Renegade Economist US Special with Dr. Michael Hudson

[Blackjack555]

Great interview. Michael Hudson is really breath of fresh air.

[0MoTheG]

people love to work for paper or a number in their account and lend it to banks and governments. The only way to make them understand, is by stopping the 100% bailouts and letting the losses propagate. No, fully capital based retirement plans! What are the Chinese going to do with all that money? The same as the rich, not spend it.

[mirabilo]

excellent video. well done

[alecfromelatvia]

America, America, America, America

O beautiful for spacious skies, for amber waves of grain

For purple moutain majesties above thy fruited plain!

America, America, God shed His grace on thee

And crown thy good with brotherhood from sea to shining sea

[gainer2420]

i like this guy

hes real

[MrLukasart]

Michael Hudson for SUPREME LEADER OF AMERICA !!!

[sh4p3shifter]

I think industrialisation of the third world is good, we should make the most of it while we can.

[ma23gh]

i like the Vegas analogy...

[zsylvana]

2) The details of this "ascendancy" was Karl Polanyi's other main contribution. Far from a "natural" or "necessary" outcome, Polanyi argued that capitalism evolved from the demands placed by new mercantile and then bourgois classes upon the State to protect their fledgling enterprises and precarious social status. In this way, governments became the handmaiden of capitalism, helping to advance it with the necessary legislation and execution by virtual force of arms.

[zsylvana]

In famous book The Great Transformation

Karl Polanyi's central thesis is that capitalism is a historical anomaly because while previous economic arrangments were embedded in social relations,in capitalism,the situations was reversed - social relations were defined by economic relations.Polanyi's view,in the sweep of human history,rules of reciprocity,redistribution and communal obligations were far more frequent than market relations. completely replace all modes of interaction with the other

[special1740]

Dr. Hudson is very cute :-)

G-d bless him.

[Tobacc0]

Haha.. Love the way they stride off in different directions at the end. Case closed.

[canaan1967]

@Tobacc0

:-)

[daniel987878]

33 Liberty Street is the address for the FRBNY. 33 degrees in  freemasonry Scottish rite. Coincidence? Maybe.

[Nuanceqwest]

I dissagree on his idea of pyschology

We have had trade and budget deficits for decades, fundamentalist will tell you this is bad for the currency and bad for the economy but how long did it take for this to become a reality?? ?

Psychology has made us believe everything was ok for decades.

[dilbertgeg]

trade and budget deficits for decades,

This was by DESIGN of the banking cartels, ironically the ultra-liberals, Rockefeller, neo-liberals of the East Coast, NYC, and Chicago School where Obama attended, ironically sold as "conservative". Policies to intentionally destroy productive factories in the US, lower wages globally.

fundamentalist will tell you this is bad for the currency and bad for the economy

the same neoliberals who produced the problems push a false ideology to benefit them

[Nuanceqwest]

Don't tell me that the conservatives were not for "free trade" when they very well knew that their lobbyists clients were just waiting to shift production from the US to China for profit while they preached patriotism with an iron fist.

Conservatives, in my opinion, are just as much to blame.

[dilbertgeg]

Nuanceqwest: Don't tell me that conservatives were not for free trade

------

Oh, ABSOLUTELY! When I say "ultra-liberal" in this context or "neo-lib", I dont mean Kucinich or Kennedy.

I mean an attempt to FALSELY tie lassez-faire Market God invisible hand to Founders, who did NOT do that -- Hamilton led a managed growth economy, not a "bankers rule all" plan.

I wish this was not true, but Right Wing econ ideology from Mises to Reagan was financed by Rockefeller + Wall St, the "Liberal Estab".

[yalmazalpha]

mmmm.....well I would say that it is not Psychology....its not thinking rationally.

[Nuanceqwest]

Speculators will tell you that they are aware of the imbalances and have been for decades but you try going against the trend and you will be punished.

History has shown that large groups of people can behave irrationally for long periods of time. And this is not confined to Economics

[dakurler]

Xavster, if I'm not mistaken, that's a part of capitalism: the inherent risk in making a loan. If you make a bad loan, you risk not having it paid back.

[dakurler]

This guy is a modern day J.A. Hobson. Listen to his interview on KPFA's Guns and Butter from Aug 26.  Authoritative as usual

[HurricaneHeidi]

Brilliant & lucid explanation.

I feel validated. I have not (and will not) mortgage my property. I own my home outright, in one of the only two United States which are 100% Homestead States. As long as I can afford my property taxes, and I never borrow against my homestead property, no one can foreclose on me and I can never be thrown off my land. I am not a serf.

I have defaulted on over 94K of unsecured debt in order to survive, and I have defeated debt collection.

watch?v=GJMQCcFFzak

[dakurler]

Is Michael Hudson amazing or what? Says exactly what needs to be said exactly how it needs to be said- bluntly ad forcefully. If you're looking for his coup de grace, check out his article The IMF Rules the World.

[Mojo1982]

Michael Hudson is outstanding he is so informative and entertaining.

[StandUp555]

Mike Hudson ... great truth teller !

Thx for the video !

[15peter2015peter20]

BEARD!

[15peter2015peter20]

Right, which silly bollocks gave me a thumbs down?

BEARD!

[emmazedbend]

Good to see Michael Hudson again, thanks. Nice photography of New York by the way.

[michaelgoosemulcahy]

Fantastic vid. Very informative. I like how Dr Hudson gesticulates kinda like a stock broker on the market floor or even the book makers at the races which I guess are the same thing.

[justjacqueline2004]

Germany has taken possesion of its Gold recently.They will need it as their paeons,the German taxpayer,will be on the hook for all Europe's debts post September elections.The politicos want to keep it quiet until the Germans are paying off all of Europes debts and accepting the vast losses on their American debt.Nice double whammy,Wonder if the Germans will go quietly?

[sergioleone100]

It is very quiet here in Germany and i think it will stay that way, even though some unpleasant truths will be presented after the election. Germany isn`t France and our politicians know that, so they can keep on ripping people off.

[megawutt]

I doubt they will pay Europe's debts. Germany has enough debt on its own.

[lisajason111]

If the mass media only tell you what you are supposed to know why CNBC frequentlly interview Marc Faber and sometimes Jim Rogers, and yet Michael Hudson has never been on the show? To me Faber, Rogers and Hudson are in the same camp.

[donttalktomeabout]

Jim Rogers and Michael Hudson are not in the same camp. Rogers is the sort of valuleless, do nothing PARASYTE that Hudson is criticising. Rogers is just a short-selling parasitic scum-bag, whereas Hudson genuinely wishes the world was a better, and fairer, place.

Try watching the clip again, only this time turn the sound on...

[donttalktomeabout]

And if you think I'm being harsh, listen to ANY Rogers interview and he's telling everyone to invest in commodities because they're a sure bet (to make money from rising prices). What that parasitic PRICK fails to mention (because he has no morals, or conscience) is that when food prices go up tens of thousands of human beings around the world starve to death. But hey, as long as Jim Rogers is making millions of Dollars for adding no value to the world, just extracting rent, that's great...

[HurricaneHeidi]

This is exactly why I have committed my own form of Civil Disobedience in order to survive economically. I refused to mortgage my homestead, and I defaulted on over 94K in unsecured debt held by large Federal banks, and I defeated collection legally without hiring a lawyer. If I can do it, you can do it. I show you exactly how I did:

watch?v=kkcnQdWzC3s

Mr. Hudson has just completely validated my decisions and made my day.

[xavster]

so you borrowed somebody's money and refuse to pay it back? how noble.

[HurricaneHeidi]

I'm glad you asked, xavster. My answer is NO, I did not borrow somebody's money, because the so-called "money" that I was supposedly "lent" did not exist previously. The Fed banking cartel has exclusive, congressional license to create money out of thin air and "lend" it to people at interest. How would YOU like to have the right to make your own "money" and lend it out at at 10% to 20-30% interest now? Well you CAN'T. That would be counterfeiting. ONLY the Fed gets to counterfeit.

[HurricaneHeidi]

watch?v=GJMQCcFFzak

[xavster]

but if you're investing your money in commodities it means you're helping to produce those foodstuff so people won't starve.

am I missing something here?

[dilbertgeg]

Back in 1960s about 70% of dollars spent on trade were for actual products, real goods that were used by real people.

However, by the late 1990s derivatives speculation had grown so high that only one half of one percent of dollars changing hands were spent on real goods.

The other 99.5% was spent by financial speculators on bets on the worth of global COMMODITIES, or in currency speculation, the trade of money itself.

Do commodities investments *now* produce food? NO, they loan-shark food.

[SuperBlahmaster]

Michael Hudson is great. He should be in charge of the Treasury, not Geitner.

[italianchappy]

2:28 :

""if you're going to give twelve million dollars to a financial sector and add it to the balance sheet OF COURSE the stocks have to go up" (with emphasis and italian-like gestures at at the sky)

--

I'd like economists to call these obvious, lapalissian consequences BEFORE they happen.

[SuperBlahmaster]

Too bad mainstream economists aren't paid to inform us, just to comfort.

[jonz23m]

Your argument has somehow nothing to do with the quote...nevermind.