jubilee in the Bible, apparently invented by Sumers, there are two other proposals in the Bible also.

    One is the story of Joseph claiming to be c. 1700 BC or something, supposedly invented what Egyptians invented a thousand years earlier, storing grain in good years for bad years, but Joseph made a nasty twist to this well working system: he taxed grain in good years and sold it with usury prices in bad years robbing Egyptian peasant of money, livestock, land and finally reduced them to slaves. This being one of the main teachings of the Old Testament (alongside of various ways of cheating and robbing by Abraham and Jacob) the way of usury was well known around 700-500 BC.

    The other one is Jesus forbidding taking interest, which is also what Muhammad wrote. It has been tried, but usually not fully, i.e., Jews were allowed to take interest from non-Jews both in Christianity and Islam, which totally ruined the idea. With no interest on loans there would not be private banks, but there could be a public bank, as the state gets the profit from taxes. It would hinder economic development, but that may be not so bad after all, if critical functions are secured in some way. In some way this may work and be a stable system.

    Certainly the present economic system cannot be continued infinitely, it needs some kind of a reform.

    The CIA probably wants a civil war to shake things up a bit. It always works. Go Amazon!

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  • Interesting article, but I would have to think about the proposed solution, I doubt it.

    As the authors go to the Jubilee in the Bible, apparently invented by Sumers, there are two other proposals in the Bible also.

    One is the story of Joseph claiming to be c. 1700 BC or something, supposedly invented what Egyptians invented a thousand years earlier, storing grain in good years for bad years, but Joseph made a nasty twist to this well working system: he taxed grain in good years and sold it with usury prices in bad years robbing Egyptian peasant of money, livestock, land and finally reduced them to slaves. This being one of the main teachings of the Old Testament (alongside of various ways of cheating and robbing by Abraham and Jacob) the way of usury was well known around 700-500 BC.

    The other one is Jesus forbidding taking interest, which is also what Muhammad wrote. It has been tried, but usually not fully, i.e., Jews were allowed to take interest from non-Jews both in Christianity and Islam, which totally ruined the idea. With no interest on loans there would not be private banks, but there could be a public bank, as the state gets the profit from taxes. It would hinder economic development, but that may be not so bad after all, if critical functions are secured in some way. In some way this may work and be a stable system.

    Certainly the present economic system cannot be continued infinitely, it needs some kind of a reform.

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    • Replies: @Anonymous
    The CIA probably wants a civil war to shake things up a bit. It always works. Go Amazon!
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  • Mafia won’t go for it. They need the debt slaves to feed the welfare and entitlements of the Pentaplex and the middle class delusion. We know who’s really in debt.

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  • One question that comes to mind is, how would a debt jubilee work in a society in which the currency is an instrument of debt? A Federal Reserve Note is an instrument of debt, created out of thin air and loaned into existence.

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  • To Hudson & Goodhart,
    A long long article…. but I read it all in detail. At least the authors are looking at and thinking about solutions to an immense problem that must be addressed, unlike many authors who whine and complain without offering solution oriented arguments. Keep up the publishing boys!

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  • Not only should but a debt cancelling jubilee on the national level ie the national debt is the only way to go, however the Zionist privately owned FED should be abolished first.

    The FED is as federal as Federal Express ie being privately owned by the Zionist banking cabal that creates money out of thin air and then loans this money to the gov and we taxpayers at interest thus making the FED the greatest PONZI scheme in the history of the world.

    The zionists have used the FED and the IRS since 1913 to force America into debt producing wars starting with WWI and on through to the Mideast wars to produce a debt that put America in a debtors prison from which there is no escape.

    All wars are zionist banker wars and these wars have enriched the banksters while endebting the American taxpayer.

    ABOLISH THE FED and have the gov issue the currency as it was prior to the zionist takeover of the gov in 1913.

    ABOLISH THE FED and set Americans free.

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  • The Left has long called for debt cancellation when its a matter of blacks owing huge money to white Gentiles. What I’d like to see is a specific call for Jewish owned businesses to cancel debts.

    Of course, just as it would be anti-Semitic to cal for Israel to open its borders to hordes of black and brown Mohammedan refugees, it would be anti-Semitic to call for Jews to cancel debts., doubly so when those who owe money to Jews are white Gentiles.

    And that hypocrisy is not confined to Jews (or to Semites: the Arabic version is awful as well). Anybody who thinks Germany, or any Germanic country in the senses of language spoken and the ancestry of the nation’s builders and shapers, would allow its Elites to lose money through sweeping debt forgiveness is hopelessly naive. The Germany of today intends to squeeze the poorer nations of the EU to the point of near death, which makes Germany’s overlordship that much more powerful. allowing Germany to Do Good by inviting millions, then tens of millions, more black and brown Mohammendans into the EU.

    There is a most important reason that Yiddish is German, not a Germanized Hebrew or Aramaic. Yiddish is German with a few Semitisms. Nor is it a wild, and unaccountable, accident of history that Jews have adopted English as their new Yiddish – the universal Jewish vernacular – and that Angles and Saxons (as well as Jutes, Frisians, Danes and other Vikings) were Germanic.

    You cannot solve the ‘Jewish Problem’ without also, simultaneously, solving the specifically ‘WASP problem’ and more generally ‘Germanic problem.’

    You cannot separate

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    • Replies: @Redneck farmer
    ANOTHER uppity ethnic! Unz, you must keep the lesser breeds from polluting this great site.
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  • The real power these days isn’t Russia or the Pentagon or some CIA created ISIS thugs, it’s the bankers that have taken over the western world.

    With their command of both the central banks and most nations Treasuries, they have absolute power to do whatever they want, whether that is getting corrupt legislators to pass laws in the US tossing people into prison for debt or to fraudulently push the stock market up, then pop the entire mess, but not before they and their buddies get out with a load of loot. All the while remaining above prosecution.

    The USA is so far in debt now that we are forced to borrow from those bankers just to pay the interest on the money we’ve already borrowed, a banker’s dream but a nightmare for Americans.

    To think that some kind of debt Jubilee is going to upset this very lucrative apple cart is a waste of time.

    The only real change will come when Americans discover they still have a backbone and do another 1776.

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    • Agree: bluedog
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  • Hudson, the closet marxist, should read the column to the left of this one titled “Its Time to Drop the Jew Taboo”.

    Like all the other Zio-Sycophants his column amounts to some interesting history and a bunch of communist drivel. He needs to open his eyes and realize that the entire west lives under ZOG.

    The jews are not going to allow goyim to escape debts owed to jews. If Hudson wants to start to correct the wrongs that have lead the west to the massive over-leverage, he should advocate that all goyim debt to people with “stein”, “berg”, “rosen”, “gold” in their family names should be “jubileed”. That would of course include banks with managers and directors like “lloyd Blankfein” or “Jamie Dimon” as well.

    Hudson also does not mention what his favorite tribe has done to white, as well as other colors, families. All his blather about citizens paying taxes, serving in military and civil projects is worthless when social capital has been destroyed. In the US all the blacks and mexicans and other illegals want is welfare or a cushy state job payed for my Hudson’s beloved progressive income tax.

    The real truth is that virtually all the massive productivity gains of since the beginning of the industrial revolution were stolen by the money changers and their (((central banks))) through inflation and games played with freshly created money. Throw in 150 years of wars for Israel, and it is clear who has destroyed the “middle class” (they always call the “middle class” the “bourgeoisie” right before they have them executed). The west should be the land of milk and honey, not depravity and debt.

    It is important also to note that Hudson fails to mention the invasion of the west by third worlders and what they would expect from a Jubilee.

    The sad part is that this debt enslavement of white people and where it eventually leads has been so well documented by the jews themselves. It is in the Talmud, Oded-Yinon, Coudenhove-Kalergy, The Protocols. Yet our intelligentsia, of which Hudson certainly thinks he belongs, not only refuse to acknowledge that it exists, they will happily call you an anti-semite and nazi if you even dare to mention it.

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    • Replies: @Rafael Martorell
    When Michael Hudson refer to financial parasite are killing the host he is referring to the Jews and also to the white anglo - Saxon that are accomplice and help the jews .
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  • @Anonymous wandering
    A very good article (though extensive).

    A well-worth read, very thought provoking, that joins some of my personnal pet peeves. Basically a strong and free society has to rely on a majority of free landowning citizens. If we don't restore a strong middle class, expect to say goodbye to a functionning democracy in a not too distant future.

    Debt jubilees would be a good solution to that. I really like author's solution of Equity financing for college , as I see higher eduction as an investment in human capital, therefore it would make sense to have the state co-invest.

    …expect to say goodbye to a functionning democracy in a not too distant future.

    2 questions.

    1. What’s so sacred about democracy?

    2. If you’re saying the US has or ever had a democracy that functioned in the interests of the majority then please inform me of when that happened.

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  • Might be a good idea but will never happen, so no point discussing it.

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  • Brilliant article! Simply Brilliant.

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    • Replies: @MEFOBILLS

    We cannot now replicate such Jubilees in a single stroke, because most financial contracts are intermediated via financial institutions, and the Sovereign has mutated from chief creditor to main debtor, (Section 6). But we can try to replicate the former objectives of such social engineering.
     
    Hudson is brilliant, and we need him thinking.

    Unfortunately, Hudson is mute on Sovereign Money. Modern Monetary Theory is not Sovereign Money. Modern Money is banking credit, which in turn is banking corporations. These corporations are the financial institutions, who have inserted themselves as a third party into our operations. We can go back to a Sovereign System, it is a simple law change. It is a sad commentary that the Sovereign has mutated to a debtor - a sad joke on us.

    www.sovereignmoney.eu

    A sovereign money system morphs money supply from bank credit into treasury money. Once the money supply shifts into money, then public jubilees become easier to do. These plans to convert the money supply are already done and ready to go, it is a simple matter of replacing Federal Reserve Notes (bank money) with U.S. dollars as loans are paid down in a 1:1 ratio. Banks are then forbidden from creating credit.

    In a sovereign system, the source, or headwaters where money is created is the State (Treasury or monetary authority), and at the uptake or Tax level is the State. At the private creditor/debtor level people still make credits and debts with each other, but they have to use Treasury Money.

    The true nature of money is law, and "financial institutions" have taken/usurped law into their own hands. Finance creating the credit is money power unrestrained and unlawful. At least in the past, a constitutional KING had his subjects best interests at heart.

    Hungary's constitutional Kingdom lasted nearly 1000 years, so it must have had some sort of King mechanism for erasing debts.

    Hudson's debt ideas and equity ideas are a form of Sovereign money power, but are ignoring the elephant in the room.... private bank hypothecations of credit have hosted society with usurious debts. Money power has to be ripped away from the claws of private banking corporations - maybe Hudson will advance his thinking in this area.
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  • “… most financial contracts are intermediated via financial institutions ….”

    One person’s debt is another person’s asset, and debt is not just intermediated to institutions but farther down the food chain to the savings, investment and retirement accounts of average people.

    Here’s a twist to encourage a little more social reponsibility: A 1000% excise tax on personal security firms or persons hired for that purpose by anyone, companies included, and disallowing of tax deductability for any security measures by those employing them.

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  • Considering many debts have been introduced because wages have not been kept up with the cost of living, I think that many of them should be. Take Payday loans for example. They are very clearly a form of predatory lending meant to get their debtors caught in a loop.

    The whole reason why they exist? Real wages have not risen for decades. They’ve all gone to the very rich.

    I mean take a look at the situation with housing, healthcare, automobiles, etc – they’ve all gone up, while the wages have gone down.

    At this point, Michael Hudson has the right ideas. The game is rigged against us lowly peasants. That’s the real problem – the elites on top only care about themselves and are willing to loot society to make themselves richer. We need an economy that works for us, the people, not the small globalist elite that is ravaging society.

    Ron Unz himself has a good article on this one: http://www.unz.com/runz/chinas-rise-americas-fall/

    Not saying the Chinese elite are perfect (far from it), but they seem to realize that they have to deliver to the people as well, which they’ve done a far better job than our elite.

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    • Replies: @Barnard
    Payday loans were introduced because there is a class of people who don't have the ability to delay gratification or understand the basics of personal finance. On average, a payday loan user has a high probability of not repaying his debts and is still spending more than he brings in, mostly on non essential items. They shouldn't need to be outlawed because the public should be intelligent enough not to use the product.
    , @Joe Wong
    All governments should know looking after the wellbeing of its people is their first order of business; neither ideology nor religion should be their business. Perhaps the American is born out of the Europeans who are a religious based civilization, therefore the elites who run the US government still carries their ancestor’s root and run the USA like their old continental forebears and put ideology/religion before the wellbeing of the people.
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  • nobody master, nobody slave

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  • I don’t want to be pedantic, but,

    what is “middle class” ?

    just a personal interpretation is fine with me

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  • A very good article (though extensive).

    A well-worth read, very thought provoking, that joins some of my personnal pet peeves. Basically a strong and free society has to rely on a majority of free landowning citizens. If we don’t restore a strong middle class, expect to say goodbye to a functionning democracy in a not too distant future.

    Debt jubilees would be a good solution to that. I really like author’s solution of Equity financing for college , as I see higher eduction as an investment in human capital, therefore it would make sense to have the state co-invest.

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    • Replies: @jacques sheete

    ...expect to say goodbye to a functionning democracy in a not too distant future.
     
    2 questions.

    1. What's so sacred about democracy?

    2. If you're saying the US has or ever had a democracy that functioned in the interests of the majority then please inform me of when that happened.
    , @Anonymous
    Taxes.
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  • Inflating away debt via the debasement of a fiat currency constitutes a SLOW MOTION DEBT JUBILEE…….the kind of invisible relentless debt jubilee that maybe one in one thousand can recognize unless the inflation gets out of control. When inflation exceeds 2 year CD returns by about 5%, even a college professor or economist can spot the debt liquidation and defrauding of the creditor.

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    • Agree: jacques sheete
    • Replies: @Joe Wong
    Morphing “Inflating away debt via debasement of fiat currency as a slow motion debt jubilee” is as brilliant as claiming bombing, killing and waterboarding on the fabricated phantom WMD allegation as humanitarian intervention. Following your logic, I guess all the Americans can stop paying their credit cards outstanding balances, student loans, mortgages, payday loans, etc., and wait for the inflation to work its magic to the way of their debt Jubilee, meanwhile forgetting about the compund interests of those loans and debts as well as all their incurred fees and charges.
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  • Look forward to this book, very interesting topic.

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    • Replies: @Joe Wong
    Debt Jubilee is only an interesting topic, a fancy idea or even a bad commie joke? Not applicable in the democratic society like the USA? As Milton Friedman defined captialism was the prerequisit of democracy, debt/loan, interest and peonage are the pilliars of Capitalism, denying these pilliars is denying capitalism hence denying democracy, thus debt jubilee can no do in the USA, doing so will be denying the USA is a democracy.
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  • Steve Keen: Often you'll see somebody who's a public speaker – or back in the old days, a public speake, who'd start with saying, “Unaccustomed as I am to public speaking.” Well, this is literally true for me this time, because I'm Professor Steve Keen from Kingston University. And I'm very much unaccustomed to being...
  • @polistra
    When you cite "global warming" as a fact, you destroy the rest of your argument and show your role as an Agent Provocateur for financiers. "Global warming" is a scam run by bankers and re-insurers, designed to ruin industry and farming and direct all money into the finance class. Just like Ricardo's Corn Laws.

    Come back when you can distinguish between propaganda (political bullshit) and scientific consensus. And also when you have completed a 12-step program for your addiction to rhetorical hyperbole.

    I don’t disagree that there is a lot of bullshit in discussions of this topic. It’s why I left one of my former (lucrative) careers and burned every bridge.

    But there are data-based truths regarding global climatological systems and human impacts on those that are being overlooked as studiously and systematically as the left ignores population genetics.

    Let’s not make that same stupid 20th century-mindset cluster of mistakes.

    We have senses and the analytical capacities (instrumentation and computation) that have evolved far faster than our political and social systems.

    Let’s push ourselves to evolve in line with our new prosthetic capacities.

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  • @E. A. Costa
    "In Western society, our body and mind are ours, we are the owners of each."

    John Locke's absurdity--"You own yourself". Come again? Who does the owning and who is the owned? Can "you" sell "yourself" to "you" and make a profit? But these are simply the logical nonsensicalities in Locke.

    Rather than concluding that human beings are NOT property, he is arguing to turn everyone into some form of same, and calling that "liberty". Very convenient for the Classical Liberal agenda a that was developing into its full form. It still survives among certain Libertarians and Ron Paul made it a keystone of his little catechism when he ran for president before pulling out to reckon up the gold he had accumulated.

    But this is a long story.

    Capital also includes infrastructure--even Ezra Pound figured that one out. A road that lasts a hundred years is part of the capital of the society that uses it.

    As a matter of fact, modern "Capitalism" as a system is not interested in that type of Capital because its "profit" is more general and social than quick, individual gain measured in money value. The constant destruction required by Capitalism, even Schumpeter recognized, but rechristened it "creative destruction" and tried to make a virtue of it.

    Note also that Locke argues that money itself works, a separate issue from the commoditization of money through debt-credit and interest.

    The first half may be hard going for someone unfamiliar with the historical background but the best book on the subject since Marx is Ellen Meiksins Wood's The Origin Of Capitalism (various editions). By the second half, after establishing the grounds, she is magnificent on the subject. Everything she says is implicit in Marx's Capital, but here gets a detailed, masterly review. Don't miss the section on Locke's "improvement".

    Mr Costa,

    Can you name your five essential economic books? You seem very knowledgeable about this topic.

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  • As someone whose background assumptions on what is normal acceptable economic discourse were formed by the late cold war/Reagan era, I can’t get over the weirdness of our current political moment. Over at his Vox Populi blog, Teddy Beale is talking up Steve Keene, one degree of separation from Hudson, the official economist of Counterpunch leftists. Reagan Treasury official Paul Craig Roberts is sounding like a bombthrower from deep in the era when Murray Rothbard, Karl Hess, Carl Oglesby and Marty Sklar were all at the same parties. It just keeps getting weirder.

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  • Hit back at the system, pay off your debts and borrow no more.

    Our family is spending nothing that we absolutely don’t have to in the remainder of the Obama term.

    We are going on a major shopping spree in the Spring when Donald Trump is in the white house.

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  • anon • Disclaimer says:

    Any fan of Jubilee …. spend some time in Argentina. They do it on fairly regular schedule. Or the argument about the great German Miracle in 1948. The Swiss missed all the excitement and are doing quite nicely without miracles. When a country is firebombed into rubble, everything is reset and debt may not be the least of it — but it certainly isn’t the most of it.

    Meanwhile, I was glad to see Irving Fisher and his Debt Deflation theory mentioned. It’s not like we haven’t gone through this before. The idea that liquidating the economy — not as great as it might sound to these rebels.

    As far as the debt deflation we are having now? Like it is a given and obvious. Once again, back to Fisher — its all in the details. Overall price levels are uncharacteristically stable. It’s just details, details and details. Lets liquidate you and bail me out.

    I don’t know anything about economics other than Samuelson and personal experience in markets. My advice would be to take a refresher course in the real world — go back to work at a bank or something.

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  • @Sam J.
    "...Capital, by the way, is not synonymous with money–a very common misunderstanding..."

    This is true but more and more capital is being turned into money by derivatives or monetizing of assets. So in a lot cases capital IS money.

    This is true but more and more capital is being turned into money by derivatives or monetizing of assets. So in a lot cases capital IS money.

    All money is make-believe – its value is manipulated – bankers (and the governments they control) play with it to benefit themselves.

    Real stored value is in the long-term ownership of organizations (enterprises) that do things that extend our lives.

    Peace — Art

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  • @E. A. Costa
    "In Western society, our body and mind are ours, we are the owners of each."

    John Locke's absurdity--"You own yourself". Come again? Who does the owning and who is the owned? Can "you" sell "yourself" to "you" and make a profit? But these are simply the logical nonsensicalities in Locke.

    Rather than concluding that human beings are NOT property, he is arguing to turn everyone into some form of same, and calling that "liberty". Very convenient for the Classical Liberal agenda a that was developing into its full form. It still survives among certain Libertarians and Ron Paul made it a keystone of his little catechism when he ran for president before pulling out to reckon up the gold he had accumulated.

    But this is a long story.

    Capital also includes infrastructure--even Ezra Pound figured that one out. A road that lasts a hundred years is part of the capital of the society that uses it.

    As a matter of fact, modern "Capitalism" as a system is not interested in that type of Capital because its "profit" is more general and social than quick, individual gain measured in money value. The constant destruction required by Capitalism, even Schumpeter recognized, but rechristened it "creative destruction" and tried to make a virtue of it.

    Note also that Locke argues that money itself works, a separate issue from the commoditization of money through debt-credit and interest.

    The first half may be hard going for someone unfamiliar with the historical background but the best book on the subject since Marx is Ellen Meiksins Wood's The Origin Of Capitalism (various editions). By the second half, after establishing the grounds, she is magnificent on the subject. Everything she says is implicit in Marx's Capital, but here gets a detailed, masterly review. Don't miss the section on Locke's "improvement".

    John Locke’s absurdity–”You own yourself”. Come again? Who does the owning and who is the owned? Can “you” sell “yourself” to “you” and make a profit? But these are simply the logical nonsensicalities in Locke.

    It has been said that “once a donkey kicked a lion — the lion was dead.” John Lock was a lion among thinkers.

    Capital also includes infrastructure–even Ezra Pound figured that one out. A road that lasts a hundred years is part of the capital of the society that uses it.

    Again – “organization is capital.” What comes first – the organization of humans who made the road – or the road. Isn’t the most important “capital” the human organization that created the road? In Western culture roads are built by people who “own themselves”- just like Locke said.

    What really matters is who owns the road. Should it not be the local people who both use and created the road?

    Peace — Art

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    ReplyAgree/Disagree/Etc.
  • @Wizard of Oz
    But you undermine your case against the deluded warmists by overstatement and over certainty about the conspiracy version of the warmists campaigns. On the last point it is reasonably clear that the rent seeking derivatives inventors and traders only got into the act quite late in the piece after the IPCC was set up by the UN although lots of rent seeking so-called climate scientists and international place men got on the gravy train pretty early. On the overstatement: the global atmosphere has been on a warming trend though with longish pauses and plateaus for over 200 years starting during the last Little Ice Age before (probably) increases in CO2 emissions could have started the warming. The big failure of all the many models that the IPCC and faith-based warmists rely on is that they don't explain the many past periods of huge climate variation which can have nothing to do with CO2 (except perhaps to cause its release from the oceans as they warmed).

    Here’s some fun ! Laugh out loud or kick the cat.

    http://www.counterpunch.org/2016/11/30/the-arctic-goes-bonkers/

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    ReplyAgree/Disagree/Etc.
  • @Sam J.
    I not sure if Michael Hudson actually reads these comments or the article is just aggregated from elsewhere. If he does I would like to know his opinion of Scoot Smiths ideas.

    http://www.scottsmith2016.com/

    1. I noted earlier that he said we should not add debt any more when the government spends money. I do realize that the government could get carried away, as they usually do, and print to catastrophe but they borrow to catastrophe now so it's six of one and half a dozen of the other.
    2. He says since the debt is already monetized we should pay it off within five years. Noting that the FED owns most of it and it could just be zeroed away in accounting and the rest pay off in cash over five years.
    3. His taxation idea is really unique. For revenue instead of getting most from income taxes he would get revenue from settlements. Like every time you buy something or deposit a check in the bank, etc. The value of this is it massively raises the tax base so that the amount of each transaction is minuscule. I read, “For Good and Evil: The Impact of Taxes on the Course of Civilization” by Charles Adams a book on taxes and it talked a lot about raising the tax base in order to lower the percentage taken from each transaction and to spread out where revenues came from.

    Let’s look at the numbers he quotes.

    Payrolls total $15 trillion.
    Not much for filling a $4 trillion federal spending.

    The base for what he calls payments, (transactions), is 3,600 Trillion. Big difference. So using this big difference he would only take a tax rate of just 1/8 of a percent.

    The problem with this might be that all payments would be restructured to pay no taxes. It's an interesting idea though.

    5.He also would stop charging interest as the money is made and backed by the taxpayers. He would only give banks a service fee.
    (I don’t agree with this. I think a small interest paid to the Federal Gov. would be helpful providing the majority of it went to the treasury and bypassed the FED and banks.) Also the problem would be banks forcing loans for fees but it's not like they don't do that now.

    One thing I really like about Scott Smith’s ideas is it takes the money creation aspect away from bankers. This is a huge societal shift in how value gets created. With banks only getting a fee the real money would be in producing something. Think if you took all the aggressive Wall Street bankers and told them the only way they could make money was to provide a service or product that people would pay for. The effects would be profound.

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  • @Art
    Capital, by the way, is not synonymous with money–a very common misunderstanding.g.

    Capital. The future is everything. Human capital is the wherewithal and capacity to create a series of assured tomorrows. Capital is something stored that has potential, something in the ready to do work. In physical nature, capital is potential energy. If one has capital, one has control of something that can make tomorrow better. The most fundamental human capital is one’s own biological life force. The next major form of individual human capital is personal knowledge and knowhow. In Western society, our body and mind are ours, we are the owners of each. The next form of human capital is our ability to form ongoing cooperative organizations with each other (i.e., enterprises).

    The “organization itself” is a form of human capital that has the potential to advance tomorrow. Everyone in these enterprise organizations plays a significant valued role in building the future. These organizations feed us, they sustain our lives. Like our personal ownership of body and mind, we should have some personal ownership in our future producing cooperative enterprises and organizations. The organization is capital.

    “…Capital, by the way, is not synonymous with money–a very common misunderstanding…”

    This is true but more and more capital is being turned into money by derivatives or monetizing of assets. So in a lot cases capital IS money.

    Read More
    • Replies: @Art
    This is true but more and more capital is being turned into money by derivatives or monetizing of assets. So in a lot cases capital IS money.

    All money is make-believe - its value is manipulated - bankers (and the governments they control) play with it to benefit themselves.

    Real stored value is in the long-term ownership of organizations (enterprises) that do things that extend our lives.

    Peace --- Art
    ReplyAgree/Disagree/Etc.
  • “In Western society, our body and mind are ours, we are the owners of each.”

    John Locke’s absurdity–”You own yourself”. Come again? Who does the owning and who is the owned? Can “you” sell “yourself” to “you” and make a profit? But these are simply the logical nonsensicalities in Locke.

    Rather than concluding that human beings are NOT property, he is arguing to turn everyone into some form of same, and calling that “liberty”. Very convenient for the Classical Liberal agenda a that was developing into its full form. It still survives among certain Libertarians and Ron Paul made it a keystone of his little catechism when he ran for president before pulling out to reckon up the gold he had accumulated.

    But this is a long story.

    Capital also includes infrastructure–even Ezra Pound figured that one out. A road that lasts a hundred years is part of the capital of the society that uses it.

    As a matter of fact, modern “Capitalism” as a system is not interested in that type of Capital because its “profit” is more general and social than quick, individual gain measured in money value. The constant destruction required by Capitalism, even Schumpeter recognized, but rechristened it “creative destruction” and tried to make a virtue of it.

    Note also that Locke argues that money itself works, a separate issue from the commoditization of money through debt-credit and interest.

    The first half may be hard going for someone unfamiliar with the historical background but the best book on the subject since Marx is Ellen Meiksins Wood’s The Origin Of Capitalism (various editions). By the second half, after establishing the grounds, she is magnificent on the subject. Everything she says is implicit in Marx’s Capital, but here gets a detailed, masterly review. Don’t miss the section on Locke’s “improvement”.

    Read More
    • Replies: @Art

    John Locke’s absurdity–”You own yourself”. Come again? Who does the owning and who is the owned? Can “you” sell “yourself” to “you” and make a profit? But these are simply the logical nonsensicalities in Locke.
     
    It has been said that “once a donkey kicked a lion --- the lion was dead.” John Lock was a lion among thinkers.

    Capital also includes infrastructure–even Ezra Pound figured that one out. A road that lasts a hundred years is part of the capital of the society that uses it.
     
    Again - "organization is capital." What comes first - the organization of humans who made the road - or the road. Isn’t the most important “capital” the human organization that created the road? In Western culture roads are built by people who “own themselves”- just like Locke said.

    What really matters is who owns the road. Should it not be the local people who both use and created the road?

    Peace --- Art
    , @ThoughtDeviant
    Mr Costa,

    Can you name your five essential economic books? You seem very knowledgeable about this topic.
    ReplyAgree/Disagree/Etc.
  • same old same old.

    What will work is the issue, not a rehearsal of marxist econ 101.

    lots of cliches flying around in a tornado.

    Where is the Assertion of a new policies? Not here, A nationalist economics should be discussed, as well as integration of White Internationalism…trading with the White world and cutting loose the Chinas, etc.

    Joe Webb

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  • @E. A. Costa
    It is called Finance Capitalism.

    Capitalism as a system is quite new--about four hundred years old, though there have been earlier limited forms, like Merchant Capitalism, Usury Capitalism and such in specific sectors.

    As a system Capitalism unfolds in three stages: (1) Agrarian Capitalism; (2) Industrial Capitalism, (3) Finance Capitalism. In each stage there is a non-dominant nucleus of the other two forms. As stages, however, Agrarian Capitalism produces the requirements for Industrial Capitalism and Industrial Capitalism produces what is required for Finance Capitalism. The dynamic of change from the first to last stage is mediated by the commoditization of production for markets, including the commoditization of labor and also by profit measured abstractly in monetary terms.

    Capital, by the way, is not synonymous with money--a very common misunderstanding.

    At any rate the United States, as Europe was in the years leading up to World War I, in now in the Finance Capital stage.

    Capital, by the way, is not synonymous with money–a very common misunderstanding.g.

    Capital. The future is everything. Human capital is the wherewithal and capacity to create a series of assured tomorrows. Capital is something stored that has potential, something in the ready to do work. In physical nature, capital is potential energy. If one has capital, one has control of something that can make tomorrow better. The most fundamental human capital is one’s own biological life force. The next major form of individual human capital is personal knowledge and knowhow. In Western society, our body and mind are ours, we are the owners of each. The next form of human capital is our ability to form ongoing cooperative organizations with each other (i.e., enterprises).

    The “organization itself” is a form of human capital that has the potential to advance tomorrow. Everyone in these enterprise organizations plays a significant valued role in building the future. These organizations feed us, they sustain our lives. Like our personal ownership of body and mind, we should have some personal ownership in our future producing cooperative enterprises and organizations. The organization is capital.

    Read More
    • Replies: @Sam J.
    "...Capital, by the way, is not synonymous with money–a very common misunderstanding..."

    This is true but more and more capital is being turned into money by derivatives or monetizing of assets. So in a lot cases capital IS money.
    ReplyAgree/Disagree/Etc.
  • @Sam J.
    I not sure if Michael Hudson actually reads these comments or the article is just aggregated from elsewhere. If he does I would like to know his opinion of Scoot Smiths ideas.

    http://www.scottsmith2016.com/

    1. I noted earlier that he said we should not add debt any more when the government spends money. I do realize that the government could get carried away, as they usually do, and print to catastrophe but they borrow to catastrophe now so it's six of one and half a dozen of the other.
    2. He says since the debt is already monetized we should pay it off within five years. Noting that the FED owns most of it and it could just be zeroed away in accounting and the rest pay off in cash over five years.
    3. His taxation idea is really unique. For revenue instead of getting most from income taxes he would get revenue from settlements. Like every time you buy something or deposit a check in the bank, etc. The value of this is it massively raises the tax base so that the amount of each transaction is minuscule. I read, “For Good and Evil: The Impact of Taxes on the Course of Civilization” by Charles Adams a book on taxes and it talked a lot about raising the tax base in order to lower the percentage taken from each transaction and to spread out where revenues came from.

    Let’s look at the numbers he quotes.

    Payrolls total $15 trillion.
    Not much for filling a $4 trillion federal spending.

    The base for what he calls payments, (transactions), is 3,600 Trillion. Big difference. So using this big difference he would only take a tax rate of just 1/8 of a percent.

    The problem with this might be that all payments would be restructured to pay no taxes. It's an interesting idea though.

    5.He also would stop charging interest as the money is made and backed by the taxpayers. He would only give banks a service fee.
    (I don’t agree with this. I think a small interest paid to the Federal Gov. would be helpful providing the majority of it went to the treasury and bypassed the FED and banks.) Also the problem would be banks forcing loans for fees but it's not like they don't do that now.

    Thanks for the link to Scott Smith. I would like to know about his background and whether his ideas have some precedence in literature or whether it is all self-home-made one-man form Boulder operation?

    Read More
    ReplyAgree/Disagree/Etc.
  • I not sure if Michael Hudson actually reads these comments or the article is just aggregated from elsewhere. If he does I would like to know his opinion of Scoot Smiths ideas.

    http://www.scottsmith2016.com/

    1. I noted earlier that he said we should not add debt any more when the government spends money. I do realize that the government could get carried away, as they usually do, and print to catastrophe but they borrow to catastrophe now so it’s six of one and half a dozen of the other.
    2. He says since the debt is already monetized we should pay it off within five years. Noting that the FED owns most of it and it could just be zeroed away in accounting and the rest pay off in cash over five years.
    3. His taxation idea is really unique. For revenue instead of getting most from income taxes he would get revenue from settlements. Like every time you buy something or deposit a check in the bank, etc. The value of this is it massively raises the tax base so that the amount of each transaction is minuscule. I read, “For Good and Evil: The Impact of Taxes on the Course of Civilization” by Charles Adams a book on taxes and it talked a lot about raising the tax base in order to lower the percentage taken from each transaction and to spread out where revenues came from.

    Let’s look at the numbers he quotes.

    Payrolls total $15 trillion.
    Not much for filling a $4 trillion federal spending.

    The base for what he calls payments, (transactions), is 3,600 Trillion. Big difference. So using this big difference he would only take a tax rate of just 1/8 of a percent.

    The problem with this might be that all payments would be restructured to pay no taxes. It’s an interesting idea though.

    5.He also would stop charging interest as the money is made and backed by the taxpayers. He would only give banks a service fee.
    (I don’t agree with this. I think a small interest paid to the Federal Gov. would be helpful providing the majority of it went to the treasury and bypassed the FED and banks.) Also the problem would be banks forcing loans for fees but it’s not like they don’t do that now.

    Read More
    • Replies: @utu
    Thanks for the link to Scott Smith. I would like to know about his background and whether his ideas have some precedence in literature or whether it is all self-home-made one-man form Boulder operation?
    , @Sam J.
    One thing I really like about Scott Smith's ideas is it takes the money creation aspect away from bankers. This is a huge societal shift in how value gets created. With banks only getting a fee the real money would be in producing something. Think if you took all the aggressive Wall Street bankers and told them the only way they could make money was to provide a service or product that people would pay for. The effects would be profound.
    ReplyAgree/Disagree/Etc.
  • I thought this was a great article. It was very interesting to hear about alternatives to the present economic system. Presently the Oligarchs own the government and make laws that funnel money to their pockets. I would bet my life the banks own damn near everything by now. If they don’t own everything then they are the most incompetent fools in history with all the cash we shoved their way. They got, we know from Rep. Ron Paul’s forced audit of the FED $16 trillion. Estimates of the total amounts a few years ago from looking at financial data is $29 trillion. At $29 Trillion and 300 million Americans we could have given a zero interest loan for every family of four of $386,666. Housing crisis solved and the economy would have roared with all that cash going into people’s pockets. Instead the banks got all the money to buy hard assets and we got the bill. We would be much better off printing money straight up and just giving it to people. There will be gasp at this idea but if printing 29 Trillion and giving it to the banks is not bad then why would bankrupting the banks and giving 29 trillion to the public be worse?

    Scott Smith a guy who ran for President in 2016 has some interesting ideas on banking and currency. He points out that when people buy bonds they can instantly monetize those in the market essentially creating more cash. Since it’s already money wouldn’t it be better to just directly print the money and have NO interest that keeps being added to the debt which is monetized anyways? Another effect of printing cash with no debt is that if your going to have inflation it will be quickly apparent. No more passing the buck with delayed bonds. You print too much and you get the bad effects, NOW.

    http://www.scottsmith2016.com/

    We need to do something different. From reading around I gather that the next step is to kick the debt problem upstairs and instead of having national currencies we will be stuck with a new global system (SDR’s) based on baskets of currencies that’s exactly the same as the old system but further removed. Better to control you with. Remember the words to that Who song? ”
    …Meet the new boss Same as the old boss…”

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  • @E. A. Costa
    Stopped at the same point--skimmed the rest. These are Trotskyite or semi-Trotskyite clowns.

    Ricardo as a bank lobbyist is also droll. Actually he began as a brilliant gold trader. Seems he forgot what he was up when he became a landlord.

    For Capitalists, of course, the main problem with Ricardo is that he was entirely honest in his still brilliant structural analysis, giving the game away, as Marx saw.

    “These are Trotskyite or semi-Trotskyite clowns.” – They are charlatans who prey on naive and well intentioned leftists and all those who are fed up with the neoliberal New World Order.

    Hudson has nothing to offer. The mutual interview between the two was like name dropping contest and Trotskyist virtue signaling. A meeting of two minor rebbes reminiscing the great Tzadiks they met in life.

    I am really disappointed because I had this hope in me that one day I am going to read Hudson’s books to get the final lowdown on economics. And now I know I would not find in them anything useful or credible. He is such a lightweight, fraud and charlatan.

    “He was assigned the English-language rights to the works of György Lukács by the author, and also the rights to Leon Trotsky’s writings and archives after his widow’s death.” – I wonder how much does it pay now the taking care of archives of great Leon Bronstein and Löwinger György Bernát one of the founders of the Frankfurt School.

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    ReplyAgree/Disagree/Etc.
  • @Art
    The greatest economic crime of our time is that Wall Street is taking over and destroying Main Street. Local business is disappearing.

    Nine out of ten dollars that are spent in our towns are skimmed by Wall Street.

    Most new businesses are corporate owned by Wall Street.

    Employment and credit decisions are mostly controlled by Wall Street.

    This is all bad for America. We are just impersonal numbers to Wall Street.

    Peace --- Art

    It is called Finance Capitalism.

    Capitalism as a system is quite new–about four hundred years old, though there have been earlier limited forms, like Merchant Capitalism, Usury Capitalism and such in specific sectors.

    As a system Capitalism unfolds in three stages: (1) Agrarian Capitalism; (2) Industrial Capitalism, (3) Finance Capitalism. In each stage there is a non-dominant nucleus of the other two forms. As stages, however, Agrarian Capitalism produces the requirements for Industrial Capitalism and Industrial Capitalism produces what is required for Finance Capitalism. The dynamic of change from the first to last stage is mediated by the commoditization of production for markets, including the commoditization of labor and also by profit measured abstractly in monetary terms.

    Capital, by the way, is not synonymous with money–a very common misunderstanding.

    At any rate the United States, as Europe was in the years leading up to World War I, in now in the Finance Capital stage.

    Read More
    • Replies: @Art
    Capital, by the way, is not synonymous with money–a very common misunderstanding.g.

    Capital. The future is everything. Human capital is the wherewithal and capacity to create a series of assured tomorrows. Capital is something stored that has potential, something in the ready to do work. In physical nature, capital is potential energy. If one has capital, one has control of something that can make tomorrow better. The most fundamental human capital is one’s own biological life force. The next major form of individual human capital is personal knowledge and knowhow. In Western society, our body and mind are ours, we are the owners of each. The next form of human capital is our ability to form ongoing cooperative organizations with each other (i.e., enterprises).

    The “organization itself” is a form of human capital that has the potential to advance tomorrow. Everyone in these enterprise organizations plays a significant valued role in building the future. These organizations feed us, they sustain our lives. Like our personal ownership of body and mind, we should have some personal ownership in our future producing cooperative enterprises and organizations. The organization is capital.
    ReplyAgree/Disagree/Etc.
  • @Cato
    I got to about the fourth paragraph, where I encountered this bit of confidently proclaimed falsehood:

    "Classical economics was all about separating the rent-extracting sectors – landlords, monopolies, and finance – from the rest of the economy. And that was unearned income. It wasn’t necessary. And the whole idea of classical economics from Quesnay’s Tableau Economique to all the way through Adam Smith and John Stuart Mill was to look at the finance sector and the landlord sector and monopolies as unnecessary. You’re going to get rid of them. You’re going to tax away all the land’s rent or else nationalize the land. And you are going to have public enterprises as basic infrastructure so that they couldn’t be monopolized."

    Total, total, BS. These guys know nothing about the history of economics.

    Stopped at the same point–skimmed the rest. These are Trotskyite or semi-Trotskyite clowns.

    Ricardo as a bank lobbyist is also droll. Actually he began as a brilliant gold trader. Seems he forgot what he was up when he became a landlord.

    For Capitalists, of course, the main problem with Ricardo is that he was entirely honest in his still brilliant structural analysis, giving the game away, as Marx saw.

    Read More
    • Replies: @utu
    "These are Trotskyite or semi-Trotskyite clowns." - They are charlatans who prey on naive and well intentioned leftists and all those who are fed up with the neoliberal New World Order.

    Hudson has nothing to offer. The mutual interview between the two was like name dropping contest and Trotskyist virtue signaling. A meeting of two minor rebbes reminiscing the great Tzadiks they met in life.

    I am really disappointed because I had this hope in me that one day I am going to read Hudson's books to get the final lowdown on economics. And now I know I would not find in them anything useful or credible. He is such a lightweight, fraud and charlatan.

    "He was assigned the English-language rights to the works of György Lukács by the author, and also the rights to Leon Trotsky's writings and archives after his widow's death." - I wonder how much does it pay now the taking care of archives of great Leon Bronstein and Löwinger György Bernát one of the founders of the Frankfurt School.
    ReplyAgree/Disagree/Etc.
  • I got to about the fourth paragraph, where I encountered this bit of confidently proclaimed falsehood:

    “Classical economics was all about separating the rent-extracting sectors – landlords, monopolies, and finance – from the rest of the economy. And that was unearned income. It wasn’t necessary. And the whole idea of classical economics from Quesnay’s Tableau Economique to all the way through Adam Smith and John Stuart Mill was to look at the finance sector and the landlord sector and monopolies as unnecessary. You’re going to get rid of them. You’re going to tax away all the land’s rent or else nationalize the land. And you are going to have public enterprises as basic infrastructure so that they couldn’t be monopolized.”

    Total, total, BS. These guys know nothing about the history of economics.

    Read More
    • Replies: @E. A. Costa
    Stopped at the same point--skimmed the rest. These are Trotskyite or semi-Trotskyite clowns.

    Ricardo as a bank lobbyist is also droll. Actually he began as a brilliant gold trader. Seems he forgot what he was up when he became a landlord.

    For Capitalists, of course, the main problem with Ricardo is that he was entirely honest in his still brilliant structural analysis, giving the game away, as Marx saw.
    ReplyAgree/Disagree/Etc.
  • @Ivan
    I read that in addition to the issue of the Corn Laws, the British had their eyes on the markets in Portugal's colonies mainly Brazil. Portugal was then obligated to the British due to the Peninsular Wars, where Britain was allied to the Portuguese. In sum, due to the fiction of - comparative advantage - the Portuguese remained - hewers of oak casks, and drawers of wine - an industry that remained comparatively technically backward, when contrasted with the textile industries that Britain specialised in, and lost control of their own colonies.

    Politics rule all. The economic theories mainly justify the political outcomes.

    British had an eye on Portugal and its colonies much earlier before various theories of economics were formulated. But the motives were always economical. Do you remember the movie Mission? The wiping out of Spanish Jesuit missions (reductions) put the stop to very successful and profitable plantations of yerba mate that was a serious competitor to British imports of tea from China and later from India.

    “Politics rule all. The economic theories mainly justify the political outcomes.” – Exactly!

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    ReplyAgree/Disagree/Etc.
  • I read that in addition to the issue of the Corn Laws, the British had their eyes on the markets in Portugal’s colonies mainly Brazil. Portugal was then obligated to the British due to the Peninsular Wars, where Britain was allied to the Portuguese. In sum, due to the fiction of – comparative advantage – the Portuguese remained – hewers of oak casks, and drawers of wine – an industry that remained comparatively technically backward, when contrasted with the textile industries that Britain specialised in, and lost control of their own colonies.

    Politics rule all. The economic theories mainly justify the political outcomes.

    Read More
    • Replies: @utu
    British had an eye on Portugal and its colonies much earlier before various theories of economics were formulated. But the motives were always economical. Do you remember the movie Mission? The wiping out of Spanish Jesuit missions (reductions) put the stop to very successful and profitable plantations of yerba mate that was a serious competitor to British imports of tea from China and later from India.

    "Politics rule all. The economic theories mainly justify the political outcomes." - Exactly!
    ReplyAgree/Disagree/Etc.
  • @Wizard of Oz
    Keynes would have been very unhappy at people appropriating his name for all that debt fuelled spending that wasn't needed for specific well justified reasons such as infrastructure with a positive payoff or escaping depression when those with the spending power wouldn't spend.

    I was speaking more of what Keynes has become, not what he intended. It’s absence from the interview kind of confuses me. The banks are discussed to a large extent, but the governments borrowing from those banks is barely touched.

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    ReplyAgree/Disagree/Etc.
  • @Taco Town
    There is no mention of Keynes or Keynesian economics anywhere in this article. How can you have a discussion like this without mentioning Keynes? The banks are only half of the problem, the other half is government's insatiable hunger for debt fueled spending. Debt fueled because the hunger for spending exceeds what the public is willing to bear in taxation. That is why the banks must be protected at any cost.

    Keynes would have been very unhappy at people appropriating his name for all that debt fuelled spending that wasn’t needed for specific well justified reasons such as infrastructure with a positive payoff or escaping depression when those with the spending power wouldn’t spend.

    Read More
    • Replies: @Taco Town
    I was speaking more of what Keynes has become, not what he intended. It's absence from the interview kind of confuses me. The banks are discussed to a large extent, but the governments borrowing from those banks is barely touched.
    ReplyAgree/Disagree/Etc.
  • @CanSpeccy
    Yes, the ocean is a huge, little understood, factor in the carbon cycle, and in the determination of atmospheric conditions.

    Oops! Not two or three times but pteo or three hundred times. The ocean point a fortiori.

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    ReplyAgree/Disagree/Etc.
  • The greatest economic crime of our time is that Wall Street is taking over and destroying Main Street. Local business is disappearing.

    Nine out of ten dollars that are spent in our towns are skimmed by Wall Street.

    Most new businesses are corporate owned by Wall Street.

    Employment and credit decisions are mostly controlled by Wall Street.

    This is all bad for America. We are just impersonal numbers to Wall Street.

    Peace — Art

    Read More
    • Replies: @E. A. Costa
    It is called Finance Capitalism.

    Capitalism as a system is quite new--about four hundred years old, though there have been earlier limited forms, like Merchant Capitalism, Usury Capitalism and such in specific sectors.

    As a system Capitalism unfolds in three stages: (1) Agrarian Capitalism; (2) Industrial Capitalism, (3) Finance Capitalism. In each stage there is a non-dominant nucleus of the other two forms. As stages, however, Agrarian Capitalism produces the requirements for Industrial Capitalism and Industrial Capitalism produces what is required for Finance Capitalism. The dynamic of change from the first to last stage is mediated by the commoditization of production for markets, including the commoditization of labor and also by profit measured abstractly in monetary terms.

    Capital, by the way, is not synonymous with money--a very common misunderstanding.

    At any rate the United States, as Europe was in the years leading up to World War I, in now in the Finance Capital stage.
    ReplyAgree/Disagree/Etc.
  • Thanks for bringing up Obama’s stand against the pitchforks. He was always the bankers’ pawn. He did nothing to help the people who voted for him, only those who financed his meteoric career.

    So, basically, the Democratic Party broke its voters into a black constituency, a women’s constituency, a LSGBQ constituency, and they’re all for Wall Street. Instead of saving the economy, Obama bailed out and saved the banks by keeping the debts in place. And once
    you have to pay that, it’s curtains. And so the end – everybody’s going to end up in Greece.

    Obama did the same with healthcare. ACA’s accomplishment was to increase the revenue stream to insurers and providers. But the increased premiums and co-pays act as a tax on everyone else. And the deductibles are as high as they ever were for the self-insured; at $7500/yr before your insurance kicks in, your average person pays out of pocket and still faces bankruptcy if they need to use it, as the cost of care continues to inflate due to subsidy.

    Social Security has had almost no COLAs for sometime now, but the Medicare premium is being boosted about 29% from $104.90 to $134 a month. This kind of inflation guarantees the impoverishment of those whose earnings are frozen at past dollar values and inflation rates. I think the average SS check is $900 something. They would be about the same as the monthly premium on ACA for an older person not yet eligible for Medicare.

    Inflation for some but not for others. For an economy, it’s the relativity that has to work, and that is the harm in bailing out banks and hoping something trickles down to workers and retired. We will, indeed, be Greece, while the next bailout will be measured in trillions instead of billions.

    Controlling costs would inconvenience someone’s money making, so that’s the last thing that will happen. That’s why I call Congress an Auction House, because that’s what they do: they auction us off. As you described it, a free market for predators.

    Very informative interview. I look forward to reading your books.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Clearpoint
    We owe a great debt of gratitude to Mr . Hudson for 3 things: 1) Defining the "free market" in the spirit of the classical economists, i.e. meaning a market that is free from domination by rentiers, monopolists and banks versus the free from government interference (so that the rentiers, monopolists and banks are free to dominate) definition used by the neoclassical, neoliberal, Chicago and Austrian schools of economic thought. 2) Directing our attention to the dangers of debt and the power of compound interest, which are absolutely ignored by the neoclassical, neoliberal, Chicago, and Austrian schools. 3) Success at the top universities and in the economics profession depends not on the quality of your thinking, but on your ability to think as you are told to think. The Marxist and Trotskyist labels don't bother me at all; nor does the fact Mr. Hudson works as an economics professor or has worked as an analyst for David Rockefeller on Wall Street. What he brings to the table IMO puts him on the side of the angels.

    1) There are two types of freedom: free form and free to. Marxists like to talk about the former and liberals about the latter. This type of freedom always requires imposition of forbidden activities. The two freedoms are opposed to each other in sense of zero sum gain: More “freedom from” means less “freedom to” and vice versa.

    2) “the power of compound interest” – every child knows about it. It is trivial and a red herring. Every loan has its cost. This cost can be calculated as interest. It is just a semantic issues. The important matter how big is the cost and on what basis banks charge that cost on loans that are risk free to them because the money was created out of thin air.

    “Trotskyist labels don’t bother me at al”: Trotskyist is not a label for Hudson. His family was Trotskyist and in many situation he saw himself as Trotskyist, acting like one and attacked by others (Stalinist) because of being Trotskyist. I feel really embarrassed by it. Grown ups should not be like that. What is it about those Jewish cults like Communism, Trotskyism, Objectivism, Libertarianism, Monetarism, that they can change grownups into some ultra belligerent cub scouts?

    Read More
    ReplyAgree/Disagree/Etc.
  • @Wizard of Oz
    I substantially agree though I think you omit the biggest confounding factor which is the oceans whose CO2 content is perhaps two or three times that of the atmosphere's and display huge variations in circulation and temperature over tens, hundreds, thousands and indeed millions of years.

    Yes, the ocean is a huge, little understood, factor in the carbon cycle, and in the determination of atmospheric conditions.

    Read More
    • Replies: @Wizard of Oz
    Oops! Not two or three times but pteo or three hundred times. The ocean point a fortiori.
    ReplyAgree/Disagree/Etc.
  • @utu
    I have read many articles and interviews with M. Hudson in the past. I liked him because he was giving some hope that alternate approach to economy and monetary policy was possible. I haven't ready any of his books so I do not know if he follows through with his arguments rigorously. But this interview just made me suspect that M. Hudson is really a lightweight and all the articles of his I read were just his posturing. Also I was turned off by his admission of being Trotskyist and coming form a family with adherence to Trotsky. I just do not get it. I understand how one can be a Baptist or a Methodist but I do not understand how one can be Stalinist or Trotskyist. WTF?

    We owe a great debt of gratitude to Mr . Hudson for 3 things: 1) Defining the “free market” in the spirit of the classical economists, i.e. meaning a market that is free from domination by rentiers, monopolists and banks versus the free from government interference (so that the rentiers, monopolists and banks are free to dominate) definition used by the neoclassical, neoliberal, Chicago and Austrian schools of economic thought. 2) Directing our attention to the dangers of debt and the power of compound interest, which are absolutely ignored by the neoclassical, neoliberal, Chicago, and Austrian schools. 3) Success at the top universities and in the economics profession depends not on the quality of your thinking, but on your ability to think as you are told to think. The Marxist and Trotskyist labels don’t bother me at all; nor does the fact Mr. Hudson works as an economics professor or has worked as an analyst for David Rockefeller on Wall Street. What he brings to the table IMO puts him on the side of the angels.

    Read More
    • Replies: @utu
    1) There are two types of freedom: free form and free to. Marxists like to talk about the former and liberals about the latter. This type of freedom always requires imposition of forbidden activities. The two freedoms are opposed to each other in sense of zero sum gain: More "freedom from" means less "freedom to" and vice versa.

    2) "the power of compound interest" - every child knows about it. It is trivial and a red herring. Every loan has its cost. This cost can be calculated as interest. It is just a semantic issues. The important matter how big is the cost and on what basis banks charge that cost on loans that are risk free to them because the money was created out of thin air.

    "Trotskyist labels don’t bother me at al": Trotskyist is not a label for Hudson. His family was Trotskyist and in many situation he saw himself as Trotskyist, acting like one and attacked by others (Stalinist) because of being Trotskyist. I feel really embarrassed by it. Grown ups should not be like that. What is it about those Jewish cults like Communism, Trotskyism, Objectivism, Libertarianism, Monetarism, that they can change grownups into some ultra belligerent cub scouts?
    ReplyAgree/Disagree/Etc.
  • @OutWest
    Greece’s government borrowed the money (great Olympics). They knew (or should have) that they couldn’t pay. However, it’s not the government people who borrowed that are hurting. I expect they’re doing just fine. The average citizen is now holding the bag. Average equals “other people” in spending other people’s money.

    That’s what regime change and political corruption are all about. Politicians are brought into power who are in favor of borrowing large sums of money for projects that are needed or not needed. Saying “no, we can’t afford it” is not an option for these corrupt politicians if they want to remain in power. They operate much more as a partner in crime of the global capitalists than they do as an elected representative of the people of their country. Knowing the end game is economic conquest, and knowing that the precarious position of a country like Greece is due to likeminded corruption on both sides of the negotiating table, debt forgiveness is entirely appropriate.

    Read More
    ReplyAgree/Disagree/Etc.
  • I have read many articles and interviews with M. Hudson in the past. I liked him because he was giving some hope that alternate approach to economy and monetary policy was possible. I haven’t ready any of his books so I do not know if he follows through with his arguments rigorously. But this interview just made me suspect that M. Hudson is really a lightweight and all the articles of his I read were just his posturing. Also I was turned off by his admission of being Trotskyist and coming form a family with adherence to Trotsky. I just do not get it. I understand how one can be a Baptist or a Methodist but I do not understand how one can be Stalinist or Trotskyist. WTF?

    Read More
    • Replies: @Clearpoint
    We owe a great debt of gratitude to Mr . Hudson for 3 things: 1) Defining the "free market" in the spirit of the classical economists, i.e. meaning a market that is free from domination by rentiers, monopolists and banks versus the free from government interference (so that the rentiers, monopolists and banks are free to dominate) definition used by the neoclassical, neoliberal, Chicago and Austrian schools of economic thought. 2) Directing our attention to the dangers of debt and the power of compound interest, which are absolutely ignored by the neoclassical, neoliberal, Chicago, and Austrian schools. 3) Success at the top universities and in the economics profession depends not on the quality of your thinking, but on your ability to think as you are told to think. The Marxist and Trotskyist labels don't bother me at all; nor does the fact Mr. Hudson works as an economics professor or has worked as an analyst for David Rockefeller on Wall Street. What he brings to the table IMO puts him on the side of the angels.
    ReplyAgree/Disagree/Etc.
  • There is no mention of Keynes or Keynesian economics anywhere in this article. How can you have a discussion like this without mentioning Keynes? The banks are only half of the problem, the other half is government’s insatiable hunger for debt fueled spending. Debt fueled because the hunger for spending exceeds what the public is willing to bear in taxation. That is why the banks must be protected at any cost.

    Read More
    • Replies: @Wizard of Oz
    Keynes would have been very unhappy at people appropriating his name for all that debt fuelled spending that wasn't needed for specific well justified reasons such as infrastructure with a positive payoff or escaping depression when those with the spending power wouldn't spend.
    ReplyAgree/Disagree/Etc.
  • @Wally
    And there have been periods where CO2 was much higher while the temperatures were cooler.

    According to the watermelons (green on the outside, red on the inside) the world should be ablaze as CO2 has risen .. yet temperatures have not.

    Steepest drop in global temperature on record
    https://wattsupwiththat.com/2016/11/28/steepest-drop-in-global-temperature-on-record/

    Not to mention:

    altered data
    hiding requested data
    models that do not give the results the leftists hope for
    Climate Gate email scandal
    threats against free speech & different views
    firing of non-believing academics

    It's all about getting taxpayers money for a neo-Marxist agenda.

    It’s all about getting taxpayers money for a neo-Marxist agenda.

    It’s all about grants, fellowships, and the intoxication of power.

    Caterwauling about “marxism” is hyperbolicly stupid. I would amplify, but, jesus h mother-humping christ, it’s stupid, so I won’t. Cya.

    Read More
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  • @Chuck Barnard

    However, it’s enough to heat the oceans to drive carbon dioxide into the atmosphere. This positive feedback amplifies the sun’s increased albedo to cause increased heating. By directly releasing carbon dioxide here on Earth we likewise initiate warming.
     
    1. Heating the oceans does not "drive carbon dioxide into the atmosphere". Carbon dioxide absorbs heat, therefore carbon dioxide dissolved in the ocean tends to make the water warmer.

    2. The sun has no albedo. Presumably, you refer to the Earth's albedo. If so, increased albedo tends to reflect more sunlight away from the Earth, causing the Earth to cool, not heat.

    3. During any given year, the CO2 either released, or absorbed by the ocean can vary by as much as 6%. The volume of CO2 in the oceans is so enormous that a 1% variation, much less the 6% normal variation, in CO2 released or absorbed, completely swamps-out any contribution of man-made CO2.

    4. If the climate is changing, it's gonna change, and there is nothing we can do to stop it.

    And there have been periods where CO2 was much higher while the temperatures were cooler.

    According to the watermelons (green on the outside, red on the inside) the world should be ablaze as CO2 has risen .. yet temperatures have not.

    Steepest drop in global temperature on record

    https://wattsupwiththat.com/2016/11/28/steepest-drop-in-global-temperature-on-record/

    Not to mention:

    altered data
    hiding requested data
    models that do not give the results the leftists hope for
    Climate Gate email scandal
    threats against free speech & different views
    firing of non-believing academics

    It’s all about getting taxpayers money for a neo-Marxist agenda.

    Read More
    • Replies: @Chuck Barnard

    It’s all about getting taxpayers money for a neo-Marxist agenda.
     
    It's all about grants, fellowships, and the intoxication of power.

    Caterwauling about "marxism" is hyperbolicly stupid. I would amplify, but, jesus h mother-humping christ, it's stupid, so I won't. Cya.
    ReplyAgree/Disagree/Etc.
  • @CanSpeccy
    The real fly in the ointment for the warmists is that there is virtually no possibility of proving their thesis, even though it is quite plausible. The reason there is no way of proving the thesis is that not only is it necessary to model the CO2 effect accurately, but also to model the climate baseline from which CO2 causes deviation. But the baseline is affected by dozens, hundreds, maybe an near infinite number of direct and indirect effects, solar irradiance, land use changes, changes in terrestrial vegetation cover, human caused emissions of black carbon, sulfur, refrigerants, methane, changes in the orientation of the earth relative to the sun, etc.

    In other words, to prove the effect of CO2 on climate by actually predicting climate change requires an near infinitely complex model giving accurate forecasts for decades ahead. Which is completely impossible.

    I substantially agree though I think you omit the biggest confounding factor which is the oceans whose CO2 content is perhaps two or three times that of the atmosphere’s and display huge variations in circulation and temperature over tens, hundreds, thousands and indeed millions of years.

    Read More
    • Replies: @CanSpeccy
    Yes, the ocean is a huge, little understood, factor in the carbon cycle, and in the determination of atmospheric conditions.
    ReplyAgree/Disagree/Etc.
  • @Anonymous

    In Greece’s case, I would have simply called the – Greece’s problem was foreign debt – official government debt. I would have said, this is odious debt. We’re not going to pay it. You, the IMF, knew that we couldn’t pay.

    However, the debt is about $50 billion. The Lagarde list of kleptocrats holding accounts in Switzerland just happened to be what we owe. Take that money, folks. But you’re not going to get it from us, because this was simply theft.
     
    But this reasoning is odious too. If the lenders knew the borrowers "could not pay" and this makes their lending theft, didn't the borrowers know they could not pay as well?
    What are they, whining thieves?

    Forcedly ideological close aside, this was an amazing read.

    Greece’s government borrowed the money (great Olympics). They knew (or should have) that they couldn’t pay. However, it’s not the government people who borrowed that are hurting. I expect they’re doing just fine. The average citizen is now holding the bag. Average equals “other people” in spending other people’s money.

    Read More
    • Replies: @Clearpoint
    That's what regime change and political corruption are all about. Politicians are brought into power who are in favor of borrowing large sums of money for projects that are needed or not needed. Saying "no, we can't afford it" is not an option for these corrupt politicians if they want to remain in power. They operate much more as a partner in crime of the global capitalists than they do as an elected representative of the people of their country. Knowing the end game is economic conquest, and knowing that the precarious position of a country like Greece is due to likeminded corruption on both sides of the negotiating table, debt forgiveness is entirely appropriate.
    ReplyAgree/Disagree/Etc.
  • Anonymous • Disclaimer says:

    In Greece’s case, I would have simply called the – Greece’s problem was foreign debt – official government debt. I would have said, this is odious debt. We’re not going to pay it. You, the IMF, knew that we couldn’t pay.

    However, the debt is about $50 billion. The Lagarde list of kleptocrats holding accounts in Switzerland just happened to be what we owe. Take that money, folks. But you’re not going to get it from us, because this was simply theft.

    But this reasoning is odious too. If the lenders knew the borrowers “could not pay” and this makes their lending theft, didn’t the borrowers know they could not pay as well?
    What are they, whining thieves?

    Forcedly ideological close aside, this was an amazing read.

    Read More
    • Replies: @OutWest
    Greece’s government borrowed the money (great Olympics). They knew (or should have) that they couldn’t pay. However, it’s not the government people who borrowed that are hurting. I expect they’re doing just fine. The average citizen is now holding the bag. Average equals “other people” in spending other people’s money.
    ReplyAgree/Disagree/Etc.
  • @OutWest
    Actually, global warming is pretty much factual, and has been for maybe 14,000 years. A lot of ice has melted during this period. And a lot has just sat there getting warmer. For some reason –well, maybe profit- scientists now think that climate should be in stasis. Particularly when you name a park Glacier.

    That said, one mechanism for “natural” climate change is the increase in Sun energy reaching the Earth, i.e. Milankovitch Cycle. The small amount of energy is not enough to cause the resulting temperature increase. However, it’s enough to heat the oceans to drive carbon dioxide into the atmosphere. This positive feedback amplifies the sun’s increased albedo to cause increased heating. By directly releasing carbon dioxide here on Earth we likewise initiate warming.

    There are better ways to counteract this than the retro technologies government scientists are proposing. The science and engineering are more straightforward than the economics of the article discussion.

    However, it’s enough to heat the oceans to drive carbon dioxide into the atmosphere. This positive feedback amplifies the sun’s increased albedo to cause increased heating. By directly releasing carbon dioxide here on Earth we likewise initiate warming.

    1. Heating the oceans does not “drive carbon dioxide into the atmosphere”. Carbon dioxide absorbs heat, therefore carbon dioxide dissolved in the ocean tends to make the water warmer.

    2. The sun has no albedo. Presumably, you refer to the Earth’s albedo. If so, increased albedo tends to reflect more sunlight away from the Earth, causing the Earth to cool, not heat.

    3. During any given year, the CO2 either released, or absorbed by the ocean can vary by as much as 6%. The volume of CO2 in the oceans is so enormous that a 1% variation, much less the 6% normal variation, in CO2 released or absorbed, completely swamps-out any contribution of man-made CO2.

    4. If the climate is changing, it’s gonna change, and there is nothing we can do to stop it.

    Read More
    • Replies: @Wally
    And there have been periods where CO2 was much higher while the temperatures were cooler.

    According to the watermelons (green on the outside, red on the inside) the world should be ablaze as CO2 has risen .. yet temperatures have not.

    Steepest drop in global temperature on record
    https://wattsupwiththat.com/2016/11/28/steepest-drop-in-global-temperature-on-record/

    Not to mention:

    altered data
    hiding requested data
    models that do not give the results the leftists hope for
    Climate Gate email scandal
    threats against free speech & different views
    firing of non-believing academics

    It's all about getting taxpayers money for a neo-Marxist agenda.

    ReplyAgree/Disagree/Etc.
  • @anonymous
    Yours was an incoherent comment which should have been entirely hidden.

    “Yours was an incoherent comment which should have been entirely hidden.”

    Coward! What is your name, Mr. “anonymous.”? Identify yourself!

    Care to specify just exactly what part of my comment is “incoherent”?

    Troll!

    Read More
    ReplyAgree/Disagree/Etc.
  • @Durruti
    Moderator at UNZ,

    Was it necessary to hide half of a short comment (which includes my conclusion), under [MORE]?

    Yours was an incoherent comment which should have been entirely hidden.

    Read More
    • Replies: @Durruti
    "Yours was an incoherent comment which should have been entirely hidden."

    Coward! What is your name, Mr. "anonymous."? Identify yourself!

    Care to specify just exactly what part of my comment is "incoherent"?

    Troll!
    ReplyAgree/Disagree/Etc.
  • @polistra
    When you cite "global warming" as a fact, you destroy the rest of your argument and show your role as an Agent Provocateur for financiers. "Global warming" is a scam run by bankers and re-insurers, designed to ruin industry and farming and direct all money into the finance class. Just like Ricardo's Corn Laws.

    Actually, global warming is pretty much factual, and has been for maybe 14,000 years. A lot of ice has melted during this period. And a lot has just sat there getting warmer. For some reason –well, maybe profit- scientists now think that climate should be in stasis. Particularly when you name a park Glacier.

    That said, one mechanism for “natural” climate change is the increase in Sun energy reaching the Earth, i.e. Milankovitch Cycle. The small amount of energy is not enough to cause the resulting temperature increase. However, it’s enough to heat the oceans to drive carbon dioxide into the atmosphere. This positive feedback amplifies the sun’s increased albedo to cause increased heating. By directly releasing carbon dioxide here on Earth we likewise initiate warming.

    There are better ways to counteract this than the retro technologies government scientists are proposing. The science and engineering are more straightforward than the economics of the article discussion.

    Read More
    • Replies: @Chuck Barnard

    However, it’s enough to heat the oceans to drive carbon dioxide into the atmosphere. This positive feedback amplifies the sun’s increased albedo to cause increased heating. By directly releasing carbon dioxide here on Earth we likewise initiate warming.
     
    1. Heating the oceans does not "drive carbon dioxide into the atmosphere". Carbon dioxide absorbs heat, therefore carbon dioxide dissolved in the ocean tends to make the water warmer.

    2. The sun has no albedo. Presumably, you refer to the Earth's albedo. If so, increased albedo tends to reflect more sunlight away from the Earth, causing the Earth to cool, not heat.

    3. During any given year, the CO2 either released, or absorbed by the ocean can vary by as much as 6%. The volume of CO2 in the oceans is so enormous that a 1% variation, much less the 6% normal variation, in CO2 released or absorbed, completely swamps-out any contribution of man-made CO2.

    4. If the climate is changing, it's gonna change, and there is nothing we can do to stop it.

    ReplyAgree/Disagree/Etc.
  • @Durruti
    It is worth a read of this summary by the 'Rebel Economists.'

    Hudson & Keen manage (in a lengthy introductory article/interview, not to link their analysis of economy to the political reality of Government, specially our American Government. This comment is not to be construed as a criticism, just an observation.

    The interview/discussion brings back memories of Samuelson 101 at a proletarian college, City College NY. I was young and handsome then. I was attracted to Leon Trotsky, simply because I believed him to be some sort of Anarchist. Fought my way (with some friends) through the 1st Volume of Marx's "Capital" It was quite interesting; even had some humor inserted, but it was too formulaic for my tastes.

    I prefer my economics, (and history), linked to morality.

    On the subject of DEBT, I prefer Jefferson's, and the Anarchist approach.

    I wrote earlier:

    "The Restoration of the Republic will be a Revolutionary Act, that will cancel all previous debts owed to that unconstitutional regime and its business supporters. All debts, including Student Debts, will be canceled. Our citizens will begin, anew, with a clean slate."

    As American Founder, Thomas Jefferson wrote, in a letter to James Madison:

    “I set out on this ground, which I suppose to be self evident, ‘that the earth belongs in usufruct to the living’:”

    “Then I say the earth belongs to each of these generations, during it’s course, fully, and in their own right. The 2d. Generation receives it clear of the debts and incumberances of the 1st. The 3d of the 2d. and so on. For if the 1st. Could charge it with a debt, then the earth would belong to the dead and not the living generation.”

    From the moral, to the heroic, to The Restoration of our Republic! - destroyed, utterly, on November 22, 1963.

    *Economic policies that help the people to advance and prosper, to obtain "unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness," are the ones that work. Other economic practices may enrich the few, or fail all.

    Moderator at UNZ,

    Was it necessary to hide half of a short comment (which includes my conclusion), under [MORE]?

    Read More
    • Replies: @anonymous
    Yours was an incoherent comment which should have been entirely hidden.
    ReplyAgree/Disagree/Etc.