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Thread: Michael Hudson | The Vocabulary of Economic Deception | Dec. 12, 2018

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    Switzerland Avalon Member Helvetic's Avatar
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    Default Michael Hudson | The Vocabulary of Economic Deception | Dec. 12, 2018

    Source: GunsandButter.org, Michael-Hudson.com

    We discuss Michael Hudson's book, J is for Junk Economics: A Guide to Reality in an Age of Deception, with an emphasis on the degradation of economic vocabulary that hides the real state of the economy; language affects peoples' perception of reality; history of economic thought no longer taught; classical political economy focused on society's unearned income or rent; the rentier landlord financial class; fictitious capital; the real reforms of the progressive era; classical political economists expected capitalism to evolve into socialism; classical economic concepts of value, price and rent;

    productive versus extractive economic sectors; public financing of infrastructure a windfall for the private sector; effects of the tax deductibility of interest; monetary policy and the Federal Reserve; economics is political - politics has always been about who is going to get what; National Income Accounting; fiscal policy and Modern Monetary Theory; the three stages of debt leveraging. -GunsandButter.org

    A former Wall Street analyst, government adviser, and fierce critic of neoliberal economic order, Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Professor of Economics at Peking University in China. He gives speeches, lectures and presentations all over the world for diverse academic, economic and political audiences. He is the author of many books on the global economy, with a focus on financial history, debt, land tenure and related economic institutions from antiquity to the present.
    "Earth is currently restricted today for normal development of timeline progress. With us telling you everything would change everything."

    Website: Information Machine

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    Moderator (on Sabbatical) Cara's Avatar
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    Default Re: Michael Hudson | The Vocabulary of Economic Deception | Dec. 12, 2018

    More from Michael Hudson on Guns and Butter. This time he relays the history of the World Bank and IMF:

    Quote The IMF and World Bank: Partners In Backwardness
    Posted on June 29th, 2019

    Guest: Michael Hudson

    Michael Hudson discusses his seminal work of 1972, Super Imperialism: The Economic Strategy of American Empire, a critique of how the US exploits foreign economies through IMF and World bank debt; difference between the IMF and World Bank; World Bank dysfunctional from the outset; loans made in foreign currency only; policy to provide loans for countries to devote their land to export plantation crops; US food and monetary imperialism; U.S. agricultural protectionism built into the postwar global system; promotion of dependency on the US as food supplier; food blackmail; perpetration of world poverty preferred; no encouragement of land reform; privatization of the public domain; America aided, not foreign economies; exploitation of mineral deposits; bribery; foreign nations politically controlled at the top; veto power for US only.

    From the transcript:

    Quote I’m Bonnie Faulkner. Today on Guns and Butter: Dr. Michael Hudson. Today’s show: The IMF and World Bank: Partners In Backwardness. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trend, a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. His most recent books include “… and Forgive them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year”; Killing the Host: How Financial Parasites and Debt Destroy the Global Economy, and J Is for Junk Economics: A Guide to Reality in an Age of Deception. He is also author of Trade, Development and Foreign Debt, among many other books.

    We return today to a discussion of Dr. Hudson’s seminal 1972 book, Super Imperialism: The Economic Strategy of American Empire, a critique of how the United States exploited foreign economies through the IMF and World Bank, with a special emphasis on food imperialism.
    Hudson on how the IMF and World Bank are modern tools of imperialism:

    Quote The purpose of a military conquest is to take control of foreign economies, to take control of their land and impose tribute. The genius of the World Bank was to recognize that it’s not necessary to occupy a country in order to impose tribute, or to take over its industry, agriculture and land. Instead of bullets, it uses financial maneuvering. As long as other countries play an artificial economic game that U.S. diplomacy can control, finance is able to achieve today what used to require bombing and loss of life by soldiers.
    *I have loved the stars too dearly to be fearful of the night*

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    Default Re: Michael Hudson | The Vocabulary of Economic Deception | Dec. 12, 2018

    A very interesting interview with Michael Hudson, here is a short quote:

    Quote Michael Hudson: De-Dollarizing The American Financial Empire

    -- snip --

    Wall Street vs. the “real” economy: Which turns out to be more real?

    Bonnie Faulkner: What is going on with the ruling class in the United States? Does anybody in its ranks know how to run an economy?

    Michael Hudson: The problem is that running an economy to help the people and raise living standards, and even to lower the cost of living and doing business, means not running it to help Wall Street. If someone knows how to run an economy, the financial sector wants to keep them out of any public office. High finance is short-term, not long-term. It plays the hit-and-run game, not the much harder task of creating a framework for tangible economic growth.

    You can do one of two things: You can help labor or you can help Wall Street. If running the economy means helping labor and improving living standards by giving better medical care, this is going to be at the expense of the financial sector and short-term corporate profits. So the last thing you want to do is have somebody run the economy for its own prosperity instead of for Wall Street’s purpose.

    -- snip --

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