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 Most RecentEconomics Archive

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On taking the oath of office, Jan. 20, Joe Biden may not have realized it, but history had dealt him a pair of aces. The COVID-19 pandemic had reached its apex, infecting a quarter of a million Americans every day. Yet, due to the discovery and distribution of the Pfizer and Moderna vaccines, the incidence... Read More
In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency. TRANSCRIPT Ben Norton 0:03 Hello everyone, I’m Ben Norton. You’re watching Moderate Rebels.... Read More
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America Makes Aircraft Carriers, China Makes Money
First, America increasingly relies on strong-arm tactics instead of competence. For example, in the de facto 5G competition, Washington cannot offer Europe a better product at a better price, so it forbids European countries to buy from China. The US cannot compete with China in manufacturing, so it resorts to a trade war. The US... Read More
Guests Michael Hudson & Jonathan Wilson-Hartgrove: April 21, 2021 (transcribed May 3, 2021): Jim Vrettos: So, Michael, Jonathan. Thank you so very, very much for being here. Jonathan, you're from... We're looking at you from North Carolina there and Michael is in Queens. You've both had tremendous influence in your respective fields. Spiritual economic activist... Read More
If you don't dig deep, Joe Biden appears to be governing as the most liberal president since Lyndon Johnson. But conservatives needn't worry. Biden is no progressive in centrist's clothing. True, the president's legislative agenda — after the coronavirus relief bill, which was undeniably progressive — would expand the social safety net, increase direct aid... Read More
Transcript Jussi: Welcome Michael. I just give a brief overview of the agenda and then I get back to you with a few questions. I just show you this picture, what we want to do today is this: Today we will get a long-term view on money debt and the economy, including the different power... Read More
In times of grave geopolitical trouble it’s up for a true statesman to step up in the global podium and defuse a noxious Cold War 2.0 atmosphere. President Xi Jinping did deliver with his keynote speech at the annual Boao Forum in Hainan. Here’s the full speech. And let’s start with a single sentence: The... Read More
Recent decades have not been kind to American cities. Manufacturing cities were adversely impacted by the offshoring of manufacturing jobs. Cities that are destinations for the floods of third world immigrants are experiencing deteriorating budgets and infrastructure and population replacement. In 1960 native born white American citizens comprised 90% of California’s population. Today white Americans... Read More
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Nearly half a millennium ago Niccolo Machiavelli’s The Prince described three options for how a conquering power might treat states that it defeated in war but that “have been accustomed to live under their own laws and in freedom: … the first is to ruin them, the next is to reside there in person, the... Read More
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Never Happen Since Too Many People Get Rich from It
As perhaps most now know, China is preparing a digital currency with which it intends to replace cash entirely, and other countries, including the US, are considering the idea. Conservatives and libertarians will shriek, pull their hair, and turn blue at the idea, perhaps with good reason—which doesn’t matter since it is going to happen... Read More
Treasury Secretary Janet Yellen has proposed that governments around the world require payment of at least a uniform “global minimum corporate tax.” A motivation for Yellen's push for a global minimum corporate tax is fear that the Biden administration’s proposed increase in the US corporate tax will cause some American corporations to flee the US... Read More
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In Continuation of a Conversation with Paul Craig Roberts
Here are few numbers, we’ll start with two: 447 million and 4.67 billion. These two numbers speak volumes, and are in the foundation of the America’s decline and increasingly irrational behavior which may, quoting Bachman Turner Overdrive’s famous hit, get us to the point of a proverbial ain’t seen nothing yet. The first number is... Read More
The extraordinary confluence between the signing of the Iran-China strategic partnership deal and the Ever Given saga in the Suez Canal is bound to spawn a renewed drive to the Belt and Road Initiative (BRI) and all interconnected corridors of Eurasia integration. This is the most important geoeconomic development in Southwest Asia in ages –... Read More
There is no man that university corrupts not
We can provide education for everyone, but we cannot offer everyone privilege. A conspiracy of Potemkin progressives and masochistic liberals have sold the general public the idea that we all can up-grade our lives by getting more education. Education is now seriously competing with work for the main pastime of our existence. Until the mid... Read More
Capping an extraordinary two weeks that turned 21st century geopolitics upside down, Iran and China finally signed their 25-year strategic deal this past Saturday in Tehran. The timing could not have been more spectacular, following what we examined in three previous columns: the virtual Quad and the 2+2 US-China summit in Alaska; the Lavrov-Wang Yi... Read More
Max Roser does great work at “Our World in Data”, virtually all of which I read and retweet approvingly. He has just written a paper calculating the amount of economic growth which will be required to lift people out of poverty. Lots and lots of growth, he argues. I think it likely that lots of... Read More
TRANSCRIPT Ibrahima: [00:00:00] Good morning or good evening, depending on where you are located and welcome to the Henry George School. My name is Ibrahima Drame and I'm the director of education. It's a great honor to have you with us today for another joint webinar co-organized with the International Union for Land Value Taxation... Read More
A surprising Supreme Court decision that, while not definitive, restores Lula’s political rights has hit Brazil like a semiotic bomb and plunged the nation into a reality show being played in a wilderness of shattered mirrors. At first, it looked like three key variables would remain immutable. The Brazilian military run the show – and... Read More
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Uncle Sam is 'Sick Man' of the West
As American economic power continues to decline, a division has emerged within the U.S. political establishment as to which of its designated adversaries is to blame for the country’s woes — Russia, or China. The dispute came to a head during each of the last two presidential elections, with the Democratic Party first blaming Moscow... Read More
Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press. We have explained that the indebtedness of the population means... Read More
A False Dichotomy
The debate over urban planning models is now as polarized as any other culture war issue with a strong partisan divide in support for denser walkable development with democrats being much more sympathetic to the idea. Some on the right view denser urban living as part of a leftist or elite sponsored agenda for us... Read More
According to the Congressional Budget Office (CBO), 2021 will be the second year in a row in which the federal debt exceeds Gross Domestic Product (GDP). CBO also projected that this year’s federal deficit will be 2.3 trillion dollars, which is 900 billion dollars less than last year. However, CBO’s projections do not include the... Read More
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Fred Reports from Foxhole
Today’s characteristically luminous insights will be disordered and structurally horrifying, the sort of essay that would have sent my high-school English teacher into anaphylactic shock. In exculpation I plead laziness. Recently I wrote a column on China’s digital yuan, now in late-stage testing. Bare-bones explanation: You download a digital-wallet app with which you can then... Read More
putinhero
Why is Vladimir Putin standing up to the richest and most powerful men in the world? Why is he bad-mouthing their "pet project" Globalization and trash-talking their "Great Reset"? Does he really think these corporate mandarins and "silver spoon" elites are going to listen to what he has to say or does he realize that... Read More
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I Know You’re Lying…but I Trust You with My Life!
Investing trust in the wrong people and policies can be ruinous. How much dishonesty does it take before the public stops putting blind faith in debt dealers, corporate crooks and the servile politicians who do their bidding? The widespread acceptance of ‘healthy’ inflation, monopoly patent rights, the ‘retirement’ trap and enslaving corporate ‘benefits’ would suggest... Read More
Last week Texas experienced a cold snap that resulted in serious statewide damage, death, and destruction. The collapse of the state’s energy grid left millions of Texans in the dark and freezing for days at a time. Tragically, at least 30 people died. There are many reasons why Texas became like a Third World country,... Read More
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A more sovereign Germany closer to Russia and China may be the straw that breaks the US hegemon’s back
Last week we traced the necessary historical and geopolitical steps to understand Why Russia is driving the West crazy. And then, last Friday, right before the start of the Year of the Metal Ox, came the bombshell, delivered with customary aplomb by Russian Foreign Minister Sergey Lavrov. In an interview with popular talk show host... Read More
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An “unreliable” report claiming that raising the minimum wage would reduce jobs
A Congressional Budget Office Report on the Raise the Wage Act of 2021 underpins a February 11 Washington Post editorial headlined, “Democrats Must Listen to the Data.” The Post laments that a $15 minimum wage would (according to CBO) eliminate about 1.4 million jobs when fully in effect, with half of the job losers leaving... Read More
Just as Wikipedia has difficulty reporting biographies accurately, it has difficulty reporting accurately on supply-side economics and other subject matter. So do economics professors in the class room. Financial journalists also have no idea what they call “Reaganomics” is. If you click the link below, you can read my brief, clear explanation of supply-side economics... Read More
AXIOS article by Mike Allen, Jim VandeHei: Republicans, long reliant on big business and the rich, see a post-Trump future centered on working class white, Hispanic and Black voters, top GOP officials tell Axios. Why it matters: This is a substantial shift, born of necessity and the post-Trump reality. It would push Republicans further away... Read More
bond2
Millionaires want to make money. Billionaires want to make history. We may add that multi-billionaires take it further; they want mankind to adapt to their needs and wishes. As for people who control trillions, why, they care about our wishes as much as we care about ants while sweeping the garden. We do not apply... Read More
People want to know where the economy is headed. What they should be asking is does the US still have an economy? My answer is no, it doesn’t. I will explain why. For a quarter century I have pointed out the destructive effect of moving American investment and jobs to China and other points abroad.... Read More
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Future historians may register it as the day when usually unflappable Russian Foreign Minister Sergey Lavrov decided he had had enough: Josep Borrell, the EU foreign policy chief, on an official visit to Moscow, had to take it on the chin. Lavrov, always the perfect gentleman, added, “I hope that the strategic review that will... Read More
Vrettos: 1. We're waiting to see how the rhetoric of the new Biden administration will play out in actual policies. Hudson: Biden’s long political career has been right-wing. He’s the senator from Delaware, the country’s most pro-corporate state – which is why most U.S. corporations are incorporated there. As such, he represents the banking and... Read More
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Presentation at the Oxford Economics Society
Oscar Brisset: Welcome to the first event of the Oxford Economics Society for this academic year. I’m Oscar, the Co-President of our society, and I’m glad to welcome you back for another term of exciting discussions. Although we were hoping last term to be back in-person by January, due to the worsening Covid-19 situation in... Read More
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So the Davos Agenda has come and gone. That was the virtual Great Reset preview, hosted by Kissinger acolyte cum World Economic Forum (WEF) oracle Herr Klaus Schwab. Still, corporate/political so-called “leaders” will continue to wax lyrical about the Fourth Industrial Revolution – or its mild spin-offs such as Build Back Better, the favorite slogan... Read More
Earlier: Gamestop: Everything That Challenges the Establishment's Rule Must be "White Supremacy" For the first time since Donald Trump’s 2016 campaign, a viral, uncontrolled, and populist campaign is raging, this time against Wall Street. By identifying a financial vulnerability, retail traders managed to beat major hedge funds at their own game via a classic short... Read More
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The rentier resurgence and takeover
Summary[1a] Marx and many of his less radical contemporary reformers saw the historical role of industrial capitalism as being to clear away the legacy of feudalism – the landlords, bankers and monopolists extracting economic rent without producing real value. But that reform movement failed. Today, the Finance, Insurance and Real Estate (FIRE) sector has regained... Read More
If you’re new to high finance, then the concept of “shorting” is bizarre and convoluted. People actually make money from stocks falling? How is this possible? Why is it legal? Does this contribute anything to society? Am I missing out? Here’s how shorting works. Let’s say you have a neighbor who is a cat lady... Read More
Xi shows the contrast between Asia's relative serenity and the chaos engulfing the West’s top power centers
The virtual Davos Agenda is finally on, from Monday to Friday this week, promoted by the World Economic Forum (WEF). No, this is not The Great Reset. At least not yet. The Agenda is the aperitivo towards the Great Reset apotheosis at the WEF’s Special Annual Meeting, which will take place this coming spring in... Read More
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Questions for My Betters
China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require... Read More
Though China’s population has not changed in decades, the mass of its economy, thirty percent bigger than ours, multiplied by its velocity, gives it momentum unseen anywhere in peacetime: it will add the equivalent of Italy’s GDP this year. I edit a newsletter for the 22,000 US companies doing business in China, covering the economy,... Read More
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In his Culture of Critique trilogy Kevin MacDonald shows how many Jewish intellectual movements have developed a culture of critique that undermines those ideas and values that protect White group interests and cohesion. These Jewish intellectual movements include the Frankfurt School (philosophy, sociology), Boazian anthropology, Freudian psychoanalysis, the New York Intellectuals (literature), Marxism and even... Read More
It was hardly a secret throughout the Trump administration. Now, dying embers within sight, and with minimum fanfare, comes the declassification - virtually the whole document, minus a few redactions – of the US Strategic Framework for the Indo-Pacific. Why now, no less than 30 years before the usual, standard US declassification/public record protocols apply?... Read More
High-ended retailer Saks Fifth Avenue added private security, fencing and barbed wire ahead of a Black Lives Matter protest in New York, June 7. 2020. (Anthony Quintano, CC BY 2.0, Wikimedia Commons)
Michael Hudson and Pepe Escobar last month took a hard look at rent and rent-seeking at the Henry George School of Social Science. Michael Hudson: Well, I’m honored to be here on the same show with Pepe and discuss our mutual concern. And I think you have to frame the whole issue that China is... Read More
Source: Foreign Ministry of the People’s Republic of China
The European Union and China have agreed “in principle” to a deal on investment after seven long years of negotiation, pointedly ignoring the concerns of the incoming Biden administration. The economic consequences of the so-called Comprehensive Agreement on Investment (CAI) remain unclear, but the political signals are telling: the EU is following an essentially German... Read More
Ross Welcome to Renegade Inc. However you look at it, 2020 was a train wreck. So as we look forward to 2021, we wanted to get political and economic insight from two friends of the show. Chris Williamson and Michael Hudson share their views on what we can look out for in the new year.... Read More
It’s one of those quintessential journeys that make people dream: Istanbul-Tehran-Islamabad by train. Let’s call it ITI. Soon, in early 2021, ITI will become a reality. But, initially, just as a freight train. The deal was recently sealed at the 10th meeting of the transport and communication ministers of ECO (Economic Cooperation Organization) in Istanbul.... Read More
You’ve Come a Long Way, Baby
2021, the centennial of Mao’s founding of the Communist Party, was long planned to be a breakout year. When the Party took power in 1949, China was the poorest country on earth, which makes these achievements the more remarkable: GDP will expand by 10%. Western experts predict 8% and, since their predictions are always low,... Read More
Allied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis. TRANSCRIPT LYNN FRIES: Hello and welcome. I’m Lynn Fries producer of Global Political Economy or GPEnewsdocs. I... Read More
Category Classics
The sources of America’s immigration problems—and a possible solution
Which superpower is more threatened by its “extractive elites”?
How a Young Syndicate Lawyer from Chicago Earned a Fortune Looting the Property of the Japanese-Americans, then Lived...