Financialization Is Suffocating the Economy

YouTube has the video Webinar with professor Hudson: financialization is suffocating the economy

More and more economists state that we have created a “financialised” economy where it pays more to passively own than to work, to run companies or in general to do things that benefits society. The financiers are becoming increasingly powerful and richer, while households, business owners and society must tighten their belts. Why do we accept this?

Welcome to an exciting webinar with professor Michael Hudson. He will show how economic and historical myths about money, debt and value have been used to justify an economic system that benefits financiers at the expense of everyone else.

The real meat of this video starts at about 5 minutes in. There is a previous video titled “Webinar with Michael Hudson: a 4000-year perspective on economy, money and debt” which I will post later.

This was a fabulous video. Michael Hudson explained so much. The questions and answers were quite instructive but one. There was a question about the provision of a basic income. Michael Hudson’s thinking about the term was nowhere near what the questioner was thinking. Essentially, Michael Hudson was supporting the Jobs Guarantee, while the questioner was asking about a UBI like what Andrew Yang proposed. If Michael Hudson had realized what the questioner had asked, he would not have supported it. What Michael Hudson said that Pavlina R. Tcherneva supported was incorrect. She does not support not UBI, but she does support the Jobs Guarantee. That shows the Hudson did not understand the question.

Naked Capitalism has a transcript in the article Michael Hudson Discusses Financialization, Rentierism, and Other Favorite Topics with Jessi Ora of Swedish Positiva Pengar Group.

July 13, 2021

Michael Hudson mentioned “The Chicago Plan” in the video. Here is one paper from the Levy Institute – The ‘Chicago Plan’ and New Deal Banking Reform.

Maybe Ron and Rand Paul aren’t as crazy when they talk about fractional reserve banking as I had thought.

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