The Unz Review • An Alternative Media Selection
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 Entire ArchiveWashington Consensus Items

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APEC meetings November 12, 2014 President Putin Pledges to Increase Trade with China and Asia to Rebuke Sanctions SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I’m Sharmini Peries, coming to you from Baltimore. During this year a number of governments applied sanctions against Russia for its involvement in the alleged pro-Russian... Read More
A serious depression is pending as a result of austerity, says Professor Michael Hudson, October 17, 2014 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I’m Sharmini Peries, coming to you from Baltimore. On Wednesday this week, the S&P 500 took a dive and then partially recovered itself in what stock market... Read More
In April 2014, fresh from riots in Maidan Square and the February 22 coup, and less than a month before the May 2 massacre in Odessa, the IMF approved a $17 billion loan program to Ukraine’s junta. Normal IMF practice is to lend only up to twice a country’s quote in one year. This was... Read More
Just as happened in Greece, the IMF is causing problems. Why does the Washington consensus continue to make prices more rather than less expensive? A short news piece on RT news.
Explosive! More to come on the Washington Consensus’ latest trickery.
Michael Hudson[1] The following article is from a new book, Flashpoint in Ukraine, edited by Stephen Lendman. It is currently available from Clarity Press as an e-book, and soon to be printed. Finance in today’s world has become war by non-military means. Its object is the same as that of military conquest: appropriation of land... Read More
with Thom Hartmann from RT’s The Big Picture.
Please click on the following link to hear my latest radio interview. Partial Transcript Justin Ritchie: “There’s a lot of people on the left and the right who are becoming increasingly critical of Quantitative Easing and the question we have is how does it work? What does it mean that the US Federal Reserve is... Read More
There are two quite different perspectives in the set of speeches at this conference. Many on our morning panels – Steve Keen, William Greider, and earlier Yves Smith and Robert Kuttner – have warned about the economy being strapped by debt. The debt we are talking about is private-sector debt. But most officials this afternoon... Read More
Paul Krugman is widely appreciated for his New York Times columns criticizing Republican demands for fiscal austerity. He rightly argues that cutting back public spending will worsen the economic depression into which we are sinking. And despite his partisan Democratic Party politicking, he warned from the outset in 2009 that President Obama’s modest counter-cyclical spending... Read More
Hudson on Lauren Lyster’s Capital Account discussing the upcoming Washington Consensus meetings.
Michael Hudson features in this 40 min documentary on the role property speculation and public finance had on this Great Recession. What role does economics itself have to blame for policy failure? More details
Michael appeared on Guns and Butter alongside Assoc Professor Stephanie Kelton in Rimini. Listen to the interview aired March 7th. Make sure you read Michael’s piece on Our Very Oscar Night in Rimini for more background. “There IS An Alternative To European Austerity: Modern Money Theory (MMT)” with Stephanie Kelton and Michael Hudson in Rimini,... Read More
See Dr Hudson with Max Keiser in On the Edge as they sift through the latest issues including the EU, Ron Paul, Austrian economics, Iran and the role of the US dollar.
Michael appeared on KPFK’s Background Briefing to discuss the recent Euro downgrades and the state of the EU. What is behind the S & P downgrades? Listen to the interview.
As first published in Frankfurter Allgemeine Zeitung The easiest way to understand Europe’s financial crisis is to look at the solutions being proposed to resolve it. They are a banker’s dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk submitting... Read More
Has the Link been Broken?
*This article appeared in the Frankfurter Algemeine Zeitung on December 5, 2011. Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to “take the multitude into their camp” and usher in democracy,... Read More
The New Bank Disaster Olafur Arnarson, Michael Hudson and Gunnar Tomasson* The problem of bank loans gone bad, especially those with government-guarantees such as U.S. student loans and Fannie Mae mortgages, has thrown into question just what should be a “fair value” for these debt obligations. Should “fair value” reflect what debtors can pay –... Read More
Trade and Payments Theory in a Financialized Economy
Paper delivered at the Boeckler Foundation meetings, Berlin, October 29, 2011, #D3. Summary Ricardian trade theory was based on the cost of labor at a time when grain and other consumer goods accounted for most subsistence spending. But today’s budgets are dominated by payments to the finance, insurance and real estate (FIRE) sector, and to... Read More
We all know that the world is unfair. The most useful question to ask is how much poverty is economically necessary, how much is a product of policies that can be alleviated? A related question is how financial and fiscal austerity hurts the national economic interest. This problem is especially relevant in Russia today, since... Read More
November 12, 1989, New York Times This article was published in the NYT more than 20 years ago, forecasting precisely what has happened. I attended the annual meetings of the International Monetary Fund and World Bank in Washington last month. When the meetings ended, I was left with the impression that no further writedowns would... Read More
A landmark fight is occurring this Saturday, April 9. Icelanders will vote on whether to subject their economy to decades of poverty, bankruptcy and emigration of their work force. At least, that is the program supported by the existing Social Democratic-Green coalition government in urging a “Yes” vote on the Icesave bailout. Their financial surrender... Read More
His Old Time Religion was right after all
It all seems so long ago! On October 23, 2008, Alan Greenspan choked up a mea culpa for his deregulatory policy as Federal Reserve Chairman. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee... Read More
What does Norway get out of its Oil Fund, if not More Strategic Infrastructure Investment? For the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its oil-export receipts – which are in foreign currency – in... Read More
Debt Defaults, Austerity, and Death of the “Social Europe” Model
A spectre is haunting Europe: the illusion that Latvia’s financial and fiscal austerity is a model for other countries to emulate. Bankers and the financial press are asking governments from Greece to Ireland and now Spain as well: “Why can’t you be like Latvia and sacrifice your economy to pay the debts that you ran... Read More
Read more of Jeffrey Sommers and Michael Hudson’s article in The Guardian. The article was also referenced in the NY Times.
and Keep Its Economic Surplus for Itself
CDES Conference, Brasilia, September 17, 2010 I would like to place this seminar’s topic, ‘Global Governance,’in the context of global control, which is what ‘governance’ is mainly about. The word (from Latin gubernari, cognate to the Greek root kyber) means ‘steering’. The question is, toward what goal is the world economy steering? That obviously depends... Read More
Part 2 Part 3
Michael Hudson on Renegade Economists Radio discussing China’s looming isolationism, the background on G20 austerity plans plus a few serves on what economics should be looking at. Hudson appears at the 2 minute mark. Audio – 22/06/2010 Subscribe to the Renegade Economists podcast
The “New Austerity” Road
Europe is committing fiscal suicide – and will have little trouble finding allies at this weekend’s G-20 meetings in Toronto. Despite the deepening Great Recession threatening to bring on outright depression, European Central Bank (ECB) president Jean-Claude Trichet and prime ministers from Britain’s David Cameron to Greece’s George Papandreou (president of the Socialist International) and... Read More