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.
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.
It is time for an unusual but long overdue revolt by the 150 million tax-with-held taxpayers. I’m not speaking of rates of taxation that the rich and corporations largely avoid because of the gigantic tax escapes, which they grease through Congress. Today I’m hoping to get your dander up by showing how corporatist politicians make you pay for big corporations to come to their corporate welfare-friendly state and make profits.
Crimes without criminals was not a subject for study when I was in law school. The two were seen as part of the same illegal package. That was before notorious corporate lawyers and a cash register Congress combined to separate economic, health and safety crimes from corporate accountability, incarceration and deterrence.
The financial wizards of Wall Street have devised a new way to profit from Mother Nature. They’ve created a class of stocks called Natural Asset Companies that will control the earth’s resources such as water, wildlife, forests, minerals, and farmland. The project was developed by the Intrinsic Exchange Group in partnership with the New York Stock Exchange, the Inter-American Development Bank, the Rockefeller Foundation, and the investment firm Aberdare Ventures.
As the size and severity of the corporate crime wave surges, Congress is asleep at the switch. The mostly captive Capitol Hill Gang has sat on an antiquated federal criminal code, starved the budget of regulatory health, safety, and consumer/labor protection agencies, and let corporate crooks routinely get away with their crimes.
theAnalysis-news on Nov 2, 2020
Trump’s economic policies have not addressed the fundamental forces that have gutted industrial jobs under the administrations of both parties, says economist Michael Hudson on theAnalysis.news podcast with Paul Jay.
with Chris Hedges
act.tv on Sep 21, 2020
Julianna welcomes back Pulitzer Prize-winning journalist and best-selling author, Chris Hedges, to discuss how in his current book, America: The Farewell Tour. Hedges takes a close look at the array of pathologies that have arisen out of a profound malaise of hopelessness as the society disintegrates due to the “slow moving [corporate] Coup d’état” instituted by the ruling classes in the ’70s in reaction to the activist movements and reforms of the ’60s. And how this disintegration has resulted in an epidemic of diseases, despair, and a civil society that has ceased to function.
The U.S. is Saving the Financial Sector, not the Economy
Before juxtaposing the U.S. and alternative responses to the coronavirus’ economic effects, I would like to step back in time to show how the pandemic has revealed a deep underlying problem. We are seeing the consequences of Western societies painting themselves into a debt corner by their creditor-oriented philosophy of law. Neoliberal anti-government (or more accurately, anti-democratic) ideology has centralized social planning and state power in “the market,” meaning specifically the financial market on Wall Street and in other financial centers.
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.