2017 compared to 1917
Socialism flowered in the 19th century as a program to reform capitalism by raising labor’s status an
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
Watch the video on the Democracy Now site Black Monday is how economists are describing Monday’s market turmoil, which saw stock prices tumble across the globe, from China to Europe to the United States. China’s stock indices fell over 8 percent on Monday and another 7 percent today. On Wall Street, the Dow Jones Industrial... Read More
I was interviewed on Ellen Brown’s radio show “It’s Our Money”, where she writes: Download the episode (right click and save)
Please click on the following link to hear my latest radio interview. Partial Transcript Justin Ritchie: “There’s a lot of people on the left and the right who are becoming increasingly critical of Quantitative Easing and the question we have is how does it work? What does it mean that the US Federal Reserve is... Read More
Failed Privatizations – the Thatcher Legacy
By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond”. This is from my book on privatization, written some 15 years ago, never published. As in Chile, privatization in Britain was... Read More
A Model for Europe and the US?
A generation ago the Chicago Boys and their financial supporters applauded General Pinochet’s anti-labor Chile as a success story, thanks mainly to its transformation of their Social Security into Employee Stock Ownership Plans (ESOPs) that almost universally were looted by the employer grupos by the end of the 1970s. In the last decade, the Bush... Read More
The word is out: Treasury Secretary Geithner is the inside man for Wall St according to an explosive new book. The second half of this Keiser Report covers this latest machination in the world of financial crime. The interview has also been
This interview with Profs. Hudson, Bill Black and Randy Wray at UMKC describes how the U.S. Financial sector has become criminalized, and describes how the economy will continue to shrink sharply after the November presidential election.
More at The Real News PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Baltimore. Ben Bernanke, the head of the Federal Reserve, announced a few days ago QE3, quantitative easing three, and now he says they’re going to continue to buy assets, multibillion dollars of purchases, until the... Read More
Below are the transcripts from the film Surviving Progress I was a part of. The film can be purchased here. Canada FILM group on PROGRESS 2010: The Road to Debt Serfdom Cinémaginaire, ASHOP (USA): Interview with Michael Hudson – Tapes #112-113-114 Theme: In the name of “progress,” the world is regressing to neoserfdom. Mainstream economics... Read More
Renegade Economists interview 05.09.2012 Interview with Professor Michael Hudson by Karl Fitzgerald Listen KF: We welcome to the show Professor Michael Hudson, Distinguished Research Professor at the University of Missouri-Kansas City, the leading Post-Keynesian university in America. It’s been fantastic to see, Michael, that the public profile of UMKC has really taken off with Randall... Read More
Europe’s three needs: a debt write-down, a real central bank, and a more efficient tax system
Brussels Talk, Madariaga College, Governing Globalisation in a World Economy in Transition, June 27, 2012 What can Europe learn from the United States? First, the United States – like Canada, England and China – have central banks that do what central banks outside of Europe were created to do: finance the budget deficit directly. I... Read More
This is a re-working of my second talk at the Rimini MMT conference, as heard on Guns and Butter. Suppose you were alive back in 1945 and were told about all the new technology that would be invented between then and now: the computers and internet, mobile phones and other consumer electronics, faster and cheaper... Read More
Hudson on the plan for the 1% to monopolise Main Street through concentration of ownership AKA asset grabs. 73,000 views in 2 days. Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. Concentration of ownership leads to concentration of political power. It’s rather obvious. It’s practically a... Read More
Hudson giving an overview of current affairs with a fired up Lauren Lyster fresh back from Davos.
As first published in Frankfurter Allgemeine Zeitung The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk submitting... Read More
Has the Link been Broken?
*This article appeared in the Frankfurter Algemeine Zeitung on December 5, 2011. Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into their camp” and usher in democracy,... Read More
The New Bank Disaster Olafur Arnarson, Michael Hudson and Gunnar Tomasson* The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into question just what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors can pay –... Read More
More at The Real News Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. In Europe, people in many countries are saying no to paying for the crisis and bailing out banks. And to a large extent leading the way have been people in Iceland, who have... Read More
More at The Real News Michael discusses the growing Occupy Wall St movement and the opportunities for banking reform. Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. And in Washington, Occupy Washington has started. Occupy New York continues. And occupy many cities across the United States... Read More
NY Times, August 11, 2011 A debate between five economists on “Why Aren’t Germans Protesting?” Rightly Disgusted at the Banks A bailout, like any other government expenditure, is a tax. Someone must pay all this money. And it is unfair to tax the broad population to pay for a special interest. Instead of being a... Read More
More at The Real News Transcript: PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay in Washington. In Greece, the Parliament has passed the austerity measures. And judging by the reaction of the stock markets and investors, everyone was rather pleased with that. Stock markets shot up for the next... Read More
Michael on the Keiser Report, discussing the role of finance in the EU debt crisis. How does Wall St and the IMF fit into the picture? Michael comes on at the 14 minute mark. Download the Hudson only portion of the interview