Michael Hudson: Why the US has a unique place in the history of imperialism?
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- Опубліковано 19 чер 2024
- Prof. Hudson speaks on the nature of US financial dominance, the role of World Bank in developing countries, USA's ability to run a huge balance of payment deficit, changes in Russia after the fall of the Soviet Union, the problems of US economy with post-industrialization, and the role of neoclassical economics in all this.
He is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), ‘and forgive them their debts’ (2018), J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others.
00:00 Highlight
00:55 Introduction
05:34 World Bank
18:51 US & Europe
21:09 US BOP deficit
32:45 Russia after USSR
50:20 US junk economy
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We are so happy to see intelligent responses that have engaged critically and sincerely with the content. As much as we believe that numbers are not everything, it would still help us to have more subscribers. Can we make a request to those of you who liked our content to subscribe, so that we stay connected, besides reaching out to more people?
To learn how to listen carefully
Just subscribed, thanks.
@@Fredmayve Thank you. Love & solidarity, IGL!
subscribed, thoughtful channel.
This kook doesn't mention the coordinated actions of central banks around the world.
Wut?
Continued good health to Michael Hudson! Our world needs him.
Many people are missing good quality content by not seeing this. No bullshit, no sensationalism, just information. Host- you understand politics and economics much better than my teachers. Also, as leftist, you don't have the dogmatism of many. This channel is so refreshing.
Dimitry you are very kind and generous. Thanks a lot for this.
@@IndiaGlobalLeft I like your channel and I like Hudson when he keeps to economics but seriously some of his theories border on the conspiratorial and proof of evidence should have been asked for. The reasoning for his praise of the gangster capitalist and imperialist Putin seems only to be that the enemy of my enemy is my friend. Likewise just how influential were the fascists in the Ukraine coup because someone flew a nazi flag. By that standard a whole bunch of countries would be considered fascists. Speculate all you want but don't abandon reason ffs
This is utter nonsense.
Do you know why? Because Kanye could criticize the military and not lose his bank account.
Pie in the sky economics
@@marcusaurelius5149
Kenye has been deplatformed just like many doctors and scientists as well as journalists and players like Kerri
Professor Michael Hudson explains all the geopolitical dramas going on today. He was at the heart US economic power and how US has had a free lunch by world domination and how the petro dollar, Tressury Bonds IOU'S and arms sales has provided this free lunch at the cost to the whole world of wars and hunger.
Not to mention to its own middle class
He did! Book....."killing the host"
The US also shares some of the spoils from its plunder with its G7 n nato allies, which is why they r die hard worshipers of US imperialism
Middle class? Instead, those addicted to MSM. We call them Sheeple; they know not how to think for themselves.
@@madeleineswords704 Michael Hudson, Noam Chomksy (Democracy Now), Chris Hedges, Varoufakis, Jeffrey Sachs, Richard Wolf, John Mearsheimer, etc... all have similar views [well I'm not smart enough to know the differences at face value]. I would like to see a debate between these guys and libertarians and mainstream pro-war liberals.
Control the food. Control the people
who's controlling the food? The Rockefeller foundation more than tripled the output of grains in countries like India and Mexico in the 60s. At the same time they were writing a seminal report on overpopulation. At the same time abortion and birth control became legal. The first world voluntarily controlled it's population growth while developing nations rejected control for the most part.
Yup same thing with land
@@tuckerbugeater For a moment there I thought you were trying to dispel conspiracy bullshit, then you peddled some.
"The first world voluntarily controlled it's population growth while developing nations rejected control for the most part"
^ Yes, we did that by getting richer, not by planning, and we got richer by raping the rest of the fucking world keeping myriad nations under an economic boot while we paid a given piss poor nation's kids a peanut a day to extract that piss poor nation's resources for us, as the poorer you are as a family unit, the larger the family tends to be due to joblessness of parents requiring both parents and kids to work in the black economy, and high rates of infant mortality. We are all profiteers of child and slave Labor.
Economically secure stable families from wealthier nations on average have less kids due to secure incomes and low infant mortality along with reasonably well funded healthcare & education, till you get to the very rich then they fire them out like a scattergun and pay for many nannies to do the work which is why Elon Musk for one example has getting on for a dozen kids and to date I am not aware that he gives the slightest shit about any of them.
Exactly. It's checkmate. We lose. We're going 1984 first, then Brave New World permanent underclass after that.
Chilling like a villain good morning 🌞 from Canada
Hudson is brilliant. Great guest
I had heard bits and pieces of what happened to the USSR in the 1990s and now Michael Hudson has put it all together. Thank you.
I lived it and only in hindsight understood it
@@ZvezdaIskra It was a terrible time. I remember reading about the increased disease rate because of the lack of vaccines, etc and the economic hardships. My hat is off to you.
@@ZvezdaIskra This series might be of interest to you. ua-cam.com/play/PLDAi0NdlN8hNArLl765PXe8tsTKmOciGL.html
Now we know Putin suddenly became a " ad " guy. All he did was to protect his own country and couldn't be bought over like a Latin American 3rd world Dictator because Putin had pride in his Russian history
@@minniewipster8130 Vaccines were widely available in Russia even in the 1990s. Mortality rose due to crashing living standards (a lot of people ate bread, potatoes and pickles from their garden plots 10 months a year with no money to buy meat, fresh vegetables or any other healthy food), medical care for adults literally ceased to exist (hospitals had no bandages, syringes, or any medications to treat even the simplest illnesses), and adults experienced tremendous stress due to inability to feed their children (millions of people lost jobs or were not paid salaries for months and years). Basically, from an industrialized society people were thrown into Medieval times when you have to grow your own food to survive, and at the same time work for free at your regular job to provide a glimpse of hope for your children and keep educational system, transportation, energy supply, and other basics of city life running. It was an exceptionally stressful time, a lot of people committed suicides, many began drinking and doing drugs, many just gave up and died from heart attacks at the age of 40.
Reminds me of “Economic Hitman” by John Perkins. Excellently interview!
Excellent book
I have all of Michael Hudsons books….He alone raised my understanding 1000%. Exceptional interview. Thank you.
Unfortunately you picked someone who sells only lies about the future by telling you truths of the past
@@gnice8765 You cannot tell lies about the future. You can make predictions. Professor Hudson explains his reasoning and relies on cogent facts to do so, which makes him persuasive. You make vague and insulting assertions which don’t make logical sense. This is not persuasive in the slightest.
@@gnice8765 🤡
@@jjbwoy yes Micheal is a 🤡
@@abe8435 he's not making predictions at all. He's constantly imposing what he wants to happen as what is going to happen
Professor Hudson is a worldwide treasure. Great interview. Subscribed. Greetings from NY
Same. Greetings from Georgia (the US state)!
Thank you Professor for being so clear. Greetings from France. Subscribed.
I always have to listen to every Hudson video twice. There's no way for me to be able to absorb it all on the first listen because I'm always knocked down by the previous insights in an endless game of catch up. Maybe l have simply have to buy one of his books lol.
Yes! Me too!
Same here. Hudson is deep.
Buy his books and thus support him financially
So important to re-watch stuff
Honest and straight up speaker Mr. Hudson!! No bs here! Thanx!!😎👍
Can't get enough of Michael Hudson
Exactly! I just can't explain him without feeling I must look wild-eyed.
Gay?
Michael Hudson is brilliant. He has been straightforward in analysis.
sounds like he didn't have a bed wetting problem either!
This is so informative, making sense of an otherwise senseless world.
Reminded of Michael Parenti, an excerpt from his piece Mystery: How Wealth Creates Poverty, which highlights this very same dynamic under the auspices of global US empire and its "full spectrum domination":
_"In their perpetual confusion, some liberal critics conclude that foreign aid and IMF and World Bank structural adjustments “do not work”; the end result is less self-sufficiency and more poverty for the recipient nations, they point out. Why then do the rich member states continue to fund the IMF and World Bank? Are their leaders just less intelligent than the critics who keep pointing out to them that their policies are having the opposite effect?_
_No, it is the critics who are stupid not the western leaders and investors who own so much of the world and enjoy such immense wealth and success. They pursue their aid and foreign loan programs because such programs do work. The question is, work for whom? Cui bono?_
_The purpose behind their investments, loans, and aid programs is not to uplift the masses in other countries. That is certainly not the business they are in. The purpose is to serve the interests of global capital accumulation, to take over the lands and local economies of Third World peoples, monopolize their markets, depress their wages, indenture their labor with enormous debts, privatize their public service sector, and prevent these nations from emerging as trade competitors by not allowing them a normal development._
_In these respects, investments, foreign loans, and structural adjustments work very well indeed._
_The real mystery is: why do some people find such an analysis to be so improbable, a “conspiratorial” imagining? Why are they skeptical that U.S. rulers knowingly and deliberately pursue such ruthless policies (suppress wages, rollback environmental protections, eliminate the public sector, cut human services) in the Third World? These rulers are pursuing much the same policies right here in our own country!_
_Isn’t it time that liberal critics stop thinking that the people who own so much of the world---and want to own it all---are “incompetent” or “misguided” or “failing to see the unintended consequences of their policies”? You are not being very smart when you think your enemies are not as smart as you. They know where their interests lie, and so should we."_
Hudson is over 83 year old and still is very energetic as a young buck
Most "young bucks" are no comparison including in his field. Age has not meant anything to his intellect except give him more time to get more informed.
No wonder the Americans want to lock away Julian Assange forever...
And ANY or ALL journalist for exposing their crimes!
While they cry about Navalny. Pure hypocrisy
His exposure of the tools n measures used by the US to maintain its world dominance is rather shocking but precise.
kudos bro, for bringing in Dr. Michael Hudson to the Indian audience.
An economist who isn't full of shit. What a treasure! Very telling that he never studied economics haha. If you buy into the official version you seemingly become blind to the actual world.
this is one of the best videos by one of the best economists. richard wolff is another.
@@drakekoefoed1642 Hi Drake, we have had an amazing show with Richard at IGL too. You may like to check out.
On that note - most economists are divorced (or in denial of) of nature. Divorced, separated from the ecosystem.
However that posture has failed (very gladly)
Richard Wolff
Yanis Varoufakis
Mark Blyth
Michael Hudson
^ 4 economists you can reply on to not bullshit you, and to call out bullshit, by actually calling it bullshit. x.
Lol an “economist” who doesn’t believe in markets
Always good to hear Michael Hudson.
This was an incredible show. Mr. Hudson may be the greatest real economist in recent history. Further, his background in historical studies gives him further gravitas. Thanks so much for a wonderful broadcast. Now that I have discovered your channel, I have subscribed and look forward to more marvellous content. God Bless from South Africa.
Except his entire theory rest on the shoulders of marx. Go ask Warren mosler for a modern version is known as mmt. Read some hans hoppe, rothbard or mises become ground in facts my friend
G nice ...is that a putdown? Eh..."my friend"? I think not.
@@gnice8765 he uses the definition of surplus given by Marx. This is a sound concept. Marx's point is that the surplus belongs to the workers. You don't have to agree with this point or even like it to use the concepts in your theories. I don't think you understand what he is talking about very well if you think his references to Marx are in any way a problem for what follows.
🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦
@@zemm9003 Nailed it.
Thank you for this wonderful interview. I greatly appreciate your work. The truth will set you free. Cheers from England.
Thanks a lot Sean, Hope we stay in touch! Much love, IGL
Brilliant and correct in his revelations about the banking industry. Professor Hudson one of the greatest teachers and truth tellers. Thanks for having him on.
Hudson is a socialist quack. I assume you're as delusional as he is?
Oh man, does it get better than this.
Great podcast. Thank you.
Cannot get enough Michael Hudson; there is so much to absorb in his discussions! The moderator is very well informed and respectful. The slate of guests looks interesting....have suscribed.
Thank you Comrade. Best place to get these interviewed on the internet rn
I hope this channel grows to so many more people to see
Means a lot Anand. Very glad to be in touch!
This is a comrade channel?..subscribe 😊
The US is agitating in Korea again now too, same thing, except it’s also going after arts and culture (youth) too. Divide and conquer, turn people into a deadly rivalrous binary opposition and set them against one another, and keep fracturing humans on increasingly arbitrary and abstracted lines, (nationalism, race, etc) into smaller and smaller groups, none based on material need or reality.
How exactly are they dividing them through gender wars
Mr. Hudson deserves the Nobel Prize.
I'm an Indian right winger
But do understand the perspective of prof micheal Hudson
I've been telling my fellow right wingers and left wingers friends about debt ridden system of finance capitalism .
To my horror I realised people( both left and right) don't even understand anything about stock buy backs and the loot carried out by finance capitalism in the name of privatisation..
Thank you for the enlightening discussion
Great work brother..
I don't care be it right or left
But we have to protect our public utilities for good from being taken over by monopolies
its a Right wing agenda only to give monopoly of power to big corporates, shifting power from public.
@@bhaswatip93indian right wing most of them don't have any agenda except creating value for example rightwingers like adam smith
Its liberal and neo liberals who want that shit liberalism is the ultimate form of slavery
Oh my God, he admit it!
Right wing ideology is absolute garbage m8, enjoy that boot though, yum yum.
@@user-xb6fl9ri6g right wing industrial capitalism is actually good for a pre industrial society..
And marx predicted industrial capitalism will eventually go in to socialism as society becomes more self sufficient and sophisticated..
Don't talk like a neo liberal like
"Who doesn't follow my ideology is garbage "
As a rightwinger what i hate is this tendency to get financialized and get into financial feudalism once again ..
Indian socialism was actually feudalism which has many rentier classes like
Gundas
Corrupt police
Feudal lords
We have to free our economy from these people first..
Nehru basically did was expand the number of feudal lords and named that socialism read about coal and iron ore mafia during nehru's era that's not socialism its feudalism
@@rudrajeet814 yes but capitalism has way too long out grown it self to where it’s no longer useful in the industrial sense
This is a great channel with wonderful guests. 👍 It deserves many, many more viewers!
Trotting to the bread lines if you support communism.
It was a pleasure listening to this as it shed light on so many things kept in the dark. Michael helped me connect the dots in truth. I truly appreciate you having him as a guest. As things continue I hope you’ll have him on again. I thought it so good; I’m about to listen again Thanks again ❤😊
God bless all truth teller's 🙏🙏🙏🙏🙏
Fascinating discussion
I liked the questions, thoughtful interview!
Being from an engineering background..
In early 2000s IT companies used give a salary of 25000 rupees/month
Now in 2022 its barely 30,000 per month..
Its literally a loot they have been underpaying
Engineers over 20 years
PS : I'm one of the engineering student at Jadavpur university (one of top 15 engineering schools in India)
URGENT and IMPORTANT NOTE: In Hinduism, the right-facing symbol (clockwise) (卐) is called swastika, symbolising surya ("sun"), prosperity and good luck, while the left-facing symbol (counter-clockwise) (卍) is called sauwastika, symbolising night or tantric aspects of Kali. The German NAZI fascist government took the Hindi sign for its purposes of so called purity...
@@AndrewCharnley Actually the Swastika is not the Nazi emblem. The German Nazi insignia is actually called the Haken Kreuz, literally Hooked Cross. There was an editor at The NY Times that started calling it the Swastika right before the end of WWII and it has stuck ever since. By not associating the crimes of the Nazis with Christianity was one of the main reasons for this deliberate obfuscation. There is an excellent UA-cam documentary on this subject from ATAK called “The Silence of the Swastika”
@@BharatkaEkBeta Thank you, I learned something new today, I will definitely give that YT post a watch.
Wages stagnant since 70's when they went off the gold standard, PLUS now....ALL risk and ALL cost bumped into worker...ALL PROFIT up to the one percent...now he is working three jobs, she is also working, and still can't make the rent.
Which is why most of the best talents went to the US
This information should be on mainstream news. Thank you.
Ha! Good luck with that!
Aren't you aware that your msm doesn't want you to khow the truth
Intresting conversation, thank you!
Thank you. This is helpful.
We love Hudson! Great interview!
Excellent discussion. I think more people are starting to realize that Left and Right are secondary to the Iron Law of Oligarchy, which can also be stated as the Corruption Problem, the concentration of wealth and power into progressively fewer and fewer hands. Only now that the GAE is nearing the end of its dominance are more and more Americans asking the question: "Are we the baddies"? The answer is YES, and has been since the end of WWII at least.
Just found your channel and subscribed. Great content!
Amazing Micheal Hudson
Michael, you are an extremely patient man. Oh! and brilliant too.
This was so good I downloaded it and have already listened twice. So thankful for people like you all!
Professor Hudson!!!! 👍👍👍👏👏👏👏👏✌️✌️✌️✌️💪💪💪💪😍😍😍😍💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝💝
Always glad to hear Dr Hudson. He's always got good stories!
The amount of ground Hud can cover is stunning...another master piece!
great channel. Just happened to get it recommended by YT. Excellent discussion with an excellent guest.
Thank you Michael.
Just discovered this channel, excellent interviews and content, and of course, I'm already subscribed, greetings from Colombia..!!
Thanks a lot. Look forward to stay in touch, Greetings from IGL.
Michael you are my hero
Thank you for a fabulous interview. Bless you both for exposing the corrupted. The depth of evil is profound. The misery on earth since 1950s when gold was taken off the standard. Watching from Sydney, Australia
How did Professor Michael Hudson survive for so long at a Southern University,leave alone the Country as a whole. I salute him for his courage!
Subscribed. Good hosting and great guest
Wow youtube recommended something good. Congratulations you broke the algorithm
Brilliant interview, thanks
WOW! Isn't Michael Hudson just amazing! 💓
thanks for the video
Great conversation! Thanks
i always follow professor Michael Hudson lecture on history Politics Wars Money matters World wide. thanks from Canada for having him on.
My deceased father bless his heart, he and his fascist alarmism, was correct, I thought he had delved into Conspiracy Theory with all those books about war and conquest but no... He was simply following the facts and factors.
Fabulous interview. Just subbed.
Excellent interview!
Wonderful interview and Michael Hudson is always great to listen; and the interviewer must be credited for asking very nice questions.
Thanks Suman. Glad that you liked the show. We have amazing guests lined up. Stay in touch and subscribe to stay connected. Solidarity.
Very enlightening.Thank you sirs.
Excellent presentation by Mr. Hudson, insightful questions from the host.
This is actually a great interview
At college in Alva, Oklahoma, I study Economics and Money and Banking, both freshman courses, but they opened up my mind to the realities of fractional reserve and fiat currencies. This is the second half of the 70's, the oil embargo years and the decoupling of the dollar from gold. My biggest realization was that money was paper, that it cost pennies to print, whether it was one dollar bill or a hundred dollars bill, and the only thing that differentiated the dollar from the peso was the productivity of the economy and the ability to tax the population. After that it was easy to understand that living at the lowest tax bracket without lacking any of the basic requierements for a good life, without luxuries and banalities, gave me the benefit of my time in the best years of my life, as oposed to buying everything my heart wanted, on credit, and living under the motto: I owe, I owe, so off to work I go! I have never had a vacation in my life; I have never needed one!!
Agreed. Michael Hudson is very special.
Incredible interview. Thank-you! Watching from Canada. 🇨🇦
Thanks for listening. Let's stay in touch.
Jeffrey Sachs probably would have a few things to say on this topic also
Great suggestion. Would get in touch with Jeffery. Thanks for connecting. Hope we stay in touch.
This was an excellent video. Finally got to hear Michael Hudson's view on Ukraine crisis.
Just found this channel and it's great. Just subscribed. Keep up the good work. BTW what a brilliant guest.
Excellent! Thank you!
Always a great insight, thank Michael.
Thank you all. x.
Thank you for explaining this global picture.
Hudson based ❤
✊✊✊
Thanks for watching. Stay in touch.
Ive just made three pages of notes on this which ill be going over a number of times. The man is a legend
Nice presentation,
You should upload these podcasts onto Google Podcasts or somewhere else, so I can listen to these whilst driving. Thanks.
This Man Hudson is A Great Speaker Thank You💯True
Thank you both gentlemen. I learnt something today.
To the interviewer: you should interview John Perkins next. It'll add to this interview since his info. aligns perfectly with this one.
I love this guy
Very educative.Where do I get the books Mr Hudson wrote here in Zimbabwe Such information would enlighten Africa and assist in strategising economically and politically. The talk is full of wisdom.Thanks
Great discussion ..!
Love Michael Hudson he makes his own class since got business with computer in 1984. Original is History then added Economics from Hudson & Wolfe
Astounding assertions from the parallel
Try to invite P Sainath in future, we can get to know about agrarian and food crisis in India. I think he has a book being published on December about freedom fighters.
Hi Raja, thanks a lot for the suggestion. Sainath is very important for reasons you said. We already have Sainath coming to our show in December. But stay tuned, we have other prolific guests in November as well.
Good for you for telling the world what is going on because I don’t think the Americans really know how bad America is.
16:56 Those hydroelectric dams killed the rivers that once run through Bangladesh.
How awful - & because an engineer had a negative image of himself
they also provide the electricity so that people like you can access and post on the internet
@@ramrao668 Destryong thousands and thousands of square miles of farmland, agricultural habitat, natural diversity, and destroying the livelihood of millions of people in a neighboring country for 1000MW electricity? Are you stupid?
You are asking for a war for water that you can't afford but can easily avoid. A nuclear power plant or solar can easily replace 46000MW without destroying thousands and thousands sq miles of agricultural land and killing populations in a distant country.
Brilliant guest. Subbed.
"A section of Law 101-513 suddenly and without previ-
ous warning cut off all aid, credits, and loans from the U.S. to
Yugoslavia within six months. Conducting trade without credits
is virtually impossible in the modem world - especially for an
indebted country lacking hard currency. The law also demanded
separate elections in each of the six republics that make up
Yugoslavia, requiring State Department approval of election
procedures and results before aid to the separate republics
would be resumed. The legislation further required U.S. per-
sonnel in all international financial institutions such as the World
Bank and the International Monetary Fund to enforce this cut-
off policy for all credits and loans. "
Awesome
Excelente informacion.
Please know that the citizens of the US, had no idea what it’s government was doing. Lots of eyes are getting opened watching the Ukraine war.
Doc you summarized what is happening here. I bought large building cranes in 1990 only one problem Geiger counter went 🔥
I love this man. Highly recommend his work "Killing the Host". An extraordinary work, and VERY dangerous to the ruling finacialized entities destroying this world. God Bless Prof. Hudson.
Bedwetting godamn builder🤣🤣
Spot on😁👍🙏
I never thought about how bed wetting could expand so much - now we just need that Russian Drumpf "bed wetting " vid to get released!