Peking University, School of Marxist Studies
May 5-6, 2018
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 doing business. That is the main reason why they are losing their export markets and becoming de-industrialized.
Speech to Kairos group, Union, Columbia
[Edited version for clarification, January 23, 2017]
The focus of my talk today will be Jesus’ first sermon and the long background behind it that helps explain what he was talking about and what he sought to bring about. I’ve been associated with Harvard University’s Peabody Museum for over thirty years in Babylonian economic archeology. And for more than twenty years I’ve headed a group out of Harvard, the International Scholars Conference on Ancient Near Eastern Economies (ISCANEE), writing a new economic history of the ancient Near East.
One percent already has half the world’s wealth under its thumb and at this rate is set to accumulate even more. As much of the world slowly recovers from severe recession, the rich are prospering and greatly so. Is the global system rigged to their advantage? CrossTalking with Max Lawson, Richard Wellings and Michael Hudson.
S-curve: The typical shape of growth in nature, such as human beings whose height tapers off as they reach maturity. They also typify most business cycles, which taper off after an upswing as employment, raw-materials and resource limits are approached and wages and commodity prices rise, slowing profits. The demand for specific products likewise tapers off as markets become saturated. Meanwhile, the fact that financial claims and debts tend to grow at compound interest means that financial dynamics tend to outrun the S-curve of production and consumption, creating business crises which end the upswing. Continue reading →
The Q&A questions included: The difficulties in US media to gain funding for progressive films and the films present distribution especially in US Prisons, the history of how the US became the leading country in the world in mass incarceration, the US two tier legal system and society, how the US Democratic system is broken, the decrease and destruction of traditional progressive organizations movements in the US, a blistering attack by Chris Hedges of the Clinton Presidency, how the drug war has had severe negative consequences within the US and also in Mexico and South America, the creation of what Chris Hedges calls a new global neo-feudalism society and the need for the re-creation of progressive mass movements for social change.
I was interviewed on the Renegade Economists radio/ podcast entitled Crony Competition on the road to Unearned Income: Prof Michael Hudson gives a wrap on the economics of 2013 as we discuss Detroit, Iceland, Madoff, Marx and Blackstone Capital.
In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson’s new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more.
Insolvent! That would be Detroit, which gave us the Supremes and the vehicles that fueled our happy motoring paradise for decades. Unfortunately, after years of decline, the Motor City finally filed for bankruptcy protection yesterday — a move that was not entirely unexpected. That’s right — $18 billion in liabilities is at stake — a record for the US. Is this the first domino that might just validate Meredity Whitney’s 2011 prediction of a wave of muni defaults? Continue reading →
The Democrats could not have won so handily without the Citizens United ruling. That is what enabled the Koch Brothers to spend their billions to support right-wing candidates that barked and growled like sheep dogs to give voters little civilized option but to vote for “the lesser evil.” This will be President Obama’s epitaph for future historians. Orchestrating the election like a World Wrestling Federation melodrama, the Tea Party’s sponsors threw billions of dollars into the campaign to cast the President’s party in the role of “good cop” against stereotyped opponents attacking women’s rights, Hispanics and nearly every other hyphenated-American interest group.
This is an edited and expanded transcript from a live phone interview by Dimitris Yannopoulos for Athens News, September 2012.
Dimitris Yannopoulos: As an academic with a strong grounding in economic history as well as banking and a Clean Slate, professor Michael Hudson has built his own school of thought – distanced from both Keynesians and neoliberals – with regard to the stark options facing a contemporary Western world drowning in unsustainable debts of governments and households at the mercy of global banks and financiers.
In this episode, Max Keiser and co-host, Stacy Herbert discuss debt piles and thin dimes. They also discuss Christine Lagarde begging for money outside Penn Station while insider trading bankers ‘charitably’ talk to beggars at Grand Central. In the second half of the show Max talks to economist Michael Hudson about the austerity, debt and fraudulent conveyance.
[Note: revised by the author and replaced text Oct. 17, 2011]
Image by waywuwei via Flickr
The Occupy Wall Street movement sweeping across the US faces a tricky dilemma, the outcome of which will determine its historic impact. Up to now, part of the movement’s strength derives from its diffuse, eclectic spread of voices. That enigma makes it hard to define and confront from the authorities’ point of view. However, sooner or later the campaign will have to set out its own agenda by defining demands and aims. Otherwise, it runs the risk of running out of the admirable popular momentum that it has thus far generated; also, such a vacuum allows others who do not share the ultimate concerns of the grassroots to define the direction of the movement – a direction that most likely will lead to a safe, blind alley – again from the authorities’ point of view. Continue reading →
This week Max Keiser and co-host, Stacy Herbert, report on selling Greece’s sovereignty and Spain’s El Gordo. In the second half of the show, Max talks to economist Michael Hudson about the IMF assassins sent in to destroy the Greek economy.
Financial strategists do not intend to let today’s debt crisis go to waste. Foreclosure time has arrived. That means revolution – or more accurately, a counter-revolution to roll back the 20th century’s gains made by social democracy: pensions and social security, public health care and other infrastructure providing essential services at subsidized prices or for free. The basic model follows the former Soviet Union’s post-1991 neoliberal reforms: privatization of public enterprises, a high flat tax on labor but only nominal taxes on real estate and finance, and deregulation of the economy’s prices, working conditions and credit terms.