Amin. Why good people pass away at young age and some @ nursing home age are installed for presidents? Because it serves the oligarchs well, and we, the people are left with the empty bag.
@@Buf-g6m If you are NOT confused...then you should have no problem explaining what AGAINST ECONOMICS means? Or what debts were forgiven and why? And just for fun throw in the when too? And when it stopped?
It is encouraging to hear economists like Michael Hudson are still carrying on the ethical market ideas of Hazel Henderson, and virtues of E.F Schumacher. As a former analyst (85-89) I witnessed the end of the New Deal order and the dawn of neoliberalism. All our hope for sustainable development was slowly destroyed. Graeber was a bright light and scion of economics as if people mattered. Hope is rekindled.
Since when does an examination and explanation of actual evidence ascend to intellectual titanhood? OOOOHHH look...in this "code of laws" we discover they chopped off hands to discourage thievery????
26:53 🎉 yes. Government does not need to borrow from the wealthy and private banks. The government could simply issue debt-free sovereign money rather than issue bonds.
yes, a planned economy.... only western civilisation creates private oligarchy debt ownership of creative human man-beings... gonna be a fun decade!... 🧐🤔😅
Ok do not ANY OF YOU see that Michael seems to be promoting imperialism??? WTF!!! War BAD!!! Trump conquering other countries via financial Colonialism BAD!!! Bad bad bad. Hello new version of the IMF and World Bank? How about we attempt sustainable democracy while letting other countries do the same and engage in actual fair trade??? And it's not all about growth!!! Real human growth goes within and searches one's heart for the higher truths of life and comes out transformed when one learns how to yield to others and recognizes the higher cause. Which hello isn't that where fortunately we've been bright to the brink off needing you do? Outgrowing our natural capital? The Earth has LAWS and no matter how long man finds ways to manipulate them there is an endpoint where we exceed the limits!!!!! And we're essentially THERE!!!!! Michael's decades long pursuit of the history of debt he should have been studying the rest of history, as well, especially the history of speculation and empire, because maybe it's his Yale associations that's blurring him from seeing clearly with the cross and bones emblem penetrating his blood brain barrier and making him think that's what the stars and stripes is all about. Sorry but Trump's version of Make America Great Again has problems!!! Lots and lots of them! And so what Michael, have you jumped on the Trump bandwagon and now riding on his coat tails modifying your message to his for acceptance and/or profits?? Or are you just reciting the rhetoric of your Yale buddies?? Trump is anti war one moment and pro war the next. And it's not a defense/offense thing. His pro war stance is not a righteous one. He's also got a whole lot of fuzzy thinking going on with all the neocons and neolibs surrounding him!!! War is COSTLY!!! You can only tax the people so long before they rise up whether you print your own money or borrow fake money made by someone else using fancy market manipulation. War is DESTRUCTIVE economics!!!!!!!!!!! It's not CONSTRUCTIVE!!! Growing our own HEALTHY food is constructive. Growing healthy citizens and investing in their futures is constructive. Building relationships with other countries is constructive. Doing what China's doing with the belt and road and lending money for infrastructure that benefits the receiving country with win win trade deals--constructive. Whereas under the IMF what the West did was offer predatory loans that indebted other countries which was used as leverage to thrust open their borders for western corporations to come in and only build the infrastructure necessary to rob them blind of their raw resources. Plus enslave their people, pollute their environment, and pay no taxes on top of it all!! And that was the fate if the country took the bate and excepted this predatory arrangement. God forbid a head of a country not being ok with these transnationals wanting to oppress his people, dispossess them of their land, and govern sustainably. He could then look forward to being overthrown and a military junta being installed instead or endless assaults and economic sanctions. Which Trump was famous for in his first term. Economic sanctions that is.
I want to thank everyone who was on thus internet today. Bravo, David Graeber Society & Professor Michael Hudson. RIP 🙏 ❤ David Graeber!!!! Brilliant 👏 👏 👏 👏
Put metaphorically "Our politicians are interchangeable figureheads on the pirate ships of the Corporatocracy Empire" We have representative democracy, the type sold by sales reps.
Wow! Michael! I am so excited w/this fabulous overview! This has been the best intro ever! Cannot wait to find yours & David's books. And!? Links to you collab videos would be utterly marvelous too, if possible! Gigantic thanks!
Michael is a total breath of fresh air. He and Mr Wolff are the only 2 people to totally grasp and can explain economics with total transparency and historic understanding. They are teaching giants with conviction and without favour just honesty and fact based truth.
Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 100k to a decent 640k in the space of a few weeks... I'm especially grateful to Milton Harper, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
It really helped trading with Milton Harper analysis and info, even with the market in a downward trend. Definitely riding the market wave is a good perspective..
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience...
Love Michael Hudson. My thought is that the corporate world has always believed in and practised debt cancellation. When companies go bust often the debts or parts of the debts are written off and the creditors lose.
On 10/06/2011 I went with my friend Jack to the Occupy encampment and spoke to many. One fellow was seated on a folding chair with a laptop on a nearby chair. I had a short conversation with him in which I said that, whatever the outcome, the 99% - 1% meme would remain an important accomplishment. Several weeks later I saw a photo of David Graeber and knew he was the man with whom I had that conversation. It is said by some that he was the coiner of that meme. I don't know if that's true, but he was certainly important in establishing the concept.
My parents barrowed less and my grandparents hardly barrowed money at all. They mostly paid cash. There was no such thing as a credit score. The acquisition of skill was primary. To my mind, one is successful because they don't have to barrow. Modern man brags about his credit score but can barely change a light bulb.
@ I was raised and apprenticed by family of masons and all our equipment was purchased with cash. It is a simple life with great freedom but hard work.
My parents borrowed from family, my grandparents borrowed a neighbor ,back when your word was your worth. I once co-signed for a loan for my young husband. We separated and I was left with supporting a child and payments on an old broken down truck. I vowed I’d never buy anything I couldn’t pay for with cash. My parents helped me a lot, but my ex taught me a great lesson 😂. Why am I not as grateful 😂. I still have no credit score and am grateful 😂. I’m also a proud wal-mart virgin( have never stepped foot in a WM building😂). Thanks for your comment, loved it!🇨🇦
Borrowing is now necessary because of the inflated prices of all goods. For what reason is a quarter of milk ten times the amount that it was. The market is manipulated by the capitalist class to bring the masses into bandage. There is no free market. It's totally manipulated by the upper class to It's own benefit , just like all of our laws are made by the rich, for the rich. If you don’t believe that, you're living in illusion.
I think that it’s notable that over the last four and half decades the value of the stock me market in the United States has increased by 16,389.59%. During that same period of time, the average household income in the US has been relatively stagnant. In China, over the last few decades, returns on the stock market have been relatively dismal, at about a 40% growth. Meanwhile the growth in the real economy have been averaging over 10% per year for 40 years and average household disposable income has risen over 400%. I believe that these numbers clearly demonstrate the lack of connection and reflection between the stock market and the real economy.
@@qarljohnson4971 Yes, genius...if I knew, I wouldn't have to ask...and if you knew, you could have answered. Even more intriguing is that if the standard of measurement was identified...a connection to anything REAL, would not be.
I took a macro economics class at college and found out the hard way that these classes aren't intended to educate they are there to train. I was learning in all sorts of social science classes (Geography, Anthropology, Sociology, History) but the only one which discouraged my questions was my Economics class. I ended up with a C+ in that class for a reason.
The lie that society would collapse if debts were cancelled goes back to a strawman argument of Martin Luther who in his quest of "returning to the scripture" basically made fun of Jesus's commandment in Luke 6 to lend money without expecting it to be returned. I'm starting to see why Gerald Horne thinks the apocalypse arrived in 1492 or whereabouts.
loved his answer to Matthew Happy (50m) that the essential problem is that an opposition has totally FAILED to create a strategy & mobilise behind a unified effort... BRICS is the closest the world has come, but where are all the intellectuals & analysts who talk so much, what has happened to 'western society' that we cannot seem to focus & push through to action?
LOL Towards the end it was like a good old-fashioned WBAI Pacifica New York monthly meeting where one person's private little issue derails everything SMH
The reference to Graeber is gracious, but David's sources were not just personal experience, but from the anthropological record, both cultural and archeological, making the larger point that the Neoliberal narrative, including the Adam Smith narrative, is not supported by research and evidence. The brutality of modern capitalism isn't "natural" by any stretch of the imagination. Hudson is an academic giant, but he sort of misses the point of Graeber's work, which really just says that human beings organize economies in a vast variety of ways, both historically and contemporarily, and that research that is not in the historical record, only available through anthropology and the study of living people. Just because given people's don't have a written record doesn't mean that we can understand their economies. David just makes us look at the fact that most so-called economists aren't good social sciences, and just make up stories about people to support the economic theory they're invested in. I'm deep in Hudson's "Collapse of Antiquity", and its magisterial.
I would guess there are two forms of constraint on the US spending MMT money on imperialist aggression, subsequent to a reform of the tax structure such as Dr. Hudson immediately previously outlined. Those being the relative lack of pressure for imperialist extraction from other countries from a suitably taxed rentier class, who are the chief beneficiaries and sponsors of imperialist aggression including as monopolists within the arms industry, and international military resistance. Victory cannot be assumed, let alone easy victory. As defeats accumulate, societal resistance to new wars will grow, regardless how much money MMT-informed policies might make available for them.
@@WetK1ss To answer that you need to understand what is being explained here...what was the source of the debt? What was the motivation for its forgiveness? Also, the economics that existed during this period and the circumstances that drove it changed...so what was necessary to mitigate the potential adverse consequences in what is being explained here...were no longer required. The debt involved here was not "created"...it was an effect. The debt of the present day is CREATED and its source is easily identified...but not by people who have no clue what is actually being explained by Hudson. ( which is the majority of those in the comment section. )
@@jgalt308 That leads back to my first question, which is what ultimately happens to a society (like our own) when the debt cannot be cancelled, periodically or otherwise, and you have government forcing people to take out new debt to pay off existing debt. I suspect you get a permanent wealthy-class and a permanent peasant-class with only very minimal ability to move between them. I also think this situation weakens our society as a whole, since the majority of people cannot respond effectively to external shocks.
@@WetK1ss No, it doesn't...because you didn't answer the questions...and you are making "assumptions'...with " a society ( like our own )"..." a permanent wealthy class " etc. without being specific about what you mean. The society we have become is not the society we began as...and that "permanent wealthy class" is vague...both as to the "standard of measurement" being used to define wealth and the "means by which its permanence is assured." Hudson also adds to the "confusion" by referencing "those who think government should stay out of the way." But that was NOT the government the united States was designed to be, nor is it the government we have now...and it is that government and its potential return that is a threat to the ruling class of every other government and society currently in existence. ( it is also why the united States must be destroyed lest what it was "be remembered" and restored...because the means that were employed to alter it...were "fraudulent deception" and not those required by the "design"...so that what exists has no legitimate authority...and why all discussions consist mainly of the destruction of meaning of the words being used...and the distortion of the history ( or omission ) of the history which brought us here. ( Hudson has actually been useful in providing clarity in this regard...as well as explaining that Marxs' expectation for capitalism was that it would lead to "socialism" and he even explains how this took place in the united States. Unfortunately, he drops the ball and fails to connect the dots and the effects of this transition, and the motives of those who caused it. The general ignorance of the people has done the rest. ) What was the source of the debt? What was the motivation for the forgiveness?
Interest payments on treasury bonds are a kind of basic income for people who already have money. I think he is wrong at the 26-27 minute mark. Bonds are not necessary for deficit spending.
What about all the people who never took out loans or acquired any debts? Maybe they didn't qualify for one or never really needed one, do they just get the cash equivalent? I mean I wish I had known there was going to be some mass debt relief or debt 'jubilee', and then I could have gone on a huge spending spree. Which is all we're talking about here, rich, but not that rich westerners, living beyond their means, keeping up with the joneses, ravaging the environment and burning up all the oil in the process, enabling the entire system from the start with their personal rapacity and consumption habits, and then when the party finally stops, and there's not as many cushy jobs to go around anymore, we'll just issue a global debt amnesty. Problem solved. I don't much care for D Graeber. He makes pretty childlike moral/social observations, he has no solutions, other than canceling debts, that's his calling card. And really doesn't have much useful to offer at all. Canceling debts is like the ultimate poor, downtrodden liberal panacea. I got my little college degree, I don't really contribute much to society at all with my white collar job and am basically an administrative parasite, but in order to live anything resembling the good life which I have absolutely no intention of denying myself, I will take out a bunch of loans to make up the difference. Poor people get preyed on too with payday loans and such, but whatever, they're just the permanent underclass, nobody really cares about them. They don't read D Graeber's books in any case. And that's about it. And liberals eat it up. Very understandably. They get a free house that way, if you cancel their debts. That really resonates with them. While everybody else rents and lives hand to mouth or are increasingly homeless. The cancellation of private, individual debt is a totally unacceptable, unviable prospect. It would be so unfair and morally criminal that it boggles the mind. So thanks, David! But we'll have to think of something else.
Generally agree with Michael's commentary - but he is wrong @ 27m when he suggests MMT says "... if the government runs a budget deficit it has to borrow from the the wealthy class and when it borrows then it will will take this money that the wealthy class holds somewhere and spend it into the economy..." MMT very clearly describes such 'borrowing' as a monetary operation to control the interbank settlement cash interest rate - it is not, and cannot be a fiscal operation. All federal govt spending is via Congress money bills authorising new currency issuance - as directed by both the US constitution and Federal law. It seems Michael is spending too much time listening to Richard Wolff's errant commentary.
@@rogerkulpnik From US Treasury Table 3: Foreign Holdings of U.S. Securities [2023, All types denom. in USD] Totals... U.S. owned = 105trillion, Foreign owned 26.8trillion = 132trillion globally.
Correct. It has no effect on net assets. It's a way to meet the interest rates. Sovereign fiat money nations have absolutely no need to issue bonds or "borrow" their own currency. It's a Fiction, albeit one that benefits the already wealthy.
So, no questions in the comments? No understanding of the demarcation points? No grasp of the difference that exists pre and post-1945? No understanding of the actual subject of this conversation?
Perhaps rein in the attitude of your comment here and other comments above when responding? There's a lot covered in the video and it's not all easy to grasp. You could share your knowledge with an open hand instead of guarding it with your clenched fist. Please do share your understandings and insights...
@@t1n_0men You are objecting to the questions regarding the fact that none of the comments seem to be asking questions? Maybe you can explain why the title AGAINST ECONOMICS...seems to be viewed as being suggestive of "economics"? Given Graeber's work...maybe you can explain...What was the cause of the debt that had to be forgiven and what was the motivation for that forgiveness?
What is the exorbitant privilege? Refresher session for Americans. The US had the exorbitant privilege of having the global reserve currency. The only real saving instruments were US treasuries allowing them to run big Government and trade deficits. By the time they got to Bill Clinton they had forgotten how the exorbitant privilege worked, and tried to balance the budget. The zero sum nature of the monetary system is not understood. This is the US (46.30 mins.) ua-cam.com/video/ba8XdDqZ-Jg/v-deo.html The private sector going negative is the problem as you can see in the chart. This is when the financial crises occur. When the Government deficit covered the trade deficit they were fine, but then they tried to balance the budget As the Government goes positive, into Bill Clinton’s surplus, the private sector is going negative causing a financial crisis. The current account deficit/surplus, public deficit/surplus and private deficit/surplus are all tied together and sum to zero. What were those old rules of thumb they developed over the years by trial and error? Balanced government budgets AND balanced trade (current account) You can’t have one without the other, as the Americans have demonstrated so well.
RIP David Graeber, and god bless Michael Hudson for all the debt free knowledge.
Amin. Why good people pass away at young age and some @ nursing home age are installed for presidents? Because it serves the oligarchs well, and we, the people are left with the empty bag.
There is no debt free knowledge here...debt forgiveness is NOT a synonym for "debt free"!!!!!
@@jgalt308 confusing?
@@Buf-g6m If you are NOT confused...then you should have no problem explaining what AGAINST ECONOMICS means?
Or what debts were forgiven and why? And just for fun throw in the when too? And when it stopped?
It is encouraging to hear economists like Michael Hudson are still carrying on the ethical market ideas of Hazel Henderson, and virtues of E.F Schumacher. As a former analyst (85-89) I witnessed the end of the New Deal order and the dawn of neoliberalism. All our hope for sustainable development was slowly destroyed. Graeber was a bright light and scion of economics as if people mattered. Hope is rekindled.
Really interesting to hear Michael Hudson's views on the Roman Empire.
I would have loved to be a fly on the wall for some of the conversations between Michael and David. To absolute intellectual titans! ❤
Since when does an examination and explanation of actual evidence ascend to intellectual titanhood?
OOOOHHH look...in this "code of laws" we discover they chopped off hands to discourage thievery????
26:53 🎉 yes. Government does not need to borrow from the wealthy and private banks. The government could simply issue debt-free sovereign money rather than issue bonds.
And cause massive inflation
yes, a planned economy.... only western civilisation creates private oligarchy debt ownership of creative human man-beings... gonna be a fun decade!... 🧐🤔😅
@@romanmaroni1972sovereign meaning no private banking and a planned economy... no inflation!
@ planned economies fail. We need less planning
@@moviemakerjo6756 but no clue what the word "money" means...
Thank you so much for having this show and for your guest. I learn so much when I listen to Michael. This show brought out new and great insights.
Illuminating. Michael Hudson is at the top of his form. Fantastic podcast. Thank you, Michael Hudson.
Ok do not ANY OF YOU see that Michael seems to be promoting imperialism??? WTF!!! War BAD!!! Trump conquering other countries via financial Colonialism BAD!!! Bad bad bad. Hello new version of the IMF and World Bank? How about we attempt sustainable democracy while letting other countries do the same and engage in actual fair trade??? And it's not all about growth!!! Real human growth goes within and searches one's heart for the higher truths of life and comes out transformed when one learns how to yield to others and recognizes the higher cause. Which hello isn't that where fortunately we've been bright to the brink off needing you do? Outgrowing our natural capital? The Earth has LAWS and no matter how long man finds ways to manipulate them there is an endpoint where we exceed the limits!!!!! And we're essentially THERE!!!!! Michael's decades long pursuit of the history of debt he should have been studying the rest of history, as well, especially the history of speculation and empire, because maybe it's his Yale associations that's blurring him from seeing clearly with the cross and bones emblem penetrating his blood brain barrier and making him think that's what the stars and stripes is all about. Sorry but Trump's version of Make America Great Again has problems!!! Lots and lots of them! And so what Michael, have you jumped on the Trump bandwagon and now riding on his coat tails modifying your message to his for acceptance and/or profits?? Or are you just reciting the rhetoric of your Yale buddies?? Trump is anti war one moment and pro war the next. And it's not a defense/offense thing. His pro war stance is not a righteous one. He's also got a whole lot of fuzzy thinking going on with all the neocons and neolibs surrounding him!!! War is COSTLY!!! You can only tax the people so long before they rise up whether you print your own money or borrow fake money made by someone else using fancy market manipulation. War is DESTRUCTIVE economics!!!!!!!!!!! It's not CONSTRUCTIVE!!! Growing our own HEALTHY food is constructive. Growing healthy citizens and investing in their futures is constructive. Building relationships with other countries is constructive. Doing what China's doing with the belt and road and lending money for infrastructure that benefits the receiving country with win win trade deals--constructive. Whereas under the IMF what the West did was offer predatory loans that indebted other countries which was used as leverage to thrust open their borders for western corporations to come in and only build the infrastructure necessary to rob them blind of their raw resources. Plus enslave their people, pollute their environment, and pay no taxes on top of it all!! And that was the fate if the country took the bate and excepted this predatory arrangement. God forbid a head of a country not being ok with these transnationals wanting to oppress his people, dispossess them of their land, and govern sustainably. He could then look forward to being overthrown and a military junta being installed instead or endless assaults and economic sanctions. Which Trump was famous for in his first term. Economic sanctions that is.
brilliant. thank you Michael
I want to thank everyone who was on thus internet today.
Bravo, David Graeber Society & Professor Michael Hudson.
RIP 🙏 ❤ David Graeber!!!!
Brilliant 👏 👏 👏 👏
Thank you, Michael! You truly are an inspiration to all of us.
Put metaphorically
"Our politicians are interchangeable figureheads on the pirate ships of the Corporatocracy Empire"
We have representative democracy, the type sold by sales reps.
Hello 👋
@@cheri238 Good morning ☕
Wow! Michael! I am so excited w/this fabulous overview! This has been the best intro ever! Cannot wait to find yours & David's books. And!? Links to you collab videos would be utterly marvelous too, if possible! Gigantic thanks!
Michael is a total breath of fresh air. He and Mr Wolff are the only 2 people to totally grasp and can explain economics with total transparency and historic understanding. They are teaching giants with conviction and without favour just honesty and fact based truth.
Thank you Michael Hudson!
Love the empathy of this man even more than his brilliance and scholarship.
It stands out doesn’t it? He and Richard Wolff we can trust with our money and our children, far cry from today’s politicians. Incredible human being!
💯 correct
Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 100k to a decent 640k in the space of a few weeks... I'm especially grateful to Milton Harper, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
He's mostly on Telegrams, using the user name.
@MiltonHarper
It really helped trading with Milton Harper analysis and info, even with the market in a downward trend. Definitely riding the market wave is a good perspective..
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience...
Thanks for keeping it light and real at the same time. Much needed for us traders in times like these!
Micheal Hudson, what an incredible HUMAN being! I would trust you with my kids my pets and my wallet. Wish you were our king❤🇨🇦
Love Michael Hudson. My thought is that the corporate world has always believed in and practised debt cancellation. When companies go bust often the debts or parts of the debts are written off and the creditors lose.
Extremely fascinating perspectives.
On 10/06/2011 I went with my friend Jack to the Occupy encampment and spoke to many. One fellow was seated on a folding chair with a laptop on a nearby chair. I had a short conversation with him in which I said that, whatever the outcome, the 99% - 1% meme would remain an important accomplishment. Several weeks later I saw a photo of David Graeber and knew he was the man with whom I had that conversation. It is said by some that he was the coiner of that meme. I don't know if that's true, but he was certainly important in establishing the concept.
Hyper-privatisation gets you what's happening in uber rich California at the moment.
My parents barrowed less and my grandparents hardly barrowed money at all. They mostly paid cash. There was no such thing as a credit score. The acquisition of skill was primary. To my mind, one is successful because they don't have to barrow. Modern man brags about his credit score but can barely change a light bulb.
Okay, but did they borrow anything?
@ I was raised and apprenticed by family of masons and all our equipment was purchased with cash. It is a simple life with great freedom but hard work.
My parents borrowed from family, my grandparents borrowed a neighbor ,back when your word was your worth. I once co-signed for a loan for my young husband. We separated and I was left with supporting a child and payments on an old broken down truck. I vowed I’d never buy anything I couldn’t pay for with cash. My parents helped me a lot, but my ex taught me a great lesson 😂. Why am I not as grateful 😂. I still have no credit score and am grateful 😂. I’m also a proud wal-mart virgin( have never stepped foot in a WM building😂). Thanks for your comment, loved it!🇨🇦
1000%
Borrowing is now necessary because of the inflated prices of all goods. For what reason is a quarter of milk ten times the amount that it was. The market is manipulated by the capitalist class to bring the masses into bandage. There is no free market. It's totally manipulated by the upper class to It's own benefit , just like all of our laws are made by the rich, for the rich. If you don’t believe that, you're living in illusion.
Amazing 😍
Michael and David with their students are now teaching others by freedom of the internet.
Mike is right: Forgive them their DEBT, not. Forgive them their SINS. Sad day for US workers.
I think that it’s notable that over the last four and half decades the value of the stock me market in the United States has increased by 16,389.59%. During that same period of time, the average household income in the US has been relatively stagnant.
In China, over the last few decades, returns on the stock market have been relatively dismal, at about a 40% growth. Meanwhile the growth in the real economy have been averaging over 10% per year for 40 years and average household disposable income has risen over 400%.
I believe that these numbers clearly demonstrate the lack of connection and reflection between the stock market and the real economy.
Hear,hear!
So what standard of measurement are you using????? Do you even understand the question?
Sounds like ‘freedom’.
@@jgalt308 it's obvious that you don't.
@@qarljohnson4971 Yes, genius...if I knew, I wouldn't have to ask...and if you knew, you could have answered.
Even more intriguing is that if the standard of measurement was identified...a connection to anything REAL, would not be.
The original Lord’s Prayer was Forgive us out debts as we forgive our debtors.
I took a macro economics class at college and found out the hard way that these classes aren't intended to educate they are there to train. I was learning in all sorts of social science classes (Geography, Anthropology, Sociology, History) but the only one which discouraged my questions was my Economics class. I ended up with a C+ in that class for a reason.
The lie that society would collapse if debts were cancelled goes back to a strawman argument of Martin Luther who in his quest of "returning to the scripture" basically made fun of Jesus's commandment in Luke 6 to lend money without expecting it to be returned.
I'm starting to see why Gerald Horne thinks the apocalypse arrived in 1492 or whereabouts.
loved his answer to Matthew Happy (50m) that the essential problem is that an opposition has totally FAILED to create a strategy & mobilise behind a unified effort... BRICS is the closest the world has come, but where are all the intellectuals & analysts who talk so much, what has happened to 'western society' that we cannot seem to focus & push through to action?
“Too big to fail” corporation bailouts - what else are they but debt forgiveness for the rich?!!
LOL Towards the end it was like a good old-fashioned WBAI Pacifica New York monthly meeting where one person's private little issue derails everything SMH
The reference to Graeber is gracious, but David's sources were not just personal experience, but from the anthropological record, both cultural and archeological, making the larger point that the Neoliberal narrative, including the Adam Smith narrative, is not supported by research and evidence. The brutality of modern capitalism isn't "natural" by any stretch of the imagination. Hudson is an academic giant, but he sort of misses the point of Graeber's work, which really just says that human beings organize economies in a vast variety of ways, both historically and contemporarily, and that research that is not in the historical record, only available through anthropology and the study of living people. Just because given people's don't have a written record doesn't mean that we can understand their economies. David just makes us look at the fact that most so-called economists aren't good social sciences, and just make up stories about people to support the economic theory they're invested in. I'm deep in Hudson's "Collapse of Antiquity", and its magisterial.
yes, Professor Hudson needs more opportunities to listen to other thinkers. occupy more, please.
I would guess there are two forms of constraint on the US spending MMT money on imperialist aggression, subsequent to a reform of the tax structure such as Dr. Hudson immediately previously outlined. Those being the relative lack of pressure for imperialist extraction from other countries from a suitably taxed rentier class, who are the chief beneficiaries and sponsors of imperialist aggression including as monopolists within the arms industry, and international military resistance. Victory cannot be assumed, let alone easy victory. As defeats accumulate, societal resistance to new wars will grow, regardless how much money MMT-informed policies might make available for them.
So the real question is what happens to a society when it doesn't get that periodic debt cancellation.
No, the real question is: Why did the debt cancellation happen at all?
@@jgalt308 For that matter, why create or use debt if it's only going to be cancelled.
@@WetK1ss To answer that you need to understand what is being explained here...what was the source of the debt? What was the motivation for its forgiveness?
Also, the economics that existed during this period and the circumstances that drove it changed...so what was necessary to mitigate the potential adverse consequences in
what is being explained here...were no longer required. The debt involved here was not "created"...it was an effect. The debt of the present day is CREATED and its source is easily
identified...but not by people who have no clue what is actually being explained by Hudson. ( which is the majority of those in the comment section. )
@@jgalt308 That leads back to my first question, which is what ultimately happens to a society (like our own) when the debt cannot be cancelled, periodically or otherwise, and you have government forcing people to take out new debt to pay off existing debt. I suspect you get a permanent wealthy-class and a permanent peasant-class with only very minimal ability to move between them. I also think this situation weakens our society as a whole, since the majority of people cannot respond effectively to external shocks.
@@WetK1ss No, it doesn't...because you didn't answer the questions...and you are making "assumptions'...with " a society ( like our own )"..." a permanent wealthy class " etc.
without being specific about what you mean. The society we have become is not the society we began as...and that "permanent wealthy class" is vague...both as to the "standard of measurement" being used to define wealth and the "means by which its permanence is assured." Hudson also adds to the "confusion" by referencing "those who think government should stay out of the way." But that was NOT the government the united States was designed to be, nor is it the government we have now...and it is that government and its potential return that is a threat to the ruling class of every other government and society currently in existence. ( it is also why the united States must be destroyed lest what it was "be remembered" and restored...because the means that were employed to alter it...were "fraudulent deception" and not those required by the "design"...so that what exists has no legitimate authority...and why all discussions consist mainly of the destruction of meaning of the words being used...and the distortion of the history ( or omission )
of the history which brought us here. ( Hudson has actually been useful in providing clarity in this regard...as well as explaining that Marxs' expectation for capitalism was that
it would lead to "socialism" and he even explains how this took place in the united States. Unfortunately, he drops the ball and fails to connect the dots and the effects of this transition, and the motives of those who caused it. The general ignorance of the people has done the rest. )
What was the source of the debt? What was the motivation for the forgiveness?
1981 was 44 years ago, not 30.
I miss David he died too young 😭
What can Mr. Michael Hudson say about the financial monetary system used in the Soviet Union? Money wasn't debt then.
Interest payments on treasury bonds are a kind of basic income for people who already have money.
I think he is wrong at the 26-27 minute mark. Bonds are not necessary for deficit spending.
Will we ever live in a debtless world? Away from modern civilization perhaps.
@56:50 Michael asks if she can hear him yet, and she replies, No I can’t hear you yet…
cancelling debts will lead to the end of religion. that's why they will never do it.
What about all the people who never took out loans or acquired any debts? Maybe they didn't qualify for one or never really needed one, do they just get the cash equivalent? I mean I wish I had known there was going to be some mass debt relief or debt 'jubilee', and then I could have gone on a huge spending spree. Which is all we're talking about here, rich, but not that rich westerners, living beyond their means, keeping up with the joneses, ravaging the environment and burning up all the oil in the process, enabling the entire system from the start with their personal rapacity and consumption habits, and then when the party finally stops, and there's not as many cushy jobs to go around anymore, we'll just issue a global debt amnesty. Problem solved.
I don't much care for D Graeber. He makes pretty childlike moral/social observations, he has no solutions, other than canceling debts, that's his calling card. And really doesn't have much useful to offer at all. Canceling debts is like the ultimate poor, downtrodden liberal panacea. I got my little college degree, I don't really contribute much to society at all with my white collar job and am basically an administrative parasite, but in order to live anything resembling the good life which I have absolutely no intention of denying myself, I will take out a bunch of loans to make up the difference. Poor people get preyed on too with payday loans and such, but whatever, they're just the permanent underclass, nobody really cares about them. They don't read D Graeber's books in any case.
And that's about it. And liberals eat it up. Very understandably. They get a free house that way, if you cancel their debts. That really resonates with them. While everybody else rents and lives hand to mouth or are increasingly homeless. The cancellation of private, individual debt is a totally unacceptable, unviable prospect. It would be so unfair and morally criminal that it boggles the mind. So thanks, David! But we'll have to think of something else.
Generally agree with Michael's commentary - but he is wrong @ 27m when he suggests MMT says
"... if the government runs a budget deficit it has to borrow from the the wealthy class and when it borrows then it will will take this money that the wealthy class holds somewhere and spend it into the economy..."
MMT very clearly describes such 'borrowing' as a monetary operation to control the interbank settlement cash interest rate - it is not, and cannot be a fiscal operation.
All federal govt spending is via Congress money bills authorising new currency issuance - as directed by both the US constitution and Federal law.
It seems Michael is spending too much time listening to Richard Wolff's errant commentary.
How much of this is tied up in bonds held globally?
@@rogerkulpnik From US Treasury Table 3: Foreign Holdings of U.S. Securities [2023, All types denom. in USD]
Totals... U.S. owned = 105trillion, Foreign owned 26.8trillion = 132trillion globally.
Correct. It has no effect on net assets. It's a way to meet the interest rates.
Sovereign fiat money nations have absolutely no need to issue bonds or "borrow" their own currency. It's a Fiction, albeit one that benefits the already wealthy.
Poor Mikey speaks like he has had a stroke.
Mike isn't good with questions. He has a loss of hearing and doesn't understand what people ask.
I think accents and bad connection was more to blame.
Then the interviewer should write the question out big. And ask it at the same time! Hate to lose Michael Hudson's wisdom!
He's good! But speakers may need to speak slower & louder! Thank you, for all these good questions!
So, no questions in the comments? No understanding of the demarcation points? No grasp of the difference that exists pre and post-1945?
No understanding of the actual subject of this conversation?
Perhaps rein in the attitude of your comment here and other comments above when responding? There's a lot covered in the video and it's not all easy to grasp. You could share your knowledge with an open hand instead of guarding it with your clenched fist. Please do share your understandings and insights...
@@t1n_0men You are objecting to the questions regarding the fact that none of the comments seem to be asking questions?
Maybe you can explain why the title AGAINST ECONOMICS...seems to be viewed as being suggestive of "economics"?
Given Graeber's work...maybe you can explain...What was the cause of the debt that had to be forgiven and what was the motivation for that forgiveness?
Give us this day, our daily bread,
And forgive us our debts, as we forgive our debtors.
As it is in heaven and the alehouses.
gosh this is clever but no one but me likes it.
What is the exorbitant privilege?
Refresher session for Americans.
The US had the exorbitant privilege of having the global reserve currency.
The only real saving instruments were US treasuries allowing them to run big Government and trade deficits.
By the time they got to Bill Clinton they had forgotten how the exorbitant privilege worked, and tried to balance the budget.
The zero sum nature of the monetary system is not understood.
This is the US (46.30 mins.)
ua-cam.com/video/ba8XdDqZ-Jg/v-deo.html
The private sector going negative is the problem as you can see in the chart. This is when the financial crises occur.
When the Government deficit covered the trade deficit they were fine, but then they tried to balance the budget
As the Government goes positive, into Bill Clinton’s surplus, the private sector is going negative causing a financial crisis.
The current account deficit/surplus, public deficit/surplus and private deficit/surplus are all tied together and sum to zero.
What were those old rules of thumb they developed over the years by trial and error?
Balanced government budgets AND balanced trade (current account)
You can’t have one without the other, as the Americans have demonstrated so well.
RIP David Graeber, and god bless Michael Hudson for all the debt free knowledge.
Hyper-privatisation gets you what's happening in uber rich California at the moment.
true dat!... money (private banking) is speech (create money from thin air)... hey ho..California under judge neewsom and regan..😅😅
@@moviemakerjo6756 i think he was ronnie star wars ray gun, who single handedly tore down the anti-fasc ramparts....?