Multipolarista on Sep 8, 2022
Economist Michael Hudson discusses partial student debt relief in the US, inflation and the Fed, disaster capitalism in Ukraine, and China’s challenge to the petrodollar.
This time Eric welcomes back author and economist Michael Hudson to discuss his new book The Destiny of Civilization: Finance Capitalism, Industrial Capitalism, or Socialism available from CounterPunch.
Empire of Inflation: Economist Michael Hudson on U.S. Economic Warfare and Super Imperialism
The Left Lens on May 25, 2022
Economist Michael Hudson joins the Left Lens to discuss the rise of inflation, the weakening of the U.S. dollar, and the consequences of U.S. economic warfare in the Ukraine crisis.
Shepheard-Walwyn Publishers on Jun 16, 2022
Welcome to the Shepheard Walwyn podcast and a two part interview with Michael Hudson, perhaps to the world’s most influential (but rarely acknowledged) economist. Michael has had a remarkable career starting off as a practical or reality-based economist working for a variety of institutions looking and how banks really behave.
To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.
Noting that there is always money to be thrown at the finance industry but little for social needs is by now about as startling as noting the Sun rose in the east this morning. But what is eye-opening is the truly gargantuan amounts of money handed out to benefit the wealthy.
It’s hard not to agree with American professor Richard Wolff when he says the real disease facing the world is not Covid-19 but rather the failed economics of capitalism.
Wolff’s analysis is more cogent than ever.
Updated: July 12, 2020
Matt Taibbi concluded that the 2008 Wall Street bailout had “built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors.” In this post-crash environment, the largest financial institutions gained more of a hegemonic grip than ever, with the five biggest banks having come to own almost half the industry by 2015.
BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.
Insolvent Wall Street banks have been quietly bailed out again. Banks made risk-free by the government should be public utilities.
When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans.