Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Hudson’

Keen, Hudson Unpick Historical Path to Global Recovery

Posted by hkarner - 4. Dezember 2016

By  Hudson,  Hudson

REAL VISION INTERVIEW TRANSCRIPT:

Featuring: Michael Hudson, Steve Keen
Published date: 22nd of November 2016

Synopsis: With two renegade economists in one room in London for 90 minutes you can expect some pretty controversial opinions about the current economic establishment. This film has all the makings of a Real Vision classic, as Steve Keen interviews professor and author, Michael Hudson, sharing their radical views and an extraordinary depth of knowledge.

Discussing the complacency and complicity of traditional economic models, as taught in universities and adopted by central banks, Michael and Steve take us on a journey from a solar system to a galaxy of thought, taking in the history of economics to solutions for the ongoing global depression.

Highlights:

Michael Hudson: Killing the Host will be published in German at the end of the month of November. Basically, it’s a more popular version of The Bubble and Beyond. It shows that when the financial sector takes over, it’s very much like a parasite in nature. People think of parasites simply as taking the life blood of the host and draining the energy. But in order to do that, the parasite has to have an enzyme to take over the host’s brain. They take over the brain and convince the host that the free luncher is actually part of the host’s own body, and even its baby to be protected. That’s what the financial sector has done. Den Rest des Beitrags lesen »

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Trump the 1%

Posted by hkarner - 26. November 2016

Dank an H.F.!

By  Hudson  Hudson

Michael Hudson: Donald Trump Wants to Make the 1% Even Richer,” The Real News Network, November 18, 2016.

Economist Michael Hudson explains how economic terms like capital gains are deployed to mislead the public about who is benefiting from economic policy and where wealth is going.

 

SHARMINI PERIES, TRNN: Welcome back to the Real News Network. I’m Sharmini Peries coming to you from Baltimore.

Today I’m being joined in our Baltimore studio by economist Michael Hudson. Michael has a new book out January 20 – J is for Junk Economics: A Survivor’s Guide to Economic Vocabulary in an Age of Deception. Michael is a distinguished Research Professor of Economics at the University of Missouri, Kansas City. Thanks so much for joining us Michael.

MICHAEL HUDSON: Good to be here in your Baltimore studio.

PERIES: Thank you. So Michael, in the first segment we spoke more generally in terms of how people are misled through our policy makers in Washington in particular. But give us some specific examples of some of the terms used to mislead us. Den Rest des Beitrags lesen »

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Democracy’s Debt Ladder

Posted by hkarner - 9. Oktober 2016

Thanks to H.F. (hfk)

By  Hudson 

Economic ‘Recovery’ Feels Weak Because the Great Recession Hasn’t Really Ended, The Real News Network, October 7, 2016.

The IMF foretells of vulnerable banks in US and EU while enabling unsustainable debt-leveraging, says economist Michael Hudson.

KIM BROWN, TRNN: Welcome to The Real News Network. I’m Kim Brown, in Baltimore. With the worst of the great recession, supposedly, behind us, economic analysts still see signs that we’re not yet completely out of the woods. A new report released Wednesday by the International Monetary Fund shows that some banks in the United States and Europe may not be strong enough to survive another downturn, even with States assistance. Den Rest des Beitrags lesen »

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Finance is Not the Economy

Posted by hkarner - 25. August 2016

Dank an H.F.!

By  Hudson,  Hudson

JOURNAL OF ECONOMIC ISSUES Vol. L No. 3 September 2016
DOI 10.1080/00213624.2016.1210384

Dirk Bezemer and Michael Hudson

Dirk Bezemer is a professor of economics at the University of Groningen, the Netherlands. Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City, and a professor at Peking University. The authors thank the editor and two anonymous referees for helpful suggestions that greatly improved this article. Bezemer wishes to thank the Equilibrio Foundation and the Institute for New Economic Thinking for financial support. Any remaining errors are the authors’ own.

Abstract: Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent and the difference between productive and unproductive credit. We then apply it to current conditions, in which household credit — especially mortgage credit — is the premier form of unproductive credit. This is supported by an institutional analysis of postwar U.S. development and a review of quantitative empirical research across many countries. Finally, we discuss contemporary consequences of the financial sector’s malformation and overdevelopment.

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Trump the Neocons

Posted by hkarner - 26. Juli 2016

By  Hudson, 

“Trump Policy Will Unravel Traditional Neocons,” TRNN, July 23, 2016.

SHARMINI PERIES, EXECUTIVE PRODUCER, TRNN: It’s the Real News Network. I’m Sharmini Peries coming to you from Baltimore.

On Friday, just after the Republican National Congress wrapped up with its presidential candidate, Donald Trump, Paul Krugman of the New York Times penned an article titled “Donald Trump: The Siberian Candidate.” He said in it, if elected, would Donald Trump be Vladimir Putin’s man in the White House? Krugman himself is worried as ludicrous and outrageous as the question sounds, the Trump campaign’s recent behavior has quite a few foreign policy experts wondering, he says, just what kind of hold Mr. Putin has over the Republican nominee, and whether that influence will continue if he wins.

Well, let’s unravel that statement with Michael Hudson. He’s joining us from New York. Michael is a distinguished research professor of economics at the University of Missouri Kansas City. His latest book is Killing the Host: How Financial Parasites and Debt Bondage Destroyed the Global Economy. Thank you so much for joining us, Michael.

MICHAEL HUDSON: It’s good to be here, Sharmini. It’s been an exciting week.

PERIES: So let’s take a look at this article by Paul Krugman. Where is he going with this analysis about the Siberian candidate?

HUDSON: Well, Krugman has joined the ranks of the neocons, as well as the neoliberals, and they’re terrified that they’re losing control of the Republican Party. For the last half-century the Republican Party has been pro-Cold War, corporatist. And Trump has actually, is reversing that. Reversing the whole traditional platform. And that really worries the neocons.

Until his speech, the whole Republican Convention, every speaker had avoided dealing with economic policy issues. No one referred to the party platform, which isn’t very good. And it was mostly an attack on Hillary. Chants of “lock her up.” And Trump children, aimed to try to humanize him and make him look like a loving man. Den Rest des Beitrags lesen »

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The Planned Obsolescence of Consumer Sovereignty

Posted by hkarner - 27. Juni 2016

Dank an H.F.

By  Hudson  Hudson

An interview with Bonnie Faulkner’s Guns n Butter show.

Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy’s balance sheet of assets by debtors and rent payers. More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That’s what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services.

I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today’s show: The Slow Crash. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trends, a Wall Street financial analyst and Distinguished Research Professor of Economics at the University of Missouri, Kansas City, as well as at Peking University. His 1972 book, Super-Imperialism: The Economic Strategy of American Empire, is a critique of how the United States exploited foreign economies through the IMF and World Bank. His latest book is Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. Due out soon, J Is for Junk Economics. Today we discuss in detail the concept of debt deflation; housing, student loan and automobile debt; the oil market; the stock market; negative interest rates; currencies; and the shrinking real economy. Den Rest des Beitrags lesen »

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Insidious Economization = Insidious Deterioration

Posted by hkarner - 12. Mai 2016

By Hudson,

Michael Hudson, Speech to SANICADEMIA, May 10, 2016 in Villach, Austria for the 5th International Congress on Geriatrics and Gerontology = 59th Austrian Convention for Hospital Management, “We’re Living Longer: The healthcare challenges for today and tomorrow.”

The most obvious approach to look at how European care for the elderly will evolve is to project technological trends and the costs of people living longer as diagnostic equipment, drug treatments and other medical science continues to improve. This kind of projection shows a rising cost to society of pensions and health care, because a rising proportion of the aging population is retiring. How will economies pay for it?

I want to point to some special problems that are looming on the political front. I assume that the reason you have invited me from America is that my country has been doing just about everything wrong in its health care. Its experience may provide an object lesson for what Europe should avoid (and indeed, has avoided up to this point).

For starters, privatization is much more expensive than European-style Single Payer public health care. Monopoly prices also are higher. And of course, fraud is a problem.

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What is to be Done with the Banks? Radical Proposals for Radical Changes

Posted by hkarner - 23. April 2016

Dank an H.F.! Very essential reading. Slightly more comprehensive and intelligent than Ch. Felber (hfk)
Immediate measures for moving towards socialisation
by John Weeks , Eric Toussaint , Stavros Tombazos , Pritam Singh , Benjamin Selwyn , Alfredo Saad Filho , Patrick Saurin , Sabri Öncü , Susan Pashkoff , Ozlem Onaran , Thomas Marois , Philippe Marlière , Francisco Louça , Stathis Kouvelakis , Andy Kilmister , Michel Husson , Michael Hudson , David Harvey , Pete Green , Giorgos Galanis , Alan Freeman , Gilbert Achar , Costas Lapavitsas

13 April 2016

Nine years after the outbreak of the financial crisis that continues to produce damaging social effects through the austerity policies imposed on victim populations, it’s time to take another look at the commitments that were made at that time by bankers, financiers, politicians and regulatory bodies. Those four players have failed fundamentally in the promises they made in the wake of the crisis – to moralise the banking system, separate commercial banks from investment banks, end exorbitant salaries and bonuses, and finally finance the real economy. We didn’t believe those promises at the time, and for good reason. Instead of a moralising of the banking system, all we’ve had is a long list of misappropriations that have been brought to light by a series of bank failures, beginning with that of Lehman Brothers in 15 September, 2008. Den Rest des Beitrags lesen »

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Traumatized Worker Syndrome

Posted by hkarner - 2. April 2016

By  Hudson, 

CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt.

Today we’re going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. Welcome, Michael. (Part One – The inversion of Classical Economics)

MICHAEL HUDSON: It’s good to be here.

HEDGES: So, we spoke in the first segment about the parasitic quality of the banks, hedge funds and the speculative class that has in essence cannibalized the country – including, interestingly, industry itself, and forced down the throats of the American public an unsustainable debt peonage, whether that’s through student loans, predatory credit card interest rates where it’s that bait and switch – where you get zero percent interest and next thing you know, you’re paying as high as 26 percent, 23 percent …

HUDSON: If you miss a payment.

HEDGES: If you miss a payment. Mortgages, with many houses now underwater because of 2008. I want to look first at the self-identified liberal class within the Democratic Party, including Barack Obama. It often uses the language of economic justice, and will even chastise Wall Street rhetorically, but has been as committed to this neoliberal project as the Republicans.

HUDSON: The key of demagogic politics is to realize that the people who are really backing you are your campaign funders. Your job as a politician is to say, “I can deliver this constituency to you backers. “Obama was a genius at doing what Donald Trump is trying to do today: taking a constituency. That’s his column A: a focus group listing everything the constituency wants. They want debt relief. They want better jobs. They want higher minimum wage. Den Rest des Beitrags lesen »

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The inversion of Classical Economics

Posted by hkarner - 26. März 2016

By  Hudson,  Hudson

Days of Revolt: How We Got to Junk Economics

In this episode of teleSUR’s Days of Revolt, Chris Hedges interviews economist Michael Hudson on the history of classical economics and explores Marx’s interpretation of capitalism as exploitation –   March 22, 2016

CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today in a two-part series we’re going to be discussing a great Ponzi scheme that not only defines not only the U.S. but the global economy, how we got there, in the first segment, and secondly, where we’re going. And with me to discuss this issue is the economist Michael Hudson, author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. A professor of economics who worked for many years on Wall Street, where you don’t succeed if you don’t grasp Marx’s dictum that capitalism is about exploitation. And he is also, I should mention, the godson of Leon Trotsky. Welcome Michael.

MICHAEL HUDSON: Thank you. Good to be here.

HEDGES: I want to open this discussion by reading a passage from your book, which I admire very much, which I think gets to the core of what you discuss. You write, “Adam Smith long ago remarked that profits often are highest in nations going fastest to ruin. There are many ways to create economic suicide on a national level. The major way through history has been through indebting the economy. Debt always expands to reach a point where it cannot be paid by a large swathe of the economy. This is the point where austerity is imposed and ownership of wealth polarizes between the One Percent and the 99 Percent. Today is not the first time this has occurred in history. But it is the first time that running into debt has occurred deliberately.” Applauded. “As if most debtors can get rich by borrowing, not reduced to a condition of debt peonage.” Den Rest des Beitrags lesen »

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