Polarisation, Then a Crash: Michael Hudson on the Rentier Economy
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- Опубліковано 26 гру 2020
- Allied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis.
Dr. Hudson...a true American treasure.
Michael paraphrase: Natural monopolies, land, air, water, should be in the public domain. No version of owning natural monopolies works out. This is also why things like the internet and banks should be publicly owned and operated by the government, not be private investors seeking profits, ROI. Solution? the most-taxed income should be un-earned income. Productive labor and workers should be taxed LEAST.
USA has the highest cost for manufacturing goods because workers have to be paid so much just to break even, keep up with all the rents, fees, and subscriptions being extracted from them.
This is a clear explanation of reality. Thank you, Lynn Fries, for the excellently prepared questions, and for allowing Dr. Michael Hudson to answer without interruption.
Dr. Hudson I am a student of anthropology and history and I find you lectures enlightening and refreshing to here. Imagine it was a regular occurrence to forgive debt. We must regain knowledge of our history. We already have the solutions we need. It has all come before. We just need to reimplement a better system. And the courage to do so.
And yet many Americans on UA-cam refute this basic premise as an explanation for their woes. Any attempt to make their lives better by reversing this course is called communist / socialist. Insane. In Singapore, we had a similar problem rear its ugly head in the 2000s and the main party, after a horrible election year, began playing a more active role intervening in the property and transportation sector. The scary thing is that this is really hard to unwind, and it's more likely that the status quo will remain (at least it won't worsen). America is in far deeper trouble than we were.
People have to resist the creation of labor-markets among the community or private producers, the change-over puts every commodity producer in a very tight spot, they have to sell their commodity into money, dollars as the case may be. Two markets are the creation of Capitalism: Commodity Markets and Labor-Markets. Gold as the standard for the commodity markets. The urgency to sell for gold is very high and with the diminishing return of its extraction from earth this fact increases the pressure to turn commodities into gold, and commodity producers are also commodity sellers, flood markets wth cheaper goods in higher quantity, selling cheaper than hand made or manufactured products of the native industries the original ancient mode of production dies out and all the individual private producers left over have no property useful for a labor-market, they must sell it all,--- turn their property into money and look for a job. This transition is never humanized in economics but if it were the sun would be setting over millions of small farmers the market has excluded. It would look like rich Americans buying properties and raising rents pushing working people out. It would look like the a city of millions in Mexico with no water out of the tap because Coca-Cola consumes it for production and sale of its soft drinks. Capital has to buy gold through the sale of its own commodities and has to have cash money to do it with. There is an inherent chauvinism in Capitalism that enters into the consciousness of people as if it is their own will conducting their actions, but far from it, it is the interaction between commodities and money that uses people for the transactions to happen.
When the family farm was lost, self reliance (freedom) was lost with it.
i love michael hudson
🙏😘
his dad was a Minneapolis activist
The goal for people should be to create value in society but unfortunately we got a lot of greedy people trying to extract value from society via the rentier class.
His answer to the last question really threw the interviewer for a loop.
It really revealed the bias of the media.
the interviewer was like OOOPS...he is going to bust us!!
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
It's easier to tax the wage slaves 😡
Brilliant! Thankyou.
Best interview..enlightening knowledge for people across the globe..michael, best wishes from indonesia
Banks have always been called the Mother of Trusts.
The takeaway from this information is that Americans have been badly served by the successive governments, dem9ctatic or republican.
Since world war 1 both are just representing wall streets interests. A massive regression of society
Dr. Michael Hudson 👏👏🤔🥵💪💪
CAN'T SCUD THE HUD!!!
Like a famous comedian once said, it's a big club, and you ain't in it
That was absolutely brilliant.thanks
the productive part of the economy pays forever to the unproductive part.
Industrial Capitalism versus Financial Capitalism
3:38 good definition of rent seeking 👌
Stealing the wealth. that should belong to ALL.
Thank you
Get government out of the pockets of the rich and back to the people! (from Green Fire, UK) 🌈🦉
NB: Mr Hudson's rundown on the conflict between Capitalism and Democracy is based on personal experience in Wall Street and is clearly and convincingly outlined.
The Wharton School was the school Donald Trump attended. Trump went to a school that taught the role of government was to provide basic services so that the cost of living of the working class is lowered for the private sector to compete with foreign countries. Elon Musk went to this school also. However, in the real world of politics the democrats have been de-industrializing America without any idea of how to create a viable national economy and the republicans have been weakening government to no government at all. All of this going on as if in a vacuum where the natural world into which all economies interact, change the environment and in turn, the environment changes humanity, does not go on, is patently absurd.
Thanks
So this video is actually two months old.
He was once again correct
Factor in the personal bio-logical struggle with generalised self education in this context.
Or in other words the world ecology remains the same but human politics shifts around, and gets renamed, as regularly as the tides go back and forth. The proportioning changes but the character is much the same.
The speed of exploitation and destruction is amplified by the use and abuse of fossil fuels.
China is shifting into the socialist stage of its development. Debt economics here, and passive wealth accumulation are parasites we will remove.
Unearned wealth is being destroyed by our means at a rate never before seen. Global Communism is the only way out of this now and we will succeed. We will feed every mouth, educate every mind. Ending the Bourgeoisie and their cronies, and global command socioeconomic directly coupled to grassroots community is the only way we will respond appropriately to enact dynamical policy for existential risk mitigation.
The stakes are now our species. If we loose, we All loose. Capitalism is the mortal enemy and we will kill it or die trying.
I've lived as a Proletariat wage earner for 20 years and not once given in to debt economics. I own no credit cards, owe nothing. I have a family with three children and have sworn to die before going into debt. We have done fine. Not above the mean for the country, but we are ok. We also don't play the markets, nor exploit passive wealth accumulation (e.g. buying and sitting on real estate). We own almost nothing, and we are happy.
Sounds great comrade! Convincing the decadent West is another thing tho... We'll get their, as the system inevitably collpses again, or collapses harder
UNEARNED INCOME, WE GET TO STEAL IT.
With the rise you mercenary armies would the statement at about 2min15secs still hold true? You need governments to provide protection?
Is this an argument disputing the what I find ridiculous and unrealistic libertarian free market economy idea?
Housing is expensive due to the civil rights laws which made whites flee cities and then bid up home prices in the desirable communities. We still have affordable housing the small towns in the Midwest where you can live just about anywhere in town with no issues. Then you have property taxes to pay bloated government salaries. Salaries are depressed due to importing 3rd world labor but Hudson won't address that issue.
The human condition is what it is. Things are going to go accordingly.
The worst predecament is when your tenants turn against you and become squatter on your property
I strongly suggest selling the debit to local gangs or drug dealers .05 on the dollar. Problem solved.
Nein, the worst would be when the renters show up at your door with pitchforks
I'd love to do that. My private rentier landlord does no maintenance on the tiny flat I live in, on which he's handed £325 a month from public funds. I've not seen him in two years.
Manhattan was primary forest with only squatters living there for free for tens of thousands of years. Then it had to be "improved" and "developed." Now we face abrupt global warming with the Arctic ice about to melt first time in 2.6 million years. Oops.
If we stayed on the gold standar the free market would have sorted this out.