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Putin’s approval rating is high, but it has declined over the past year. The decline is mainly related to domestic policy. Apparently, the public perceives recent Kremlin economic policy as a continuation of the disastrous policies that Washington imposed on Russia in the 1990s when Russia was loaded up with foreign debt while state assets... Read More
In the good old days when the terms Left and Right meant something the distinction between the two was clear. The Left believed that the resources and wealth of the state ought to be shared equitably. The Right’s position was that since only a few people in society are capable of handling capital properly, transforming... Read More
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The Jussie Smollett hoax and its debunking may yet change the trend of baseless accusations. God knows, the hoaxers went too far, and it’s high time for correction. The concise list of hoaxes would be too long for this essay, but here is a small list of very recent ones. They were met by public... Read More
Whose interests are served when Pelosi sells out health care and Pompeo sells out peace?
The US health system is the most high cost and dysfunctional health care system in the world. The reason is that it is privatized. In the rest of Western civilization the system is socialized. The reason health care is socialized in civilized countries is not only to provide health care to citizens who otherwise could... Read More
Introduction In these times, when the United States pursues an unprecedented military build-up, promotes coups and trade wars, breaks weapons agreements, organizes the illegal seizure of overseas financial accounts, building barriers and walls along the southern border, Washington can count on the mass media to provide a variety of propaganda messages, ranging from the predictable... Read More
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You are so kind-hearted! I shed a tear thinking of American generosity. “So many delightful goodies: sacks of rice, canned tuna and protein-rich biscuits, corn flour, lentils and pasta, arrived at the border of troubled Venezuela - enough for one light meal each for five thousand people”, - reported the news in a sublime reference... Read More
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Maybe Donald Trump isn’t as stupid as I thought. I’d hate to have to admit that publicly, but it does kind of seem like he has put one over on the liberal corporate media this time. Scanning the recent Trump-related news, I couldn’t help but notice a significant decline in the number of references to... Read More
The Saker: Could you summarize the state of Venezuela’s economy when Chavez came to power? Michael Hudson: Venezuela was an oil monoculture. Its export revenue was spent largely on importing food and other necessities that it could have produced at home. Its trade was largely with the United States. So despite its oil wealth, it... Read More
Bernard-Henri Levy
A group of 30 respected intellectuals, writers and historians has published a manifesto bewailing the imminent collapse of Europe and its supposed Enlightenment values of liberalism and rationalism. The idea of Europe, they warn, “is falling apart before our eyes”, as Britain prepares for Brexit and “populist and nationalist” parties look poised to make sweeping... Read More
danaideswaterhouse
The travails of French President Emmanuel Macron reflect the contradictions of the system he represents: namely late-stage managerial, social-democratic and globalist capitalism. In a consumer democracy, everyone is entitled to infinity stuff. That is how it works. I am not sure if you recall, but we fought World War II based on the simple proposition... Read More
Aging has its pros and cons. It brings wisdom to those open to it, and it can open one’s eyes to the fact that 45 and 50 year old women can be very attractive. The downside is that the Grim Reaper collects one’s friends until there are none left. I lost a dear friend a... Read More
Gilets Jaunes song performed at French traffic circle: Les Gentils et les Méchants
The Gilets Jaunes in 2019
Paris, France, 9 January 2019 French Democracy Dead or Alive? Or perhaps one should say, buried or revived? Because for the mass of ordinary people, far from the political, financial, media centers of power in Paris, democracy is already moribund, and their movement is an effort to save it. Ever since Margaret Thatcher decreed that... Read More
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Tucker Carlson’s critique of unrestrained capitalism last week sent the Respectable Right into apoplectic fury. That’s why it’s irrelevant—and why Carlson is increasingly emerging as a name to conjure with. In a now-celebrated monologue on his Fox News show, Carlson blamed multinational corporations and urban elites for the decline of Middle America. [Mitt Romney supports... Read More
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Is it for real or more bait and switch?
Never before has any presidential administration been as all over the place in terms of national security and foreign policy as is that of Donald J. Trump. Indeed, one might well argue that there is no overriding policy at all in terms of a rational doctrine arrived at through risk versus gain analysis of developing... Read More
The closure of Gatwick, the second largest airport in Britain, just before Christmas after the sighting of a mysterious drone near the runway, received wall-to-wall coverage from the British media, dominating the news agenda for the best part of a week. Contrast this with the limited interest shown when a majority stake in the airport... Read More
It is customary to speak of Western countries as democracies. In actual fact, the countries are oligarchies in which voting, which conveys the semblance that government is accountable to the people, seldom changes anything as elected officials are constrained by the power of organized interest groups. President Trump is the latest example. He has been... Read More
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I do not believe that GDP growth – or the pursuit of wealth in general – ought to be an end in itself. Nonetheless, the fact is that virtually all countries today do consider the production and redistribution of wealth to be a fundamental goal. In this context, GDP per capita (minus wealth from national... Read More
yellowvestanonymous
In less than two months, the yellow vests (“gilets jaunes”) movement in France has reshaped the political landscape in Europe. For a seventh straight week, demonstrations continued across the country even after concessions from a cowed President Emmanuel Macron while inspiring a wave of similar gatherings in neighboring states like Belgium and the Netherlands. Just... Read More
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The French are the best. The men don’t get fat. The women don’t sleep alone. The kids are well-behaved. They have the best architecture, the best way of living, best bread, best wine, best olive oil, best cooking, some of the best writing, films, painting, poetry, perfume - and women. They also excel in revolutions.... Read More
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So it appears the privatization of France isn’t going quite as smoothly as planned. As I assume you are aware, for over a month now, the gilets jaunes (or “yellow vests”), a multiplicitous, leaderless, extremely pissed off, confederation of working class persons, have been conducting a series of lively protests in cities and towns throughout... Read More
Every automobile in France is supposed to be equipped with a yellow vest. This is so that in case of accident or breakdown on a highway, the driver can put it on to ensure visibility and avoid getting run over. So the idea of wearing your yellow vest to demonstrate against unpopular government measures caught... Read More
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A Review of Michael Hudson’s new book AND FORGIVE THEM THEIR DEBTS
To say that Michael Hudson’s new book And Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age Finance to the Jubilee Year (ISLET 2018) is profound is an understatement on the order of saying that the Mariana Trench is deep. To grasp his central argument is so alien to our modern way of... Read More
Macron’s Popularity Collapses While Interior Minister Predicts Civil War
I’ve said it before and I’ll say it again: Emmanuel Macron, the current president of the French Republic, is a weird dude. Now, after just 18 months in power, he is also a very unpopular dude. The French media have been making much of the fact that Macron’s prime minister, Édouard Philippe, has been slightly... Read More
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With Jair Bolsonaro’s victory in Brazil’s presidential election at the weekend, the doom-mongers among western elites are out in force once again. His success, like Donald Trump’s, has confirmed a long-held prejudice: that the people cannot be trusted; that, when empowered, they behave like a mob driven by primitive urges; that the unwashed masses now... Read More
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Introduction Bankers, agro-business elites, commercial mega owners, manufacturing, real estate and insurance bosses and their financial advisers, elite members of the ‘ruling class’, have launched a full-scale attack on private and public wage and salary workers, and small and medium size entrepreneurs (the members of the ‘popular classes’). The attack has targeted income ,pensions, medical... Read More
If the report below from John Helmer is correct, the implication is that Alexei Kudrin, Putin’s good friend and a member of the Russian government, is a traitor to Russia. The way I read Helmer’s report, Kudrin, a hero to Washington but widely regarded in Russia as an agent of the billionaire oligarchs that Washington... Read More
Introduction The decisive electoral victory of far-right Brazilian presidential candidate, Jair Bolsonaro startled politicians and analysts of the traditional parties of the left and right. The possible implications for the present and near future raises a number of fundamental questions whether it represents a ‘model’ for other countries or is the result of the specific... Read More
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I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today’s show: The Vocabulary of Economic Deception. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trends, a Wall Street financial analyst and distinguished Research Professor of Economics at the University of Missouri,... Read More
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If the Left is ever going to come together to save the world from Donald Trump and his legions of fascistic Putin-Nazis, we're going to need to confront our primary enemy ... the international working classes. Yes, my comrades, I'm afraid it's time to face the facts, depressing as they are. The working classes are... Read More
Introduction Business writers, neo-liberal economists and politicians in North America and the EU heralded Latin America’s embrace of a ‘new wave of free markets and free elections’. Beginning in 2015 they predicted a new era of growth, stability and good government free of corruption and run by technocratic policy-makers. By early 2018 the entire neo-liberal... Read More
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How can I write a review of Andre Vltchek’s new book Revolutionary Optimism, Western Nihilism? I am damned if I do, and damned if I don’t. Andre himself says that: “There is nothing to add to the writing of maverick revolutionary philosophers. Hands off their work! Let them speak! Editions without prefaces and introductions, please;... Read More
This week I was interviewed on Russian TV about the possible new anti-Russian sanctions that Washington is considering that would prohibit anyone in the entirety of the world from holding Russian government bonds. Think about this for a moment. Washington thinks that Washington has the right and the power to block sovereign countries and their... Read More
Introduction For decades and longer, the United States and Europe lectured and encouraged countries in Latin America, Africa and Asia to welcome and accept foreign investment as the virtuous path to modernization, growth and prosperity. With few notable exceptions western leaders and academics promoted unlimited flows of capital (and the outflows of profits). No section... Read More
Introduction Political leaders, media moguls and journalists have saturated the public throughout the world with claims and accusations that President Trump is destroying the World Order, undermining historic alliances, western values, the world trade organizations and violating national and international constitutions and institutions. In the United States, legislators, judges and leaders from both parties have... Read More
The recently elected neoliberal government of Mauricio Macri has decided to seek a $50 billion IMF credit line, which will only enable more capital flight for the upper class and greater unpayable debt for the rest of the population, says the economist Michael Hudson. SHARMINI PERIES: It’s The Real News Network. I’m Sharmini Peries, coming... Read More
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Following the re-appointment of Medvedev and his more or less reshuffled government, the public opinion in Russia and abroad was split on whether this was a good sign of continuity and unity amongst the Russian leadership or whether this was a confirmation that there was a 5th column inside the Kremlin working against President Putin... Read More
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Introduction “Immigration” has become the dominant issue dividing Europe and the US, yet the most important matter which is driving millions to emigrate is overlooked is wars. In this paper we will discuss the reasons behind the massification of immigration, focusing on several issues, namely (1) imperial wars (2) multi-national corporate expansion (3) the decline... Read More
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Introduction The world is riven with class conflicts in Latin America, political conflicts between the Anglo-Americans and Russians, and economic conflicts between Washington against Europe and Asia. The conflicts have called into question the capacity of ruling elites to promote growth, to secure international stability and to foster global as co-operation. To understand the underlying... Read More
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For a generation, acceptance of the neoliberal doctrine “there is no alternative” has paralyzed politics in the West. If there is no alternative, what is politics to be about? The Authoritarian Center The traditional governing parties, center “left” and center “right” all follow the same neoliberal policies and constitute the self-designated “center”. Mainstream media enforce... Read More
Russian president Vladimir Putin’s speech at the St. Petersburg International Economic Conference last weekend shows the Russian government’s ensnarement by neoliberal economic policy. Putin defended globalism and free trade, and he warned that crisis will result from the breakup of the global system. In fact, crisis is the result of globalism and neoliberal economics. For... Read More
This is the lecture I would have given if I had been able to accept the invitation to address the St. Petersburg Economic Conference in Russia this weekend. Executive Summary: From the standpoint of Russia’s dilemma, this is an important column. Putin’s partial impotence via-a-vis Washington is due to the grip that neoliberal economics exercises... Read More
Readers ask me how they can learn economics, what books to read, what university economics departments to trust. I receive so many requests that it is impossible to reply individually. Here is my answer. There is only one way to learn economics, and that is to read Michael Hudson’s books. It is not an easy... Read More
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The West’s Finance-Capitalist Road
May 5-6, 2018 Lecture Second World Marxism Conference Peking University, School of Marxist Studies Volumes II and III of Marx’s Capital describe how debt grows exponentially, burdening the economy with carrying charges. This overhead is subjecting today’s Western finance-capitalist economies to austerity, shrinking living standards and capital investment while increasing their cost of living and... Read More
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Introduction President Trump cancelled his attendance at the Summit of the Americas meeting of all the 35 presidents of the region designed to debate and formulate a common policy. Trump delegated Vice President Michael Pence in his place. VP Pence a known nonentity with zero experience and even less knowledge of Latin America – US... Read More
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The Deep Meaning of the French Railroad Strikes
The current series of railroad strikes in France are portrayed in the media as “labor unrest”, a conflict between the government and trade union leaders, or as a temporary nuisance to travelers caused by the self-interest of a privileged category of workers. In Anglo-American media, there is the usual self-satisfied tongue-clicking over “those cheese-eaters, always... Read More
Photo by Francisco Osorio | CC BY 2.0
Thank God for the corporate media. If it wasn’t for them, and the ADL, I’d have probably never discovered that I’m a Nazi. Apparently, I’ve been one for quite some time … which is weird, as I had no idea. Here I was, naively believing that I’d been writing about global capitalism and the realignment... Read More
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As the Presidential elections in Russia are drawing near I am amazed to see how much interest this event is generating in spite of the fact that it sure seems to me that this will be an incredibly boring and, frankly, totally useless event. But first, full disclosure: I don't have much faith in the... Read More
gru
Do you remember the terrible onslaught of the mainstream media on presidential candidate Donald Trump in 2016? Dozens of revelations about his fake hair, pussy grabbing, tax avoidance and what not; dozens of public polls proving that the nation wanted Hillary and hated Trump, opinion pieces convincing you that only racist white trash could think... Read More
Outlook for the 1% (and the Democratic Party split), 2018
Low interest rates, "quantitative easing," and the mitigation of antitrust laws led to more mergers and acquisitions in 2017, but that's only going to fuel greater wealth inequality and tighten the corporate grip on the political system, explains economist Michael Hudson. GREGORY WILPERT: Welcome to The Real News Network. I'm Gregory Wilpert coming to you... Read More
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As we move into 2018, I am swinging away from the Republicans. I don’t support the Paul Ryan “Better Way” agenda. I don’t support neoliberal economics. I think we have been going in the wrong direction since the 1970s and don’t want to continue going down this road. Opioid Deaths: As we all know, the... Read More
PastClassics
The “war hero” candidate buried information about POWs left behind in Vietnam.
Are elite university admissions based on meritocracy and diversity as claimed?
The sources of America’s immigration problems—and a possible solution