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Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303   Recently updated !

YouTube has the video Steve Keen: Marxism, Capitalism, and Economics | Lex Fridman Podcast #303.

Steve Keen is a heterodox economist and author.


For somebody who thinks about this topic a lot, this is a fascinating interview. Unfortunately, it is three and a half hours long. I am at 1 hour 11 minutes and 14 seconds and I have to go to sleep. I’ll save this by posting this and coming back later to listen to more.


November 22, 2022

I have now watched the whole thing. It is too overwhelming to make a single comment to sum it all up.


You’re Living in a World Wrought by the Federal Reserve. Notice Anything Wrong?

The Institute for New Economic Thinking has the article/interview You’re Living in a World Wrought by the Federal Reserve. Notice Anything Wrong?.

In her new book, veteran Wall Street watcher and economist Nomi Prins warns that central bank strategies deployed since the financial crisis are destroying the real economy, worsening inequality, and creating societal chaos.

This is the type of thing that Michael Hudson concentrates on. Nomi Prins has a different way of telling the story that might get through to more people, or at least to a different set of people.

For years, I have been urging the gurus of MMT to explain how the Fed could create trillions of dollars without creating consumer price inflation. Nomi Prins gives us just such an explanation.

Eventually we did see the inflation, and that has to be part of the explanation of why we didn’t see it before, but we are seeing it now.


Roger Waters on Ukraine, BDS Controversies and American Foreign Policy

You can watch the full interview on Youtube Roger Waters on Ukraine, BDS Controversies and American Foreign Policy.

I spoke to Roger Waters, activist and co-founder of progressive rock band Pink Floyd, about his recent spate of powerful, controversial media appearances about American foreign policy. How has he managed to use his fame to go where most progressives aren’t allowed, and how has he managed to stay the course after so much pushback from the establishment?


I watched a badly chopped up version of this interview to the extent that I haven’t got the perseverance to watch this whole thing over again to see what I missed. Based on what I did see in the edited version, I think this is a great interview.


November 16, 2022

Well, I couldn’t resist, so now I have watched the whole thing. It was well worth it. There was so much of value that got cut out of the edited version. It ended in the middle of a difficult issue because Roger Waters had an interview commitment someplace else.

Gray and Waters got so deep into a discussion at the end that they lost the point. Early in the interview Waters said that the greatest sin was to watch evil and to say nothing. He then went on to say that it is a worse sin to watch evil, do nothing about it, and even applaud its happening.

Gray confused the issue at the end of the interview. She should have asked Waters, if you see evil going on, what should you do? He has already decried standing by and doing nothing. It would be logical to ask, “Well, what should you do?”

Waters had mentioned the tipping point where people would say “No more. We aren’t going to let you win the class war.” What do those words actually mean?


Scott Ritter: Cancel Culture

Scott Rittter has posted the article Cancel Culture.

After publicly promoting the event, and changing the venue due to “high demand,” peace activists withdraw their invitation to Scott Ritter

I did not know this about Scott Ritter. It does not change my opinion of his analyses of world affairs. Just like Scott Ritter, I have no intention of hiding this. You decide for yourself what to think.


Inflation Explained: A conversation with Fadhel Kaboub Hosted by the Newark Think Tank on Poverty

YouTube has the video Inflation Explained: A conversation with Fadhel Kaboub & NTTP.

A conversation with Fadhel Kaboub about inflation, its root causes, and what it takes to address them. Hosted by the Newark Think Tank on Poverty. Recorded on October 14, 2022.


When Fadhel posted this on his Facebook page, he commented:

A brief #inflation explainer I recorded a couple of weeks ago for the Newark Think Tank on Poverty. I hope it’s useful for others too.

Fadhel Kaboub explains again how to think productively about managing our economy and society. I hope people spend real effort to understand the points he is trying to make. People can waste a lot of mental effort trying to refute what Fadhel is saying, or they can try to think of how to put his insights into practice to solve our problems. It is up to you how you decide to spend your time.


War and Debt to Rule | Michael Hudson

Michael Hudsin has published a transcript of an interview in War and Debt to Rule.

Every successful economy in history has been a mixed public/private economy. Infrastructure should be public in character. Its aim should not be to make a profit (or economic rent), but to provide basic needs freely as human rights, or at least on a subsidized basis in order to lower the economy’s cost of living and doing business.

Each publication from Michael Hudson adds clarity and detail to what he has been trying to explain to us for decades. This article is no exception.


The Destiny of Civilization: An Interview with Michael Hudson on Economic Development, Rentierism, Debt, China

Naked Capitalism has published a transcript The Destiny of Civilization: An Interview with Michael Hudson on Economic Development, Rentierism, Debt, China.

There is an audio that only goes to about 1 hour and 17 minutes. The transcript goes way beyond that. Here are numerous excerpts worth noting.

The idea of the Biden Administration — really of both the Republican and Democratic Parties — is that since America has moved its industry and manufacturing to Asia in order to lower the wages here, how can Americans continue to get high-living standards, if it doesn’t produce raw materials or manufacturers? How can it be a post-industrial society, getting rich on economic rents and interest on and profits paid by foreign countries? How can America get rich by being a parasite? That was a problem that the Roman Empire had, and we know what happened to the Roman Empire. It was a problem that the British Empire had, and we know what happened to that: it can’t be done. This attempt to make America into a post-industrial society means a rent-seeking, neo-feudal society, treating the rest of the world as a colony under globalization. How can that work? Well, It’s not working. Biden’s war, the NATO war, against Russia in the Ukraine is the catalyst dividing the world into two. That’s why Secretary of State Anthony Blinken said that the Ukraine war is part of a process that will go on for at least two decades, because it takes time for the world to split away into a neo-feudal West and a productive, basically socialistic Asia, or industrial capitalist and socialist Asia, and Eurasia, along with much of the global South.

Another:

You can’t say, I’m a libertarian, I’m against strong government, and then hope that the landlords are going to end up being taxed. That’s an oxymoron.

Another:

You need a state to act as the agent of social planning, so that it’s not the banks and the rentier sector that does it, as occurred in the U.S. and Western Europe. China is doing what most of the world was doing before Western civilization took off and in an oligarchic form.

Another:

The U.S. now is in a state of political paralysis locking itself into the current status quo, which means that the U.S. cannot have any kind of an industrial recovery, because that requires a federal policy to check the overhead of the banking system, the real estate sector, and the insurance sector. You can’t have a Supreme Court that would prevent any kind of a public health system, a single-payer public health system, and yet 18% of America’s GDP is for medical care. America has priced its labor and its industry out of world markets by having to pay so much debt service, so much insurance for medical care, home insurance, and real estate rents. As long as this revenue is paid out in the form of rent, you’re not going to develop.

Another:

There’s no group in America, no political party, that is offering an alternative to the current political and economic system in America. The fact that you have two parties in America that are really the same party, means that there’s no room for a new party to come and, as it would in Europe, get represented in Congress. In Europe, you can have any number of parties, and they would be represented in Parliament in proportion to their votes. A third party would be kept off the ballots in the U.S., and that’s why Bernie Sanders and others decided not to run as a third party; there’s no way we can meet the court challenges by the Republicans and the Democrats together. Sanders had to pretend to run as a Democrat. But we’ve seen that the Democrats don’t want any part of anything progressive. There’s an illusion that somehow the Democrats can be progressive because they have people who can’t find any alternative, who are running as a Democrat. Whereas in Europe, they are running as nationalists, as third parties, e.g., Alternative für Deutschland.

Closing quote:

There cannot be any progress in America today led by the Democratic Party, which is today the ideologically Right-wing party that has turned what should be an economic problem into an ethnic and non-economic problem. It’s like the old industrial capitalist was supposed to have said, “if I can get half the working class fighting against the rest of the working class, then we have won.” That’s the Democratic Party. They asked, “how do we do it?” We divide the working class into ethnicities, ethnic identity, gender identity.


Revisit A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar

I recently was reminded of this video that I posted on December 30, 2020 as A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar.

An interactive discussion on wealth inequality and the “Great Game” on the control of natural resources.

In this webinar organized jointly by the Henry George School and the International Union for Land Value Taxation, Michael Hudson and Pepe Escobar will unpack one of the most destructive features of our economic system and the many different ways it drives wealth inequality.

I will embed the video here again.


I learned so much from watching this again. Maybe because I have grown my understanding in the intervening years. There is an education here about why the western media cannot give you an accurate report on any of this. What China and Russia are trying to do is so far from western concepts of how the economy ought to work that people steeped in western economic ideas cannot conceive of what China and Russia are trying to accomplish. I do not know how many western viewers can let go of what has been taught to them to get as much out of this video as I have.


Glenn Greenwald: Debut Live and Q&A

This is the debut of Glenn Greenwald’s new stream on Rumble. It is a bit lengthy, but he has some really good things to say. It does take an annoying 3 minutes and 40 seconds before he actually starts speaking.