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Secretary of the Treasury for the .01%
Treasury Secretary Steven Mnuchin doesn’t exactly come across as the guy you’d want in your corner in a playground tussle. In the Trump administration, he’s been more like the kid trying to cop favor with the school bully. That, at least, is the role he seems to have taken in the Trump White House. When... Read More
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The Power Elite in the Time of Trump
Introduction In the last few months, several competing political, economic and military sectors - linked to distinct ideological and ethnic groups - have clearly emerged at the centers of power. We can identify some of the key competing and interlocking directorates of the power elite: 1. Free marketers, with the ubiquitous presence of the ‘Israel... Read More
The big New York banks no longer perform the banking function of lending to consumers and businesses. Thanks to government policies that foster increased financial concentration, banking incentives have changed fundamentally. The big banks today are focused on higher risk-return speculation and on trading and fee-based income. Banks don’t lend not because, as banks and... Read More
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Trump is Turning Against the White Working Class that Elected Him
SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To... Read More
Back in the 1990s stock bubble it was common for analysts to say things like price-to-earnings ratios (PE) no longer mattered. They were right, at least for a while, as the stock valuations of companies like AOL and Priceline soared way beyond anything that could conceivably be justified by current or future earnings. Of course... Read More
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In the years since the 2008 economic crisis, financial transactions taxes (FTTs) have gone from a fringe idea to a policy that is in mainstream policy debates. They are seen as a way to both raise large amounts of money and to slow the pace of churning in financial markets. For this reason, most progressive... Read More
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Introduction Every day and throughout the world we read and hear of turmoil, of threats, violence, divisions, wars for peace and peace for wars, freedom as oppression and oppression as freedom. In a world where words have lost their meanings and meanings have no words, how do we go about understanding turmoil? Surely, economies rise... Read More
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Nobody yet can tell whether Donald Trump is an agent of change with a specific policy in mind, or merely a catalyst heralding an as yet undetermined turning point. His first month in the White House saw him melting into the Republican mélange of corporate lobbyists. Having promised to create jobs, his “America First” policy... Read More
It’s funny how an election can change the way a man sees the world. Before the election, Donald Trump thought that stocks were dangerously inflated. In an interview on CNBC, he said “I hope I’m wrong, but I think we’re in a big, fat, juicy bubble.” That was Candidate Trump. President Trump sees things differently.... Read More
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SHARMINI PERIES: Welcome back to The Real News Network. I’m speaking with Michael Hudson, the author of, J is for Junk Economics, a Guide to Reality in the Age of Deception. Don’t miss it. We’re going to be talking about this book, and some of the misleading concepts that are out there, in terms of... Read More
Hiding How the Economy Really Works
Michael Hudson, author of the newly released J is for Junk Economics, says the media and academia use well-crafted euphemisms to conceal how the economy really works SHARMINI PERIES: Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City. He’s the author of many books including, “The Bubble and... Read More
Trump wants to rip up the financial rule book and let the bankers go hog-wild. But haven’t we tried that before? Last Friday, the president announced a plan to scrap the rules that were put in place in 2010 to prevent another financial meltdown. Trump wants to return to the ‘good old days’ when the... Read More
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How a Bank Conquered Washington
Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people... Read More
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Donald Trump has a plan for dealing with the stock market bubble. Make it bigger. Before the election candidate Trump blasted Federal Reserve chairman Janet Yellen for keeping interest rates too low for too long to keep the economy humming along while Obama was still in office. The president elect accused Yellen of being politically... Read More
“The secret of great fortunes without apparent cause is a crime forgotten, for it was properly done.” H. Balzac Among the current crop of Wall Street financiers, Laurence “Larry” Fink has received the greatest number of awards and plaudits. He is the CEO and Chairman of Black Rock (BR), the world’s largest multinational investment management... Read More
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Why is the Fed creating incentives for US corporations to destroy themselves? Why is the Fed pushing insurance companies and retirement funds into bankruptcy? Why is the Fed raising interest rates when inflation is still well below its 2 percent target? Things are not always what they seem. In theory, the Fed’s low interest rates... Read More
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Trump’s economic plan has sent stocks ripping higher for six weeks straight. But what’s going to happen to stock prices when Congress gives Trump’s plan a big thumbs down? Has anyone thought about that yet? And what about the Fed? Does anyone seriously think that Fed chairman Janet Yellen is going to sit on her... Read More
How to Swamp Washington and Double-cross Your Supporters Big Time
Given his cabinet picks so far, it’s reasonable to assume that The Donald finds hanging out with anyone who isn’t a billionaire (or at least a multimillionaire) a drag. What would there be to talk about if you left the Machiavellian class and its exploits for the company of the sort of normal folk you... Read More
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Real Vision Interview Transcript with Steve Keen
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... Read More
SHARMINI PERIES, TRNN: Welcome back to the Real News Network. I'm Sharmini Peries coming to you from Baltimore. Today I’m being joined in our Baltimore studio by economist Michael Hudson. Michael has a new book out J is for Junk Economics: A Survivor’s Guide to Economic Vocabulary in an Age of Deception. Michael is a... Read More
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Wall Street in the Saddle
As this endless election limps toward its last days, while spiraling into a bizarre duel over vote-rigging accusations, a deep sigh is undoubtedly in order. The entire process has been an emotionally draining, frustration-inducing, rage-inflaming spectacle of repellent form over shallow substance. For many, the third debate evoked fatigue. More worrying, there was again no... Read More
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Here’s your economics quiz for the day: Question 1– What do you think would happen if you put $3 trillion into the financial system? Question 2– What do you think would happen if you put $3 trillion into the economy? (Via fiscal stimulus for infrastructure projects, extended unemployment benefits, food stamps, etc) If you picked... Read More
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From: The Journal of Economic Issues, Vol. L No. 3, September 2016 Abstract: Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent and the difference between productive and unproductive credit. We then apply it to... Read More
World War II resulted in Europe being conquered, not by Berlin but by Washington. The conquest was certain but not all at once. Washington’s conquest of Europe resulted from the Marshall Plan, from fears of Stalin’s Red Army that caused Europe to rely on Washington’s protection and to subordinate Europe’s militaries to Washington in NATO,... Read More
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On Tuesday, the 10-year German bund slipped into the bizarro-world of negative rates where lenders actually pay the government to borrow their money. Aside from turning capitalism on its head, negative rates illustrate the muddled thinking of central bankers who continue to believe they can spur growth by reducing the cost of cash. Regrettably, the... Read More
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GORDON LONG: Thank you for joining us. I’m Gordon Long with the Financial Repression Authority. It’s my pleasure to have with me today Dr. Michael Hudson Professor Hudson’s very well known in terms of the FIRE economy to—I think, to a lot of our listeners, or at least he’s recognized by many as fostering that... Read More
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So it’s a go for Zeus to launch the thunderbolt. Neo-Athena – minus the wisdom – Hillary Clinton, Queen of Chaos, Goddess of War, Empress of the Perma-Smirk, will finally have her shot at the U.S. presidency. After the Battle of New York, she’s on top on number of votes; number of states; number of... Read More
NOOR, TRNN: Welcome to the Real News Network. I’m Jaisal Noor in Baltimore. It’s been a tough week for Senator Bernie Sanders on the campaign trail, despite his big win in Wisconsin on Tuesday, because it’s been marked by fierce attacks on his economic plans. On Friday, New York Times’ Paul Krugman pinned a scathing... Read More
Marx and Lenin were ahead of their time. Marx wrote before offshoring of jobs and the financialization of the economy. Lenin presided over a communist revolution that jumped the gun by taking place in a country in which feudal elements still predominated over capitalism. In 21st century America capitalism has been unfettered from the regulations... Read More
Is there a conspiracy to keep wages from rising or is it just plain-old class warfare? Check out these charts from a recent report by Deutsche Bank and see what you think: (Feeling Underpaid, Zero Hedge) Well, what do you know? Everywhere the global bank cartel has its tentacles, wages are either flatlining or drifting... Read More
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CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today we’re going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy.... Read More
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CHRIS HEDGES: We’re going to be discussing a great Ponzi scheme that not only defines not only the U.S. but the global economy, how we got there and where we’re going. And with me to discuss this issue is the economist Michael Hudson, author of Killing the Host: How Financial Parasites and Debt Destroy the... Read More
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And also deaf, dumb and stupid in the Southern District of Manhattan
There is easy money to be made in Manhattan. If you want some big bucks, you can claim you have been wronged by a foreign country or a rich man who lives overseas. You can sue him in New York because the United States claims de facto jurisdiction over the entire world due to the... Read More
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Last week, European Central Bank chief Mario Draghi announced a much bigger and wider-ranging stimulus package than anyone had expected. Unfortunately, the ECB’s bond buying program will have no impact on employment, business investment, inflation, lending or growth. It will, however, create a temporary incentive for corporations to buy back more of their own shares... Read More
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The Bank for International Settlements (BIS) is worried that recent ructions in the equities markets could be a sign that another financial crisis is brewing. In a sobering report titled “Uneasy calm gives way to turbulence” the BIS states grimly: “We may not be seeing isolated bolts from the blue but the signs of a... Read More
In the 21st century Americans have been distracted by the hyper-expensive “war on terror.” Trillions of dollars have been added to the taxpayers’ burden and many billions of dollars in profits to the military/security complex in order to combat insignificant foreign “threats,” such as the Taliban, that remain undefeated after 15 years. All this time... Read More
Finance ministers and central bankers from the world’s biggest economies met in Shanghai, China over the weekend to discuss many of the problems for which they alone are responsible. Leading the list of issues, was the steady deceleration in global growth which, to great extent, is the result of experimental monetary policies central banks implemented... Read More
In my archives there is a column or two that introduces the reader to John Perkins’ important book,Confessions of an Economic Hit Man. An EHM is an operative who sells the leadership of a developing country on an economic plan or massive development project. The Hit Man convinces a country’s government that borrowing large sums... Read More
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The US economy died when middle class jobs were offshored and when the financial system was deregulated. Jobs offshoring benefitted Wall Street, corporate executives, and shareholders, because lower labor and compliance costs resulted in higher profits. These profits flowed through to shareholders in the form of capital gains and to executives in the form of... Read More
Zero rates and QE have stopped working and that has investors worried. Very worried. If you want to know why stocks have been taking it on the chin lately, look no further than the quote above. Mr. Valeri nails it. The Central Banks have lost their touch which is why investors are cashing in and... Read More
Last week US stock markets tumbled yet again, leaving the Dow Jones index down almost 1500 points for the year. In fact, most major world markets are in negative territory this year. There are many Wall Street cheerleaders who are trying to say that this is just a technical correction, that the bottom is near,... Read More
America’s richest investors are betting trillions of dollars that the US economy will stay lousy for years to come. Who are these wealthy investors? Bondholders. And their views on the state of the economy are reflected in the yields on long-term US Treasuries. At present, the yields on long-term debt are very low which means... Read More
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Let’s say you lend your brother-in-law, Pauli, 5,000-bucks so he can get his fledgling construction business off-the-ground. Then, you find out a week later that ‘good-old Pauli’ has shot the wad playing the horses at Long-acres and buying cocktails for his loafer-friends at Matt’s Mad Dog tavern? Would you feel like you’d been ripped off?... Read More
Everyone take a deep breath. This isn’t 2007 again. The banks aren’t loaded with $10 trillion in “toxic” mortgage-backed securities, the housing market hasn’t fallen off a cliff wiping out $8 trillion in home equity, and the world is not on the brink of another excruciating financial meltdown. The reason the markets have been gyrating... Read More
When the Dow Jones Industrial Average (DJIA) and S&P peaked in May 2015, investors were still confident that the Fed “had their back” and that any steep or prolonged downturn in stocks would be met with additional liquidity and a firm commitment to maintain zero rates as long as necessary. But now that the Fed... Read More
In the last years of the 20th century fraud entered US foreign policy in a new way. On false pretenses Washington dismantled Yugoslavia and Serbia in order to advance an undeclared agenda. In the 21st century this fraud multiplied many times. Afghanistan, Iraq, Somalia, and Libya were destroyed, and Iran and Syria would also have... Read More
Why is the economy barely growing after seven years of zero rates and easy money? Why are wages and incomes sagging when stock and bond prices have gone through the roof? Why are stocks experiencing such extreme volatility when the Fed increased rates by a mere quarter of a percent? It’s the policy, stupid. And... Read More
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An Interview with Finnish Journalist Antti J. Ronkainen
Antti J. Ronkainen: The Federal Reserve is the most significant central bank in the world. How does it contribute to the domestic policy of the United States? Michael Hudson: The Federal Reserve supports the status quo. It would not want to create a crisis before the election. Today it is part of the Democratic Party’s... Read More
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2016 started with a thud on Monday when news from China sent global stocks into freefall. The Shanghai index plunged 242 points before a system-wide circuit breaker kicked in and trading was halted. All three major US indices followed Asia’s downward slide with the Dow Jones leading the pack with a triple-digit loss on the... Read More
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The Eurozone today is going into the same deflationary situation that the U.S. did under Jackson’s destruction of the Second Bank, and the post-Civil War budget surpluses that deflated the economy. But whereas the Fed’s creation was designed to inflate the U.S. economy, Europe’s European Central Bank is designed to deflate it — in the... Read More
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