Krugman Clings to Currency Tropes

Michael Hudson has posted the article/Interview Krugman Clings to Currency Tropes

Hudson comes right out and says what he thinks of Paul Krugman. I agree with that opinion and his opinion of the Nobel Prize in Economics.

And if I hadn’t met him, and I didn’t know how really stupid he is as a person, I would think he’s deliberately lying, but I have met him and he really is that stupid.

Interview with RFK Jr – Massive Russian missiles rain down

YouTube has the video Interview with RFK Jr – Massive Russian missiles rain down.

Colonel Douglas Macgregor discusses the war in Ukraine with Robert F. Kennedy Jr. on May 6, 2023.

I see nothing in the video to justify the phrase “Massive Russian missiles rain down”

Compare Robert Kennedy Jr.’s understanding of the Ukraine with Marianne Williamson’s lack of understanding, There is just no doubt in my mind as to which one I would rather have in charge of USA foreign policy. I have trouble warming to Robert Kennedy Jr., but I find this issue decisive in his favor. I find Douglas Macgregor to be too right wing for my preferences, but on the issue of Ukraine and relations with Russia and China, I tend to agree with him.

4 US banks crash in 2 months: Banking crisis explained by economist Michael Hudson

YouTube has the video 4 US banks crash in 2 months: Banking crisis explained by economist Michael Hudson.

Economist Michael Hudson joins Ben Norton to discuss the collapse of four US banks in two months, giant JP Morgan Chase taking over First Republic Bank, and how government regulators are in bed with the bankers.

How hard does the public have to be slapped in the face by reality before more people see what is going on? Unfortunately, if more people wake up, my investments in short term government bonds may crash. Maybe my investments in gold will rescue me. If we have a nuclear war, none of this will make any difference. I am almost 79, so I won’t have long to suffer no matter what.

Here is an article from Wall Street On Parade that Hudson and Norton mention Americans Are Wrong to Worry About FDIC-Insured Bank Deposits; They Need to Worry About Sales Hustlers Inside those Banks and Short-Selling Barbarians

Private Equity’s Plan to Pillage America

The Institute for New Economic Thinking has the podcast Plunder: Private Equity’s Plan to Pillage America.

Brendan Ballou, talks to Rob about his forthcoming book, Plunder, about the growing harmful role of private equity in the US. Ballou is a federal prosecutor and served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division.

The fact that I know about this, but so few others understand what is being done to them is what horrifies me.

Listen to this podcast, try to get an idea of the danger it poses, and try to get others to understand this.

If people in Massachusetts understood how Deval Patrick stabbed them in the back after he left office, they might be more guarded in their praise of ex-politicians.

In case people can’t make the connection, Deval Patrick went to work for Bain Capital after he left office. Mitt Romney made his fortune in Bain capital before he got into politics. Romney had the nerve to call people unlike himself as “the takers”. He didn’t own up to the fact that people like himself were the most successful robber baron’s around. People in Massachusetts today probably don’t understand how Mitt Romney got rich.

De-dollarization is about more than currencies

Radhika Desai and Michael Hudson have the podcast De-dollarization is about more than currencies: As dollar system declines, what comes next?.

Economists Radhika Desai and Michael Hudson discuss de-dollarization, the global drive to drop the US dollar, and the transition away from financialized neoliberalism toward a new economic system.

Finally they start to discuss what will replace single currency hegemony. It is going to take some people a long time to even imagine what they are talking about. I think really scientifically minded people are always contemplating things that have not yet been discovered, so it is easier for them to imagine economic systems that are different from what now exists in most of the world.

Debt and the Collapse of Antiquity – Michael Hudson

The Analysis News has the post Debt and the Collapse of Antiquity – Michael Hudson.

We get a first look at the new book by renowned political economist Michael Hudson on the age-old battle between creditors and the real economy. Ancient Rome refused to adopt the practices of debt forgiveness and land redistribution previously understood to be essential. Instead, they instituted a rigid pro-creditor legal system, assassinating anyone who remotely threatened it–including Tiberius Gracchus, Julius Caesar, and Jesus. The empire devolved into a rentier economy, ultimately collapsing from within. Today’s neoliberal establishment increasingly defends this failed state framework, even as the same disastrous dynamics intensify.

I was getting tired of hearing interview after interview with Michael Hudson about his new book “The Collapse of Antiquity”, but I was pleasantly surprised by this interview. The interview which is only the first half of two, gets further into the book than I am in reading it. Michael Hudson gets to make a lot of points that I have not got to yet. The few comments on the interview do not seem to have gotten the message right. The comments extol some of the points that Hudson decries.

Here is an excerpt from Michael Hudson’s book that I just read last night.

This does not sound like an endorsement of Socrates’ brand of logic.

28 April, 2023 addition of Part 2. The may be the most startling part if you have been raised in a Western culture.”

In part two, Michael Hudson discusses his new book “The Collapse of Antiquity.” Hudson challenges the traditional beliefs about the fall of the Roman Empire, arguing that it was caused by a financial crisis brought on by excessive debt, wealth inequality, and the concentration of economic power. Hudson draws parallels to modern-day economies and highlights the dangers of financialization and wealth concentration.

Ukrainian Nazis are a threat to Jews

YouTube has the video Nazi ideology thriving in Europe.

Remember, knowledge is power. Nobody can stop us from spreading the truth. Let’s goooooo

When I share this on Facebook, the title came out as Ukrainian Nazis are a threat to Jews.

I have fallen out of like with Scott Ritter, so I have not been paying much attention to him lately, but this video deserves to be seen widely. He expresses my wonderment at Jews around the world who are taking up for the Ukrainian Nazis as opposed to Russia. I can understand Russia phobia with the USA corporate and official propaganda that is rampant, but I cannot understand picking Nazis instead.

Russia leaves neoliberal West to join World Majority

YouTube has the video Russia leaves neoliberal West to join World Majority.

Economists Radhika Desai and Michael Hudson discuss Russia’s economic transition away from the neoliberal West and integration with what it calls the “World Majority” in the Global South.

On Michael Hudson’s web site the article (with transcript) goes by the title Sitting on the Shoulders of Global Fracture

Dandelion Salad has the transcript and video in their article Michael Hudson and Radhika Desai: Russia Leaves Neoliberal West To Join World Majority.

This video is the seventh episode in the series Geopolitical Economy Hour.

Somewhere along my viewing, I was thinking that the inflation of the USA dollar ought to make it easier for countries to pay off the dollar denominated debt. As I was going to explain this to Sharon, I realized that USA dollar inflation was having the opposite impact on these indebted nations. I came to realize what was going on.

Our inflation of the dollar should make it easier for countries to pay their dollar denominated debt if these countries didn’t try to out inflate their currencies relative to ours. They do their inflation because they do not want to have foreign trade deficits with the USA. If they could sell more to Russia, China, India, Brazil and the global south, they wouldn’t have to worry about trade with the USA.

I think the implication is that debtor nations who owe a debt to the USA should redirect their trade away from the USA, and let our dollar inflation lower the value of their dollar denominated debt to an infinitesimal value in terms of their own currency. This is what happened to my college debt, such as it was. I accumulated that debt in the early 1960s. As the dollar inflated after the 1960s, my salary kept up with inflation, but my student debt stayed constant (except for the fact that I was paying it off). Paying off that debt became a smaller and smaller part of my inflating budget.

The Coming New Economic Order: Back from Post-Modernity

Michael Hudson has posted on Patreon this video The Coming New Economic Order: Back from Post-Modernity

A lecture for the Kadir Has University, Department of Economics, Istanbul.

Post modernity is what the USA and Western economies are suffering from.

In the Q&A session there was a persistent questioner who could not let go of the idea that China would some day fight an economic war the way the USA is now doing. Michael Hudson tried to explain why that was not likely. He missed the opportunity to explain that if China starts economic wars in the future, then the rest of the world should resist. We have to resist the idea that if the USA is prevented from conducting economic war, that we can’t use the same tactics to prevent others from taking up that war.