Overview: This was an impromptu conversation precipitated by former Congressman Dennis Kucinich to have a deep dive discussion with a former economic advisor, Michael Hudson, on the shockingly large recent bank collapses. As the former chair of the powerful Government Oversight Subcommittee, Kucinich had a ringside seat in unraveling the bank collapses after the housing bubble burst. He confronted the players in the field with withering questions in Congressional hearings. Now Kucinich wanted important feedback from a banking insider on how this crisis was different than the one in 2008.
Economists Radhika Desai and Michael Hudson explain the end of the British empire’s sterling area with the rise of the US dollar system, its central role in imperialism, and why it ultimately failed to accomplish Washington’s hegemonic goals.
In this episode of Geopolitical Economy Hour, economists Radhika Desai and Michael Hudson discuss inflation: what it is, what causes it, and what are the problems in how the Federal Reserve and other central banks respond to it.
Introducing Geopolitical Economy Hour: This is the first episode of a show being hosted every two weeks by economists Radhika Desai and Michael Hudson. They present the program and discuss the rise of the multipolar world and decline of US hegemony.
A Dec. 11 New York Times report highlighted how thousands of public high school students in majority poor, Black and Brown districts are funneled into the U.S. military’s Junior Reserve Officers’ Training Corps program. Students are automatically enrolled and forced to participate as an explicit requirement without parental consent. Some high schools have saved money by using JROTC, which is ostensibly a feeder system for children to ultimately enlist in the military, as an alternative to hiring physical education or health teachers. (NY Times, Dec. 11)
Questions from Almayadeen TV, Lebanon by Mohammad Itmaizeh
1: In light of the conditions that Europe is experiencing, in terms of high energy prices and the repercussions on the industrial sector, like the closure of factories and the high cost of production. In your opinion do European countries have the capacity and resources to prevent industrial investments from “escaping”? Especially since the US plans in general to restore industry to its lands, thus, it may represent an opportunity to lure European industries to move to there and take advantage of cheap energy prices. This shift will have wide repercussions on Europe’s productive capacities and competitiveness, as well as on its trade balance. So, what happens to the position of Europe in the global economic system? Will it remain part of the capitalist center or deviate from it?
Prof. Hudson speaks on the nature of US financial dominance, the role of World Bank in developing countries, USA’s ability to run a huge balance of payment deficit, changes in Russia after the fall of the Soviet Union, the problems of US economy with post-industrialization, and the role of neoclassical economics in all this.
My friend Gary left Michigan, went to Sweden years ago, and earned his PhD. He’s a research professor. He was not charged any tuition as long as he continued to qualify and thus held no student debt. That’s how it’s done in much of Europe, at least for public universities.