Debt in Discussion with Michael Hudson
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- Опубліковано 18 тра 2023
- Our reading group on “Debt: The First 5,000 Years” has been meeting twice a month since October and is now coming to an end with two final meetings left. On May 18, the Museum of Care invited an economist Michael Hudson to talk about debt and many other subjects we’ve explored throughout the reading group.
Michael Hudson 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.
ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate. We also engage in the economic history of the ancient Near East.
Michael acts as an economic advisor to governments worldwide including China, Iceland and Latvia on finance and tax law. He gives presentations on various topics at conferences and meetings and can be booked here.
This meeting took place on 18.05.2023
Michael Hudson is a genius. Hope the guy lives forever 🙏🏽
Long lives Michael Hudson!!
Michael Hudson is a legend, very informative, thank you for having him on 👍🏼
Haha I collect Michael Hudson books and all of his youtube videos I legally download. I myself could never be a fool again. That's what the power of his dialogue does for the passionate learner, like myself. I do Wim Hof breathing and stretching when Michael slaying demons. Thank you Mr. Hudson.
Michael Hudson is a genius, he is just great and yet so willing to share, so humble.
❤❤Professor Michael Hudson is great for the world in making peace.
😀Quite Excellent Facts, Thanks Big Michael Hudson! 😃
The Professor Hudson is a professor because he professes solution to civilization problems.
Long live to Hudson cult.
..California.
Again as always, thank you Michael Hudson for the IQ boost
Thanks Michael for spending your time and knowledge and energy enlightening us. No one else has your historical background in the research of economics, religion and politics as it relates to our modern polarization between the 1% who own the country and produce nothing and the 99% of exploited workers who have been relegated to a life of debt peonage. How do the impoverished victims take back power from the ruling elites.
Socialism is the answer.
Working people need to hear Micheal Hudson. Working people need to be taught Michael Hudson.
The destructive consequences of unbridled “free-markets” to the “middle class” … how allowing free-market capitalism to rule the politics of the nation inevitably produces a rapacious violent oligarchy that will destroy the promise of basic material and economic security that America is supposed to provide for all working citizens is a message that needs to be heard and to be taught.
Of course the oligarchs themselves know and understand Hudson’s argument all too well, know it to be true (because a sensitive reading of the Republic of Plato and the Politics of Aristotle combined with the economics of Ricardo and Smith is all you’d need to know) and don’t want Hudson’s argument to be talked about by the working people of America.
Tell your friends. Listen to Michael Hudson. Freedom lies within.
Michael Hudson's endless patience with the idiotic questions is just brilliant. What a man, what a brain. I could listen to him talk all day long.
Now I really want to have a discussion with Michael Hudson about David Graeber's critique of modes of production and maybe dip a toe into theory of value.
41:40 - this is such a phenomenal answer.
31:46 "...that was before the the pope from Hell, the Polish Pope, came in and the German pope from hell that followed him and before the Catholic church was captured by the Spanish fascists. I hope I haven't offended anybody."
That is pure comedy gold, and at the same time speaking the unvarnished truth - he is like the George Carlin of economics in that he is always punching up smartly into the bloated underbelly of power.
Thankfully Michael Hudson is willing to show up everywhere, breaking down his thoughts, even to the worst of interviewers.
He painted the entire picture, with facts and history tied together.
What does he get?
"I disagree . But lacking any arguments I say: let's wrap it up"
Also, how dishonest of a guy can the host be?
"Oh it's 4 o'clock, better... ehh respect your time Dr. Hudson"
Few minutes later: "I have to go, I'm comfortable leaving you guys without supervision"
So it was never about respecting Michael Hudson's time, was it? What a snake
Cheers to David Graber!
Michael Hudson is a Future Historian, and a brilliant one at that.
Representative democracy leads to oligarchy, which means representative democracy is no democracy at all; however, it seems to me that the only true democracy is direct democracy. Direct democracy can only lead to oligarchy if the majority of the people choose to go down that path. Communism is a form of direct democracy.
very true , you nailed it !
Thank you. Most interesting. Dr Hudson is an economist in the truest sense. Mainstream 'economists' limit their enquiries to various subsets of that broad field - trying to justify and reinforce the patchwork of economic theories used to maintain the current system.
Finance has been imperialized. Exactly.
I wish Michael was my neighbor.
Since we are wishing, I wish Michael were my mentor and a close family member, living in the same house. I would like to provide excellent meals for such a person.
I was taught economic by my mother an accountant the paycheck was delivered to her by my pharmacist father in 1940. Michael Hudson learned History that good system Analysts knew he was 100% correct that I figured in 1980 a new major was created at Cal Poly of California that I didn't complete two classes because women are forced to be the caregiver while men can continue the violence on others by Capitalists.
What's with Michael Reinsborough's question? It's ten fucking minutes long and could have been thirty seconds.
so good
academic marxists in the west have a very particular understanding of marx that is so disconnected with economic theory mainly of surplus labor value and his understanding of capital and finance.
So cotrect because the Lord's Prayer is forgive us our debts as we forgive our debtors. Someone changed debt to trespass. Historyatters !
41:41 🎯
I am 72 have watched everything since my birth on economics the bottom line matters. Balance of Payments discussed in Foreign Policy.
6:55 I'd like to suggest calling the new age, the "Troyarchy". 😎👍
put me on the list. Engineers who use a systems analysis approach incorporate all infrastructure, all energy generation, public participation and hence democratic will, and economics as only part of the analysis
Democracy is a term often used to imply consensus yet it is not consensus. Democracy is the measure of those persons participating who are for and against a policy issue, as framed in a proposal. It has nothing to do with the quality of a consensus. Consensus is a necessity and priority of the creation of a healthy society because the learning curve toward optimization of provisioning systems and policy creation belongs to the individual members of the society as much as do the outcomes of the provisioning and policies created.
As a part of a healthier society creation societies create behavioral limitations and permissions that determine an optimal balance between personal autonomy and limitations on personal autonomy in service to a commons that can only be defined, instituted and enforced in an optimally equitable form by utilizing consensus as a principle structure or as a form of hive mind.
Societies form to allow specialization such that provisioning can be done more efficiently and in greater volumes for all of its members. Healthy and holistic citizens advocate nurturing policies and will not begrudge resource usage with best practices procedures to see the nurturing done.
Specializing does not afford inherent overall value of individuals per se, yet does create inherent participatory value by and for the individual who is consistent in their participation. So, consistent best practices participation creates value to both the individual and the society. Yet, it is up to the collective to make that participation an actionable part of a viable system. Thus, the individual's needs for significance and belonging are elevated as the society's needs are met, thus this relationship's mutual value demands recognition.
The assumptions are based on the idea that whatever provisions are produced will be applied to the meeting of basic needs equitably. They are also based on the idea that everyone will have more time to focus on quality of life enhancements, equitably. But, most of all, although often unspoken, it is founded on the idea that the members who do not proclaim themselves political sociopaths with their actions warrant optimal autonomy and not just to simply survive. They warrant this optimal autonomy because their actions demonstrate an optimal and equal respect for the individual as well as the collective in relation to needs met, responsibilities realized and autonomy balanced. Political sociopath: Someone who is willing to do harm to another for the sake of opportunity, social capital, hierarchy, profit and/or pleasure.
All governance will descend into oligarchy, plutocracy and fascism at rates that are determined by the quality and stability of its consensus seeking strategies, the tolerance of bad faith actors in its processes, its best practices policies and the documentation of data that goes into the making of its policy choices. They cannot be compared outside that framework in regard to speed of that descent. Consensus seeking strategies are what create the possibility of a society. Anything less creates a war zone. As such these are the foundational topics of establishing a healthy society.
Imo the underlying cause of debt accumulation is that public sector (governments) do not collect market price of public assets, goods, services and amenities - only their cost. This leaves the private sector able to collect market price of public a, g, s & a while paying only their cost as tax. The difference between market price and cost (of public a, g, s& a) makes up all of the excess and windfall profits which fund the oligarchs. A return to a just economic system starts with the public sector collecting market price of its output to fund that output.
no leaders, everyone a leader..
We are not a representative Democracy we are a representative republic.
What Hudson referred to:
The Morgenthau Plan was a proposal to weaken Germany following World War II by eliminating its arms industry and removing or destroying other key industries basic to military strength. This included the removal or destruction of all industrial plants and equipment in the Ruhr. It was first proposed by United States Secretary of the Treasury Henry Morgenthau Jr. in a 1944 memorandum entitled Suggested Post-Surrender Program for Germany.
Discuss everything.
(00:28:50) Crusades
A wise man. The World_3 systems simulation results are on track. Our current way of life is over. How to survive ?
Nate Hagens, cheap oil is over. Constant growth is impossible to sustain.
graeber said that you need a strong government to have democracy?
I dont think so. I did not find it anywhere.
Michael may have misspoke. It happens. I don't think he meant Graeber believed that because David was an Anarchist.
In "There Never Was a West," Graeber wrote that "majority democracy" (of the type practices ostensibly in the "Western tradition") "can only emerge when two factors coincide: 1. a feeling that people should have equal say in making group decisions, and 2. a coercive apparatus capable of enforcing those decisions." For most of human history, "it has been extremely unusual to have both at the same time." Graeber contrasts these societies from egalitarian societies where typically actors considered it wrong to impose systematic coercion.
1:06:39 then learn and do you homework!
The child disagrees.
Woow
Cancel the debts and redistribute the land. Rome devalued the money. Raise productivity and provide for all citizens. Research how words are redefined in present era.
Capture the STATE to prevent real full equality of assets. Stop violence.
Banks War
It's embarrassing to link Professor Hudson with Heilbroner that he denied flatley. Should have done your home Mr. Interviewer.
Things don't bring happiness only community that youth know the depression they have that my generation women have had our entire lives women are still not equal in 2023.
Michael Hudson doesn't understand Graeber's theory about the moral grounds of economic relations, and therefore of debt. Unfortunately, his statement about "the *early* anthropology societies," shows he's also -- as a marxist -- under the illusion of "primitive mentalities," I do love how when he's asked about the Middle Ages, he focuses only on the Christian West and incidentally confirms the empirical content of Graeber's theory that the moral grounds of economic relations were entangled with commerce, lending, and war. Hudson does correctly observe that government debts are different than "interpersonal debts" but here - imo - he gets confused. "Interpersonal debts" is precisely not the concept Graeber's develops. Graeber wants to separate out the moral logics of exchange, hence debt (which *can* be based on both trust *or* violence and is *either* interpersonal or violent & inter-impersonal), baseline communism, and hierarchy. Then of course he puts them back together and reminds us they exist simultaneously in reality. I'd be curious to hear about what Michael Hudson thinks about the "Inexhaustible Treasuries," or the fact that medieval islamic merchant adventurers combined "banking" with their own market/money making activities, and that the "store of value" for a medieval check was the reputation of the merchant himself. It would be interesting to hear Hudson reflect on the differences between his description of the crusades, the "adventurers" of the West, banking, and war, and these other forms of *large scale* interpersonal value (hierarchy, inexhaustible treasuries) and debt (exhange, muslim merchants) (Incidentally, it seems the section on medieval Chinese money is best understood in the context of a highly developed example of a first order regime together with impersonal fiat money of the kind Hudson agree's is "a different kind of debt"). Finally, Hudson does agree that silver and gold were used internationally to settle debts between oligarchs and other elites, which as Graeber points out is key to understanding the transition from a world of credit to a world of interest (which as craig muldrew's research showed is much more similar to the kind of thing happening in the monsoon marketplace)...Other than that Michael Hudson is brilliant in analyzing impersonal commoditized debt.
hey, thank you.
youre welcome!
Beautifully written! I appreciate your response on several levels, giving me quite a bit more to think about.
🙃 Load of Crap 💩
Thank you for these insightful contrasts.
Vote Libertarian 💯 n00bs 🔥🔥🔥
You’ve come to the wrong lecture. You’re looking for “Ayn Rand & Other Anti-Social 20th Century Separatists” in Room 101 over in the Miniluv. Mr. O’Brien will take good care of you and those ideas of yours over there. Just ask for him.
I supported Michael Hudson's theory on the US v Russia up until Putin invaded Ukraine.
I'm sorry but Putin wants to reestablish the USSR in my opinion, causing untold misery.
Michael is unfortunately wrong on this.
You don't understand and no.
nonsense
If Russia (or China) were doing in Mexico what we have been doing in Ukraine since 2014, I think you would have a different opinion.
@@tellmemoreplease9231
Before the invasion...yes.
There was no need to start a war which Russia will lose and be in a much worse position than before.
Dude can you please say this right in the face of the people in Donbas when they are suffering so much from the Azov Battalion? The people in Donbass are literally asking why the russian come in so late.
Thank Dr Micheal Hudson! I did not appreciate the female commentator not giving her reason for disagreeing with Dr.Hudson! I found it childish and arrogant….and without any for of explanation in an intellectual forum : Oy Vey! Dunno…..need for light! I needed discourse and conversation….she offered nothing but a slant at Dr.Hudson’s life work! How insulting🤷🏽♂️😎🫶🏽🙏🏽! I don’t know know her name or truly care to…..PSUEDO intellectuals come in all shape n sizes….I’m just listening…✡️🫶🏽🙌🏽