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Polarization, Then a Crash: Michael Hudson on the Rentier Economy
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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 am delighted to have Michael Hudson joining us today. He will be discussing how under a neoliberal shift from industrial to finance capitalism, today’s most pressing economic conflict is not simply between labor and employers. It is a conflict in which rentier interests have the upper hand over labor, industry and government together. This is the political economy in which the COVID-19 economic shock is playing out with dire consequences.

Michael Hudson is a research professor of Economics at the University of Missouri, Kansas City, and research associate at the Levy Economics Institute of Bard College. A prolific author, Michael Hudson’s latest book is …and forgives them their debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year. Welcome, Michael.

MICHAEL HUDSON: Good to be here, Lynn

FRIES: Michael, It has been argued that every successful economy has been a mixed economy, where the public sector places checks and balances on private sector power; specifically on the financial sector’s power to indebt society in ways that impoverish it. Yet this kind of role for the public sector is being vilified under finance capitalism. So, what is your take on that?

HUDSON: Well ever since the Bronze Age you had the temples and the palaces providing basic needs. Because if you leave this to the private sector, then you’re going to have a situation where the private supplier has a chokehold on the economy and can say: your money or your life.

There are certain things that governments are supposed to supply and which industrial capitalism wanted government to supply. Because they didn’t want employers or their employees to have to pay for them. These are a number of things. Governments obviously have to supply military defense. You can’t leave that private people but also healthcare, for instance. The conservative party in England, Benjamin Disraeli said: health is everything; we have to spend on health.

And you don’t want to, in principle, make money off crime. But in America we’re privatizing the penal system, the jail system. So you have increasing pressure on government, on governors, to arrest people, put them in jail especially on drug use, where you can employ them at 10 cents an hour. And lease them out to companies as low priced labor.

But most of all, government is supposed to provide the infrastructure: the transportation, the communication, the telephone system. And the idea is that if you leave like cable TV to private suppliers, they are natural monopolies. The idea throughout history from classical Greece and Rome, medieval times in Europe is that natural monopolies should be in the public domain.

Because you don’t want to provide opportunities for monopoly rent. Because monopoly rent, like land rent and natural resource rent, is not a necessary cost to production. You want the necessary cost of production to be the material costs and normal profit. Because obviously you need people to have some incentive to do things. But the incentive is supposed to be normal profit, not super profits, not just a free lunch.

And so if you let transportation become privatized, then it is going to cost the workforce much more money to get to work and to get to a job. If you let the oil industry be privatized and the profits from the natural resource, and that’s the patrimony of mineral rights, oil and gas is all going to go to the private financial sector not to be used as the tax base.

And if you have the land rent, essentially if the government, for instance, in New York City, they spent let’s say a billion dollars on extending the second Avenue subway line up along the wealthy Upper East Side. That increased land values for landlords all by about twice the amount by about \$2 billion. Because people now we’re closer to the subway station, they didn’t have to walk. They had better transport. All of this increase in land prices could have financed the extension of the subway and still been able to lower the subway fares for the rest of new Yorkers. Instead, the city let the landlords keep all of the gains in land value. And they just raised the income taxes and went into debt to pay for the subway.

So, you have a privatization of wealth that is not created by landlords, not created by individuals. Certainly the oil companies don’t create the oil in the ground. And the mining companies don’t create the mineral resources. All of these things are given away freely. The United States lets forestry logging companies and mining companies get whatever they can take from the public domain for free instead of getting the results of this publicly owned land to finance the public budget.

Taxes in the United States could be drastically reduced on wages and on profits, if you would just tax the unearned monopoly rent, the economic rent that is not necessary for production.

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So, if you look at what Adam Smith wrote, John Stuart Mill, all of the classical economists said: this is how capitalism is going to evolve. Because if the government doesn’t have to levy an income and profits tax and just the rent tax, then it’s going to be a low-cost economy. And the more socialized and the more mixed an economy is the lower the cost structure is going to be and the more competitive it will be. And so it will force other countries to de-financialize and to free themselves from their rentier class. Free themselves from their absentee landlord class, free themselves from, you know, the foreign mining class and essentially be low cost economies, low tax economies as a result. Well, that was their idea of a free market.

And the neoliberals have essentially tried to take control of the minds of economics students and how people think about the economy to say: No, no a free market is free to make as much as you want. A free market is free from taxation on rent. A free market is where it doesn’t matter how you make your income. Anybody can just keep whatever they make, no matter how they make it whether it’s by predatory exploitative means or un-exploitative means.

So you’ve had a whole transformation of how populations understand how the economy works. So that, they don’t understand how to solve and re-industrialize the economy And they don’t even understand how they’re being painted into a financial debt corner as a result of debt deflation.

FRIES: Talk more about the aims of finance in this private sector-public sector mixed economy.

HUDSON: The financial sector essentially is of the 1% or the 10% that holds the rest of the economy in debt. The financial sector makes its money by getting the rest of the economy indebted to itself and making money off asset price gains. In the past, the financial sector made its money by getting interest. But now, with almost zero interest what it’s after is capital gains because capital gains basically are either untaxed or taxed at very, very low rates.

So, the financial sector essentially makes its money not by being part of the production and consumption economy but by siphoning off as much money from the production and consumption economy as it can for real estate, for insurance and for debt service and banking services. The insurance, of course, would include the health insurance.

The result is that Americans have to spend so much of their money now on housing. Up to 40% to 43% of their income goes for housing as opposed to 25% back in the 1940s,’50s and ‘60s . They have to pay huge amounts for medical insurance.

And the taxes have been shifted off real estate, off of finance onto labor and industry. So you have America really being unable to revive its industry today. Because how can you create an export industry or even compete with foreigners when you have to pay such high housing costs, such high medical insurance and healthcare costs instead of the government taking over, such high debt service. If you got all of your clothing and food and basic needs for nothing you still couldn’t compete with foreigners because of all of these FIRE sector – finance, insurance and real estate – costs.

Now the job of the government under industrial capitalism was all spelled out in the late 19th century in the United States. For instance, by Simon Patten, who was the first Professor of Economics at the first business school, the Wharton School at the University of Pennsylvania. And Patten said that public infrastructure was a fourth factor of production. And the role of the government was to provide basic needs like healthcare, education, transportation and other basic services at very low price so that you lower the cost of doing business. You lower the cost of living so that the private sector will be able to compete with foreign countries.

Now, most countries now provide free healthcare. Because if they didn’t, then the employers and the laborers would have to pay healthcare. Their cost of production would be much higher. And America has not done that. America has the highest cost of production in the world. Not because it’s technologically inefficient. The technology is all available and there.

The reason is all of these extra costs that are paid by labor and by employers that are borne by governments in other countries. So as long as essentially America’s dismantling the government, what you’re dismantling is the basic means of subsidizing industrial production and manufacturing. And that’s what’s left America in a high cost position and driven American industry abroad without any idea of how to create a national economy that makes it profitable to invest in industry here.

So most of the American cost structure has nothing to do with the cost of production and therefore nothing to do with industry or industrial capitalism. It’s a fall back into a kind of post-medieval rentier economy.

FRIES: Michael, in the rentier economy banks have allied with landlords and monopolists. Comment more on banks and monopolies.

HUDSON: Well, banks have always been called the mother of trusts. Back in the 19th century, you had the great fortunes on Wall Street being made by creating the steel trust, the copper trust. The function of banks is to lend money to companies to essentially create monopolies in the markets which can control the prices and extract super profits. Namely, economic rent over and above the actual cost of production and normal profits.

And when you have a trust, a monopoly, you can get monopoly rent over and above the normal rate of profit. Banks said: well, look, we can work with companies to let a few companies like, Carnegie takeover the steel industry. You had agriculture, agribusiness in this country, really turned into a trust with two firms sort of monopolizing all of the distribution of agricultural products. It goes all the way up. You’ve had essentially, Amazon becoming a monopoly. You have the information technology sector turning into a monopoly.

And the function of these monopolies… the reason their stock prices are going up so much is because they’re setting the price without any anti-monopoly legislation such as you had under the Sherman Antitrust Act of 1890 and then Teddy Roosevelt as a trust Buster. Essentially, since the 1980s you have not had any anti-monopoly prosecutions at all.

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So, the economy has been more and more concentrated in the hands of a few large companies that have been able to get the credit from the banks to buy potential rivals. Facebook has been buying its rivals. You have the cable companies buying rivals. So people’s cable rates continue to go up and up without any actual cost increase.

You have a dissociation of price from the cost of production. Price is whatever the market will bear. There is no longer that reference to the cost of production. And hence as profit is understood under industrial capitalism as a rate of return on the cost of production and the capital investment. You have essentially prices being dictated by a financially organized trustification and monopolization of the economy most conspicuously in the United States of course.

FRIES: We should also note pharmaceutical monopolies.

HUDSON: That’s the most obvious. When you have prices of drugs here so much higher than you have in Canada and other countries. President George W. Bush said: we’re not going to bargain with the firms. We’re not going to have what every other country does wherever the government gets to buy in bulk. The whole idea is if you buy in bulk, you get a low price. George Bush says: we’re going to pay the retail price. And then a little bit more because after all they’re his campaign contributors.

Under the Obamacare you had a huge giveaway written, essentially written by the pharmaceutical industry. And the people that Biden has appointed as the health czars were the lobbyists and the heads of the pharmaceutical companies. So you’re going to have a very vicious pharmaceutical monopoly squeezing the population here.

Already in Idaho, where there’s a very heavy COVID issue, people are now being put in jail for medical debts. If you can’t pay the hospital, you can be arrested, put in jail and then you die as everybody in jail gets COVID.

So it’s like a financial death star has hit America. And the death star isn’t COVID itself. COVID is all over the world. Other countries have been able to cope. It’s the financial death star that’s really killing people in the United States.

FRIES: So, Michael, how is that industrial capitalism ended up in the stage you describe, one of pro-rentier finance capitalism?

HUDSON: Well, nobody really expected industrial capitalism to enter the stage we’re in now which is finance capitalism. This was not a necessary stage of industrial capitalism because you think of a stage as a kind of natural evolution, Darwinian style where the most efficient stage or form wins out. But what’s happened is instead of evolution, you have a devolution. You have a move backwards. The whole idea of industrial capitalism as explained from Adam Smith to David Ricardo to the John Stuart Mill to Marx, the whole idea was that the destiny of industrial capitalism was to get rid of the remnants of feudalism.

To get rid of the landlord class, of economic rent of natural resource rent. And the idea was to make everybody basically only earn money in proportion to what they contributed to production. Industrial capitalism was supposed to clear away the whole overgrowth of absentee landlordism, of unproductive credit or usury capital.

And that seemed to be happening by the late 19th century. In the field of finance, for instance, you had German and Central European industrial banking creating credit only to create new means of production, to build factories, to create a steel industry.

The Lower House of governments throughout Europe, for instance and the House of Commons over the House of Lords in Britain, in 1909, there was a constitutional showdown in Britain where they passed the land tax law to sort of get rid of landlordism. And the House of Lords vetoed it; constitutional crisis for a whole year. And they passed the law that never again could the House of Lords, the Upper House, veto a revenue bill in the House of Commons.

In every country, the Upper House in government was created and run by the rentier interests. That is by the landlords and the wealthiest interests. And the whole idea of industrial capitalism was to push democratic reform in order to sort of over overthrow the old rentier class.

World War I changed all that. Since World War I, the rentier class began to fight back. Before World War I you finally had the United States pass an income tax law that really only 1% of the American population was liable for the income tax law because there was a cut off point. You had to be fairly rich to pay the income. And most of the income of wealthy people was from either rents or stocks or bonds or financially from loans.

After World War I, all of this was changed. Instead of taxing real estate, instead of taxing the oil and gas industry, they were made pretty much income tax exempt. You had a shift of tax onto labor and industry. And you had industrial capitalism lose out to finance capitalism, not as a step forward but as a lapse backward. As the old post-feudal landlord class and the financial class fought back and sort of took over the development.

And that was greatly increased in the 1980s with Ronald Reagan and Margaret Thatcher. And since then the whole Western world has been characterized by really a kind of neoliberal meaning a pro financial, a pro-rentier economy. And the result is that we have a financial view of the world, not industrial view of the world.

FRIES: Earlier in the conversation, you explained the financial sector essentially makes its money not by being part of the production and consumption economy but by siphoning off as much money from the production and consumption economy as it can. How is the unprecedented income and wealth that rentier interests have extracted from the real economy being redeployed?

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HUDSON: Well, the 1% makes most of its money by lending money to the 99% and making the 99% pay debt service do itself. The 1% on most of the bonds of banks, meaning ownership of the banks. And they essentially use their income to buy more and more assets. They don’t use their income to buy new factories or to make new means of production. They may buyout a company and then they’ll downsize the labor force. They’ll wipe out the pension obligations. They’ll dismantle the factory and turn it into a gentrified housing.

For instance, New York City used to be a manufacturing city. What is now Tribeca, below Canal Street, and the Wall Street area there used to be low cost electronic stores there, the dairy industry. Now all of these buildings have been torn down or closed down and turned into luxury loft apartments for the financial people making enormous financial salaries to buy and drive out the rest of the economies from New York and paying very little money, very little taxes for this.

So instead of the progressive taxation that you had under say President Eisenhower in the 1950s, you have essentially regressive taxation. You’ve slashed the taxes on the upper incomes, very low. And you’ve made most of the upper income money tax exempt. If you’re making money by financial speculation, you only have to pay 15% of your gains, not the full income tax that used to be 90% of the gains.

So essentially you’ve shifted the taxes off speculators, off the 1% that makes its money by capital gains on stocks and bonds and rising real estate prices. And you’ve, burdened employers and employees with it.

And that’s the legacy of debt inflation that’s leading to an accelerating shrinkage today without either political party making any discussion of how this is occurring. And without the economics curriculum even discussing debt.

Almost all the economic theories that have been sponsored by the business schools – the University of Chicago, Harvard – they treat the economy as if it all operates on barter. They’re only looking at current costs. They’re not looking at the balance sheet of the economy. They’re not looking at the financial claims – the stocks, bonds, and loans – the whole superstructure of financial wealth that is extracting money from the economy. The whole way in which the Gross National Product, the national income accounts are created are not breaking out the distinction between making money by industrial capitalism or making money by finance capitalism.

And so people are not even aware of why they’re being more and more squeezed, why they’re getting poorer. The result is suicide rates are going up. Lifespans are shortening now for the lower incomes because people are blaming themselves. The whole doctrine of personal responsibility means it’s not the system that’s making you poor. It’s not finance; it’s your responsibility to survive. And so people who believe this actually look at themselves as failures. And you get very depressed and go on anti-depressants or sedatives as we see with OxyContin and end up dying.

That’s what happened in Russia after the neoliberals did their reforms in the 1990s. It’s what happened in Greece after the Eurozone insisted on Greece paying the IMF and the Eurozone for fraudulent depths that were run up by the financial class. It’s something that’s happening all over the world and yet this doesn’t appear as an object lesson for countries to look at and say: do things really have to be this way? Is there really no alternative? And if you think there’s no alternative, you’re not going to look at all the alternatives you have.

There’s very little discussion of what China is doing. And how did China pull ahead? It pulled ahead by very heavy government spending on building up buildings on subsidizing real estate and in paying for most of the costs of living and doing business that are privatized in the United States and have to be paid by employers. So there’s a reason why China is becoming the largest economy in the world overtaking the U S.

And there’s no discussion of that. That’s, well that’s communism, you don’t want that. What it is, is industrial capitalism. So industrial capitalism is now called communism. I mean, that’s the irony of the whole thing. Because that was where industrial capitalism was evolving towards. Is an attempt to minimize the cost of production and create an efficient economy.

FRIES: You published a book as a dictionary or a Guide to Reality in an Age of Deception titled J is for JUNK ECONOMICS. And in the book you define There Is No Alternative or TINA as : The neoliberal principle that if one can censor awareness of policy alternatives to austerity, people will believe that poverty, inequality and economic polarization are natural, not man-made. What else do pro-finance advocates mean in saying There Is No Alternative?

HUDSON: Well, when Margaret Thatcher said There Is No Alternative, and that was her famous quote, TINA, There Is No Alternative what she meant is the financial sector has put depth charges into the economy saying there’s no alternative if you want to avoid a breakdown.

And the breakdown is right now the economy is a debt deflation. So much of American industry is closing down because of debt. For instance, let’s look at the legacy of the coronavirus which has only catalyzed and accelerated that debt deflation. Imagine the restaurants that are closed since last March, the gyms, the bars. They haven’t done business. So they have not been paying rent. And their employees have not been getting an income to pay their rent.

So what’s happened is that let’s say in January everything is going to go back to normal, although they say here, it’s going to be a March or April. Well, the landlords are going to say: okay, we haven’t been collecting rent for the last year and now you’re going to have to pay all these rent arrears. Well, there is no way that a restaurant or a gym or a bar can pay a year’s back rent and make enough profit to cover it.

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So they’re going to say: why should we work for the landlord without getting any pennies for ourselves? We’re just going to go out of business. And so the restaurants are closed down. This again is a reason for the stock market booming. If you close down the privately owned restaurants and the privately owned bars, this is going to let the big food chains come in and take over the whole market. Just like Amazon took over much of the market for books and for things that people buy, the big restaurant chains will come in now that maybe 70% of the restaurants in New York City are expected to go out of business. [Inaud] are going to go out of business.

So, the only way to avoid all of this is to say: okay,we the government are suspending all of the debt service, all the taxes, and all the rents owed during the period when nobody can earn an income to pay.

If you don’t wipe out the arrears of the debt that have accumulated for the back rent, people running into debt in order to live while they’re unemployed, running up their credit card rates, borrowing from the banks or borrowing against the house; if you don’t wipe out this debt, then you’re going to have the economy shut down with debt deflation. Because there won’t be any money to buy goods and services and it’ll be just an accelerating unemployment and a shrinkage of markets.

Now, when Margaret Thatcher said there was no alternative what she meant was: well, wait a minute. If you don’t pay the debts to the banks, they’ll have to lose money. The richest 1% has made a trillion dollars in gains since the virus hit last spring. They’ve made a killing. In the last 10 years all of the growth in the American economy has accrued to the top 5%. All the growth in GDP, Gross Domestic Product, has accrued to the top 5%. Since Obama took office, GDP for the 95% of the population has actually gone down.

And the banks are saying: well, wait a minute; we’ve made a lot of money. We don’t want to have to lose any of it. And they are saying that: well, if you cancel or write down the debts, then we’re just going to close up shop. And we’ll pull out all of the connections of the economy and the banks will go under. They pretend that this is a crisis.

Actually, this is a great opportunity to save the economy. Sheila Bair said in 2009 that the most badly run bank and crooked bank was Citi,Citibank. She wanted to close it down and take it over by the FDIC. There was plenty of money in Citibank to pay all of the insured depositors.

But then, she was overruled by Obama and Tim Geithner, the lobbyist for Wall Street who was connected to Citibank in a shameful conflict of interest. And they didn’t close it down. And Sheila Bair wrote in her biography about this. She found out it was all about the bond holders.

The 1% are the bond holders of the banks and they’re refusing… they would rather have the economy shut down and 10 million more people thrown into the street than lose a single dollar. All of this is what the classical Greeks called wealth addiction, the love of money. They said that the more money you have, the more addicted you are to get more and more.

Now the good thing about canceling the debt is that you cancel savings on the other side of the balance sheet. And the savings are all this immense amount of money that’s accumulated by the rentier sector since Obama took office, really since the 2008 & 2009 crisis. And you’d restore balance to the economy. You would restore a much more equal distribution not only of income but of wealth by having the wealthy people bear the costs of the economy being shut down for the virus.

The rentier sector opposes all of this. And in fact, Biden has already said that because of the huge \$8 trillion give away to the financial sector by the Federal Reserve under Trump, we’re going to have to balance the budget.

The cities and States are near bankruptcy. In New York City they’re talking about cutting down the subway system to maybe only 40%. It’ll be very crowded. You’ll be risking your life to go on it because of the virus. The Washington subway system has been closed down on weekends and I think many stations have been closed down.

You’re going to have a breakdown of state and local finance because the landlords are not able to pay the property tax. The cities and states are not getting the income tax because of the unemployment.

You’re going to have a spreading a financial crisis. And again, finance capital firms are going to be able to come in. And you can make, it’s much easier to make a billion dollars off a crisis than it is off a boom. Most of the big fortunes have all been made when the rest of the economy are in crisis. Because everybody’s in distress, you can buy assets at distressed prices.

And that’s why the crisis that’s coming to the United States almost engineered by Wall Street as a grab bag. And it’ll be a grab bag where they’re expecting 50,000 New Yorkers to be homeless. They’re going to be out on the street. Where are they going to go? Crime is already rising here.

You’re having a disaster. And it’s a disaster that is welcomed by the government that is refusing to do any bail out for the cities and states. Refusing any support of the infrastructure system, the transport system. That is only providing money to support the stock and bond holders so that they don’t lose money. And to support the banks so that they remain solvent with quantitative easing, money creation. But without any attempt to revive the industrial economy, the restaurant owners, the few factories that remain and of course the labor force.

FRIES: What do you think is in store for the US barring some sort of progressive change in US political leadership?

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HUDSON: The donor class, mainly the financial class and the rentier class controls who’s nominated for the Presidency and their campaign contributions determine who’s elected to Congress. And so at the beginning of the epidemic here, they said: well, we can see that the economy’s going to be closed, you know, pretty much closed down. The first thing to do; it’s okay to close down the economy. It’s okay for people to be fired but we want to make sure that the stock and bond and the bank’s real estate market is supported.

So, Donald Trump’s, the Republican plan created \$10 trillion. \$2 trillion was given just to the population at large and 8 trillion was put into the stock and bond and real estate market. And so the result since the pandemic began is this is a wonderful victory for finance capitalism.

This is the buying opportunity of a generation. You’re going to have in January, 5 million renters thrown out onto the streets. They’re not able to pay the rent. You’re going to have massive foreclosures. Venture capital companies are going to be able to come in and buy real estate just as cheaply as they were able to do when the junk mortgage crisis crashed in 2009.

And Obama did not write down the junk mortgages to the realistic value but threw out 10 million families. Well, 10 million families are going to lose again; about 5 million renters and a lot of low income families who bought houses on mortgage but have lost their jobs or lost their income are going to be defaulting.

So the Biden administration is going to begin just where the Obama administration left off with huge evictions. That’ll end as in the case of the Obama administration, most of the victims will be black and Hispanic lower income people. So you can say that Biden is going to continue the anti-black, anti-Hispanic policies that Obama pioneered so strongly.

Which makes it all the more amazing to me that the blacks and Hispanics supported the Democrats in the election. It’s like identity politics has succeeded in blinding the population to the fact that you can have Blacks and Hispanics in office spending their time fighting viciously against the Black and Hispanic voters who elected them.

That’s the irony of what’s happening now, but it’s what’s in store for the economy. In just one more month when the Biden administration comes over, the evictions begin, the foreclosures begin, and the medical deaths are going to be increasing.

FRIES: As the foreclosures begin and the medical deaths increase, how would you define a centrist position? In other words, what’s a centrist?

HUDSON: A Centrist is somebody who looks at all problems as being marginal, not structural and so you can only have a little change. So a centrist is a right wing, neoliberal supporter of the financial sector and implicitly anti-labor and anti-industry. A centrist is someone who doesn’t want any change in the system and just goes with the status quo. Because they can’t imagine that every economy tends to polarize naturally between wealthy people at the top impoverishing the 99% at the bottom. And the centrist doesn’t realize that. A centrist thinks that economies tend to move towardsequality and equilibrium. And the reality is economies move towards this dis-equilibrium, polarization and then there’s a crash. Polarization and then there’s a crash. But a centrist says: don’t do anything at all. So essentially you should just stand aside and let Obama and Biden and the rest standby while the financial sector monopolizes the economy and impoverishes it.

FRIES: Michael Hudson, thank you.

HUDSON: Thank you

FRIES: And from Geneva, Switzerland thank you for tuning into this episode of GPEnewsdocs.

End transcript

Michael Hudson is a Professor of Economics at the University of Missouri-Kansas City and a researcher at the Levy Economics Institute at Bard College. He is president of of the Institute for the Study of Long Term Economic Trends (ISLET).Professor Hudson is author of …and forgive them their debts Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year; J is for Junk Economics: A Guide to Reality in an Age of Deception;Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy; The Bubble and Beyond and Super-Imperialism: The Economic Strategy of American Empire among numerous other books. His website is www.michael-hudson.com

(Republished from Global Political Economy by permission of author or representative)
 
• Category: Economics • Tags: Banking Industry, Wall Street 
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  1. onebornfree says: • Website

    Yet more pro-Marxist, pr0- government, “the government can fix things” fantasy- land drivel from Hudson. Blah blah, blah, yadda yadda. It never ends.

    This “just” in:

    “Government is a disease masquerading as its own cure” Robert LeFevere

    “The kind of man who wants the government to adopt and enforce his ideas is always the kind of man whose ideas are idiotic” H.L.Mencken

    “Everything government touches turns to crap” Ringo Starr

    “Because they are all ultimately funded via both direct and indirect theft [taxes], and counterfeiting [central bank monopolies], all governments are essentially, at their very cores, 100% corrupt criminal scams which cannot be “reformed”or “improved”,simply because of their innate criminal nature.” onebornfree

    “Regards” onebornfree

  2. Which makes it all the more amazing to me that the blacks and Hispanics supported the Democrats in the election. It’s like identity politics has succeeded in blinding the population to the fact that you can have Blacks and Hispanics in office spending their time fighting viciously against the Black and Hispanic voters who elected them.

    The stupidity is astounding, is it not?

    • Agree: Stan d Mute
    • Replies: @Ugetit
    , @Trickster
    , @AWM
    , @profnasty
  3. TKK says:

    Obama’s Affordable Care Act. followed the same scam. I wonder if they all had a good laugh about that name.

    He placed the burden of health insurance on the worker, and then astonishingly- attached a financial punishment if you did not buy health insurance. Which could lead to a prison term- tax evasion. There are some loop holes. Guess what they are? Dirt poor incomes. People who don’t work.

    As a exercise, go on the Healthcare Marketplace Exchange (healthcare.gov) and pretend you are buying health insurance. Put in your real income and marvel at the eye water price of non subsidized healthcare. The premiums are over \$1500 a month and the DEDUCTIBLES ARE \$10,000!!!

    No one talks about this.

    Now, let’s look at another case study.

    A friend, a white male, is on complete disability because a transmission crushed his back at work.

    He is on United Healthcare- an HMO. His healthcare is covered by the Government. He receives \$1300 as his disability payment. His prescriptions are \$1.32. ( a buck)

    His entire healthcare premium is about \$143 a month. No deductible.

    Because he can’t read (he is illiterate) he brings his papers to me. Here is what is happening in January 2020.

    United Healthcare just started a plan where- with his health insurance package- he gets \$55 a month to buy “healthy food”. They sent him a card. This card can only be redeemed at Wal Mart.

    He also receives \$300 every 4 months to buy health care products and OTC meds. Guess where? Wal Mart.

    Now, here is the part that keeps me up at night.

    What incentive do I have to work? My white privilege? That’s getting up 6 days at week at 5:30AM. Doesn’t feel like privilege.

    If I can get free health care, a guaranteed check, food, meds and OTC supplies all on the dole- why I am working?

  4. Playdirty says:

    Speculative aspects of the economy is where the thrill resides, and the big rewards for risks. We are so divided as a nation, on purpose, so Hudson is correct. Black and Hispanic voters, along with fraud and treason, elected Biden, Harris, and yet they themselves will pay.

    You want to exclaim “they will learn their lesson this time,” but alas, the Dem/Deep State will rustle up the “systemic racism” canard. Blacks will “blame whitey”, while jobs stay overseas. Either Trumpism morphs into some form of a new Patriot party or reforms the corrupt GOP, or the nation’s bottom percent withers under what Hudson described.

    The Deep State plotted, legislated, propagandized, and looks to win. The average person will suffer.

  5. Trickster says:
    @onebornfree

    Drivel indeed ! Can I add a load of shit too !
    I lost the article when I read this and when I started to realize Hudson was pimping his books.
    As for Government, the Politicos are not accountable and it is not their money. If it were they would not throw it into the sinkholes they conceive. Easy come easy go.

    • Replies: @John Fisher
  6. Ugetit says:
    @true.enough

    The stupidity is astounding, is it not?

    It is. And speaking of which,

    The Grubber, [Jonathan Gruber, professor of Economics at the Massachusetts Institute of Technology]. was one of the most senior advisers helping to create the health care law, and … he said this:

    “Lack of transparency is a huge political advantage, and basically, you know, call it the stupidity of the American voter or whatever, but basically that was really, really critical to getting the thing to pass,” Jonathan Gruber said at the Annual Health Economics Conference.

    Gruber was a key player in developing the law, and those remarks weren’t the only time an Obama adviser suggested the administration had pulled a fast one with the law.

    “They proposed it and that passed because the American voters are too stupid to understand the difference,” he said.

    As a consultant, the government paid Gruber — an MIT economics professor — nearly \$400,000 (~\$485,000 in 2020\$) for that work.

    Affordable Care Act architect on camera bashing American voters – CBS News

    https://www.cbsnews.com/news/affordable-care-act-architect-on-camera-bashing-american-voters/

    Something tells me that the stupidity is nothing new.

  7. Trickster says:
    @true.enough

    Stupidity used to be astounding. These days however, stupidity is normal. If I wake up one morning and found it were not so I would spend the day worrying just what the hell happened. Idiocy rules and blacks and hispanics voting for the Dems rule the roost.

    For those who disagree with the Trickster consider this : They elected bar maid AOC to high government office. She always has a deer in the headlights look and comes out with the most astounding rubbish.

    If you owned a business with million in revenues would you hire a bar fly for a high level executive position ? No ? Then I rest my case !

    She is just one example of where we are and where we are heading !

  8. noname27 says: • Website

    An ECONOMY, like a PERSON, is a FICTION – meaningless nothingness, and he’s written 5,900 words on it! ROTFLMAO

    • Agree: Bro43rd
  9. Hudson failed to mention OPEC 1973. Once OPEC accumulated excess reserves through oil price hikes and Kissinger had negotiated the Recycling Dollar trick whereby London and New York Bankers gained from trade deficits and oil surpluses – the future of Manufacturing in USA and UK was no longer assured and trade deficits became sustainable

    • Replies: @Mefobills
  10. @onebornfree

    re: pro or anti government? A personal view.

    It is very easy to be anti-government when we see the cheating/lying/stealing of our government-supported parasite 1%. But I’ve never seen a country with no government. Who would build the schools or see to a practical school program? Wo would build the clinics? The roads? And how would such a country defend itself against attacks? Our societies are becoming more and more interdependent and so there are more and more “infrastructure” questions (material and mental) that concern large parts of the population and which are beyond the possibilities of a few people.

    So I feel we need some sort of “government” – but most of all we need a way to prevent the psychopatic human wolves/the power seekers (1-5% of the population?) to have any positions of responsibility. I’m not sure how we could achieve that (a working lie detector? a working psychiatric test?or maybe a limit on personal wealth? or maybe a limit on inheritance?) but I believe that this is the major challenge of our times.

    • Agree: davidgmillsatty
  11. BADmejr says:

    I have not studied economics enough to give an honest opinion that will have any merit on the body of the interview, but one thing I can say I agree with is that all of the candidates put up for us to vote for in the primaries for all of Congress and the Presidency are financed (largely bought and paid for) by the filthy rich, and HUGE portions of those funds come from wealthy Jews. Overall, the class of filthy rich do not have any feeling of solidarity with the general population, and those in this class who are Jewish tend to actually hate the (formerly) Christian majority.

    This being the case, we are already living under a one party system with the Republicans functioning merely as controlled opposition that gives us proles the illusion of choice, thereby diffusing whatever tension could have built up to ignite resistance to the system strong enough to overturn it. Furthermore, with monopolistic type control over the main means of communication through the internet (Silicon Valley), voices like ours who would challenge the status quo by speaking truth (or at least an alternative perspective) are drowned out, deplatformed, and destroyed. In addition, the ridiculous COVID restrictions have made traditional real world communication a thing of the past. Wearing masks, social distancing, and the like have made natural human connection next to impossible. The ability to maintain existing relationships has been curtailed, let alone the forming of new ones. It is amazing to consider how much difference the mass wearing of masks changes perceptions of people in public. Not being able to see facial expressions dehumanizes those around us. My wife heard a mother struggling with a three-year-old in public not to get near strangers exclaimed to him, “YOU CAN’T GET CLOSE TO PEOPLE!”

    What a disturbing world we live in. Regardless of my lack of knowledge on complex economics, it does not take a genius to know we are all fucked for the foreseeable future.

    • Agree: Radicalcenter
    • Replies: @ConqueringFools
  12. gotmituns says:
    @Trickster

    While I’m not a big fan of spanish, I admit she does have a good figure and good rack.

    • Agree: Tony Massey
  13. AWM says:
    @true.enough

    Somehow, they can not see that their living on less than subsistence “wages” is “slavery” itself on the Marxist abortion private prison plantation created for their confinement/control/elimination.

    But they are “sticking it to whitey.”
    So it is alright.

  14. @TKK

    Would your friend trade places with you? Would you trade places with him?

    I get your point about incentives and disincentives. But the need to help people truly stuck on the margins is always going to create what will be called inefficiencies.

    It’s not just the poor that will always be among us, but the grifters. We can thank God when we are neither. But the presence of the latter does not absolve society of a duty to the former.

    • Replies: @Rev. Spooner
    , @Skeptikal
  15. @Trickster

    True. But who put her up to run for office and then cleared the way for her election ? The grass roots or the money?

    Democracy happens to be the easiest form of government for the oligarchs to control when they make it dependent on the private money they control.

    • Replies: @Achmed E. Newman
  16. Michael Hudson is a righteous Jew!

  17. @Trickster

    I usually love all of your comments, Trickster. But don’t throw Hudson out just because he has written books that are for sale. He’s right on just about all of it.

    Anyone who has a better idea on what ails us and how to correct it, let’s hear it. The “all government is bad” position feels good to say but is nothing more than an admission of man’s fallen nature. That’s where the difficult work begins.

  18. Trickster says:
    @TKK

    Check your white privilege TKK ! It is your duty to arise at 5.30 am in the morning and work 16 hours a day. How do you expect the less fortunate and frequently unemployed to get free money and pay their bills ?

    There is a kid also disabled a few houses down. From my backyard I can see him doing his rehabilitation exercises on his trampoline under the guidance of his curvaceous girlfriend. He is also quite spry and bouncy. I see him around the area usually entering or exiting the fast food outlets, leaping over curbs, avoiding homicidal drivers. The guy is so agile he makes Jackie Chan look like a geriatric old fool. I guess 20 years of exercise and rest does work wonders for the human body.

    The word on the street is that he also tokes up the hash oil to “ease the pain”.

    I dont how how that works but it looks like the Insurance/ Government detectives never visit to verify his disability or they tell him when they are coming and he gets out the walking stick, dusts off the wheel chair and climbs in. In any case I dont know why he does it. He lives with his single Mom and she sure lives well. Personally I think he is just putting Mr. Hudsons theories into practice ie ripping off the system………to see if such high economic principles work and are relevant.

    As one Ghetto rat rocking a blond weave and blue bling false fingernails told the reporter “how do you expect blacks to pay their bills if they dont break and enter?”. What is your response to that TKK ?? Now dont be harsh !

    You and I have the same serious psychological problem. We believe work makes worth. Other people are less seriously affected and afflicted. They believe NOT working makes worth. Do you think WE need therapy ?

    In every non western country dont work means dont eat. Here in our glorious US we have people who truly need help and a second category who fuck the system for the fun of it.

    I dont know about you but I sure dont want my white privilege getting in the way of supporting the second category of parasites and shirkers ! It would be fascist, racist, bigoted, discriminatory and downright disrespectful for me to ask this kid to give up his trampoline and get to work.

  19. Realist says:

    Yet another dire prediction of a crash. The US dollar is fiat money…as long as Americans are stupid enough to believe in its value…all is well. Perhaps another country will call bullshit, but until then it’s good.

    • Replies: @Cowboy
  20. Hillaire says:

    More subterfuge and sleight of hand from the gatekeeper literati, once a government buys it’s currency at interest from private financiers chaos and grift will be built into the system.

    Strange so few of them mention this little trick.

    These type of theories, in fact modern economics in general are social science and we see where that has taken us.

    • Replies: @John Fisher
  21. @BADmejr

    We as Americans are not f’d! We are the most well armed populace in the world. That is why we are being slowly boiled to death instead of run over. All it would take is several million well armed, well trained, well financed militiamen throughout major areas to takeover.

    • LOL: Tony Massey
  22. @Trickster

    All American truckers had to do was refuse to drive. Block federal highways. The country would be shut down over night. If every single person donated a few dollars to the cause the newly fired truckers would have several hundred million to live on while they keep up the fight. The country would wake up real quick.

  23. @Hillaire

    …once a government buys it’s currency at interest from private financiers chaos and grift will be built into the system.

    Hudson agrees with you on that and has long been critical of the present monetary order as the main source of the problem.

  24. @onebornfree

    Since when is promoting or providing for the general welfare Marxist? Do you not have a fucking clue about the Preamble to the Constitution, or Article 1, Section 8, Clause 1 of the Constitution? The Constitution’s language of providing for the general welfare was derived from the thinkers of the age of enlightenment. The Constitution was written 61 years before The Communist Manifesto.

    For people who claim to know the Constitution and hate any idea that there might be a place for government doing something for the benefit of all, I suggest they are daft when it comes to the Constitution.

    Here is the language from Article 1, Section 8, Clause 1:

    “The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States….”

    • Agree: Daniel H
  25. cranc says:

    Hudson has made a valuable contribution I would say, but is basically describing a system that is finished, and is being replaced by a control system, a technocracy.
    Like so many, especially – but not exclusively, those with Left leanings, he is pretty much blind to the significance of the transition that we are in. China has a public bank system, but it also has a social credit system. It is not as reducible as Hudson makes out.
    Here is someone I think has a better overall perspective, Catherine Austin Fitts :

  26. @John Fisher

    I just got to this thread, Mr. Fisher, but your post brings up a point I’ve also thought of for a long time. So what about the money? The money goes to ads and such. If people weren’t so stupid, they wouldn’t vote in AOC and the like no matter how many ads, right?

    It still comes down to the stupidity of the people, does it not, John? BTW, as proprietor of Peak Stupidity, the website, if anyone knows about stupidity, it’s me and this site. Don’t try to tell us about stupidity! ;-}

    • Replies: @John Fisher
    , @obwandiyag
  27. @cranc

    She is a nut job with respect to vaccines. So I could not listen to anything else she had to say even though it might make sense.

    • Disagree: TheTrumanShow
    • Replies: @cranc
  28. @onebornfree

    Lolberturdianism is a mental illness similar to anti gun mentality. I look forward to the inevitable day when the third world governments round up all lolbergs as their welcome runs out.

    Disarming oneself is absolutely retarded. The government is THE tool of a people. Forfeiting your only real domestic and international protection is something no one but mentally deficient huwhites would think of.

    But then, all lolberturdians worship literal ethnic kikes like Ayn Rosenbaum, Rothbard and Mises, etc.

    Regard, not a deracinated HIQ huwhite.

  29. @onebornfree

    “The kind of man who wants the government to adopt and enforce his ideas is always the kind of man whose ideas are idiotic” H.L.Mencken

    The irony. Thinking that ANY group that calls themselves a people/collective will adopt lolberturdianism.

  30. @John Fisher

    “Public virtue cannot exist in a Nation without private Virtue, and public Virtue is the only Foundation of Republics.” John Adams

    You don’t need any economic theory to see where this is going–kleptocracy all the way to the bottom.

    • Agree: davidgmillsatty
  31. @John Fisher

    I’m amazed at how selfish and generous and ignorant Americans can be. Reading these comments, reinforces that. If you are one of the 95%, then realize that you are being shafted.
    Capitalism, as practiced in the US is not real capitalism and Michael Hudson makes this clear a number of times. Its a free for all for the 1%, and the end result will be a monarchy. Think it through.
    In ancient times conquest was with the sword, now it’s being waged with capital. Everything can be sold and is being sold, including your freedom.
    Get your country back. Kick out all the non-goyim and stop the corporations from funding politics.
    Make all corporate lobbying illegal and AIPAC and other non-goyim register as foreign agents.
    American Patriots think that the guns will protect them, or being off grid or scrubbing their on-line ID’s will keep them safe. Modern technology has made such dreams redundant and there’s nowhere to hide.
    Your only hope is fighting technology with technology.
    Hiding out or fighting with guns is a pipe dream, rather smoke/ingest Fentaynl, it is better option.

    • Agree: Tony Massey
    • Replies: @obwandiyag
  32. @davidgmillsatty

    Yeah, as if lolberturdians try to forget about the Whiskey Rebellion. It is just another ideological weapon of the kikes and elites, peddled just like the whole hippy freelove, “democracy”, unbriddled individualism and other dogshits, so the goyim can’t effectively organize.

    Since this has been very successful in the (((West))), you can expect there will be no struggle against the (((rulers))). I advise everyone here to amass as much real wealth as possible and convert them into inheritable assets, foreign and domestic, build big, loyal families. The rests are lost. But this is already obvious to any mentally sane person, not lolbergs, huwhite “nationalists” and other dumb, kike serving/worshipping goyim

  33. profnasty says:
    @true.enough

    I agree. Everybody ELSE is stupid. Except you and I.
    Dems have Open Borders and Reparations.
    They’re stupid like a fox.
    All Repugs have is open borders and reparations
    (Platinum Plan).
    We is so smart. Why is we keep losing?

    • Replies: @true.enough
  34. profnasty says:
    @cranc

    The Problem has been described ad nauseum. There must be a better answer than PMs and Crypt-O.
    Ultimately we are tied to the Fed.
    In the event of Civil War- Break Glass.

  35. If you are one of the 95%, then realize that you are being shafted.
    Capitalism, as practiced in the US is not real capitalism and Michael Hudson makes this clear a number of times. Its a free for all for the 1%, and the end result will be a monarchy. Think it through.
    In ancient times conquest was with the sword, now it’s being waged with capital. Everything can be sold and is being sold, including your freedom. The end result will be Monarchy with a different name and slavery will be called ‘Service’.
    Get your country back. Kick out all the non-goyim and stop the corporations from funding politics.
    Make all corporate lobbying illegal and AIPAC and other non-goyim register as foreign agents.
    American Patriots think that the guns will protect them, or being off grid or scrubbing their on-line ID’s will keep them safe. Modern technology has made such dreams redundant and there’s nowhere to hide.
    Your only hope is fighting technology with technology.
    Hiding out or fighting with guns is a pipe dream, rather smoke/ingest Fentaynl, it is better option.

  36. @cranc

    I agree with you that CAF has much to say that is correct and worth hearing. In addition, I am not averse to concluding that Michael Hudson may be blind to some of the processes at work today. It is rare to come across anyone who does not have a blind spot somewhere. There are so many damn dots to connect, who can keep them all in line?

    Thanks for the link, cranc!

  37. @HeebHunter

    Can you write a clear sentence? What is with people these days who cannot write simple plain sentences that everyone can understand? What is with all the cryptic nonsense? No need to come up with confusing names. Damn I get tired of trying to decipher all of the bullshit prose of the internet.

    • Replies: @HeebHunter
  38. @Achmed E. Newman

    If gaslighting didn’t work so well, they wouldn’t spend gragillions of resources (time and money) on it.

    The Big Lie….it’s what’s for dinner!

    Yes, I agree AEN, in the end it comes down to the stupidity of people. But recognizing that you are being gaslighted 24/7 takes extraordinary effort. Most people want to just live simple lives, and who can blame them.

    By the way, the stupid, like the poor and the grifters, will always be with us. What’s different today is this: The stupidity of the average Joe would not be so detrimental to society if there weren’t so many psychopaths and sociopaths running essentially all large organizations.

  39. @Trickster

    This is basically about Goys and Non-Goys. Don’t take us into blind alleys Trickster, tell us all if you are Goy or not.

    • Replies: @Trickster
    , @Bro43rd
  40. Agent76 says:

    Dec 4, 2020 Your Guide to the Great Monetary Reset

    Do you know what it means when the Managing Director of the IMF warns of a “new Bretton Woods moment?” How about when the head of the BIS revels in the total surveillance power that digital currencies will afford the central bankers?

    Sep 9, 2020 The Great Reset: Financing a Sustainable Recovery

    More than \$10 trillion has been spent on global fiscal policy relief and to contain COVID-19, with new rounds of stimulus to support economic recovery expected as lockdowns relax. How can capital that is mobilized to counter the economic fallout be directed towards a sustainable and resilient recovery?

    • Replies: @JWalters
  41. cranc says:
    @davidgmillsatty

    I kind of phase out when someone writes things like ‘nut job’ these days I have to be honest. The world has seemed increasingly strange and ‘nutty’ to me the more I have tried to understand it over a fifteen year period. The ‘nut jobs’ (in my previous designations as much as anyone else’s) have been shown to be right more often than not.
    Vaccines seem to me to be both a mixed blessing, medicinally speaking, and the epitome of a blank cheque for a captured market in terms of how the industry is actually functioning. I don’t read any strong arguments against those two fundamental points.

    If you don’t want to listen to what she says, do you think that there is substance to the speculation that we are fast approaching a whole new system of transactions, beyond what we now understand as ‘currency’ ? If so, would that not render a lot of what Hudson writes as, at best moot ?

  42. Trickster says:
    @Rev. Spooner

    LOL. Like everything else I will let you know when I make up my mind.

  43. @HeebHunter

    Or if you are like me, without inheritable assets, carry life insurance. I pay about 20\$/month for 160k.
    Not alot and i only have a brother who totally doesn’t need it but white people have got to start leaving something for the one’s behind them.
    I try to convince everyone i know to do this and they think I’m crazy. They’re not spending 25 or 30 bucks a month to leave their own kids anything.
    It drives me fucking crazy.
    Most likely it’ll end up going to my brother. I Damn sure ain’t leaving it to asshole nephew. His only friends are niggers. And niggers They are. The majority all have criminal records and the rest will soon enough. Only the efforts of his old man have saved his ass thus far but it won’t last.
    I’m hoping to find some young single white woman with WHITE kids to leave it to.
    Either that or it goes to a non prof in st Louis that takes in cats whose owners have died and they have no one to take care of them. They’ll be glad to get it.
    White people have got to start leaving wealth behind to the last remaining ones still trying to hang on.
    You’d think that would be a no-brainer but, nope, 90% (at least) of the assholes i know ain’t dropping 20 bucks a month to leave 150k to another white person whether it be their family or a truly worthy (white) person trying to make it in a country that hates them.
    It’ll most likely goto my brother who totally doesn’t need it. Fucking great! He’ll prolly give it to fucking son.

    • Replies: @HeebHunter
  44. mwee says:
    @onebornfree

    @onebornfree
    More like freeofbrain.
    Have you ever had an original thought?
    You live by the quotes?

  45. @davidgmillsatty

    “Since when is promoting or providing for the general welfare Marxist?”

    Every country at the top of the quality of life index practices a form of ‘providing for the general welfare’. Some do it better than others, but the principle is the same.

    America is the outlier. Only in America have people been brainwashed like Pavlov’s dog to snarl at the idea of government looking after its volk.

    • Agree: Garliv, HeebHunter
    • Thanks: Tony Massey
    • Replies: @HeebHunter
  46. @onebornfree

    I agree with those who tell you that you should write your own stuff rather than just paste in quotes, OBF. You usually do just fine at it, as with your first paragraph here. That doesn’t mean your quotes aren’t very good ones, BTW. It’s just repetitive.

    I clicked here earlier to see what the article was about, then went straight to the comments after I read that governments must provide healthcare, as if Mr. Hudson had no idea how America operated until the 1960s. I then remembered that Hudson is just another Socialist imbecile, though good on him for being paid for it.

    What imbecility, you ask? Good question. Upon skimming again, I see that Mr. Hudson is for just up and forgiving debts due to landlords, I suppose by government mandate. That sound vaguely Cult-Rev Chinese, but that aside, does he not know that many landlords are small businessmen too?I have been (for just one house), and I have many friends who are landlords, some with idea of paying off the houses they’d moved out of and keeping them as assets.

    That’s quite the moral hazard, mandating the forgiving of debts, be it college loans, mortgages, or whatever. Those who get screwed because they forgave some good times to act responsibly in their finances will decide that there’s no point in being a responsible person anymore in this country. Do we want that? We kinda have enough irresponsible people already, due to 55 years of Socialism. I guess Mr. Hudson wants us to ramp it up.

    All this railing against BigBiz and their monopolies is fine, until you miss the obvious fact that Big Biz squashes competition by getting Big Gov to write favorable legislation that screws the small guy. Big Government is a tool of Big Biz, and when you get rid of the former, you make it much easier for people to act on their own volition to avoid or beat the monopolies.

    This Hudson is a tool.

    • Agree: Mark G.
  47. @Trickster

    They elected bar maid AOC to high government office.

    Not likely that she was legitimately elected. Most don’t seem to know that she, in fact, auditioned for the role. Yes, it’s true.

    Most Americans have no clue how manipulated our elections and candidates are. Many of them are pure puppet actors — AOC is one of them. It’s a HUGE problem. (You should read the retard commenters over at the National Review — most are in 100% denial that there were any illicit issues with the 2020 election. They need lobotomies!)

    Anyhow, you’ll find this 8 min video to be very revealing. They don’t even hide what they do, it’s so easy for them to get away with this stuff. https://www.youtube.com/watch?v=Gcqoo0Jn18A

    Btw, her original campaign manager (and recruiter) is a shifty dude who is, or was, under investigation. https://nypost.com/2019/08/03/feds-probing-aocs-chief-of-staff-saikat-chakrabarti-after-sudden-resignation/

    • Agree: John Fisher
  48. @davidgmillsatty

    It is as straightforward as it is properly short. If it is too convulated then you ought to inform yourself more about pretty much everything.
    I am not trying to be a cunt. But it is what is it. There is no obscrutanism here.

    • Replies: @davidgmillsatty
  49. Garliv says:
    @onebornfree

    What irony! The proletariat wants “minimal” government and “things to run themselves” while the bourgeoisie is in cahoot with government crooks and understand importance of government and hence has spent his accumulated obscene profits to cajole/bribe/corrupt/buy the government to almost always pass legislation favouring bourgeoisie desires in all sectors. Meanwhile The wage earner finds his wages no longer even afford decent of anything but somehow “government should keep off…”
    What a self destructive ideologue!

  50. @Tony Massey

    [Too much gratuitous profanity and racial/ethnic slurs. Mend your ways or most of your future comments may get trashed.]

    You should find something for an intelligent lawyer you can trust (oxymoron, I know). But that is the only option left without losing everything to a niggerlover and a kike goon.

    Given the incentive, the only problem is trust. Any competent law bender can help you with this. The JewSA laws are all toilet paper anyway. Hell even in occupied Germany, with the right partner and proper compensation, you can get it done. It is the third world everywhere.

    I wish you the best of luck.

    • Replies: @Tony Massey
  51. @Beavertales

    There is no “american” ethnicity. The last possible synthesis for one was lost in the Civil War, the last stand for their original principle, and the holy fight for black “rights” (lololololololol).

    They are damned from the start. Rootless, kike loving golem are destined for hell.

  52. Bro43rd says:
    @Rev. Spooner

    I think the moniker says all one needs to know!

  53. @HeebHunter

    I have been reading 10 hours a day for forty years. I am a lawyer with two degrees in English. I am sorry, you would flunk my class.

    What I learned about reading and writing over forty years is that when you try really hard to be as clear as possible, the vagueness of the language itself causes confusion. So try harder to not be so obtuse.

    • Replies: @HeebHunter
    , @John Fisher
    , @Biff
  54. @Achmed E. Newman

    Bankruptcy, which is legitimized by the US Constitution is a means of forgiving debt. The moral hazard argument is bullshit, and our founding fathers knew it was, or would not have legitimized it in the most important document of this nation. Another US Constitution hater.

    Article 1, Section 8, Clause 4.

    “To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States…”

    All Hudson is advocating is making it easier to have your debts extinguished which modern bankruptcy laws have continued to make more difficult.

    • Replies: @Achmed E. Newman
  55. @davidgmillsatty

    My apology. I’m yet to be acquainted to proper, educated English. But I would wager I’m quite young here, so you will have to pardon my informal Internet slangs, especially on a site like this, which revolves around the usual topics and suspects.

    • Replies: @davidgmillsatty
  56. @davidgmillsatty

    I have been reading 10 hours a day for forty years. I am a lawyer with two degrees in English.

    Then spend some of those 10 hours reading up on the dangers of vaccines, counselor!

    Audi alteram partem

    So try harder to not be so obtuse.

    Says the guy who stops listening to an interview of Catherine Austin Fitts because of her view on vaccines.

    LOL….Unz comments always deliver!

    • Replies: @davidgmillsatty
  57. @HeebHunter

    That is actually good advice. I’ve always steered clear of lawyers. My uncle was a very successful mob lawyer for the Kansas City outfit. He did well.
    I can actually get one for free thru the mgmt of my building. They rep people all the time for nothing.
    I’m prolly gonna do that.
    Never thought of it.
    Most likely give it to clowder house. All for cats.
    Frankly, heeb, 90+% of the white people i know(and 99.9% of the people i engage with are SUPER DUPER FUCKING white) would be the people leading people like me to the pogroms for their Jewish over lords for an extra potato a day. They’d be grateful too.
    Yeh…I’m gonna look into that.
    Upping it another 50k next month. Less than 37 a month for 210? Not bad coin for some unwanted cats.

    • Replies: @HeebHunter
  58. anon[454] • Disclaimer says:
    @onebornfree

    You never get tired of the propaganda you spread without any documentation, but yet you drive on government built roads, schools and everything else, my suggestion is to find a life as you have worn this one out.!!!

  59. That is actually good advice. I’ve always steered clear of lawyers. My uncle was a very successful mob lawyer for the Kansas City outfit. He did well.
    I can actually get one for free thru the mgmt of my building. They rep people all the time for nothing.
    I’m prolly gonna do that.
    Never thought of it.
    Most likely give it to clowder house. All for cats.
    Frankly, heeb, 90+% of the white people i know(and 99.9% of the people i engage with are SUPER DUPER FUCKING white) would be the people leading people like me to the pogroms for their Jewish over lords for an extra potato a day. They’d be grateful too.
    Yeh…I’m gonna look into that.
    Upping it another 50k next month. Less than 37 a month for 210? Not bad coin for some unwanted cats.

  60. @John Fisher

    Explain to me how you think there are going to be tracking devices in vaccines or whatever the hell she is talking about?

    I have had numerous vaccines. No issues. Get annual flu shots. I guess my fear of vaccines just hasn’t materialized.

    I actually missed one. Don’t know how I managed to get under the radar. The shingles vaccine and I got the shingles from hell.

  61. @HeebHunter

    Apology accepted. Thank you. I guess us old coots don’t understand the modern lingo either, so there is that.

  62. Too much gratuitous profanity and racial/ethnic slurs. Mend your ways or most of your future comments may get trashed.]

    I’m gonna take this to heart. I would hate to disappoint Mr Unz. He has the best site on the web even tho it’s particularly bad for my extremely high blood pressure.
    I guess that’s not his fault.

    I’ll do better by those words.

  63. Don’t tell these dumb clucks on here that true capitalism has no rentiers. They think rentiers are people who live in apartments.

    And don’t tell them that Marx theorized on the ideal free market. That will confuse their world-view, as if they have one.

  64. Mark G. says:
    @Question Mark

    So I feel we need some sort of “government” – but most of all we need a way to prevent the psychopatic human wolves/the power seekers (1-5% of the population?) to have any positions of responsibility.

    The best way to keep power seekers out of government is to limit the power of government. The more power the government has, the more it attracts that kind of person. Any time you give a government official power to take something from one group in order to benefit another group you are giving him power to take something from you to give it to himself, his friends, and his family. Favors will go to anyone who offers bribes. These bribes can either be direct or they can be indirect, as in the case of Burisma giving a mediocrity like Hunter Biden cocaine and hooker money to buy influence with his corrupt politician father.

    A government is only as good as its people. The Founders put various safeguards in place such as a Constitution limiting the power of government but if the citizens don’t want a limited government then they can always find ways around that. For example, they can take the general welfare clause and stretch it to cover everything. Our limited government and our belief in freedom and individual rights led the U.S. to become the wealthiest country in the world and we had a good run for a couple hundred years but nothing lasts forever.

    • Agree: Achmed E. Newman
    • Replies: @HeebHunter
  65. @Achmed E. Newman

    You don’t like government healthcare but you will take it when you get it. Hypocrite.

    Your house was subsidized lock stock and barrel by the US government. In 1920, do you know how much you had to put down on a house? 50% minimum. Hypocrite.

    Without the US government, you’d be dead.

    Not the US government doesn’t suck, isn’t a tool of the billionaires, and its bribed cretinous time-servers aren’t trying desperately to immiserate us every chance the get as per their owners’ mandates.

    • Agree: HeebHunter
  66. @Trickster

    No fan of Cortez at all, but people who WORK in a bar are not bar flies. They don’t deserve to be lumped in categorically with people who waste much of their life sitting and drinking themselves into a stupor in bars.

    Cortez’s history WORKING in a bar is not one of the many reasons to be alarmed at her being in Congress.

    • Replies: @Trickster
  67. @Rev. Spooner

    US capitalism is not real capitalism.

    Yes, Hudson says this many times.

    But the doingheads on here don’t read him. If they did they wouldn’t understand him, because he is so much more intelligent in relation to them that worms is too good an analogy for them. And they just jump down to the comments to howl about a socialism and/or a capitalism they don’t even understand.

    • Agree: HeebHunter
  68. Cowboy says:
    @Realist

    Right. As long as there is enough left over for drugs and alcohol after rent, food, and utilities the populace should remain obsequious.

    • Replies: @Realist
  69. Cowboy says:
    @davidgmillsatty

    General welfare and “living constitution” have brought on all manner of negative unintended consequences. I’m pissed the anti-federalists didn’t win the day.

  70. @Tony Massey

    There is no need to extend your hand to traitors, friend. It is tiresome enough to care for your butts in this matzo kosher economy. People have tonbe deserving of your hard work. Too much harm has been done with help placed in the wrong hands.

  71. @Cowboy

    Except when you actually read about it, the confederate states actually had welfare for their legal citizens too. The taxes had to go somewhere, no?

    But you don’t care, do you?

  72. @Mark G.

    Lazy peasants don’t deserve rights. Just because you have “muh grit” doesn’t mean you are on the level of a grand strategy player, be it in finance, war or politics. You have to forgo unnecessary pleasure and control your animalistic urges.

    If peasants all aspired to become Übermenschen through discipline and voluntary eugenics, no overreaching government would have the ability to abuse them. Hell, it wouldn’t even exist.

    But what do you know, TPUSA (toilet paper usa, you will have to pardon me, Mr.Unz, it is a fitting name for such shills), premier lolberg guild, just had a gathering where they shot money to their crowd and then everyone twerked to trashy autotune. The irony.

    https://www.miaminewtimes.com/news/six-moments-from-the-turning-points-usa-conference-11781177

    The situation is a much the fault of the overthrown/abdicated true aristocrats, but the fault is also on the foolish peasants who listen to W.A.P and think they can go against the bookworm elites.

    The quality of the soldiers/fighters/warrios have always matter. And there should have never been seperation of the philosophers from the warrior class.

    That would be how lolbertudianism can be possible. But that, in the current situatuion and the development phase of mankind, is a stupid dream like most of the hardcore, rigid “ism” garbage of the modern age.

  73. Cowboy says:

    You mentioned states, get it?

    You’re just a variable in the empire.

    • Replies: @HeebHunter
  74. @obwandiyag

    The more you post the more i find common ground with you.
    I wish their was a way out, ob.
    I think I’m just gonna make my life insurance payments and pray for a quick death.
    I’ve given up.
    Tks for Mr Unz for helping me see things better.
    You offer no solutions because i doubt their are any.
    Funny story; to me anyway. My nephew is a complete whigger. Won’t pull his pants up kinda wigger.
    I may let him get away with much but if he didn’t pull his pants up I’d kick arse straight to the curb.
    All his friends are black. At least the ones that aren’t Asian.
    His girlfriend is black. She doesn’t come from a typical black family. Her mother is a vp at a pharmaceutical company. Her dad is a senior exec at Nissan. They both have ph d.
    My brother says they must be pretty disappointed in her choices for bf. Lol. I must agree.
    She laid out of vandy this fall due to covid.
    Last year she laid out Togo to Italy to lean Italian. Can’t imagine why a black girl need Italian. I would think Mandarin.
    She practically lives at my brothers house.
    She’s a good kid. Not so sure about him. I’m pretty sure she could do better.
    All they do is lay around all day eating my brothers food. Eh…actually that’s not true. They’re much too lazy to cook. All their food has to be ordered and more often than not he goes to pick it up.
    I think he’s crazy.
    Guys like me are about to pass. I really don’t have the desire to fight the power.
    I’m basically with you on our govt taking better care of us all but you’re tribe seems to me is at odds with everything white people try to do.
    Where I’m at is different. Just today i went to the Eritrean mart and 50 feet away some black guy I’ve never seen before held the door open for me until i went in. I thanked him. He said of course.
    It is about the rich. I totally agree with you.
    Still, I’m pretty convinced thru numerous experiences that most black people would rather see me dead.
    I don’t know what to do.
    Down pints of Guinness and smoke reefer. Life.
    I’m. veryfortunate that Mr Unz has this outlet for me because the people i know would go absolute nuclear on me if i said stuff like i say on here.
    I wouldn’t make it long. Who are we kidding? They don’t want to live around blacks. Most have never known one.
    I’m starting New Year’s early. Got 8 4 pack Guinness and a nice sack. Hoping for that extra 1200. McConnell is such a cock sucker. Those people on KY are certainly stupid.
    I hope you have a really great new Year ob.
    I don’t want to ever offend you again girl.

    • Replies: @HeebHunter
  75. The Great Reset and Green New Deal are the total enslavement of humanity. Manufacturers, manufacturing countries, oil companies, and oil producing countries would make more money by doing nothing at all by being awarded carbon credits, than they would by producing things that people use for survival, and enjoyment. Anyone that would attempt to step up to the plate to fill the sudden complete void of all goods being produced would be severely punished. People that use goods and services would pay extroirdinary costs for CO2 production. Crytocurrencies would force people to heavily pay the price for survival since it relies on electricity as well as products that produce CO2 in the manufacturing process, or be microchipped ending all privacy, which is of course their prefered course of action for humanity. So, we would have the Rockefellers, Gates, Bezos, and others that just reaped enormous rewards by destroying the world get even richer by doing nothing, and then punish anyone else that tries to fill the demand that they suddenly stopped.

    It would result in the largest poverty and starvation of billions of people in the world, which is exactly what the Machine wants!

    Andrea Iravani

  76. @davidgmillsatty

    The moral hazard argument is the main problem, David. Do you discount what a young graduate will do further down the road after the US Feral gov’t has just ruled that all his frugality and hard work in college was for nothing, and he should have just partied on into a \$80,000 loan? Try to imagine a little bit, rather than just worrying about your own little problems.

    Do you even understand what bankruptcy laws are about? They are about appropriately allocating the assets that remain from a failed company or individual’s finances. They are not about just saying “OK, all is forgiven you’re fine, see you later.” The problem I see is that those poor spendthrift students that don’t even ask the price at the university cafes near me just plain don’t want to owe that money anymore that they or their parents stupidly and irresponsibly signed up for.

    Of course, what started it all big-time was the Feral Gov’t (there’s that darn Socialism again!) backing student loans to begin with. What loan officer at a bank would have lent an Art History student full tuition and board money before this policy? The one that’s ready to find a new line of work, that’s who.

    Quit your crying, and pay up, you crybabies!

  77. @obwandiyag

    You don’t know who I am, so I’m not sure how you can assume the things you have, O-Africanus.

    Who said I’ll take it when I get it? I was in a wreck and the doc wanted to do a cat scan for \$1,200 in 1990s money. I decided not to, because I was on my own money with this, and I was pretty sure it was a cover-your-ass/support-the-diagnostic-department deal. That’s what happens when people get to make their own decisions based on actual REAL pricing.

    I’ve owned my house flat-out for years, but, if the lenders had wanted 50%, good on them. I’d have had to wait about 5 years, from what I recollect of my finances. It did work a lot better in 1920, you tool.

    Without the US government, you’d be dead.

    I’ve read comments by flat-out Commies on this site, but I’m not sure they ever outdid this one!

    • Replies: @obwandiyag
    , @Tony Massey
  78. Biff says:
    @davidgmillsatty

    I have been reading 10 hours a day for forty years. I am a lawyer with two degrees in English.

    I don’t believe you, and I suspect your an Irish Setter.

  79. @Achmed E. Newman

    Peak Stupidity. Hmm.

    Takes on to know one.

  80. @Achmed E. Newman

    I knew you’d come up with personal information.

    Personal information (phony personal information) is the call and watchword of trolls. Undeniable. Their identifying field mark. Got your number. Who do you really work for? Don’t answer that. Because all I’ll get will be more personal information lies.

  81. @Achmed E. Newman

    She at least has a point of sorts that they haven’t murdered us. Yet.
    I sorta think in between the whiskey rebellion, which, “true patriots”, put down for little jingle, and, skipping ahead, mostly Irishman straightoff the coffin ships and others kept coming during the war of northern aggression and skipping farther ahead doug macarthur(his wife died in my chosen hometown in the mid 90s, she had a very stately house as I’m sure is fitting of a woman whose man misdirected so many)who gunned down the bonus army…to smedley turning down the opportunity to murder many of us in defense of, well, who knows.
    I wish i knew moor about history but maybe i would be better off if i didn’t.
    I think they’re gonna kill us all eventually.
    Maybe I’m wrong.
    I’m for sure gonna die in the first wave.
    “When Johnny comes marching home…”

  82. @Cowboy

    The unintended consequences come from providing things that are specific and not general. As soon as you provide specific welfare then somebody is left out and is pissed. And the end result is that those who are left out want to drown the system in the bathtub. Those programs that benefit us all are generally well received by a majority of the public.

    Now you will have to define what you mean by a “living constitution” since that concept is vague as hell. It takes living judges to interpret it today. Dead judges don’t.

  83. @Cowboy

    That would be a compliment. Everything is a variable. Mine won’t be the reduced one, but rather a hidden.

    At least I’m not deluded and have a plan. Lolberturdianism is a mental illness which I am glad to be free of.

  84. @Tony Massey

    My deepest condolence. Stay strong, and make sure that money goes to the right place. And lay off the strong bottles, for your own good.

    • Replies: @Tony Massey
  85. Antiwar7 says:

    I think some people here are missing the point. Hudson is more anti-monopoly than pro-government.

    • Agree: Peripatetic Itch
  86. frontier says:
    @John Fisher

    But don’t throw Hudson out just because he has written books that are for sale. He’s right on just about all of it.

    My impression is that Trickster disliked Hudson’s idea of trusting the government. Indeed we’re here mainly because of that… undeniable truth. I have a simple explanation of Hudson’s controversial standing wrt public opinion – he’s a half-truther. In this interview he did provide a shallow but reasonable explanation of the basic problems in the US economy. However, that was only used as a bait before he switched to suggesting that the government is the solution and we have to cancel some debts.

    And here’s where it’s gets interesting, he started with talk about bailing out small business but that turned out to be another bait followed by a switch to… “it’s a disaster…by the government that is refusing to do any bail out for the cities and states”. Bait and switch Hudson talks like a professional deceiver, his true purpose is to promote the idea of uncollectible bankruptcy on all levels – fed, state & local – masked as debt “forgiveness”. This would inevitably balloon to bailing out the “rentiers” and bankers he’s so bitter about. That’s the whole trick of this fraud.

    • Agree: Drapetomaniac
  87. @Question Mark

    “But I’ve never seen a country with no government.”

    You do understand that government uses resources taken from productive people to prevent them from getting rid of government.

    As for “who would build?”, maybe you should do some research.

    • Replies: @Question Mark
  88. All you anti-government clowns on this forum….why don’t you put your money where your mouth is? When the next US government stimulus cheque is deposited into your account (\$2000), donate the entire amount to UNZ.com.

    I’m sure Ron would be more than happy to post a list showing “who” donated \$2000 or more to the site.

    You hate government….prove it otherwise shut up!!!

  89. @HeebHunter

    But i love the strong bottles, heeb.
    Still, very good advice.
    A time for biz and a time for…forgetting.
    You do seem like a young guy and I’m surprised at the untidy interest you have in…things.
    I’m not taking you to task about your findings.
    I spent too many hours reading the “wrong” history and now i just don’t care.
    I really appreciate some of your comments and I’m very thankful Mr Ron Unz gives us this forum to hear…strong opinions.
    You should come to east Tennessee. You’d love it here. Everyone else gets in.
    I’m often offended by what you state as unequivocal fact about my country but, truly, i can’t put up a defense.
    Hell, dude, yours is worse.
    I can say all kinds of shit on UR about jews or nogs and not goto jail or get banned.
    True, i can’t say it in public. I would be banish banished to the hinterlands.
    I welcome you to e tn. Tons of co-eds. They’ll fuck for hardly anything. 15 bars in walking distance. Great food.
    Ya wanna die not fighting in a war that never comes or die trying to laugh about it all.
    We’re actually some pretty good people.
    Don’t get me wrong….i wish for more.
    Gotta make the best of it,heeb.
    Trust me, I’d rather die anotherway than waiting for my high blood pressure to get me.
    You’re young. You seem to be proficient in English. You would do ok and then some around here. We let everyone else in.
    Seems to me your country is completely cucked. You might find more, and better, allies here than there.
    You only live once. Why sit and stew in the same pot. Go boil somewhere else. It might change your mind and you could make some international very interesting cretins that you call friends.
    They have a serious metal scene here. Not my thing.
    I here volk like you dig it.
    Heeb, i hope you have a happy new years celebration.
    I’m well stocked.

  90. @obwandiyag

    Yes, that’s all real personal – enough to track me down with, I’m sure of it, haha.

    About you, all I know is that the smart Ob-whatever comes out whenever the African Ob-whatever’s Belgian missionary comes into his hut to play on the internet a bit. Otherwise, it’s mostly gibberish. But, that is what you speak over there, right?

    • Replies: @Trickster
  91. @John Fisher

    Government developed from the social hierarchies of the animal world so it uses the methods of the animal world.

    Government controls, manipulates, and uses people as objects and any benign consequences are trivial. As such, it cannot be adapted for use in a civilized ‘human’ world.

    Its true impetus is to return man to the animal world.

  92. JWalters says:
    @Question Mark

    I agree. The government is our mechanism for the basic cooperation that a society needs. The problem is that criminals have corrupted and taken over this essential organization. The solution is to get rid of the criminals. It’s not to make their predatory practices easier by getting rid of the sheriff. Blaming the government is a scam of the criminals.

    Hudson explains the problem accurately. A tiny minority of criminals has taken control of the economic system and the government and are milking the people at large. I would add they are also fomenting needless, draining wars, from which they also reap massive profits, sociopathically and heartlessly.

    Following the money leads to a financial cabal headquartered in London, and now also Wall Street.
    “War Profiteers and Israel’s Bank”
    https://warprofiteerstory.blogspot.com/p/war-profiteers-and-israels-bank.html

    • Replies: @Question Mark
  93. @obwandiyag

    Personal information (phony personal information) is the call and watchword of trolls. Undeniable. Their identifying field mark. Got your number.

    Not even close. Even accepting that trolls might set up a fake bio, it’s not their “call and watchword.” This particular ‘information’ is in fact a credible anecdote that anyone here might have offered.

    On the other hand, crass personal attacks made for the sole purpose of intimidation and disruption are the m.o. of trolls. Like this one that comes straight out of a kindergarten playground:

    Peak Stupidity. Hmm. Takes on[sic] to know one.

    • Replies: @obwandiyag
  94. Yeah, Unz.com is like the highest quality alternative media today, with no comparision. If he is indeed a Jew and still goes on with this, then there is a slither of hope left for the West.

    I have always questioned it all, why did my parents tell me to not tell anyone about the services of both my grandfathers, and why I should be ashamed of them. Needless to say, the kike and JewSA “denazification” backfired badly on me. And the realization of monstrosity of such lies and how they are enforced can turn the mild person into a hate machine.

    I apology for how you feel about my remarks regarding america, but surely you understand my position, when one of my hobbies is guns, and gun media is mostly american. You can’t even watch a gun review without anticipating another “this Thompson zapped many Krauts” or “this BAR served a many NAZIS”. Fuck these low IQ boomer coons and the brainless cunts who recite this crap. National Socialist Germans had access to better weapons than they were ever allowed to. It was even in the laws.

    Many Americans stood for justice before, during and after the war. But the absolute majority didn’t. They got home, enjoyed the loot, assessed the damage caused and then either continued to help the kikes even further or just went down a hole and hide. Most German MEN were and are BRAVER. And they regretted NOTHING, but that they didn’t take the Heavenly Express sooner.

    So you will excuse how I speak on the aforementioned topics, friend. And that goes to all the readers and writers here, too.

    I am grateful for your invitation. I would like to visit the New World somedays, but the kikes and their golem got to all of us this year. And I doubt the people of Tennessee would just welcome a random tourist with an attitude. I heard that real Germans in america cause much trouble with poaching and being shitfaced, haha. Not a good look. I like the metal, but that isn’t sufficient a reason to flee my Fatherland, especially to a country with such dreaded history against my people. I will have to make do with the naughty irons from the Balkans, if you catch my drift.

    Even without my blessed legacy, I’m bound to Germany and will remain bound to it, forever. Anything short of being drafted into the homosexual Bundeswehr or the Brownskin/polish complete takeover/JewSA Nukes will not dislodge me from the country. I will fight until it is not possible anymore in any vector. Even then, I would probably flee to somewhere actually free with little intrusion into a citizen’s privacy, like South America or Asia. The (((west))) is sick.

    Anyway, that is enough ranting. I wish you success for all your plans starting next year. Just try to remove your conditioning and realize that the current goverments of the (((west))) are just third world liberal thugs, weak, stupid with a lot of thin red tapes and camera everywhere. Bring the proverbial scissors and deal accordingly.

    Happy New Year and a wonderful New Year’s Eve to you.

    • Replies: @Tony Massey
  95. Trickster says:
    @Radicalcenter

    Perhaps, but in her case I put her in that category and I am being kind !

  96. What is needed is a mechanism that takes the profits away from the rentiers who enriched themselves by promoting the lock-down measures and the riots directed against pretty much the rest of society, and yet a mechanism that does not encompass the smaller landowners who amass property by virtue of savings and then rent it out.

    I wonder if some sort of class action could fit the bill. Call it unjust enrichment, if you like. The action would need to be legislated and special commissions set up. Once the case has been made against the big profiteers, the victims would only need to register a claim and properly document their losses. The losses would include property lost in bankruptcy proceedings or riots.

  97. Skeptikal says:

    “Which makes it all the more amazing to me that the blacks and Hispanics supported the Democrats in the election. It’s like identity politics has succeeded in blinding the population to the fact that you can have Blacks and Hispanics in office spending their time fighting viciously against the Black and Hispanic voters who elected them.”

    Hudson explains so much so clearly. And he keeps at it, with the detailed interviews he grants to many. He is one of my heroes.

    But the quoted comment is a bit confusing, since the statistics seem to show that the African American vote for Trump was stronger than in 2016.

    Perhaps Hudson means for down-ballot candidates.

    Also, the perennial question: Whom are the blacks (and all working class) gonna vote for?

    It is to be hoped that more Republicans grab this historic political opportunity to snap up voters that the Dems have thrown under the bus. With genuine programs, not blah blah.

  98. Skeptikal says:
    @John Fisher

    I have a real problem with government agencies “partnering” with specific corporations.

    When I go to the US Post Office I see stationery items and cards offered for sale and they are all Hallmark brand.

    Why are “gift cards” being offered by a government agency for use at Walmart? In particular the idea of Walmart as a source of “healthy food” is a bad joke.

    These types of “monopoly” combos between putatively private enterprise and government agencies are actually a form of subsidy to favored companies.

    As for the “health exchanges,” if I weren’t already on Medicare I would have been tempted to shoot myself when Obamacare came in (but didn’t SCOTUS strike down the legal obligation to pay up and sanctions for refusing?). As it is I am paying for Medicare B plus a “medigap” coverage but I am loath to attempt to access any health care at all because it has all become too onerous with the “plandemic” craziness.

  99. @JWalters

    re: The solution is to get rid of the criminals.

    Thanks for the interesting link. IMO the most dangerous weapons of the criminals are their social engineering weapons i.e. media and education. But how can we take back our own destiny? I believe we are beginning to wake up and it is not yet obvious how we should proceed. The only thing that seems obvious to me is that we must begin by abandoning the “main stream media” as well as the major “social media” who are doing nothing but social engineering (i.e. lying and manipulating) to destroy us.

    To understand our situation and find out how to respond we need to find a measure of
    outer truth i.e. “What is happening really” and the Unz Review is clearly one of the best for this but there are other good sites and I personally also like Zerohedge which is
    less analytical and more news-oriented.
    inner truth i.e. “What do I really want”? This is a more difficult quest, especially if you have been programmed in “woke” universities which mainly peddle destructive social lies.
    But even then you can visit a number of good sites where you can share your problems
    with honest people without being lectured about diversity or white privilege. Even in the
    science area there are solutions emerging like 1-year courses in specific modern areas
    (like AI, IT etc).

    So in a nutshell I believe that the first step to take should be to stop listening to the criminals who peddle nothing but lies and by discussion with honest people find ways of taking back our stolen country.

    • Replies: @JWalters
  100. Trickster says:
    @John Fisher

    Mr Fisher Sir !!

    To appreciate my position on said author you need to understand my background. The schools I went to no longer exist either in theory or reality. In my early teens I had read every single book by Dickens. In school I studied Jung and Nietzche, Spanish and French Baroque literature in those languages, Thackeray and Chaucer in English. My favourite book of all time was “Que pase el aserrador” by Jesus de Corral. I recommend it to Spanish speakers on UR.

    School was for me books and sport (track and field, cricket, soccer, rugby). There were no cell phones or social media in those days. To this day I am addicted to the classics. People today are addicted to the 24/7 drivel and twaddle on Social Media.

    My taste in music is The Four Seasons by Vivaldi not the Shiznit by Snoop Dogg. School books now are “Jennifer and Jessica are husband and wife and adopted Baby Joan” !!!!! Homer, Seneca, Epitectus and Marcus Aurelius ? Missing in action ! Times have changed.

    What does that have to do with Hudson ? Today, books are written for profit not intellectual stimulation. Given my background and tastes this means 99% are absolute shit even if NYT “best sellers”. I remember when as an upcoming executive I got as a gift an 8 inch thick book by Tom Peters called Liberation Management. After para 1/ chapter 1 in the trash it went. Same thing for Covey, Drucker and all the “gurus” of back then.

    Said author in my opinion is the same shrivelled pea from the same dried out pod. For those who think he is some advanced thinker who am I to argue otherwise. As for me if I read and followed his “works” I would be scrounging pizza crusts and soda cans from the garbage.

    Everyone has his/ her own tastes dubious as they may be to some of us ! To those who revel in rubbish even Mutt and Jeff seems like intellectual brilliance.

    I have my own tastes and Hudson does not even qualify. I will stick with the classics and those so inclined can study Hudson !

    • Replies: @Mefobills
  101. Trickster says:
    @frontier

    Frontier…you are obviously an educated man. More than anything else though, you read, you assimilate and you are thoughtful, you form an opinion based on LOGIC !

    I congratulate you on THINKING about what he has written and seeing the bullshit between the lines.

    Your comment was insightful and intelligent. DRAPETOMANIAC is also to be applauded !

  102. Trickster says:
    @Achmed E. Newman

    LOL. I am thinking of creating a UR Award. It will be called Asshole of the Year. The problem is that Obwagwag, Mefobills and Heebhunter are front runners and I cannot decide which is the three is the most idiotic

    Do you think I should have a Gold, Silver and Bronze ? Or should I just toss a coin ?

    • LOL: Mefobills
    • Replies: @Tony Massey
  103. @HeebHunter

    You’d be surprised, friend, what people in the Great State of Tennessee would welcome.
    I went to school with 3 Germans for a year. They practically lived at my place.
    I was a part of a foreign exchange program and i was actually paid as a part of work study to help them…be a part of things. I was paid for 20 hours a week but i prolly spent 50 hours a week with them.
    The best people i ever met were Russians.
    I loved the Russians.

    [MORE]

    Both were much better students than moi.
    I remain to this day a part of the Knoxville and Nashville Russian communities.
    Personally, what with all the riff raff i don’t think east TN or America have enough of either.
    Theirs a sizable community of Russians in Knox but, i dare say, their are few to any Germans.
    I would gratefully welcome some Germans.
    Frankly, the country needs people. We just need the right ones.
    Plenty of guns here, friend. No one is gonna say shit about guns. Ammo is kinda scarce and recursiv expensive but shotgun shells are well stocked.
    I actually prefer shooting a .12 gauge.
    I like the kick. Plus, it totally really rips shit up as opposed to making a tiny little hole. Rattling off 5 straight slugs into a target makes you feel like you did something.
    Plenty of shotgun shells. They’re fairly cheap. Plenty.
    Friend, my people were poor before the war and they were definitely poor after the war.
    The South is pretty prosperous these days, more so than many places around the country, but i can tell ya the first house i came home to didn’t have indoor plumbing and only one water source. It was pumped from a well.
    My youngest cousin didn’t have indoor plumbing until she was 13.
    I remember very well using the outhouse.
    We were all mostly poor.
    I don’t know about this loot you speak of. Justice was a hard won commodity.
    My oldest uncle was a union organizer in the cotton mills of Mississippi in the 70s and was murdered.
    Nobody ever went to jail and EVERYBODY knew who did it.
    No more unions there.
    Eh… we’ve. been cucks since the war of northern aggression.
    You don’t have to permanently relocate. I have a free place for you to stay. Food is free. It’s peasant food but it’ll keep your gut full.
    Most are looking for an excuse to drink. I don’t need one.
    So far, it’s not really that sick where I’m at. No,most for sure definitely you could never ever go around saying anything about you know who or their pets openly. That would be absolutely toxic.
    It doesn’t really come up tho. It would be almost unusual to see either in my haunts.
    Blanks maybe but the ones I’m actually accustomed to seeing are definitely not the ones you have to worry about. Mostly they’re good people. The few i know are. Not so sure about their kids but they seem to have probs with them also.
    Innyhoo…i appreciate you engaging me. Ya know what? Say whatever the fuck you want about America. You’d be hard pressed to say anything completely wrong. I’m sure anything you would say could be correct. Most likely i couldn’t deny it by proving it otherwise.
    I’ve never heard but good things about Deutsche land. My country fought on the wrong side twice.
    The offer is open. Bring a friend. You don’t need a buncha money. You’ll sleep and eat easy enough. It’s free.
    Lots of co-eds.
    I’m a little old for 98% of them but even i find a way into their…hearts.
    Lots of reefer smoking. Very few regrets.
    I would be completely over joyed to have a guest. So would many of my neighbors.
    My buddy Eric was stationed in Berlin and went back for the 30th anniversary of the fall of the wall. He has a hard on for all things German.
    You Take care,friend. I Hope your. NewYear celebration is, i guess covid free, i guess, and filled with Lots of lederhosen. Isn’t that what y’all do? Dance around in lederhosen?
    Take a chance. In April…maybe May the world just might be back to normal enough to fly. Not like you need a visa. You could do just fine in a couple weeks on a hundred bucks.
    Everyone in the world should come to the Great State of Tennessee.
    And then promptly leave.
    Take care, friend.
    Rage motherfucker
    Tony

  104. I totally forgot one thing. One of the restaurants downtown, i can walk there in 10 minutes and stagger back in 15, is a German restaurant. It’s actually the nicest restaurant downtown. You can eat lunch there for about 8\$with tip. I eat there prolly once every 5-6 wks. I ain’t swearing its authentic German cuisine but it for sure enough is a German restaurant.
    You need to come try it. Bring a friend.
    A plane ticket and a 100 bucks and you’re completely solid for a few weeks.

    • Thanks: HeebHunter
  105. @Trickster

    Don’t forget me. I’m a complete sociopath. Mr Unz, in his solid judgement and to my benefit, has trashed numerous of my comments.
    Dude, what do you have to say to get shitcanned by Mr Unz?
    Take that to heart.
    You’re leaving me out because you haven’t read the full body of my drunken ramblings.
    I should at least get an honorable mention and besides…I’ve never won anything.
    Help me out.
    Please.
    Happy New Year

  106. @Tony Massey

    Don’t feel bad, Tony, he hates EVERYBODY. (Mr.Unz, that is.) I am a “random rightwing nutter” or something like that.

    That said, Mr. Unz is eminently fair about not censoring, though he’s made threats to commenters before), and he sure does let all manner of viewpoints be read on this site.

    Trickster, how many votes do I get? One is simply not enough!

    Happy New Year to everyone.

  107. @Tony Massey

    Ooops, yeah, you did have stuff trashed? Can you give us an idea of the material? Must have been REALLY sociopathic, Hildabeastesque, perhaps?

    (Usually you get a boldfaced warning first.)

  108. Cowboy says:
    @Tony Massey

    Ha! I’ll come party with you next year in Tennessee! Start a new tribe called the unzholes! Happy new year!

    • Replies: @Tony Massey
  109. @cranc

    And here’s another lady with a much better overall perspective:

    Pam Popper | Full Interview | Planet Lockdown

    • Replies: @cranc
  110. @Cowboy

    Thank you, cowboy.
    For sure, come this way 21.
    I’d be completely honored.
    I’ll get delivery.
    Unzholes it is.
    Hopefully Mr Unz and his review is doing well this time next year.
    Happy New Year. Careful!
    [email protected]
    Drop me a note.
    We’ll party in 21.

  111. @davidgmillsatty

    Since when is promoting or providing for the general welfare Marxist?

    For libertardians “Marxist” is shorthand for any program or person that promotes the general welfare of the society in which they live. The libertardian ideology is hostile toward the ordinary working class citizen, who it characterizes as inherently lazy, dull-witted and constantly scheming to get “free stuff” at someone else’s expense. It’s an elitist ideology that appeals to the type of person who identifies with Ayn Rand’s sociopathic and amoral corporate “heroes.”

    The libertardian thinks, and I use the term loosely, that a working man who loses his job due to circumstances beyond his control is happy to be permanently sidelined and receiving a pittance and a SNAP card from the state in lieu of gainful employment. The libertardian has no problem with hard working people being tossed aside like yesterday’s trash and treated like lazy and entitled schemers while corporate raiders like Mitt Romney and monopolists like Jeff Bezos, whose actions have all but destroyed the fabric of American society, are treated with reverence and celebrated as pillars of the society they are destroying.

    The libertardian begrudges the working person a fair wage and health insurance but has no issue with a handful of mentally ill multi-billionaires controlling more wealth than the bottom 60 or 70% of American income earners.

    The concepts of ‘dignity’ and ‘self-respect’, and even ‘cost of living’, do not enter the libertardian’s mind. He really does “think” that a laid off worker should be denied UI or any other unemployment benefit because if he gets used to “free money” from the government he’ll never want to work again. This theory can be easily tested by asking people with jobs, even low paying ones, if they’d like to trade places with someone who is receiving welfare or an unemployment check, and taking note of their answers.

    The problem isn’t the measly government benefits (misnamed “entitlements”) or supposedly inherently lazy people looking for a free ride. This is a straw man. The problem is a system run by and for an obscenely wealthy elite who make their shekels on the backs of the American people. Take Jeff Bezos who is “worth” over \$100 billion. What has he done to earn that kind of money? He, like most of Silicon Valley’s billionaire tech bros, is simply a middleman who inserts himself between the customer and the producer/provider. A parasite. He also uses new, and therefore unregulated, technology to data mine the people who use his “service” and then monetizes the data his computers collect and collate. He even gets the public to spend their own money on a gadget that spies on them in their own homes for the purpose of collecting monetizable data! (And that’s not even getting into the joined at the hip relationship between the tech monopolies and the surveillance state.)

    A guy working in a widget factory is a more productive citizen than Jeff Bezos and his ilk who, despite their unimaginable wealth, still get billions in government handouts. But when the factory closes and the worker gets “downsized” (i.e. his job is eliminated) and pushed into indefinite unemployment, he is the one who gets scapegoated and demonized for collecting government “entitlements” that he needs to survive because the system makes it all but impossible for him to earn a living.

    The system is a scam and at an intuitive level every person whose survival is dependent on a job and the bi-weekly check it provides knows it. Yeah yeah I know the “honest” libertardian is “opposed” to state subsides and bailouts for banks and corporations but that is a moot point because the libertardian philosophy is a busted flush no matter how its adherents attempt to justify it.

    Americans have been brainwashed into thinking that a government handing out billion\$ in free money to some of the world’s wealthiest banks and corporations is perfectly normal and necessary, while a government that ensures the American people aren’t steamrolled and enslaved by the owners of those entities is “Marxist” and one step away from becoming a Stalinist dictatorship.

    Government is basically a management solution for large societies. Like everything human designed it is imperfect and prone to manipulation by actors with nefarious intentions. But slogans like “government is the problem not the solution” are idiotic and set up a false dichotomy. The same people who toss around platitudes like that only have a problem when government does things for the people whose interests it is supposed to represent, but they have absolutely no problem when the state funds the arms industry, gives trillion\$ to the wealthiest of the wealthy and ensures the electoral system is rigged in their favor.

    Libertardians and their fellow travelers are hypocrites and liars, or extremely delusional individuals, and a menace to society. They work to maintain a system that is literally (in the original meaning of the word) destroying the United States and turning it into a banana republic, a deliberately failed state, an oligopoly where government represents the interests of a tiny sociopathic/psychopathic elite and a small class of technocratic enablers that serve them.

    The elite and their libertardian defenders make a mockery of ‘of the people by the people’ and working class Americans who parrot or internalize their bullshit are their useful idiots. There is nothing “Marxist” about a government that provides for the general welfare of the citizens it is supposed to represent. Only a highly propagandized people would accept such obvious nonsense.

    • Agree: HeebHunter
    • Replies: @HeebHunter
    , @Justvisiting
  112. @profnasty

    profnasty, I left the Jew.S.A years ago.

    Happy New Year.

  113. JWalters says:
    @Agent76

    Thanks for the link to that excellent Corbett Report video. I’ll look at the other one later. The new technology can make a lot of tasks easier. But it can also make the tasks of tyranny easier. Computerized voting systems are another prime example. We need to use this modern technology to block the backroom banking tyrants once and for all.

  114. JWalters says:
    @Question Mark

    Good points. I also appreciate the Unz Review’s openness to divergent, including “taboo” viewpoints. Shutting down discussion is a tool of tyranny. I agree a key is to go around the corporate media and inform the majority about the criminal controllers, including how they control the corporate media. I would add, it seems to me we need to avoid caught up in other differences of opinion and priorities until the criminals are out. Otherwise, they inflame those differences as a distraction, and keep us from having the deep and rational discussions needed to solve those other issues.

    • Agree: Question Mark
  115. @frontier

    There is a very good reason to bail out states and cities. They can’t print money any more than you or I can. Only the federal government can print money.

    There is no such thing as a Texas dollar or a Denver dollar. States and cities have to borrow or tax to have income. If the federal government cancels their debt, they don’t have near the justification to tax or borrow as they do now. So they can’t whine about needing to do it like they do now.

    It is unfortunate that peoples’ understanding of the need to balance the budget of a government really comes from what states and cities must do since they can not print money. States and cities must budget like any household.

    But the federal government does not need to budget like states, cities and people. The federal government can print or mint money in two forms: as debt or as credit. When it prints or mints it as credit, it cancels government debt. The federal government could have zero debt tomorrow by printing or minting money that is a credit. It has zero need to budget. That is the big con we all fall for.

    The states and cities can not pull off this trick.

    • Replies: @HdC
    , @frontier
    , @Mefobills
  116. @TKK

    Why don’t you answer your own question? Don’t leave us in suspense!

  117. @Peripatetic Itch

    You are either a naive child or a troll. You either don’t know anything about trolls, you labor under the misapprehension that trolls are people who talk potty-mouth (which is what morons think trolls are) or you’re just running interference and earning your quarters.

    • Replies: @Peripatetic Itch
  118. @Drapetomaniac

    re: As for “who would build?”, maybe you should do some research.

    You seem to imply that there are situations where larger infrastructure projects are executed by private citizens – can you give me a link for this?

    • Replies: @Drapetomaniac
  119. @Squarebeard

    Please refer it as “Lolberturdianism”, the triggering effect will be more pronounced.

    Also, keep pressing on HOW do lolberturdians plan to force all the people to stop organizing government? Since that kike made (((ideology))) is just a mental illness meant to disarm all goyim, it is easy to dismiss.

    Ah, I miss the days when the low IQ huwhites and autistic Euros were unironically saying they are anarcho capitalist. And “Christian” lolbergs too.

  120. @obwandiyag

    You are either a naive child or a troll.

    Well I’m several generations away from being a naive child so I guess I’m must be a troll, and to be sure, I must admit I do enjoy the activity at times, at least when it comes to trolling other trolls. So perhaps I was a wee bit too harsh when I judged your maturity level for saying “It takes on[sic] to know one.”

    Actually, I’m board certified as a boss troll. A boss troll, if you don’t already know, is the “troll who trolls all those trolls, and only those trolls, who do not troll themselves”.

    My question for you is, does the boss troll troll himself? And how does this all relate to Bertrand Russell?

  121. HdC says:
    @davidgmillsatty

    Excellent summary on money and its creation. To reiterate: A sovereign government can create money out of thin air!

    However, as we used to say to each other in another life and place: There is no such thing as a free lunch. If the creation of money, out of thin air, gets out of hand, ie. the dollars put in circulation outweigh the amount of value/wealth created in that country’s economy, the result will be inflation. Inflation reduces the value of the money used in everyday transactions.

    By borrowing money the government increases its options on how to deal with the current deficits: It can increase taxes to repay the loans necessitated by the overspending. Combined with some inflation the loans are then repaid with less valuable, ie. cheaper money.

    The end result will be one of three scenarios: Higher inflation (the money in circulation buys less than before), higher taxes (so that the government can repay the earlier loans), or both higher taxes and higher inflation.

    Having observed various governments in action over a long time, I can see higher taxes and higher inflation in the future.

  122. @TKK

    If I can get free health care, a guaranteed check, food, meds and OTC supplies all on the dole- why I am working?

    Granting benefits of doubt, I’ll proceed as if you’re not just trolling..

    If that’s the bar you have, then perhaps sitting on your ass bored to suicidal ideation is the best way for you to go. Most of us set the bar just a bit higher. Some of us want to own a car. A few want a special car. Some want a large and luxurious home, a few want several such homes. Some of us like eating unprocessed foods, a handful of others want prime beef. If we’re honest, a small room with Netflix, food, and hvac/plumbing isn’t going to cut it for anyone who has any aspirations in life. Many of us would prefer to pull the plug on ourselves at that level (but are prohibited by law) while others are content to become human vegetation.

    The actual cost of providing the unfortunates a climate controlled room, health care, food, and HBO is a pittance relative to what it costs to float ridiculous nuclear (x2) aircraft carriers and other such nonsense. More money than that is simply stolen each year from our coffers. One could easily fund such programs from savings in eliminating bloat + non-performing units.

    Our enemy is not the layabout who’s content with nothing, it’s quite the obverse. It’s the layabout who produces nothing yet banks 1000X the average net worth while directing his minions to produce ever more.

  123. anon[426] • Disclaimer says:

    Reading the earlier commentary on Michael Hudson’s interview there is little understanding of rent but much commentary on gathering collapse as well as a smattering of irrelevant economics, both true and false.

    People are constantly mentioning inflation as a consequence of money creation, but inflation is not the greatest threat. First, most of the money is in the FIRE sector chasing paper as Hudson points out. Second, economic collapse means that the general population is squeezed from real goods markets so the wealthy can buy real goods at reasonable prices. This is a form of substitution of purchasing power to the rich from the poor.

    After all why would one want to get rich in worthless securities or properties? Keeping real goods prices in bounds is a part of our modern vulture capitalism which is what Hudson’s finance capitalism really is. To win at this game you squeeze out the greater population to support the value of your securities and properties. This particular game ends when this process of squeezing is complete.

    There is only one lesson most people need to learn and that is that they are losing. What they will do about it is ultimately their own affair. Sometime back I read a fantasy story in which there was a god of the poppy and of pain who cared nothing for truth or virtue, but only cared if his followers had the guts to deal with their situation. Otherwise they could go to the wall.

    It should be clear that if you can’t win it is irrelevant what you believe or what truth is. You will never have the opportunity to practice your truth. Yes, truth may help you win, but, whatever, first win any way you can. Hudson’s interview is useful if it can generate the will to act successfully, but the real prize is not economic understanding but successful action to turn one’s personal fate.

  124. frontier says:
    @davidgmillsatty

    There is a very good reason to bail out states and cities. They can’t print money any more than you or I can. Only the federal government can print money. There is no such thing as a Texas dollar or a Denver dollar… It is unfortunate that peoples’ understanding of the need to balance the budget of a government really comes from what states and cities must do since they can not print money. States and cities must budget like any household.

    You make it sounds like government printing money out of thin air is a good thing but you don’t understand how it works… Formally, the federal gov does NOT print money – the FRS does. Even their money creation was supposed to be limited to a low amount of high-powered money, something very important for the health of the economy. The vast majority of money, around 90%, was supposed to be created by the banks outside of the government – banks that exist in every state and city, so you’re wrong, they CAN print money. Since 2009, the Fed started wanton printing in absolutely the same way banana republics do and it’s going to end in precisely the same way as it has ended so many times in that kind of economies.

    I stop here, because you are missing too much of the basics for a meaningful conversation.

  125. @Squarebeard

    Recommended reading:

    https://oll.libertyfund.org/title/spooner-no-treason-no-vi-the-constitution-of-no-authority-1870

    If you read this carefully and see any flaws in its logic, feel free to let us know.

    No name calling, just read it and learn.

  126. Mefobills says:
    @Paul Greenwood

    Hudson failed to mention OPEC 1973

    Hudson was the first to notice, and wrote a book about it… Super Imperialism.

  127. Mefobills says:
    @Trickster

    Trickster,

    Don’t break your arm patting yourself on your back. You are a legend in your own mind.

    And you get all inflated and hot when Fisher pays you a compliment.

    Ego and self-image problems much?

  128. Mefobills says:
    @davidgmillsatty

    There is a very good reason to bail out states and cities. They can’t print money any more than you or I can. Only the federal government can print money.

    North Dakota has a state bank. It can use reserves on hand to make loans directly into the economy, with a leverage ratio of 10:1.

    Or, BND can back up loans for private banks further down in the system.

    During emergencies, BND does make loans, where the new “bank credit” circulates in the local economy. The bank credit is in the form of FRN’s (federal reserve notes).

    ND is not really beholden to the FED, but does use FRN’s. The private state banks within the system are under purview of BND.

    In other words, a State Bank is a work-around to get local credit into the local economy.

    And to our lol-ber-turdian commentators, the BND has a BETTER history than private banks. This better history is less corruption, and BND returns its profits to the State, thus lowering taxes.

    Then again, if you are an LoL ideologue, a little thing like pesky facts are dismissed out of hand.

    • Disagree: Drapetomaniac
  129. @Question Mark

    Think outside the box. Canals in England during the Industrial Revolution were privately made. The Silk Road trade route was made by – traders. I believe roads in early America were private. Schools were private. Fire departments in San Francisco were privately run until the earthquake. Most all of the housing is privately made. Most all of industry, retail, farming, etc, are private. Almost all of the many trillions of dollars wealth in the US was privately – including the wealth made by government’s stolen money.

    If you are talking about an entity that steals trillions and kills millions, that’s government.

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