Understanding money and the dollar system's contradictions with Radhika Desai & Michael Hudson
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- Опубліковано 29 лис 2024
- Economists Radhika Desai and Michael Hudson explain the relations between money and debt, their role in imperialism, and the rise of the US dollar system.
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It is always a great honor to be able to learn from the teachings of Professors Radhika Desai and Michael Hudson!
We are lucky fucks arn't we?
@@urrywest: We are, indeed, lucky people because, thanks to Ben and to both Professors, We are able to learn. And, as you know, Knowledge is power!
@@urrywest I don't know why but I found that amusing and yes indeed we are
@@heaven9378 I glad you like my corte qjup.
I am a medical researcher and have always been in the engineering field and never studied economics but after the economic devastation of my country, Zimbabwe 🇿🇼, I want to understand geopolitical economics now. I thought sanctions are no big deal and our economic collapse in Zimbabwe 🇿🇼 was merely due to corruption but then now I am learning it's more than that. Thank you professors.
To be fair, even most people who study and teach economics do not understand political economy 😂 I left university with a degree in neoliberal propaganda and only now that I‘m done with university I‘m beginning to learn the truth.
I hope you guys continue to do these episodes. You're both very knowledgable and not enough people will ever sit down to listen to this.
This has become one of my favorite podcast discussions. The second episode was absolutely _crucial_ to understanding why things are the way they are in the world today. This is truly brilliant and necessary information that every American desperately NEEDS to hear. Thank you for doing what you do!
What does she mean by industrializing economies in europe on the gold standard pre WWI.... I done read 'killing the host' but I don't really understand how the german standard of doing buisness was going to kill the sterling...
@@urrywest Ok so broadly I would say the key tactical form utilized/inherently in the background from the imperialist perspective to keep in mind in regards to anything is a consistent focus on the tried and true "strategy of tension" of divide and conquer as the only real threat to any ruling class within a class society is the inherently larger masses of the exploited classes beneath them (probably goes without saying lol but just in case). Checking out "mercantilism" might fill in some of the gaps regarding the material functionality of the prior historical "episteme" under the auspices of the British sterling-directed empire (short term profit-seeking prioritized above long-term...anything lol; finance capitalism v. industrial capitalism as Michael frames it; Marx notes the M-C-M circuit of logic which might also clarify the distinction - I'll link at end) that Radhika was explaining, the late great David Graeber's Debt: The First 5,000 Years also offers an awesome revelatory reference (albeit somewhat limited by his dedicatedly anarchist aperture lol) for how monetary power emerges/cements itself historically and can be usefully abstracted into what is more or less "god", _"In very truth gold is god today and rules with pitiless sway in the affairs of men"_ as Eugene Debs once protested (actually, Graeber/Michael had quite a few direct conversations if I recall, Michael was appropriately a fan of his accessible/engaging rhetorical prose).
More specifically though, something I imagine they'll definitely be discussing in the next installment here, I would say keeping industrial Germany from uniting with the resources of Russia has been a geopolitical imperative for maintaining regional spheres of bourgeoisie influence since...well, since Westphalia I guess (~1648?) lol, but more recently since the massively consequential and conveniently never discussed interwar period in Europe. Prior to the 1918 German "revolution" that formalized the Weimar republic (capitulating slightly more democratic rights/kicking out the Kaiser, etc. - as some guy underscored of course, _"the executive of the modern state is but a committee for managing the common affairs of the whole bourgeoisie."_ ), post-WWI the momentum for a wholly socialist revolution (worker ownership/control of means of production to be clear), the very event Marx had predicted and the one the bolsheviks were _explicitly_ counting on to cohere and cement an industrial production base for a socialist-aligned project (else be doomed from the start and forced toward an "authoritarian" state capitalism in the geopolitical context of competitive nation-states to force industrialization of the largely feudal Tsarist Russia and consequently relegated to the dust bin of history), was kicked off by sailor revolts and various other domestic uprisings but was put down by various duplicitous forces within the SPD/USPD _"social democratic"_ party with folks like Freidrich Ebert who were presumably too comfortable in their bourgeois lives to risk such upheaval, supporting what eventually becomes the SS in the freikorps paramilitary (analogous to the American Legion, etc. - not a coincidence either as their raison d'être is as an extralegal enforcement of class society, comprised of veterans/"morally injured" people with essentially a usefully narrow ideological tunnel-vision usually to some nationalist ideal) to put down the revolts.
To echo Rosa Luxemburg from the insurgent Spartacus movement targeted, before of course being executed by the freikorps paramilitary (later becoming the SS, shocker) at the behest of Ebert's ostensibly _social democratic_ SPD party, almost immediately resonating the truth of such a succinct political dichotomy to this day:
*_socialism or_* [continued] *_barbarism._*
The choice of socialism over barbarism cannot be compromised, if we ever get such an opportunity again. As Ben often points out, this callous but for the most part effective imperial hubris is more or less the assumed perspective elucidated fairly broadly by neocon coldwarriors like Zbigniew Brzezinski in "realpolitik" bourgeois think-tank (aka people that think for people that make tanks of course) circles, pretty explicitly noted in texts like The Grand Chessboard ("fun" fact - the Muse song United States of Eurasia is based on this and basically the only reason I ever looked into this stuff personally, in spite of the gaping chasms of incoherence within the capital-L Liberal narrative, clearly I digress sorry lol...). Gee, wonder how his daughter got on Joe Scarborough's stupid show on MSNBC...but yeah, coming as a surprise to no one, _this shit be incestuous as hell_ (considering dynasties like the Hapsburgs, often quite literally lol...shoutout to Chapo Trap House's ongoing Hell on Earth series about the 30 years war discussing all these 'Fuggers') despite constant rhetorical appeals to supposed social mobility in attempts to legitimize the barely removed and now increasingly concentrated/explicitly sought "divine right" of familial blood-lines (emergence of psycho protestant sects like Calvinism ideologically coheres such circularly self-defined "prosperity gospel" in a self-contained/referential "begging the question" logic). It's no coincidence that keeping Germany and Russia divided is of course what also defines NATO's raison d'être, as succinctly worded by its first sec.gen. to _"keep the Americans in, the Germans down, and the Russians out"_ and very much succeeding at this goal....I enjoyed one of Michael's (Hudson) headlines for one of his articles that was something like, _America defeats Germany for third time in century_ lol...
Anyway, incredibly simplified screed of consciousness/attempt at paraphrasing an indirect answer to your question hopefully, but in regards to the history of the failed German socialist revolution, youtuber Jonas Čeika has a great ongoing presentation of this "suspiciously" overlooked yet incredibly revealing (latter explains the former obviously lol) class war history:
youtube [dot] com/watch?v=2B-EWxPyIf4
*M-C-M circuit referenced at beginning - marxists [dot] org/archive/marx/works/1867-c1/ch04.htm
@@urrywest I think its becouse german efficient, socialized financing of industry was raising the competetiveness of its commodities on the world market, so england would loose its status as the world industrial hub. Can someone confirm?
@@AcidProphet I have a copy of killing the host.... Maybe I should review it.
Thank you professors for the great work.
Two bright minds and excellent teachers, capable of making accessible a subject that has always been very difficult for me to understand. Thank you very much!
I've never encountered the argument that money itself is a debt, and after hearing you say it, it makes so much sense!
I also loved your explanations that land, labour and money are not commodities, but ruling class wants to treat them as such because they have control over it and through it they can extract rent as an unearned income.
The utter necessity that society abolishes private property and money as a concept has now become even more apparent when listening to you
there will never be a complete abolishment of private property. at least half of the people around the world will oppose this.
the route to a better world is a balance between common & private. accompanied by a cap at the bottom & at the top, so that nobody is bitterly poor & can be exploited but also nobody is super rich & uses it to exploit.
& to abolish the concept of money, highly doubtul as well, since it is one of the oldest human inventions, used independend from culture, economic or political system.
@@Maat-ka-Ra Bold claims, literally nothing to back it up.
Everything that humans created can, and eventually must be destroyed
@@yungml eventually everything that exists seizes to exist. what arguments regarding the end of property & money do you have other than your ideological wishful thinking ?
@@Maat-ka-Ra
Wishful ideological thinking is something you project very well onto others, not seeing that saying "there will never be a complete abolishent of private property" is nothing more than that.
If you don't see how private property and money can restrict the possibilities of a future socialist society, than I suggest you read some marxist classics.
Societies of post-scarcity and classlessness won't need these tools to progress the economic development, capitalism (and all hitherto class societies) does
@@yungml ok, since you are a proponent of socialism, maybe you can answer. why did USSR & China not succeed ? why does China need capitalism to get out of poverty ? why was over the course of decades socialism not enough to give all chinese people a decent life ?
Very important session for those of us who wish to understand the importance of the dollar worldwide. I have read Super Imperialism but will read Desai’s book, assuming it is available NOT through Amazon. Also, will listen to this talk several times. I have a law degree but find economics difficult. I have read that Switzerland is dumping treasuries to the tune of over 35 billion and Germany is retrieving its gold from the U.S. Something is afoot.
Hi Meg. Depending on where you are located, I would suggest waiting for one of the sales Pluto Books runs, and then purchasing it directly from them. Shipping is free with a minimum purchase, in case they have other books you would like as well :)
Thank you for boycotting real life Lex Luthor without the redeeming qualities.
Awesome collaboration. Thank you both and please consider doing these discussions regularly as they’re so educational. 😊
They be doing it bi weekly...
i like hearing radhika speak. everyone has heard so much from michael but this is a show where both of them offer input and discuss parts of the topic. michael was hard for me to follow as a lay person first getting into polecon and geopol. happy that michael is a mature adult and wasn't trying to interrupt the woman co-host like happens on so many other shows.
Proffessor Hudson has some verbal communications issues.... I am not as familliar with Professor Desai... I get the feeling that there are some subelties that they disagree on...
@@BettBeat_Media I just don't know her as well... I am massively dissapointed at Wolff. He don't get the basics...
This is great discussion only in podcast’s in GE and others that agreed with you. Unfortunately, most of the Western world don’t accept your advice and this discussion. I am your big fan because this is real. Thank goodness we have the Russian and China that are strong enough to give other countries alternatives.
Yes!!!! Thank goodness!!!!
This is the best analysis of geopolitics today. Their linking of U.S. political/economic policies and the suffering of the rest of the world is so important. Equally important is the role of China and Russia in facilitating the worldwide move away from U.S./dollar dependence towards economic independence.
I LOVED to hear Michael say the US is using its money for WWIII preparation.... Can't remember exactly how he put it but it was SPOT ON!
This has been very informative and helpful. A big thank you to all involved.
One of the best ways to spend an hour!!! 🙌🏾🙌🏾👏🏾 thank you for all you do!
So true!
Looking forward to the next session! This is like taking a graduate-level course in economics, but with professors who are absolutely fascinated by their subject and are able to convey that sense of excitement to their listeners. Thank you both!
Great , my favourite 2 economic people in the world.I so look forward to these programmes.thank you.
😀 Thanks Big! 😃
Prof Radhika and Michael Hudson,great economy lessons.
Thanks for sharing and surfacing the truth. 👏👍
Brilliant. I love these episodes. Two of the most beautiful minds I can imagine. Thank you
Wow! This episode was almost overwhelming, so many concepts and intricacies to follow in such a condensed manner... I hope I'll understand it better in next episode. Thank you both for all your efforts!
Thank you for this great series!
Very informative analysis, thank you Ben and both seniors 🙏.
radhika's global 'insecurity' rings right ... thx so much to you both - great back and forth discussion !
Thank you both for such a great class😊. I have a few of Michael’s book including the last two and I have only been aware of Radhika’s work until recently. I picked up the kindle version of her latest book for free but will purchase geopolitical economy soon enough.
These two giants are giving us the fruit of revolution.Amazing show.
Thank you for this discussion. Sometimes, I feel all alone out here. It is really nice to find economists that value the science of economics and tested working economic models. The economic religions are so prominent that they control most of the discussions. It is so frustrating sometimes. Keep up the good work.
This is the best economical show on the internet. Keep the good work up!
As an IT & applied science graduate it's not easy to understand abt these at once: hv to listen a few time. But learned a lot. So, feel a uni-student again. Thank u for sharing.💖from Europe. GBU.
Straight fire from Radhika and Michael, ty GPE for spreading the info 🔥
Thank god for two economic Professors who understand that there is no economics but political economics. One can't listen to western 'economic experts' without getting pain in the stomach by the sheer nonsense their often talk about.
Both your work is simply invaluable and so important to educate the, sorry to say so, economic / political ignorant western public.
it’s also sorely needed to educate non western public as well, in countries that are infused with anglo-western media. people have no idea how little room their leaders have to move, because of the strings of this system entangling them.
Agree,the collective west keeps censoring or blocking factual data n truthful journalists or financial experts reportings. They only print or publish in their medias or MSMs, those that fit their narratives, ie falsifying economic data, changing definition of recessions???!!!! What else when one reads those prints from MSMs need to be aware of is further do own research,look up people like those being discredited by the collective west or alternative medias that have been blocked/censored, RT, Global Times, Independent journalists reports n substacks n what have you...
This is probably the most important thing on the Internet. I wish everybody (especially Americans) would watch. Thank you GER and Profs. Hudson and Desai, for your excellent work and kind donation of your time and expertise. This series is profoundly important.
Thank you so much Radhika and Michael for this superb lesson on money and empire.
Great discussion!
Amazingly brilliant and sincere scholars Michael Hudson and Radhika
Thanks for this great lessons
Fascinating information here. I've read Michael Hudson's "The Destiny of Civilization: Finance Capitalism, Industrial Capitalism, or Socialism" and i highly recommend it for every American. Thanks for your time and effort and sharing your knowledge in such an entertaining way!
Thanks Radhika madam and Micheal Hudson. Please do video series on
1- history and evolution of financial system and banking
2- what system lord maynord Keynes proposed to use instead of dollar as lynchpin currency (reserve currency) in Bretton wood conference and what would have been its implications of that alternate system would have been adopted
3-history and evolution of share market
did you read the pdf companion? I would like them do at least 5 hours on it.
2. Is covered in superimperialism by Hudson
Thanks once again for another enlightening video
Absolutely loving this series with Michael and Radhika!!
Excellent series.
Brilliant as always
Michael and Radhika it was a very interesting conversation particularly about our unpayable debt and the perplexing question as to how the U.S which is drowning in hundreds of trillions of dollars in debt, aside from the national debt of $31 trillion, and doesn't produce anything due to offshoring of its industries -- can remain the unipolar hegemon. And as Michael pointed out if banks were made public they could function as a public utility instead of gouging the working class with interest payments and causing an intentional inflation designed to increase profits for wall street banksters and multinational monopolies, many of whom pay nothing in taxes. This is just a suggestion, but I think the Radhika should give Michael more time to speak.
I find enormous value in your discussions, I would like a little more insight on how these geopolitical events affect the average citizen.
Per usual, this is such a density of information, knowledge and perspective that I will likely need a second listen to appreciably absorb and analyze. Thank you!
Excellent discussion!
One more brilliant lesson in Economics.
We need to get away from the Dollar dependency. It’s abusive and unjust that Latin American economies have to be destroyed in order to pay their debt whilhe the USA just keeps spending and printing dollars.
It’s immoral!
BRICS+!!!!!
Excellent lecture by two economists who put people first, NOT the masonic plutocrats. Well done!
I'm only about 2/3 through here, but am hoping you'll explain the new BAIL IN law perhaps next time.
Excellent class here! Thank you.
Absolutely fascinating. Thank you both!
Wonderful new program, trying to keep up! Need to take notes while I go --M
let Michael talk more please
Great podcast. Looking forward to next podcast.
One request. Please let Michael speak equally. Thanks
Some _very_ interesting questions. Looking forward to learn about the big drivers of the Capitalist religion.
Great discussion. Keep up the great work!
Radhika and Michael offer great insights.
ms. desai needs to let dr. hudson finish his point. please.
When your favorite mixtape drops 💥
I've got to be honest here I'm warming up to the idea of land Leasing. First time I heard that was from Ben Norton talking about how China deals with land, at the time I did not like that ideal for the homesteader. The more I think about the more land Leasing makes sense because there's so much abuse going on with the homesteader. I think a lot of that abuse would disappear if the Homesteader signs a lease for 30Yrs with government.
What do you mean by Land Leasing?
and what are the homesteader abusing ? If I buy a piece of land it is mine, I want it to be transferred to my kids as a inheritance and them to their kids. I should not have to ''lease'' that land which I paid for. The problem is owning too much land. Not a 10 acre plot of land. There are people in the US that own thousand upon thousand of acres. THAT is a problem, especially since they do nothing with the land. Of course, even when one is done paying the debt (unless you paid for it cash which is rare) that you got into for buying the land/house, you still have to pay stupid property taxes so in essence you never really own what you paid for with your blood sweat and tears. I should not have to pay property tax, it is ludicrous. I should also not have to worry about government coming and taking my land just because I did not renew a lease with the government, I should have the right to transfer this minuscule 10 acre plot of land to my kids free of charge and without government meddling into my personal affairs. I guess your going along with the ''youl own nothing and youl be happy'' thing.
@@coshyno your mindset is an individualist capitalist bourgeois mindset that creates the problems that the US and the West in general have right now. Land is finite, essential for living and should not belong to any individual but to society as whole. Inheritance is parasitical and unfair, your, my and everyone kids should work for their own stuff, a man wealth should not be based on where he is born, but from his work.
Read Henry George Social Problems. Land must be valued yearly. Then we channel land based banking profits away deep pockets and towards giving us all a tax cut. Channel the property bubble away from insiders and towards funding society, along the way improving economic behaviour (less speculation, less sprawl, more productive activity.
Ben Norton is my comrade. I do not support others I study exagerating political differences with him. Norton does much good work imo. No circular firing squads! 💛
Learned a lot , thank you .
Thank you for the greatest show on YT ❤
I would like to see a colaboration with you guys and the Duran :)
The Duran is a faux populist psyop that would only serve to discredit these ideas to the broader population much as Info wars (Alex Jones) and Tucker Carlson do for the same purpose
Love you all
Thanks. Appreciated.
RADHIKA, PLS YIELD EQUAL TIME TO MICHEAL. YOU CANT LEAD THE DISCUSSION THEN DOMINATE IT TOO
I hope she will see your comment.
This show is what we, the people, have been yearning for. I woke up in 2008 and started to read and watch videos on economics. I am grounded in the humanities side of left wing issues, but was clueless about economics. I started with Paul Krugman, then went on to people like Steve Keen, Richard Werner, MMT, Positive Money, Henry George, Silvio Gesell, Austrian economics, and finally back to Marxism and Anarchism, which are what I was familiar with since youth. We all need a thorough, rock solid foundation on the history of the political economy of our capitalism, especially the period from the lead up to WW1 to the present. Michael and Radhika are our big brother and sister. Thank you so very much!
Money is also what people accept to trade among themselves at any given moment in time. So i work for a week, i get my paycheck, i spend it all on the amenities of life. That is real money no matter how fungible or devalued the currency number representation changes over time. While it is called [dollars], the time it floats and the speculative aspect makes it two separate things entirely.
It's really smart and interesting to refer to money as debt
ETERNAL POWER TO THE WORKERS!!!
This is very interesting stuff...please continue.
This is first vedio of Micheal Hudson in which I am able to clearly hear his clear voice
great show!
An outstanding duo.
if something needs to have a cost of production to be a commodity, that would explain why foraging has no relation to large scale production of, well, anything, farms are used. this is a very interesting show, i've discussed this topic with many people & never heard a lot of what was said here
Thank you, Radhika & Michael, for your cogent explanations. Could you address the role of gold? Other than making pretty jewelry and being a great electrical conductor, it seems its worth is due to its perceived value by the masses because the ruling elite says it's valuable? Kind of like the masses believing in the divine right of kings because they were told it was so by those same kings.
Once again ur analysis seems to be spot on. Most interesting 🤔
2008 bubble? Did it burst? Definitely not. The 200 foot high balloon that criss- crossed North America in 2023, was a reminder that the bubble is still alive.
Dr. Hudson, because it's impossible to find an economics program in Marxism online, I have decided to start with reading your books. Could you give me an idea of the best order to read your books? Thank you.
I am reading destiny of civilization.... It is not that hard intelectually or emotionally.... If you want to start with baby steps Stephany Kelton has a book 'Deficit Myth' .... Eighth grade readling level... Not emotionally challenging as well.
@@urrywest thanks.
Radhika so gangsta
I'm starting with this one, and this is the second time I'm listening to it. There's so much material that's covered.
- I'm still somewhat baffled by the concept of what 'money' actually is. I understand that it's a debt owed by a government; but if that's the case, how is that debt settled? With more money? Even taking into account interest rates, it sounds like a circular definition.
Yes, thank you two! And, that was great: reminding us to appreciate Ben and Paul! Could we gather somewhere? At some platform, maybe not fb, maybe Discord? I'm lonely: don't have any "awake and aware" pals around me--people have so much "invested" in their families and homes and so on. I'm newly widowed: if only people knew how hard it is to be clear about the past, and memory and residues and traces...
Your point about short vs long term lending reminds me of the Belt and Road Initiative strategy-- and will probably be that of the BRICKS+.
Right?
This new series is effing 🔥🔥🔥🔥🔥🔥🔥🔥🔥
Please do a video on socialism with Chinese characteristics and how it is different from welfare capitalist model of Nordic countries
There's no longer a 'Nordic Welfare system', and there's no socialism in Scandinavia. Unfortunately, liberal for-profit media have been used successfully used as propaganda-tool against socialism and communism or any institution that protects people against the rich Psychopaths 😞The Neo-liberal fuckers have dismantled everything, so only a fake skeleton are left. Poor and vulnerable people are getting hurt as never before..
@@sgramstrup whatever but it has somewhat worked in that region until very recently
which Michael Hudson book should i read first and last to really understand everything as an absolute beginner. Could someone please make a chronoligical order of how to read Michael Hudson?
I wouldn’t suggest a chronological order. But I do think that The Destiny of Civilization, his latest, is the most relevant and clarifying with respect to what brought us here and where we can go.
J is for Junk Economics or the Bubble and Beyond (history of the Global Financial Crisis)
always insightful
i love this video. Structured format is good to prevent discussions drifting to another topics. Is there any leaflet or something like articles to read or download?
Dear Radhika and Michael, my only economics training is a short course I did with Bill Mitchell about 18 months ago (Athe time he was advising a central bank of a key BRICS member). Given that you might understand the background to my question. I have read many posts and comments on the web about de dollarisations, BRICS, China, Russia etc and the ' need' for a gold backed currency. I ask people about this (not economists but some who repost such things) why would you want to back a currency with gold? They can never give me an answer other than slogans or tell me to buy bitcoin ! I live in a completely dollarised economy (not the USA but a place that uses the $US as its official currency). Currency sovereignty and the de dollarisation debate are of great interest therefore. So to you knowledge are there plans to back a alternative to the $US with gold, and if so why would this be seen as desirable. Thanks (maybe we could email about this?)
Could you also touch on the modern monetary theory in your next episode? What you think of it and how does it bode/ contradict with the dollar status?
Are you being shadow banned? You should have many more viewers. Thank you for the education!
excellent
Which is the superior morality? To continue to allow the killers to kill? Or to kill the killers?
Wake up babe, new Radhika Desai and Michael Hudson lecture just dropped
could you please put the episode number in the title so i can easily discern which episodes if have and have not listened to as i make my way through them? thanks!
love the map with arrows.
Perhaps it would be helpful to hear somethig about the central banks, their role, system of action and current modus operandi. Thank you.
Great show.
It would be incredibly useful in a subsequent dedollarization show if you guys included accessible metrics we could keep tabs on, to get a real impression of the extent of countries weaning off the USD, how far they’re developing alternatives, how and where they’re changing direction of their surplus investments etc etc.
Because there’s a lot of talk on BRICS and about setting up rivals to the IMF/World Bank but how much is REALLY changing, when will it start to matter to the US deficit/debt free lunch?
p.s. please include links to articles and essays referred to in the show !
There is a glitch in the video at 44:44 which renders this passage unintelligible and the point under discussion is key to understanding the economic history of the "western world" between the two World Wars of the 20th century. Please fix.
I enjoyed this but could not catch most references to financial authors and thinkers. Could you offer a reading list at some point?