A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar
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- Опубліковано 16 гру 2020
- An interactive discussion on wealth inequality and the “Great Game” on the control of natural resources.
In this webinar organized jointly by the Henry George School and the International Union for Land Value Taxation, Michael Hudson and Pepe Escobar will unpack one of the most destructive features of our economic system and the many different ways it drives wealth inequality.
They will also focus on China - US relations and their understanding of the “Great Game” regarding control of the world’s resources.
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"You don't need an army to destroy a country anymore. All you need is to teach American Economics". Best description of Neoliberal laissez faire American Economic Model I've ever heard.
@Kevin Tewey You're insane. China is a slave state, with the blood of 60 to 100 million dead on its hands.
And you live in South Africa... the murder capital of the world. Your nation is falling apart thanks to socialist Marxist policies. Anyone who calls himself a God must be mentally unbalanced.
@@soapbxprod No my friend there's no socialism here. This country is colonized by the US through its colonial neoliberal austerity policies and the adoption of the US dollar which were both forced to this country since 1994 when Mandela took over. Your media won't tell you this as we all know
@Kevin Tewey @soapbxprod
I will try to say something intelligent about current China versus Mao's China. Much of this actually comes from a private documentary and a openly CIA documentary.
China's president Xi (if I recall correctly) was one of the engineering students who was persecuted by Mao's Cultural Revolution. He was accused, correctly or wrongly, of deviation or reformism from Mao's Chinese Communism. His father was also persecuted or killed. He was sent to a forced labor camp for a few years.
To give you an idea, Stalin was seen as the ideal, and Khrushchev who denounced and exposed the excess murderousness of Stalin, was hated as a revisionist or traitor.
Chairman Mao knowingly starved people to death during the experimental Great Leap Forward. Members of the CCP government became aware, slowly, of the real conditions in the countryside. He tried to pressure Mao to reverse policies. Khrushchev advised Mao to not copy Stalin on the mass starvation, but Mao increased quotas.
At the end of this GLF period, Chairman Mao held historical respect and power, especially among some of the more privileged masses and students or "cadre", but members of the upper CCP tried to sideline him from direct decision making on economic planning.
Somewhat similar to Trump and the Trump army invading state capitals and invading shopping malls to harass people over covid masks, Mao spoke and encouraged students to rise up and denounce and beat and overthrow teachers and others who had expressed any dissatisfaction or criticism, or maybe even lack of enthusiasm.
This was particularly about polite democratic criticism offered during the thousand flowers period when Mao invited open criticism and advice, but collected the names of the critics for future persecution.
Anyhow, the current government is authoritarian and it does have a reputation for extracting sweat equity of workers to achieve global market share and future gains, but it isn't crazy like the Chairman Mao era.
There's the question of slavery of the Uyghurs, but the other side of that is some degree of racial or cultural hatred and fear and suspicion between the Han Chinese and the Uighur Muslims, including an increasing number of terror attacks on Han Chinese throughout the country and even in Beijing.
Whereas even that "fascist" Donald Trump did not do any wholesale roundup of Muslims in America, nor have previous administrations, and has just selectively targeted Islamic Terror plots, China has not been so reticent or democratic that it would not do a wholesale roundup of selected Uyghurs *suspected* of even lightly supporting violent Jihad, and put them into education camps as it has done to ethnic Chinese dissidents in the past.
@Kevin Tewey this can't include "beating poverty" by intentionally starving to death several tens of millions of poor people.
The real question is how do we get people to care. I discuss these topics with everyday Americans and not a single one cares to understand the argument behind changing rents. Most meet you with “well thats the way things have always been” which we all know to be frankly false but in their mind is an undeniable truth. How do we adapt this conversation to impact the voters and not just entertain the academics who are passionate on this subject?
How does this not have billions of views?
Are you familiar with such pessimism?))
I feel extremely privileged to be a fly on the wall for this discussion between two very vital individuals of our human community. These two incredible minds have had a an immense impact on how I see the world through history, geography and culture. Entirely grateful to this channel for making this discussion possible!
😅
1:13:14 'You don't need an army to destroy a country, anymore. All you have to do is teach it American economics...'
Damn.
He may sound like Mr. Magoo, but he's sharp as a diamond saw.
Haha! Found another "boomer". He does rather sound like Mr. Magoo! :-) btw diamond saws aren't sharp. They are hard and "cut" by abrasion, but I get & 100% agree with your sentiment.
He's 80 years old now but with such a brilliant mind!!
@jones1351....BRIGHT.... as a Diamond....
Michael Hudson a beautiful mind,indeed.What a pleasure it is to listen to these two brilliant individuals.
Pepe Escobar and Prof. Michael Hudson in the same video?! OMG this is pure gold!
It took me zero seconds to click
Wow
Sure is.
Just missing Richard Werner
I wish I could upvote this video another hundred times. It is a real honor to learn from Michael Hudson. His intellectual explanations are so educational and informative. He should make a series to become part of the curriculum of all public schools.
You can..All you gotta do is make a 100 accounts..
You'll make voting bubble that way!!
The American people are as manipulated same the Brazilian people, both pay the 1% bill. I'm Brazilian, like Pepe. His conversation with Michael help me to understand what is happening in my country.
I can’t get enough of Michael Hudson. I wish I could go to one of his lectures in real life.
I bought all his books and I also wish I could get a download in the internet of his lectures.
@@kmakiable hey let me know how you progress. That’s great news. Which ones?
The smartes economist alive
I wish I could take him out for a coffee.
So much truth and insight.
YES!!!! I LOVE MICHAEL HUDSON
me too!
😄
He’s my favorite economist. We should have a fan site for all things michael Hudson. I’m on my 8th book of his on Thorstein Veblen.
@@YouHaveAGoodPoint if there were a Michael Hudson themed discord server I would totally join. Hmu on Facebook messenger if you want to. Just search my name on there if you wanna connect.
@@Tactical_Manatee thanks...I am currently on discord into on Facebook
Best discussion I've heard in a long time. I'm a South African based here in Johannesburg and I have to say this has brought a whole new perspective on my view of China/America/Russia Geo-Political and Economic understanding. Thanks Guys. I bought all books of Michael Hudson last year and they've been a great investment to me.
Steve Keen is another economist who has a clue.
@@grb1969 Thanks, I also like Nomi Prins, Yanis Varoufakis, Richard Werner, Richard Wolff, Edward G. Griffin, Warren Mosler, L. Randall Wray, William Bill Mitchell, Stephanie Kelton, Roger Malcolm, Pavlina R. Tcherneva, Ben Dyson, Ann Pettifor, Hyman Minsky, Joseph Stiglitz, Lyndon H. LaRouche, Murray N. Rothbard, Rajan Raghuram, Wynne Godley, Victoria Chick, John Perkins, Morris Albert Copeland, James Grant, John Kenneth Galbraith, Joseph A. Schumpeter, Irving Fischer, Hartely Whithers, Arthur Kitson, Butler Smedley, Carrol Quigley, David Icke, Anthony Sutton, Texe Marrs, Jim Marrs, James Perloff, Jordan Maxwell, Joseph Carr, Dean Henderson, Eustace Clarence Mullins and many others who sacrificed their careers and reputations for the truth having written and spoken out against empirialism and global oppression with little or no recognition from the public. I say Thank you....
Another one of my favourites is Noam Chomsky. Check him out. I think you'll love him too. Stay strong!
@@khaya-xoliswamaki9813 Okay, try Charles Eisenstein and Daniel Schmachtenberger for a little perspective on empire, economy and systemic issues. I think these two philosophers connect those thought leaders (above) from a different perspective. I’ll check out a few of the names that I’m not familiar with... thanks.
@@grb1969 👍🏼
Mike Hudson’s incredible clarity.
We would have understood nothing without his personal experiences and his brilliant mind. I will be forever grateful to Michael Hudson ❤️
When Dr. Hudson speaks, i listen
My fave economist and my fave geopolitical journalist! I am sorry I missed this three years ago.
Feel grateful to be living in a time in which I can get all this wisdom FOR FREE. Thanks, guys!
As always, brilliant analysis from Dr. Michael Hudson. Thank you.
Thank you to Michael Hudson, Pepe Escobar and Henry George School of Social Science for an outstanding, insightful, timely and highly relevant global economics discussion..
I live for these talks.
Same here! Such amazing analysis to understand the world.
Ditto! My entertainment; trying to understand our world. Michael Hudson is one of my favorites!
Ok you listened to them, and then what? You go and support idiots like Bernie Sanders who want the government to print more money to give to the Landlords? Trump is the ONLY one who (unwittingly) tried to fight Rent Seeking by trying to attack the unfair Trade with China which favors the rentiers... The Rentiers staged 5 coups! against him!
@@sciencecathedral4145 lol keep telling yourself Trump actually did anything other than give a big tax cut to the rentiers. All that bluster on China accomplished nothing. We impprt more from China than before and factory jobs didn't come back. Any factories that are built in the US are highly automated and don't employ many people.
@@davidfoust9767 have you ever been in a factory, or worked in one???
It's fascinating to be watching this on the 31st of January 2024.
After listening to Michael Hudson & Pepe Escobar this mad world makes a little more sense again.
What luck to stumble into the vision of Michael Hudson, opening a new, deep interlude of economics for me. His consciousness is up in the stratosphere. Have always enjoyed Pepe Escobar's provoking thoughts. Thank you, Henry George School of Social Science.
No problem here, it is the third time I follow this conversation, specially that mr Micheal Hudson is a participant. Even the third time listening brings more thoughts and reflection in mind. It’s like reading a book twice, the second time we discovered that we were half asleep reading the first time and it is not by a lack of intelligence or attention, simply it is the way our brain works, we have to cross the many barriers built over the years from school to idiotic time spent watching propaganda on public broadcasting. Born ignorant, it takes years to use our intellectual capacities in all directions to acquire knowledges and even going further by becoming creative and think outside of the box.will see what is next.
Those chinese students came abroad were to learn the failure of US. Chinese do have many old teachings about learning failure from others.
Wow. We are spoiled massively. Thank you Michael. Thank you Pepe
BTW there is a struggle in Italy now between various factions. One faction wants to borrow money from EU so they can distribute the money to their cronies. This would tie Italy to the EU forever through debt peonage. Check out The Duran.
Thank you both so much Michael and Pepe. That discussion was so insightful and informative.
Hudson is the most relevant, insightful macroeconomist of our day... “we are a rent seeking economy..”. Just wish he would have addressed the Capital transformation problem tho...
Perfectly well explained, clear and easily understood if listening attentively. Great contribution to educate the people at large who are systematically kept in the dark on such important issues. Knowledge is power. Many thanks for the effort and the sharing of such knowledges. People of the world will unite through their understanding of what is taking place world wide. In that sense the fourth international has a meaning and will catch the imagination of the new generation so far ignorant of what is explained here.
Excellent webinar. This is reality economics.
Would be good to do another now!
I recommend writings and speeches by professor wen tijun (温铁军) for those who want to research and gain more understanding of how the Chinese economy functions.
Hearing and seeing you two talking is comforting.
the comradeship that can be felt in this conversation is very heartwarming. I've learned so much. I'm a young phil student trying to better my understanding of economics and this kind of top-notch content is so helpful, thank you so much :)
Thank you all! I'm starting to feel like we are personal friends after these excellent conversations!
I'm amazed that such common sense as splitting up productive income vs passive income goes completely overlooked in our American frame of discussion
I thought Hudson said that what he knows is kept out of the schools in america on purpose. American economics is to rob all the people as much as possible. How would they teach this?
As the other reply noted. It’s not “overlooked”. It’s in the interest of the ruling class rentiers not to highlight a discussion of the material differences between the means by which their massive quantities of wealth are generated, in a sense parasitically, on the actual productive wealth generation by the main body, or what used to be the main body of the economy. The parasite doesn’t alert the host to its presence does it? Since the new neoliberal economics is what passes as orthodoxy in economic education the distictio. of course isn’t made.
Only by looking back a couple of generations of economic orthodoxy can we see that once the idea of rent seeking and this “passive income” was not regarded as normal or healthy economic activity, but was regarded as signs of growing stagnation and decline, and it was regarded as the purpose of government to break up this class of people, not in fact encourage them to grow stronger and wealthier (as our US government; the force that is supposed to oppose the growth of a powerful rich oligarchy; has been battling against powerful interests who want “small weak government”) has been doing now since the time of Reagan back in the 1980s!
another great discussion let get this duo back please
Really started to ‘get a handle’ on this stuff.. thanks Michael and Pepe
Only 4,116 views as of December 25. This should go into millions of views given the importance of the subject, and the knowledge of the participants.
Mr. D; there is intel that is better off held personally...
@@chrissutton1519 Why should there be any information out there that shouldn't be publicly known in the first place?
62,881 views on May 2, 2121. There's hope for humanity.
Michael Hudson & Pepe Escobar; most excellent!!
Thank you all for this program.
Hopefully the younger generations take an interest ! For the benefit of Humanity
It feels like a super long thread in a huge ball. Can we untangle it before we go 💥?
thank you for putting this crucial discussion up for wider understanding!
Looking forward to more interviews/discussions with Michael Hudson and Pepe Escobar. Thank you to all of you. I do not have a high understanding of world economics but this interview gave me a better understanding of the increasing poverty in the USA and elsewhere. I shared this link. Hopefully the younger generations take an interest ! For the benefit of Humanity - a Multi Polar vision.
I agree with Linda Mohamed
Linda Mohamed
1 week ago
As always, brilliant analysis from Dr. Michael Hudson. Thank you.
You really need to read Mises and Hayek.
So ENLIGHTENING and so ENJOYABLE ....more more please ❤😅😮
I'm here because of a link left in the comment section of a Bitchute video I was watching. We have to control our own news as a united people. Great economic lesson learned because of a conciensious truth seeker.
Just riveting! Michael is just amazing, and such a lovely person.
I always learn so much from these discussions! I lived as a mushroom for years until the internet made it possible to bypass the propaganda....Carpe Diem!
I sed to work as a Customs Broker- I was always fascinated by the "Intangibles" window.
This is an excellent way to begin a talk with international and historical comparisons. Thanks.
Brilliant!!! Just brilliant!!!! Thanks a bunch!!!!
‘Wealth without Working’ is what is constantly happening in America.
Hudson is a national treasure wow
I cant believe this video was 3 years ago and still we are working our 60 hrs a week and more uninformed than ever. How long can this continue?
This unstable system is no way to live. No wonder everyone is so stressed and suicides are through the roof!
Yes exactly. Predator class has us...
@@richardburmeister469 The predator class is the political class, not the entrepreneurial class. The banks are nationalized, not private.
On the other side, business is booming!
-tightrope salesman
@@soapbxprod Why would "nationalized" banks owe so much debt to private entities? Slavery is business as much as it is politics.
We should simply make the act of taking out a loan an arrestable offense.
Thank you! Wonderful conversation and terrific education.
Thank you for this. That was extremely edifying.
The occasional audio/video intrusions from the Albania secret service circa 1983 is either the matrix breaking down or Chris Nolan's new film Tenet doubles as a virus attack on the "Simulation".
A wonderful and important program; thank you.
Fantastic. Thank You.
Just subscribed! I am now a Pepe fan too! Thank you all so much ! Fascinating ❤️
Fascinating thank you
The U.S. would do better learning from its past. If it wants to industrialize, it needs to reign in finance, monopoly, insurance, and real estate. Only when the U.S. reduces the cost of living for workers and invests in productive public assets (like infrastructure and public education) will we see industrial growth. Why? Because when the economy reduces the cost of living for the workers, it reduces the cost of hiring workers and makes the overall economy more productive.
The U.S. used to have cheap public education and state of the art public transit and infrastructure. That has all gone away. The parasite of neoliberalism has given Americans amnesia and convinced them that there is no alternative.
What a pathetic downfall for a nation that thinks it’s so great. It wants to run the world but can’t provide for its own citizens.
Yes agree except that I can't imagine US changing its ways. It wanted to be in charge of the world simply to protect its primacy by extracting resources from others. That is what it's military is for and therefore the constant warmongering cry against any country that doesn't obey.
@@sword7872 Well, like any empire, that system is unstable. It's already falling apart. I think if America wants to remain the preeminent superpower, it needs some economic reform.
@@P4DDYW4CK reform seems to be the hardest part. Imagine that they won't consider reforming their health system during a pandemic. There are after all many successful models from around the world that they can copy from. But only problem is that the billionaires may earn less.
Pretty much every Empire decayed from within. It was the inability to internally evolve, because by the time they got big, they had a set of behaviours that got them to that point, but would not hold them there forever. All the structures of their society supported those ways of being, such that when they had to change, it was an almost impossible task to do quickly enough. For example, the Nazis started with diplomatic acts - Treaties, gaining the silent Neutrality of others, taking parts of other countries with a lot of Germans or like ideological nations (Norway, Vichy France), but then they devolved into killing off Belarusians and Ukrainians, who should have been prime allies of the Axis powers. They also alienated Italy not long after that. At a certain point, the only path forward was total destruction through other armies invading them, because they had become unable to adapt from the point of total domination they quickly ascended to.
@@sword7872 agree runaway capitalism is beyond reform-it’s literally eating our country from the inside out-ruled by psychopathic leaders who see everything going according to plan regardless that millions and millions are without food on the table, healthcare, jobs and evictions looming. Bezos could change all that suffering on a dime and still live like a sultan yet he does nothing. Only revolutionary measures will ensure change.
Thanks for this, great discussion.
Amazing! Thank you
What a great video...thank you!!!
great discussion.............
Thanks! Learned a lot! Do again in the future. Happy New Year! ¡Feliz Nuevo Ano!
The 2016 presidential conventions were BOTH held in facilities named for financial institutions. Weird huh?
Pepe Scobar sei grande !!!!! Auguriiiii
Great show and guest. Very good hosting.
Great!
Watching today September 2022. Everything he predicted it’s happening. War with Russian, sanctions so on and so on.
I Became a fun of Michael Hudson.
Oi Pepe, sou sua fan tb. Felicidades.
Very captivating information by both you guys.. Thanks for this videoo.
I would like to see a debate between Thomas Sowell and Michael Hudson
Michael Hudson is the Best...
Super webinar.
It would be awesome to see Michael & Pepe back together for a follow up to this awesome discussion; So much has happened in the past two years with the emergence multipolarity taking shape,accelerated by the U.S. and Western sanctions on Russia we're only 20% of the global population going along, Western Europe circulating the drain having to pay for high priced fossil fuels, The Shanghai Cooperation, BRICKS+ Opec+ ..meanwhile China and Russia together in a win-win symbiotic 'no limits' geopolitical relationship, international transactions denominated in U.S. dollars down to 72%
Flamin' Excellent !
Excellent discussion. Please could we have some more, please?
1:02.00 .... Talking to the deaf.... hahahaha 😆... So true 😁
Well said. Financial Engineering only goes so far but only benefits those at the top.
Awesome interview!
Listening to these two makes sense of the world. "you don't need an army to destroy a country anymore, just teach them American economics" is relevant to the South African economy. The Americans have also screwed with our brains to make us trust their economic logic. Now we don't produce nothing and the entire economy is hooked on consumption. Finance is stripping us with chart topping activity on the Johannesburg stock exchange and off the charts unemployment and gini coefficient.
When the intermediaries (the banks) “earn” more from the transaction than the principals, you have a failed system. Students in the US pay more to the banks than to the universities. Lame.
For a system to be fair, interest rate on a loan should tend to zero.
"For a system to be fair, interest rate on a loan should tend to zero." I strongly disagree since inflation is a real thing for one. Secondly, there should be at least a small profit margin, especially considering some will default on their loans(although small in the USA due to required payback). It is respectable for a lender to expect a profit, just how the USA government funds the banks creates the ultimate problem along with the government law requiring payback... Those two things removed, then the current interest rates would be fair, but that is not the case, so interest rates should be cut down dramatically otherwise government change is needed.
@@ihatesignupsgrrrrrrr interest is theft, you should not be able to make money from money, it's extortion
@@ajrwilde14 So, what about the financier or agent managing the loan? Should that job be done for free? Do we get rid of loans completely? There is the option of a more reasonable flat fee for loans, but is that still _"money from money"?_
@@Poppadop1 this Islamic banking "sharaka" (partnership) model is a good one. They are then forced to take on real risks, as well, instead of the manufactured risks they take on in the market with so many of their financial instruments. While in some ways this may somewhat restrict lending because lenders would want to make sure that they are investing into sound businesses, it is a sounder system that is less likely to face catastrophic failures, and it has now been battle tested for years in the Muslim world and shown to be an effective business model for all involved.
Alternatively, we could just cut out all the banking middlemen by nationalizing the banks and the government trust can continue to guarantee the loans and money supply... Much like it already exists today (with the government bailing out the banks and providing them with massive leverage), it would be a much more efficient system and interest would not be necessary, just intelligent (re-)distribution and progressive taxation that mirrors one's lending.
The schools themselves shouldnt have tuition so high that you need loans to attend. The problem starts with the universities.
Good work team.
m Hudson a genius, told the whole story in 15 mins!!
could really use another one of these talks soon!
Why anyone ever thinks the US comes to help them is beyond me.
High energy economics!
Fantastic! FFW to today, Hudson's prophecy re. Russia vs. US came true!
I was introduced to Michael Hudson by Vox Day. I try to expand my sources so I can learn how wrong I was about some things. I am a Trump fan but the best book of the year was The Management of Savagery by Max Blumenthal.
No offense, but Vox Day is a lunatic , and a bit of a troll to boot.
26:40 - [When your creditor charges you a late fee penalty your the customer getting SERVICED]
27:00 - When housing prices rise & price the American worker out the the market
27:15 - So, there's a long discussion in China about how do you create an account to distinguish between
a necessary cost of production & what's an un-necessary cost ?
A lot of entertaining discussion here regarding history and future speculation of world economies but what is the actionable information for us plebes to take?
will it do any good? probably not but thank you Professor Hudson for sharing with us the wisdom of the ages
I actually registered for the event, but I didn't know how to get in to watch it live...perhaps someone could provide some instruction?
We suffered an unexpected "Zoom bombing attack" and were forced to temporarily lock the meeting to deal with it. A link to the video has been sent to all those who registered earlier today. We apologize for the inconvenience.
I always figured that high speed railways can run along the Thruway and express ways corridors with regular rails connecting to it from towns.
So good
Great Pepe
MICHAEL HUDSON!!!
Is there a book that covers the material in this talk?