RP Live with Michael Hudson: The Destiny of Civilization
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- čas přidán 31. 05. 2024
- RP Live with Michael Hudson, The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism
In this comprehensive RP Live interview hosted by Luke Cher, Michael Hudson, a prominent economist and professor of economics at the University of Missouri-Kansas City, delves into a wide range of economic issues affecting civilization's destiny. Hudson articulates the dichotomy between finance capitalism, prevalent in the United States and Europe, and industrial capitalism, pursued by countries like China and Russia. He argues that the global economic fracture is not merely a conflict of interests but a clash of fundamentally opposing economic systems. Hudson criticizes finance capitalism for prioritizing the generation of profits through financial manipulation over productive industrial growth, leading to high-cost economies burdened by debt and austerity measures.
Throughout the interview, Hudson explores themes such as debt deflation, the predatory nature of unproductive debts, and the manipulation of economies through financial policies. He provides historical context to these issues, drawing parallels with economic practices dating back to ancient civilizations and pointing out the systemic exploitation embedded in modern financial systems. Hudson calls attention to the deleterious effects of financialization on housing, healthcare, and overall economic stability, advocating for public banking and monetary reform as potential solutions.
Specific discussions highlight how major financial and industrial shareholders collaborate to prioritize short-term financial gains over long-term industrial growth, the role of economic rent and unearned income in perpetuating economic inequality, and the function of a debt jubilee in resetting the economic landscape. Hudson critiques current housing policies and suggests taxing land rent as a means to address housing affordability.
Additionally, Hudson comments on the international ramifications of financial policies, particularly emphasizing the detrimental impact of the International Monetary Fund (IMF) and dollar hegemony on global economic independence and development. He briefly touches on the economic dimensions of geopolitical tensions, including the situation in Ukraine, elucidating how financial interests shape international relations.
Michael Hudson's insights offer a critical perspective on the dynamics of capitalism, challenging prevailing economic models and advocating for systemic changes to foster equitable and sustainable economic development. His call for reconsideration of economic fundamentals-away from finance capitalism towards a model that genuinely serves societal needs-resonates as a crucial discussion point for policymakers, economists, and the public.
#imperialism #NATO #IMF #neoliberalism #debt #Russia #Ukraine
We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976.
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00:00 Meet Luke Cher: Student, Activist, and Real Progressive
00:50 Introducing Michael Hudson: Economist and Author
01:07 Exploring the Destiny of Civilization: Finance vs. Industrial Capitalism
06:39 The Evolution of Debt and Its Impact on the Economy
13:47 Distinguishing Between Productive and Unproductive Debt
17:24 The Global Shift: De-Industrialization and Financialization
18:28 Unraveling the Concept of Dollar Hegemony
24:57 The Interplay Between Financial and Industrial Sectors
27:25 Commodification of Essential Services and Its Effects
33:18 Understanding Economic Rent and Unearned Income
37:00 The Concept of Rent and Its Economic Impact
38:00 Debt Jubilee: Historical Examples and Modern Implications
45:47 Addressing the Housing Crisis Through Economic Reform
57:43 The Role of Money in the Economy: Debunking Myths
59:42 Inflation and Monopoly: Understanding Price Increases
01:00:57 Exploring Modern Monetary Theory (MMT) and Its Applications
01:02:51 The IMF's Influence on Global Economics
01:04:58 Concluding Remarks and Where to Find More Information
#MMT
#RealProgressives
#LearnMMT
#INSIST
After watching this, check out "Does Capitalism Exist?" to understand how the continued mind conditioning has wrongly convinced us that Capitalism is the solution to all our woas, to prevent us from understanding that it's creates fascism throughout the world. czcams.com/video/LNgXHrA1GBw/video.html
It's "W O E S" you dimbulbs..
Michael mentioned Henry Ford who warned us about these financial vultures
Professor Hudson is a national treasure.
He probably needs a Bodyguard. I'm sure the 1% doesn't want his message getting out there.
Indeed.
The State is forced to choose which segment of the population must starve first, keeping up the effort during a civil war. "Humans are a virus, a plague on this planet" The math for peak oil production was fairly easy when the data of peak global oil discoveries was a known fact in 1956. There is no other plan, only too big to fail. State Chattel are best bred for unawareness & voting for someone telling them how it will be.
Jesus Christ is pure Roman fiction & state propaganda. It is profound so many publicly insult intelligence with suggestions progress is made with one foot in fantasyland. God help us they get elected & make the rules. The vast bulk of mankind's oldest original documents are recordings of torture & looting & the inquisitions are taught as a thing of the past.
" In the XII century significant events take place, as described in the Gospels: the coming of Jesus Christ, his life and crucifixion, although the existing text of the Gospels was edited and most likely dates to the XIV-XV cc. In the mid XII century, in the year 1152, Jesus Christ is born. In secular Byzantine history he is known as Emperor Andronicus and St. Andrew the Apostle the First-Called in Russian history he was portrayed as the Great Prince Andrey Bogolyubsky. To be more specific, Andrey Bogolyubsky is a chronicler counterpart of Andronicus-Christ during his stay in Vladimir-Suzdal Rus’ of the XII century, where he spent most of his life. In fact, the Star of Bethlehem blazed in the middle of the XII century. This gives us an absolute astronomical dating of Christ’s Life. [ЦРС], ch.1. ‘Star of Bethlehem’ - is an explosion of a supernova, which at present is incorrectly dated to the middle of the XI century. The present-day Crab Nebula in the Taurus Constellation is the remnant of this explosion. Enigmatic timber scarcity in Late Antiquity and Early Middle Ages as first recognized by dender-pioneer Ernest Hollstein (1918-1988) "No sites exist anywhere with uninterrupted timber specimen from about 1000 CE backwards to Imperial Antiquity(1st-3rd c.). which is why the dendro-chronologies for Ancient Rome and, thereby the entire first millennium are in disarray. Since the very existence of the chronology periods without wood samples was never doubted by the researchers, nobody started to question our textbook chronology. Instead, out of stratigraphic context, scholars searched for wood samples in wells or moors to fill the irritating gaps. In addition, identical reign sequences were used twice in a row to gamer more years. Therefor, "all dendrochronological datings done on West Roman time wood is wrong by some unknown number of years - New Chronology literature. czcams.com/video/c876lPZ-UZU/video.html&ab_channel=PlanetAmnesia
@@dangerzone007 Is it possible that if he came to an untimely end he would be considered a martyr by many? Is it possible that that is the calculation that the CIA-FBI is making?
Possibly the best interview Luke has ever done. Michael Hudson just keeps getting better and better.
Thanks!
All of Michael Hudson's books are must reads! Free Julian Assange!
My impression is that destiny of civilization is less emotionally taxing than some of them... I am reading it now.
I always enjoy Professor Hudson’s talks.
I read killing the host, I am starting on destiny of civilization... I also have supper imperialism third eddison in my possession.
When "Free Market" means exactly the opposite and no one sees it, ideology has been achieved 🙈
A free economy is an economy free from rent-seekers (landlords, banks, monopoly corporations). - Adam Smith
Anytime someone refers to the US as having a "free market" economy I jokingly say "you mean a free-for-all economy".
Fantastic show. It's always great to get an international perspective on economic and political issues from Michael Hudson.
Incredible lecture. Bless this man.
We appreciate the love!
I usually don't leave two comments, but this was SUCH a great, informative episode, I wanted to thank Michael Hudson for his time and unflinching, insightful breakdown of neoliberal ideology and imperialism.
I would love to hear his opinion on how these oligarchs can be so insanely greedy to destroy the host. I've never really believed in a personified evil, like Satan, but these elitists are so sociopathic I know of no better terms than evil or demonic or Satanic.
It makes you wonder if there's any truth to the conspiracy theories claiming they get together and drink baby's blood, or whatever.
I'm not saying I believe that, I'm saying I can't wrap my head around this degree of apparently insatiable greed that is going to kill us all and make this planet uninhabitable for human life..
It's astonishing, the degree of psychopathy present.
Also, who are they?? Because, unfortunately, I think he's correct that the system is beyond reform.
The tree of liberty is dehydrated.
Thank you!
You mean like the kind of psychopathy that creates an economic system based on torture-based labor, the murderous theft of resources/assets, scorched Earth levels of stinginess and thuggist extortion? Dumb, violent parasites.
@@sergegainsbourgii1852 yes, exactly
Well put.
They are the WASPs. They recruit visible scapegoats from every group but one in particular to deflect. They are the kings of deflection because ironically they are the 2nd born failsons of the British empire aristocrats and in that system their power as US was illegitimate since it supposedly rightfully belonged to the 1st sons.
The 2nd sons got greedy and created the US when the British empire abolished slàvery in 1772 Somerset Case and then the founding fathers created the US to preserve slåvery and their greed.
US = empire by denial/deception
They do rely on sadism (torture and death) rituals to terrorize the populace and they are addicted to sadism. People do get addicted to the pleasure received when inflicting pain/violence. They are possessed by the death instinct and it becomes all consuming just like any addiction/pathology.
I listen to everything I can from Michael Hudson.
Michael Hudson is a genius
As always great work by the Real Progressives folks. I love that Michael Hudson validated modern money theory toward the end of this.
Many of his followers reject MMT not realizing that Michael Hudson is from the University of Missouri Kansas City MMT group of intellectuals and academics.
Brilliant analysis. We went from stakeholder capitalism to shareholder capitalism. We went from small business capitalism to a monopolized corporatism.
The video he referenced is incredibly informative and interesting. It used to be on CZcams unded the title "The Most Important Video You Wll Ever Watch, " but the real title is called "Mathematics and the Exponential Function ," or something similar.
Peace!!
The State is forced to choose which segment of the population must starve first, keeping up the effort during a civil war. "Humans are a virus, a plague on this planet" The math for peak oil production was fairly easy when the data of peak global oil discoveries was a known fact in 1956. There is no other plan, only too big to fail. State Chattel are best bred for unawareness & voting for someone telling them how it will be.
Jesus Christ is pure Roman fiction & state propaganda. It is profound so many publicly insult intelligence with suggestions progress is made with one foot in fantasyland. God help us they get elected & make the rules. The vast bulk of mankind's oldest original documents are recordings of torture & looting & the inquisitions are taught as a thing of the past.
" In the XII century significant events take place, as described in the Gospels: the coming of Jesus Christ, his life and crucifixion, although the existing text of the Gospels was edited and most likely dates to the XIV-XV cc. In the mid XII century, in the year 1152, Jesus Christ is born. In secular Byzantine history he is known as Emperor Andronicus and St. Andrew the Apostle the First-Called in Russian history he was portrayed as the Great Prince Andrey Bogolyubsky. To be more specific, Andrey Bogolyubsky is a chronicler counterpart of Andronicus-Christ during his stay in Vladimir-Suzdal Rus’ of the XII century, where he spent most of his life. In fact, the Star of Bethlehem blazed in the middle of the XII century. This gives us an absolute astronomical dating of Christ’s Life. [ЦРС], ch.1. ‘Star of Bethlehem’ - is an explosion of a supernova, which at present is incorrectly dated to the middle of the XI century. The present-day Crab Nebula in the Taurus Constellation is the remnant of this explosion. Enigmatic timber scarcity in Late Antiquity and Early Middle Ages as first recognized by dender-pioneer Ernest Hollstein (1918-1988) "No sites exist anywhere with uninterrupted timber specimen from about 1000 CE backwards to Imperial Antiquity(1st-3rd c.). which is why the dendro-chronologies for Ancient Rome and, thereby the entire first millennium are in disarray. Since the very existence of the chronology periods without wood samples was never doubted by the researchers, nobody started to question our textbook chronology. Instead, out of stratigraphic context, scholars searched for wood samples in wells or moors to fill the irritating gaps. In addition, identical reign sequences were used twice in a row to gamer more years. Therefor, "all dendrochronological datings done on West Roman time wood is wrong by some unknown number of years - New Chronology literature. czcams.com/video/c876lPZ-UZU/video.html&ab_channel=PlanetAmnesia
I'm having some trouble finding the video, can you get us a link?
@@Magusdlbr here you go, it's in 8 parts this is 1:
czcams.com/video/F-QA2rkpBSY/video.html
@@alanhehe4508 Thank you very much!
@@Magusdlbr you are very welcome my friend
Hudson is fire!
Indeed he is 🔥
well worth the wait ty to the post production christina and others involved team for this as well and to Mr Hudson for his time.
He's a blinkin encyclopaedia of truth
Amazing interview. Hudson has taught me so much and his talks and his writing I'm still trying to grasp all of the concepts he presents. Such a brilliant understanding of how economic history has been used right to the present day!
financial capitalism: privatised healthcare => illness farming
Excellent Program
Much appreciated!
Brilliant Micheal Hudson.
Michael Hudson always has great insights.
The essence of his thesis is rent and interest as framed by Adam Smith, Recardo, Mills... These payments subtract from production yet they are included in GDP statistics..... 'State of the art' economics taught at the University ignores debt and debt deflation... This is chapter two in 'destiny of civilization'
Micheal hudson the best !!!
Thank you professor Hudson, you are one of the best economical thinkers of our time.
Congratulations for your fabulous work.
Another banger by Real Progressives. Thank you for your work. Keep spreading your message.
Steve, great segment with Sabby the other day. I hope you continue to collaborate with other content creators
Great Q & A. Inspires me to go and read some of the primary sources cited by the guest
Thanks!
Successive Norwegian Governments have set the example, using the country's natural resources for the long-term benefit of the population.
A dual citizen of Norway and Australia, Kim Wingerei laments the lost opportunity of a century, the failure of our political classes to establish a sovereign wealth fund. But it’s still not too late to stop the flood of our natural resources overseas.
Lang Hancock flew over the Pilbara in 1952, identified iron ore sites and took possession, making him and his descendants some of the richest people on the planet. When Phillips Petroleum found oil and gas in the North Sea in the late sixties, they had to acquire licensing rights from the Norwegian government to extract it, making the country the richest in the world.
As a former North Sea Offshore Installation Manager I can relate to that. However, The Netherlands did the same, but they put it on whole sale and funded their political games. There must be accountability.
K guys, let's storm the comments and get this out there.
Thanks. We always appreciate the support!
@@RealProgressives I may be a pauper, but I can still flap my keyboard gums
Maybe its unfair to compare but I find Michael Hudson's political-economic analysis and forecast far more cogent than fellow Marxian economist Richard Wolff, whose worker co-op solution has always seemed to me a bit starry-eyed.
I agree
Agree. I think Professor Wolfe needs to remove the rose colored glasses. Especially when it comes to how impressed he is with China. He exalts their success in “lifting millions out of poverty” with no acknowledgement that a good many of those people were forced off of their own land and out of their subsistence but autonomous lives, or of their new status as slaves in a hard caste system.
More, nothing he says even applies to the life of someone like myself who prefers to work for myself or for small owner operated businesses, who’s never been nor ever will be one of many cogs in a larger machine.
He only has that one lane, worker controlled means of production, that’s based entirely on everyone being in the same circumstances. And feel free to just shoot me if I ever end up in those circumstances!
His viewpoint also presumes endless growth of economy and production, no better than capitalism in this finite world that we’ve already stripped bare.
..Of course Michael doesn’t address that either.
We have always questioned Richard Wolff's assertions about Capitalism and how it should work. It's as though he says as little as possible. He uses the same old Worker Co-op
model. Meanwhile, Dr. Hudson is far, very far more comprehensive in how US capitalism works - through a complicated system, All to ensure the Super Wealthy keep their wealth and how that system, beholding to top 10% wealthiest eventually destroys an entire nation; in this case America.
I liked his reference to central planning. That's often used as a pejorative regarding a socialist economy. He said the US economy is also centrally planned...by Wall Street.
Very true.
I'm a faithful fan of Michael Hudson and would love to see him as the chief economic advisor to the POTUS, He is focused on finding the optimal economic rules to give us a stable and socially harmonious economic system...to reform the current system which is not up to spec on either of those features. However, I have never heard or read anything from him about Herman Daly's concept for a Steady State (no more growth) economy, and yet this is what we should be seeking to establish for our finite spaceship earth. I also have never heard or read anything from him about our addiction to and entrapment by technological "progress". I believe that if we are going to talk about the destiny of civilization (if that's what our economic way of life is...not sure, as Gandhi expressed, whether it really is civilized.), then those two issues are of over-riding importance...If we are not seeking steady state economics and putting the brakes on technological "progress" whatever else we do becomes moot. Professor Hudson may be a bit like a doctor encouraging Evel Knievel to stop smoking and drinking, and to eat a healthy diet, while saying nothing about his way of making a living.
Brilliant.
Great talk! This was one of the best Hudson interviews I've seen in a while. Thanks everyone.
Tis our pleasure!
Michael Hudson has been describing the same forces and contradictions for years, and now their terrible consequences are playing themselves out before our eyes. No wonder he's suddenly on everybody's radar!
She references Hudson. This Austerity Trinity is new. Its hers
One assumption that Professor Hudson seems to make is that financial capitalism and industrial capitalism must carry out the same responsibilities in directing an economy.
For example, under both approaches, someone must pay for healthcare. While socialism places that responsibility on the government, capitalism does not. Capitalism doesn't even give a hoot if labor can't pay for its own healthcare. Capital will help defray those costs only if forced by a socialist regulation, a regulation it will lobby to shut down.
Professor Hudson likes to give capitalists an out and attributes to them a sense of self-enlighten, where they recognize that paying for healthcare is a necessary, not an exogenous, cost for doing business. In reality that rarely happens outside of socialist cultures. In reality, capitalists, especially globalist with no bothersome attachments to the local color, see such costs as unnecessary, as a societal problem and certainly not as their problem.
The world is splitting into two camps: socialists and barbarians.
This is all too binary. Those European countries most famous for free or lowcost public healthcare are all capitalist.
Thanks all for tuning in for this edition of RP Live! with Michael Hudson! Please join us Sunday November 13 @ 3 pm ET for our next RP Live! with Fintech expert Brett Scott as he discusses his book Cloudmoney. Click on the link to register for the webinar!
realprogressives.org/event/rp-live-with-brett-scott/
For those who missed this, we hope to have the video availble to you as soon as we are able - thanks for your patience. Meanwhile - keep sending this amazing Hudson Q&A to your friends and family.
Always great to listen to Michael Hudson.
There should be a fully public option on ALL basic needs!!
This interview had quite the shock value to it.
Great guest 👏🏻
Thank you!
During feudalism, how many times did the feudal lords get killed by the new feudal lords?
Subtle cuttings, subliminally sublime.
No jerks here.
Yes wonderful how all the verbal annoyances were cut out.
@57:27 on changing commercial banks to savings banks:
"I was (2008 US presidential candidate Dennis) Kucinich's economic advisor for that."
incredible!
Thank you!
The part about the Democratic Party and Obama is spot on. 💯
I think his comments there are disgusting. It’s as if he’s a Putin asset.
@@brianruschel1934: A Putin asset? What the heck does that mean, given the context of the discussion?
Again, and again, I judge that Michael Hudson is a True Harvard University man. Veritas! Historical economic, archeological, anthropological, of course, at Harvard, LANGUAGES, and many other disciplines makes him a true Humanity's Individual. His economic critique is sheer genius.
Prof Hudson is the most realistic economist alive. One wee issue though, in his contrast between a private health service and a public one, he generalizes that the privte one will prefer people to be chronically sick and thus they make more profits which eventually boosts GDP and he suggests in a public health service like the UK's NHS, they strive to keep costs down and cure people. Oh how I wish this were true! The NHS here in the UK hsa turned Docs into Big Pharams drug/pill pushers where chronic illness is also being managed for maximum profit as the NHS boards were taken over decades ago in the days of Thatcher by financial people to run their performance and KPI's. Nye Bevan's dream of helping people from the cradle to the grave in health, dentistry and even eyesight has been ravaged by private greed and dismantled so much it can hardly cope with demand given so many people are sick from eating food soaked in glyphosate and processed food full of sugar, thus driving up metabolic syndrome, where we have many obese people STARVING FOR NUTRIENTS. Docs here are rarely taught Nutrition and so most of the population is nutritionally deficient in many minerals and essential vitamins. Ignorance of nutrition in the UK is startling. Hence disease is an industry in the UK that is cultivated and dangerous health risks like sepsis are rife with alost no one with the knowledge to hit sepsis with high does IV Vitamin C rapidly to save lives. We now have health Security and a push for globalists to get hold of medical records and control every ascpet of our lives from the same globalists running the USA economy for short term greed. Don McLean was right in the song Tapestry when he wrote 'If man is allowed to destroy all we need, He will soon have to pay with his life for his GREED!' (Obv a man of Scottish heritage!) Briliant interview btw! Thank you for making it
Yeah, the NHS is slowly being underfunded and privatized. If it were run properly and fully funded by the currency-issuing govt instead of people lying abt needing to raise funds via tax or charity, it would be vastly better. The natl govt, as the currency-issuer, has no need for profit.
What a great resource is Professor Hudson!
Pretty accurate depictions of the political party options. Bernie Sanders is a point of difference, and had popular support but he was knee capped by democratic party and donors.
unmatched
Class is in session.
"Banks have always been the Mother of Monopolies." (Michael Hudson)
Classic aphorism again!
great discussion great questions too
We are like kids who readily accept to exchange 2 dimes for 2 nickels.
Thank you for hosting Hudson! Thus far the number one interview here though the one with Steve and Hudson together was great too. Hudson is ludicrously brilliant and because the problems are so entrenched, he effectively calls for radical structural changes.
nice lecture q
Michael does not miss
LIT
What's the difference between "normal profit" and "super profit"? At what % does Hudson draw the line?
Thank you so much for editing out all the ahhs, umms, and other crap that any person learns in 8th Grade Speech class not to say.
I’m so glad that someone in media has refused to put up with this crap.
You should have also edited out the few “Well . . .” sentence starters in there.
A-m-a-z-i-n-g
Thank you so much!
i listen to every video he does. hudson and wolff are a great compliment. a little mosler so you know how money works (simpler than the wrong explanations).
Reagan said deficits don't matter. Not Trump. Labor is the foundation of the economy, not MMT or counterfeit currency. Michael is very wise about economics.
And as MMT explains, resources including labor along with land, raw materials, technology, etc. are the real constraints as to how much a currency-issuing government can spend into the economy without setting off demand-pull inflation. Not sure where the contradiction is. Also, what do you mean by "counterfeit currency"? Are you referring to government-issued fiat currency or something else?
🙌🏻🙌🏻
15:30: btw this is more or less the reason why China regularly re-arranges or outright forgives debts to African countries, and also why both are common concepts in Islamic debt finance, and why doing either in both worldviews doesn’t come with a kind of mix of condescending pity/ tut-tut disapproval by the creditor.
16:30 this differentiation can be found today in Islamic finance, as one form is allowed and the other scripturally forbidden. in the former, the creditor shares in some of the risk with the borrower. in the latter, the capital owner makes money just by farming their financial asset but undertakes no risk, which is considered to be negative for society.
It seems like there are some positive principles in some Islamic strictures regarding economics. I've heard this elsewhere as well.
🙏🙏
The problem with the British council housing before Thatcher is that it created a underclass of people who did not care or maintain the housing. The council house areas were virtual slums and rife with criminality and drugs. As a case in point, the council housing flats in the North of England were so dangerous that my mother, who was a care worker, had to have a police escort to go into those areas. I think that relying on the government to provide and protect the public has been proven to be very dangerous - the last couple of years are testament to that.
Looking at public housing as dens of disrepair and bad behavior is pretty prejudicial and elitist.
I'm sorry there were issues when you were growing up but I'm sure there were other issues at play there.
If housing is public, than maintenance should be done by the local public housing authority. Perhaps they can request volunteers from the residents for those interested. I'm sure some would be.
As for drugs, I mean, there are always going to be a few drinkers or users in a crowd but that's just human nature. I'm not sure what can be done about that. It could be a mental health issue and more mental health or social support services will help some people dealing with addiction. If addiction is really out of control, then forced rehab can be ordered. If someone simply chooses to partake but isn't actually an addict, then I would say that is their right and it's not really anyone else's business what they do in their private life. If their family or friends feels there's a cause for concern they can choose to get involved.
As for violence, everyone has the right to be safe, of course, and if residents feel there is cause for concern on the premises they should bring this up with the LHA. Perhaps more nighttime security patrols can be provided. If anyone is in real danger they can call the emergency line. I know sometimes that's not ideal but what else is feasible??
Also, just because you can document ONE TIME a system of public assistance may not have been ideal in your experience, is it logical to assume this automatically condemns ALL forms of public assistance everywhere on earth, for all time??
I will agree the current corrupt sociopaths in govt in the US, the UK or potentially anywhere could care less if anyone outside of themselves and their Wall Street owners lives or dies, but that doesn't mean there's not a role for "public managers" (a better name for govt I think) who do give a damn.
I wonder if it would make a difference if council houses were combined with universal basic services. People who have their basic needs met would be less desperate, so less petty crime should follow.
Who are those ppl who Hudson mentioned about military analysis?
@21:00 sure sure Mikey. That's the institutional arrangement story of "USD hegemony". But the reality is it is all by neoliberal political class agreement. On a floating exchange rate the eurozone has no need to hold USD Treasuries. If you are a _private_ sector actor you can do whatever the hellyouwant, do a forex arbitrage or whatever, if the FED drops their IR you go into some other currency that's appreciating. But if you are a foreign CB like the ECB or RCB you can tell the USA to piss off. How hard is it to arrange an encrypted payments layer by-passing SWIFT? About as hard as a 48 hour coding and debugging run (that's if you are a little bit incompetent at coding).
The only time you can't tell the USA to piss off is if they're literally holding guns to your head, like the poor sods in Puerto Rico, the Ukraine, or Ecuador. But then that's mask-off time for the real fash. Little old New Zealand with only demon hoards of Rugby players that the US Army could wipe out in a keystroke from Central Command at the Pentagon, told the USA to piss the F off in the 1980's with their nuclear powered warships. We suffered a great deal not having US sailors spending their cash in our pubs and brothels and defiling our golf courses, from the perspective of our sockcucking pub owners, pimps and country club tossers. [80% chance youtube auto-deletes this comment?]
E. Michael Jones would say this has to do with a particular ethnic minority in the United States. Any truth to that?
Great interview. It wasn't Blair who privatised the railways, that was John Major. However, Blair went on to give a promise to renationalise the railways but didn't during his term as Pime Minister. He also got rid of Clause 4, which is the key part of the Labour Party's foundation; for nationalising rail, public transport, healthcare, education and energy - to make it subsidized or free for the whole country. The RMT union stopped funding the Labour Party due to Blair not renationalising the railways and the Fire Brigade union also stopped funding New Labour due to Blair clamping down on trade unions.
Yeah from what I understand Blair was a real POS. He was a typical neoliberal. What do you expect? He clearly did plenty of damage during his tenure. And we have nothing nationalized in the US and look where that leaves us? The only things nationalized here that I'm aware of is public k-12 education, libraries, local fire departments, cops, and the VA, the veterans administration. This is definitely not enough!
I've heard today's UK Labor party is pretty shit- basically a neoliberal front.
I think there is one more choice. #ACCESSISM
Discuss 🤔
How is austerity good for you?
It's only good for the ruling class. For everyone else, not so much.
Real estate has been democractised? I'm taking that with a pinch of irony.
The editor was a bit heavy-handed on Hudson. It's a bit disconcerting.
India is fully supported by US and Western investments of hubdreds of billions of dollars determined a few decades ago by the US
So why a SOROS fist?
The second.ianguage wiii be
Manderine
Love Hudson. Spot on analysis. Only gripe I have is that I do think entryism into the Democratic party can still be helpful, for example, the progressive wing of the Democrats have popularized lots of great ideas and have been effective in reframing the public conversation, such that the excuses of Democratic centrists fall entirely flat on the ears of the American public. And I do think it's important to keep Democrats in power instead of Republicans until electoral reform is possible, which would allow a real worker's party to form. The truth is, until the abolition of the electoral college, the ratification of the National Popular Vote Interstate Compact, rank choice voting or similar, mixed member proportional representation, and the abolition of gerrymandering and Citizen's United, a third party is nothing but a fart in the wind and with enough momentum, it would actually hand the country over to Republicans, who are much more harmful to Americans than the Democrats who do nothing but keep the status quo.
michael is great. i like what he says, but could he explain why the fully publicly owned healthcare system in the uk is in large part a massive drain on taxpayers money. As were a lot of publicly owned organisations before thatcher privatised them? maybe there's something about the prevalent cultures in different countries? and the uk's is just hopeless as that how it feels. nothing really works. public sector, private sector. just hopeless.
The neoclassical economist thinks asset prices represent wealth, but this isn’t true.
When asset prices have fallen sufficiently, you start to think about what wealth really is.
Second time around it’s a lot easier as they have been through this before.
At the end of the 1920s, the US was a ponzi scheme of inflated asset prices.
The use of neoclassical economics, and the belief in free markets, made them think that inflated asset prices represented real wealth.
1929 - Wakey, wakey
What is wealth?
The Americans were puzzling over this after they used neoclassical economics last time.
The Americans had thought rising asset prices represented real wealth, until the Wall Street Crash of 1929.
They had trusted the markets to tell them what was going on in the economy, but this had proved to be a big mistake.
They needed something new to tell them what was really going on in the economy and they invented GDP.
GDP measures economic activity in the economy; the new items produced and sold every year in the economy.
That’s where the real wealth in the economy lies.
It may not be perfect, but it's the best measure we have and this is why global policymakers want to grow GDP.
Financial capitalism needs the belief that asset prices represent wealth.
It's more than just that neoclassical economics says asset prices represent wealth. More importantly, it says that (legally obtained) wealth is proof of commensurate contribution. That was the gravamen of JB Clark's "The Distribution of Wealth," the founding document of neoclassical economics.
@@roylangston4305 What was economics like before it was corrupted?
There were three groups in the capitalist system in Ricardo’s world (and there still are).
Workers / Employees
Capitalists / Employers
Rentiers / Landowners / Landlords / other skimmers, who are just skimming out of the system, not contributing to its success
The unproductive group exists at the top of society, not the bottom.
Later on we did bolt on a benefit system to help others that were struggling lower down the scale.
Identifying the unproductive group at the top of society didn’t go down too well.
They needed a new economics to hide the discoveries of the classical economists, neoclassical economics.
Hiding rentier activity in the economy does have some surprising consequences.
We got Ricardo’s Law of Comparative Advantage.
What went missing?
Ricardo was part of the new capitalist class, and the old landowning class were a huge problem with their rents that had to be paid both directly and through wages.
“The interest of the landlords is always opposed to the interest of every other class in the community” Ricardo 1815 / Classical Economist
What does our man on free trade, Ricardo, mean?
Disposable income = wages - (taxes + the cost of living)
Employees get their money from wages and the employers pay the cost of living through wages, reducing profit.
Employees get less disposable income after the landlords rent has gone.
Employers have to cover the landlord’s rents in wages reducing profit.
Ricardo is just talking about housing costs, employees all rented in those days.
Low housing costs work best for employers and employees.
Who pays?
It’s the right question, but we keep getting the wrong answer with neoclassical economics.
Employees get their money from wages and it is employers that are paying, via wages, reducing profit.
The landlord’s gains come at the expense of the productive members of society, employers and employees.
“The interest of the landlords is always opposed to the interest of every other class in the community” Ricardo 1815 / Classical Economist
@@krcalder Landowners' interests are opposed to the interest of everyone else in the community for the same reason slave owners' interests are opposed to the interests of slaves: because they own everyone else's rights to liberty. The only difference between owning land and owning slaves is that owning slaves forcibly removes people's rights to liberty one person at a time, while owning land does it one right at a time. This slight difference is enough to prevent 99% of people from understanding how they have been enslaved. So in the end, producers and consumers pay for the subsidy to landowners, and it doesn't matter that all landowners are also consumers, and many of them are also producers. That just makes it harder for most people to understand and untangle the relationships, like slaves owning slaves of their own makes it harder to understand slavery.
The sev
Orwellian economyics likely
Blair was England’s bill clinton!
His position on value and money (around 58.00) irritates me. He said as soon as someone starts talking about the relationship between value and money, one should think of the person in question as being fascist. According to this, even Marx is a fascist. Look at Capital volume I, where Marx analyses the forms of value, where the money-form is the developed value-form, or the chapter on the exchange process.
Finance Capitalism, Industrial Capitalism and Socialism are all MONOPOLY MARKETS. A Free Market means a progressive tax is a max limit on income. The closest thing to this was in North America 91% but it should have been 100%, it is not like this % sets the limits in the thresholds it just allows there to be a limit.
e.g. set the max threshold at a $trillion and it limits nobody but now we have a system with a set limit and we can work it down later, its a no-brainer way to start. EDIT: NO REVOLUTION NEEDED NOT EVEN A LITTLE PEACEFUL ONE, JUST ONE MORE BRACKET ADDED TO THE EXISTING TAX RATE.
For all his complaints about the right, Michael Hudson reminds me most of Gottfried Feder, the Nazi economist who first met and discovered Hitler. And I do not mean that as an insult.
I don't think Hudson actually understand what right and left mean.
The issue isn't capitalism vs socialism, it's how much and where. I prefer free enterprise over capitalism.
No such thing as free enterprise capitalism. If you really listen to this, you will understand that.
@@CeeAngGanda Capitalism should be a symptom of a free enterprise, not a means to itself. Hence, wall street vs main street.
😄😄😄😄😄😄 .... not once did mike & co spoke about air, water, soil, food, plants, animals ...not once ...foey ...
Why are the young people so naive? Dr Hudson's Trockist father lived in capitalism instead of going to the Soviet Union, or any communist country in Eastern Europe, but still preached socialism. I have 30 years experience in socialism from Poland. Yes, we had no debts, but we also owned nothing! The infrastructure was inefficient, there was no heat in homes, no merchandise in stores, no cars, no gas, no happiness. The borders were closed, and you could not escape the "heaven utopia". Only the ruling class had passports to go see the West. They sent their kids to American and European universities to get a real education. The rest of paupers had to "educate" in communist universities. Yes, they were free, but only for the chosen ones, the quality was very poor. And that is why technologically the socialist system was always losing agains the West. Everything was poor quality. The medical system, although "free", but inefficient, and plainly useless! I am still lacking a tooth lost to a socialist "school dentist", but I am happy, because other people lost much more than a tooth... Guess what? In socialism WORK WAS COMPULSORY! Yes, they hunted you in the streets and checked whether you were employed. If not, they fined you, or jailed you. You know why? Because they owned everything, so your slave work was necessary for them. You could not not work! You know now why the corporations, who own everything want socialism??? Yes, they need slave work. Please, do not go into debt! Socialism will not solve your problems. It will enslave you and deprive you of everything. And there will be no escape, because before they instill socialism, they first build an efficient oppression system, because THEY KNOW SOCIALISM NEVER WORKS, and sooner or later the people will try to revolt. MARX was a very smart man. He knew that socialism would never work. That is why HE WAS THE ONE , who preached constructing the oppression apparatus first! Which they actually did in Soviet Union very efficiently at that time. The only reason why socialism in Soviet Union collapsed, was because it was impossible at THAT TIME to construct an oppression system efficient enough to control all the dissenters. BUT NOW, which the rise of new INVIGILATION TECHNIQUES it is already possible. So once constructed, the gulag system, as we call socialism, will NEVER BE OVERTURNED AGAIN. BEWARE KIDS! Your future is in danger. Do not buy the utopian lie. READ ORWELL.
Lol what a moron
@@moumouzel lol
It's called public private partnership nowadays, the digital financial complex owning the world. In September 2019 they found that their debt based enslavement system was not sustainable any longer, during the repo-crash. To be covered up by a created "health-crisis", in order to drain taxpayers' pockets again, by bail-outs and QE. Their final goal is full control on every individuals' life, by introducing digital imprisonment, called CBDCs. However, many countries (luckily) don't seem to comply to the global banking mob of Wall Street and The City, any longer.
@@SH-sc9or If so many countries do not fall for this why have they succeeded to close the entire world for almost 2 years?
Any explanation?
@@InstaCatz They didn't, or at least less extensive. In particular in countries like Russia, India and China, who now take the lead to end the American hegemony. Besides that, "leaders" like Putin will never accept to be ruled by a one world order.
I’d like to see some fact-checking. This guy is great to listen to but I think he just makes up a lot of what he says or it’s just wrong. The part about the Ohio Senate race and the Dems putting up the most right-wing candidate possible is a total lie. I also can’t stand his Hillary, Obama etc. bashing. It’s almost like he’s a Russian plant.
Is it not true that both parties are very much in the pockets of the 1%? The only difference is that Democrats have slightly better bedside manners than Republicans, but at the end of the day, neither serve the interests of the working class.
What did he say about Hillary and Obama that were wrong? Is calling someone a "Russian plant or Putin puppet" the only response that shitlibs ever have for someone who doesn't march in lockstep with the Democratic party establishment?
It’s not necessary to be a Russian plant or a republican or any other non-VBNMW to dislike HRC & Obama. They were/are both horrible neoliberals with terrible policies.
Can't scud the HUD
Hear hear