He is just repeating the same old nihilistic Marxist crap. He intentionally leaves out the “Human Factor” of greed in whatever utopian dreams you have. Socialism always looks good in theory! “Why can’t we all share the wealth?” Putin is a Marxist & he doesn’t want to play nice at all and let Ukraine have their growing wealth. So the Communist just takes & justifies & rationalizes it by repeating false propaganda, just like the Nazis & Goebbels. They were the National SOCIALIST WORKERS Party. Karl Marx w a Nazi twist; creating enemies of the State, without evidence, just presumption! I believe Hudson makes good points, but what is his wealth, & how did he get it? Professors and TENURED University Administrators are extremely overpaid & they suck down parents & students savings in order for their kids to get a shot at success! He sounds like an indoctrinated Leftist robot. Though he is right about the absence of true Liberalism in the modern Neoliberal Politico Cult! They are a Fascist collusion of the InfoMedia Industry & “Democrats”. They want their InformationDominance to control what you hear, see, & think! “The most insidious power of the Press, is the power to ignore!” .. to lie by omission of relevant truths when reporting past & current events, or presenting theories! And they will never admit fault in anything! 🎶”Blame blame blame! •• •••• Blame of fools!”🎶
It isn't 👌🏾 that's truth, stay young at heart and keep fighting your good fight eventually you master your style in the art of living great. That's my hearts belief at least
@Tactical_Manatee- Or this educated in our 40’s. So just remain informed and interested in this information. Lucky to have men like this sharing their life’s work and knowledge with us.
Michael is one of the greatest teachers of mankind. I consider him an intellectual treasure to be listened to once every now and than... if only policy makers would do that...
Glad to have found your podcast. Michael Hudson is wonderful. Forgiving debt! I grew up in Englewood and then later moving to 55th. I researched the French Communist party for a paper at the U. of Illinois in Champaign. This was during the Christmas holidays. Had to get a letter from U of I to use the library at Uof C. Loved that campus and the atmosphere of HydePark. Their great book store. Very interesting discussion. Thankyou.
Thank you, and thank you again, Robinson , for having Professor Michael Hudson on your program. Professor Michael Hudson always hits a home run on economics!!!
The algorithm knows I like prof. Hudson. he's often in my recommendations. On the other hand, I always click "don't recommend me this channel anymore' whenever it recommends mass/corp medias ☮
This guy is awesome. He has studied and read his entire career and we ABSOLUTELY NEED HIM TO BE WATCHED BY ALL! I am so blown away at how well he conveys the essence of the problem and now I see why every one is so pejorative here about Marx , when in fact he’s A GENIUS! Thank you for this video It is so enlightening but we need to take action.
I think he presents things well but misses some important factors, such as the resources needed to acquire and maintain a property. But overall he is right about how making money from money is parasitic. But giving gov the authority to create/destroy money is NOT the solution...this will just empower people in such positions to benefit themselves. The world needs incorruotable money. Being the medium of exchange it cant be manipulated unless you want those few that can manipulate it to have a massive amount of excess power over everyone else. The bitcoin system shows promise but it needs to be able to scale without intermediaries and custodians that can use the old fraud of fractional reserve
@@Richard-ki4nkgm bullshit Bitcoin and imaginary money won’t work and forget it, govt must be involved! Govt is the only one that can be held accountable and humans r corrupt things that will always justify whatever they want! The govt needs revamping badly but putting in the hands of ‘ppl’ who would screw their own mother over is not the answer ! Period
@@Richard-ki4nkgmno The govt must have a national bank to create money for PUBLIC utility U r mistaken I have read several of mikes books and he has consulted with China to help them keep theirs intact. Stop w the corruption bs u ppl always use that excuse
@@Richard-ki4nkgmboo Totally disagree And u DOTN get what he says about asset inflation bec rental property upkeep is untaxed unlike homestead expenses
It always a lesson to listen to Michael Hudson. Can't be thought in any University 😅😂 🎉 Thanks again for your great information and analysis on money 💰 matters 👍
You really honed into the most relevant topics. You nailed it at the end asking how this might all change. Prof Hudson said maybe in 20-30 years a revolution but it may just be 2-3 years away. You never know. If suddenly confidence in the dollar is lost that could trigger a revolution. Also what if people clue in to boycott corporations that make political donations?
BDS is illegal in a lot of the US so i think that part is likely to simply add pressure to a revolutionary movement since the current system is obsessed with limiting our options to a.) conceding or b.) destroying them
Check out the book "Socialist Reconstruction". It goes into extreme detail regarding immediately practically possible structural change rather than Utopic idealist end goals.
With all respect to professor. I Stalin’s economy did have private sector. In the form of cooperatives. Agriculture (kolkhoz) and industrial artels. Some of the second ones even were producing technologically advanced goods. Their duty was to cover production that stat controlled industries could not cover yet. So, Stalin’s economy was kind of mixed economy in that meaning. Only after Stalin’s death, Khrushchev voluntarily started to close those artels, that leaded to shortages of some necessary products in soviet people daily consumption.
Actually, this was just a trailer/teaser/ad to make us go and watch another 50-100 hours of his videos or (heaven forbid) buy his books! (lol) I know because it happened to me and I'm much better for it. I hope it happens for everyone else as well. (especially our politicians) Also, I'd strongly recommend "Web of Debt" by Ellen Hodgson Brown as a great read.
And cheaply subsidized, tech bro financed digital retail (Amazon, PayPal, etc) have made commercial retail stores a dying breed. We should rehab malls for homeless shelters.
I found this podcast on you tube. I love the cat. If my PayPal gets money, I will send a few bucks. I suggest we all do. I like the smart comments. Causes me to feel encouraged.
Been absolutely loving your work, and the amount of quality content you put out is amazing so i'm very happy to subscribe to your patreon! Getting a 404 error when I use the link though. I was able to find you myself but others might be put off if the link doesn't work.
My sister's rent is £1650 a month and she earns £2500 a month if I'm not mistaken. My highest rent was £840 a month when I was earning £1300 a month, though I was doing a lot of overtime at that point...
My landlord, unlike many, constantly maintains and improves the properties he rents. Last year he remodeled my bathroom and this year installed a new air conditioner. My rent is well below the local rates. Ownership isn't without cost. Items suffer wear and breakage needing maintenance and repair. Whether extracted sequestered wealth is called profit or rent, the crime is in its sequestration and removal from broadest economic circulation. It is the narrowing of money's reach that perverts otherwise normal and proportionate economic activity, be it by rent or profit or fraud or theft.
You're bragging that your landlord uses your money to maintain his house that you live in. we can maybe think about this for a couple more seconds before making comments on it next time
I dunno; if rent is an extraction of assets from the economy, it doesnt float out to the ether, or outer space; to some measurable degree, its redistributed to other sectors of the economy. It is more of a capital directive process.
"Everyone can enjoy a life of luxurious leisure if the machine-produced [robots] wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality." Stephen Hawking
Real estate investments have a productive element to them and are less 'rentier' than the financial services that leach off of them. Most landlords spend a significant percentage of their income on building new houses and repairing older ones. A large number of small builders are engaged in productive activity and make their livings from this share of the rent.
Wasn't there a time when one could EARN compound interest in certain types of accounts? Is that how a CD works? Home ownership has always been presented as the best vehicle for building wealth. Every at relatively low interest rates, the actual price of the house, at maturation of the loan, cost so much more than the price you bought it for. BTW, having a rent stabilized lease in 1987 on a rapidly gentrifying UWS of NYC, enabled my family to buy a summer house in Westhampton, Beach on 2 acres, for $178,000.00. The deregulated rent on same apt. is $8, 600.00 a month. We signed a lease for it at $700.00. I was deregulated once our income was too high, but over the 18 years of living in a huge, beautiful apt. with river views, allowed us to get an "income stated" mortgage. The mid 80's were a time of great change in the economy.
Does Disney nowadays being mostly bunch of lawers sent after anyone taking even 1second clip or using mickey mouse looking logo somewhere, be like rentier class? while they dont earn by housing assets, their behaviour is very similar; sit on old IP, jealously threaten with lawers anyone else trying to use them, extend IP way beyond meant trademark laws past 100 years, while not producing much culturally relevant content for very long time (thus remake 1990s movies again). Essentially being monopoly and actively preventing others doing anything useful remotely touching their business.
Michael Hudson's Research of historical economic cycling has emphasized the importance of governing continuance sustained by the removal of indebtedness obstacles to the basic function of civilization. This suggests that the debt/savings accounts relationships of citizens with government are neither fiscal nor ideological in practice, ie the creation of money was supposed to achieve a result in civil works, beginning and ending a closed cycle. (If you can understand as much as indigenous people have always known)
As a 75y old irish man ,who left school at 14y i could see that the usa had sold our government bad toxic mortgages from very good banks in the USA 🇺🇸 ha ha so in the next few thousand years my grandchildren might be able to afford to buy a house hope you're happy with 😢 dublin Ireland 🇮🇪
@11:30 exponential increase in private debt is the problem, not government debt. But it does not truly grow exponentially, due to fairly regular predictable debt default and bankruptcy (in the olden times, debtors prison). The problem with that (with the mechanism by which nominal debt reduces) is that it is utterly unjust, it is screwing the lower income and working class, while feeding the rentiers (the parasites). The general solution is what even that toff Keynes knew --- governments are monopoly issuers of their own currency, so can always choose to cancel debts that the poor cannot hope to repay (it was imposed upon them by fraud or "banksters", though some households are also simply idiots who succumb to the fraud, sadly). Being run by-in-large by the oligarchy (the supreme rentiers) governments *_choose_* not to help the poor. It's a political choice, it's always about willingness to issue currency, not capacity to --- since governments cannot run out of their own scorepoints, aka. "dollars", or yen, euro, pounds, peso, whatever. All are scorepoints on balance sheets as far as governments are concerned, it's not backed by gold, it is backed by power to enforce tax liabilities. Thus you see the guts of almost all economic injustice is the government is not providing the necessary incomes which are the only way households can pay the imposed tax liabilities and still satisfy savings desires. For that, the government has to issue more net currency (preferably by hiring people do do public good work, and that is limitless, you cannot _ever_ run out of public good work, not even with a billion ai bots), and they *_always_* can without causing inflation. (Governments do not get their own currency _originally_ off taxpayers, that'd be counterfeit by the taxpayer, nor do they borrow their own currency, bond sales are interest rate maintenance operations, not borrowing operations.) The tax return is the automatic stabiliser --- tax return automatically rises when the government deficit (accumulating to historical debt) rises. Over time, a growing population must have a growing money supply, so the government issue has to grow, not balance. (The debt ceiling in the USA will always rise. Or you'll has severe deflation, which hurts the poor the most so is profoundly regressive (their past debt grows nominally compared to income under deflation, while savings of the rich grow nominally compared to their costs.))
DEflation HELPS the poor in making living costs affordable. It HURTS the ownership class, whose assets depreciate in value, limiting their ability to borrow against them and expected revenues in cheaper future dollars. INflatoin does the opposite, and is the result of flooding economies with low interest cash, thus elevating supply and thus cheapening VALUE of the asset.
@Achrononmaster, That is the most garbled attempt at "explaining" something since a grade elevens attempt at an "essay" which one had to, unfortunately, look at earlier this year. Governments under the dollar reserve currency do not issue anything except hot air. Private central bank control of money printing is the "problem. Tax returns are not considered by these money "creators" nor does it have to be considered. Go back to study. Perhaps you haven't started yet.
Listen slowly. It's a good way to learn and not mishear what is said or hear something different from what's actually said. There is less to speed hearing than meets the ear.
@@mcpounds4228 absolutely not, the umms and uhhs take up a huge portion of the recorded segment. it's actually way harder to follow for many people when it's that stilting. I personally can't listen to him speak at 1x speed because his focus is all over the place
he's very right of rentier problem. it is worse structural problem than any welfare money transfers but such taboo nobody touches it yet it drives societies economic decision making but at the same time causes lack of kids and other issues. These are directly connected. By driver I mean so many have invested in renting business that subconsciously they cant steer away from it(taking voluntary "loss" or perceived future loss to your life plan finances). That being said, way worse in scale are institutional, finance funds making profit in large scale in google scale dominance in this industry.
@PseudeaEpimetheuscan you clarify? "they" ? which trust fund holders.... are you talking of these services for rich fund management is supposed to take care of their wealth but may over bill so people loose fortunes?
Landlords have to buy the property, manage it, insure it, and hope that the " renters" pay their rent and don't do any damage. Landlords are great people and hellp build great societies.
CONSIDER: Ever been a Landlord, Michael? I think not. Just today, I have been dealing with Two Leaks in two different condos. While thinking about how to decorate a vacant unit, so I can attract a decent tenant. And i have a lot of capital tied up, earning a current return no better than govt bonds. I might be sometimes "making money in my sleep," if I could sleep better, instead of worrying. Some ignorant guy with degrees comes along and thinks he understands my life and issues.
Yes he fails to realize the resources to attain and maintain the property, but i think his point is valid regarding the financialization and privatised gains and socialized losses
You’re voluntarily part of an exploitative system. It’s like being a house slave compared to a field slave. The house slaves tend to defend the slave owners.
0:21 He forgets that a Landlord, theoretically, did the work to attain the product rented. Rent isnt necessarily bad, but the debt/credit based financial system is the main factor is widening wealth gap
do Democrat party in US also entangle in this rentier class via ownership of these renting hedge fund companies in large scale essentially directly funding their day to day with that rent income? In europe social democrats have same policy simply because they have "privatised" previously rent controlled NGO housing companies and thus enjoy big income from those while demanding market rate rent from these initially subsidized almost public housing level housing capacity huge majority renting them working class and unemployed but policy decisions past 20 years show they can be worst and any moment make policy against their supposed support group simply cause this system allows them to be semi independent income wise as long as this rentier class friendly legislation stays this way(that is their main lobby to keep enough voters and block changes threatening their powerbase ie income base). Then it is logical that policies and decisions are favorable for things which channel taxpayer money to these renting complexes flowing back to same people who decided of them (not spesific persons but these organizational units; they can as easily kick out dissident individuals to preserve organization interest), latest major scale hting in europe being immigration and refugees in industrial scale, where main point comes to benefiting renters. London housing market is probably among worst in europe benefiting solely renter while new housing capacity built is totally inadequate for milions people taken into country (population increase) in just 10-20 years, thus they can charge anything due to shortage and high demand.
Debt is just an aspect of planning or prediction. To say that debt doesn't play a role in production is like saying that prediction or planning don't play a role in production.
Think you've got that a little inside out. debt is not a part of the production process, it's a part of the profit extraction process. just because it's concurrent with production doesn't mean it's critical or even connected to productivity. this was explained in detail in the video so maybe just go back and take notes
So should people get paid to watch p@rn and beat off? Buttons are pushed and stuff is produced. Seems america oligarchy de-industrializred to make it's people more self reliant and resilient.
that's really, really dumb. talk to a line cook, and then maybe think about the other 500 million jobs that also don't have anything to do with machines. also, running machines is production. i really can't even figure out where to start with this comment since so much of it is so wrong
1:06:16 Hudson is a bit off. What creates wealth disparity is concentrations of power....whether gov or private. Power is controlling exchange. If money is the medium of exchange, then miney is power. So money must be incorruptable and decentralized. So handing the power of money manipulation from banks to gov is not the answer. This just changes the positions of power that is ultimately used by the individuals in such positions. Money must have a set unit amount/quantity limit, be divisable (as to allow for price exchange fluctuations for goods n services), and incorruptable (any possible changes must be fully authorized by all users). Money used as a medium of cooperating exchanges is the foundation of society so it is imperative that the same money is used worldwide and decentralized...and based on a few limited set of concrete rules that all agree to.
Then don’t listen. Seriously, that’s what you have to say about a man over 80 who is thinking a mile a minute while trying to put difficult concepts into a clear form for a general audience? I’d be really embarrassed to leave such a comment.
20:25 he says deregulation led to the mortgage crash. Good example of problem with dereg but there are just as many probs with many regulations. It comes down to incentives and the foundation of value exchange (money). If money can be corrupted, everything else built on top will be corrupted (society). Right now we have privatized gains and socialized losses and corrupt gov officials. If money was created and destroyed by the state it would not change anything except move power from bankers to governers and these people will do as any person which is use their position to benefit themselves. Money must not be able to be manipulated by anyone. It should have a set max of units, be divisable, and if changable at all that change should come at the full understanding of the vast amount of users.
You can't disengage or run from this problem. It reaches every corner of the earth. You must either be engaged in changing it, or part of the momentum that drives it. There's no other options, you just do one or the other on purpose or by passive attrition.
Bringing police chiefs under the constitution like sherrifs would go a long ways in over coming a lot of reach that undermines us. Balance is unable to occur based souly on this factor in so many ways. Blackmarkets, border, corporate reach, foreign lobby power all reaches through this mayors authority. As seen under covid we almost wasn't able to force common sense back on authorities, agencies and institutions.
@@cheri238 20 years of top down rule built Seattle and destroyed its youth all in no time at all lol. Corporatism ragged it out and now looks for fresh meat in the south. As if it didn't take 150 years to recover from the last globalist enterprise there. Lol
Wrong. The concept of a Rentier class was common to everyone in classical economics, like David Ricardo, John Stuart Mill, and Adam Smith. Michael Hudson has made many statements condemning Henry George, and Georgism, pointing out that Henry George was anti socialist, and believed that taxing land is the ONLY remedy against the Rentier class, while Hudson argues that monopolies and social services like banking, healthcare, or infrastructure should be maintained as public utilities and not neoliberal rentier enterprises. George was opposed to any government regulation except land taxation, and believed that simply taxing land was enough, where Hudson argues that the financial industry and rent seekers of all industries are parasitic and not productive.
@@JohnZomboNot the point of "unearned income". Even if your "working hard" at rent extraction, you are still trading with no tangible commodity. If I trade you food for shelter, we are both getting something we need. If we exchange food for just debt payments, you still have to buy shelter from someone else. Thats how the creditor extracts value from the economy, where the more creditors you have to pay, the less money you have to buy goods and services. This is why productive economies today have their citizens paying less than 20% of their incomes to debt or rent, while economies that are more finacialized than productive have their citizens paying 60-70% of their incomes to unproductive creditors.
Hudson always seems more concerned grinding his axe with the kulak landlords than the boss-tier bank rentiers at the top. Also in Hudson's economics and finance, risk is non-existent along with the present value of money.
1:12:40 the "poor"??? your language is typical but incorrect and leads the mind towards wrong analysis. It's the Em-Poverished. without accurate language the viscious cycle just repeats appearing to be inviable a "law". You've unwittingly have the assumptions of the opponent and wonder why they win the debate. naive
what a middling, petty, smug nitpick of a nearly 90 minute interview. first of all, you didn't even spell your correction correctly: it's "impoverished", not Em-Poverished, and the definition of impoverished is "poor". so, shut up, is what i'm trying to say.
lol I own several rent homes, after property taxes, insurance, and such there is Tons of work to do…. Would love to have a property that requires zero effort
Whether you work or not is irrelevant to the question. Your relationship to society is parasitic as you hold the means of survival hostage for your own advantage when it should belong to the people. The working people who rwnt from you are the ones who drive society forward and you parasite off their labor for profit. Now, maybe you do this out of some personal necessity to have some material comfort, but it doesn't change the fact that you live off the the sweat of your renters' labor.
Do you do all the work yourself or do you use the money to pay other people to do the work? This is more about large corporations and hedge funds that bankrupt people out of their property and then rent it back to similar working people. Small holders are a small wedge argument in the micro sense. If housing was a right and people paid a living wage or if all business was run as a democracy so everyone had a vote on their bosses pay raises, or if their jobs were to be sent overseas then people would be able avoid entitled small holding complainers who compare themselves in their head to the level of monopolist or oligarch. Be grateful these proliferating conversations may keep you from becoming a full blown parasite on everyone around you.
yeah, and i would love to have a home that i own rather than paying a Lord to use it, but i guess we all have our own struggles there james. must be hard to have so many homes to choose from while the rest of us are racing away from the grip of homelessness. you are the problem
I get what you are saying but note pre-1978 those of us who were around remember far more heavy industrial production and less strip malls/service sector jobs. The ideology rammed down our throats by monopolists and neoliberals is destructive and toxic.
Ok, I'll assume that this comment was an immature way to ask for practical solutions rather than systemic analysis which is what this interview mostly focused on. Instead of complaining that you got sushi instead of popcorn after walking into a sushi bar, do a bare minimum amount of effort to find what you're looking for. I recommend the book "Socialist Reconstruction" for an in depth guide to practical approaches to address these issues within decades rather than centuries.
How can one man be so brilliant ? Michael Hudson thank you so much for the IQ boost
He is just repeating the same old nihilistic Marxist crap. He intentionally leaves out the “Human Factor” of greed in whatever utopian dreams you have. Socialism always looks good in theory! “Why can’t we all share the wealth?” Putin is a Marxist & he doesn’t want to play nice at all and let Ukraine have their growing wealth. So the Communist just takes & justifies & rationalizes it by repeating false propaganda, just like the Nazis & Goebbels. They were the National SOCIALIST WORKERS Party. Karl Marx w a Nazi twist; creating enemies of the State, without evidence, just presumption! I believe Hudson makes good points, but what is his wealth, & how did he get it? Professors and TENURED University Administrators are extremely overpaid & they suck down parents & students savings in order for their kids to get a shot at success! He sounds like an indoctrinated Leftist robot. Though he is right about the absence of true Liberalism in the modern Neoliberal Politico Cult! They are a Fascist collusion of the InfoMedia Industry & “Democrats”. They want their InformationDominance to control what you hear, see, & think! “The most insidious power of the Press, is the power to ignore!” .. to lie by omission of relevant truths when reporting past & current events, or presenting theories! And they will never admit fault in anything! 🎶”Blame blame blame! •• •••• Blame of fools!”🎶
Michael Hudson is so knowledgeable.
Michael Hudson is, hands down, the world's greatest living economist.
Steve Keen and Richard Wolff are essential as well.
Atleast in the west.
@@isaiahherrera1122 it's a low bar honestly haha
Hmmmph
He’s moral and ethical That’s what he is
Michael Hudson's work history fascinates me. 🤩
The guy doesnt know how to make money, so he demonizes thsoe who do
That’s crazy that this guy is 85. Makes me think getting old is not so bad.
It isn't 👌🏾 that's truth, stay young at heart and keep fighting your good fight eventually you master your style in the art of living great. That's my hearts belief at least
wtf I thought he was in his 60s
@Tactical_Manatee- Or this educated in our 40’s. So just remain informed and interested in this information. Lucky to have men like this sharing their life’s work and knowledge with us.
I'm now 77, and remain able to comprehend his thesis. I'll let you know if I still possess that ability in 8 years hence,
I like the comments because everyone I meet does not converse about interesting topics like this.
Michael is one of the greatest teachers of mankind. I consider him an intellectual treasure to be listened to once every now and than... if only policy makers would do that...
Big fan of Pro. Hudson, love from China
Oh, I never thought I would see this man on this podcast! You really have everyone on your podcast!
Glad to have found your podcast. Michael Hudson is wonderful. Forgiving debt! I grew up in Englewood and then later moving to 55th. I researched the French Communist party for a paper at the U. of Illinois in Champaign. This was during the Christmas holidays. Had to get a letter from U of I to use the library at Uof C. Loved that campus and the atmosphere of HydePark. Their great book store. Very interesting discussion. Thankyou.
Thank you, and thank you again, Robinson , for having Professor Michael Hudson on your program.
Professor Michael Hudson always hits a home run on economics!!!
The algorithm knows I like prof. Hudson. he's often in my recommendations.
On the other hand, I always click "don't recommend me this channel anymore' whenever it recommends mass/corp medias ☮
This guy is awesome. He has studied and read his entire career and we ABSOLUTELY NEED HIM TO BE WATCHED BY ALL! I am so blown away at how well he conveys the essence of the problem and now I see why every one is so pejorative here about Marx , when in fact he’s A GENIUS!
Thank you for this video It is so enlightening but we need to take action.
I think he presents things well but misses some important factors, such as the resources needed to acquire and maintain a property. But overall he is right about how making money from money is parasitic. But giving gov the authority to create/destroy money is NOT the solution...this will just empower people in such positions to benefit themselves. The world needs incorruotable money. Being the medium of exchange it cant be manipulated unless you want those few that can manipulate it to have a massive amount of excess power over everyone else. The bitcoin system shows promise but it needs to be able to scale without intermediaries and custodians that can use the old fraud of fractional reserve
@@Richard-ki4nkgm bullshit Bitcoin and imaginary money won’t work and forget it, govt must be involved! Govt is the only one that can be held accountable and humans r corrupt things that will always justify whatever they want! The govt needs revamping badly but putting in the hands of ‘ppl’ who would screw their own mother over is not the answer ! Period
@@Richard-ki4nkgmno The govt must have a national bank to create money for PUBLIC utility U r mistaken I have read several of mikes books and he has consulted with China to help them keep theirs intact. Stop w the corruption bs u ppl always use that excuse
@@Richard-ki4nkgmboo Totally disagree And u DOTN get what he says about asset inflation bec rental property upkeep is untaxed unlike homestead expenses
It always a lesson to listen to Michael Hudson. Can't be thought in any University
😅😂 🎉
Thanks again for your great information and analysis on money 💰 matters 👍
Great guest 👍🏼
"You can compress nothing into nothing". That gave me a good laugh.
This classical scholar is nothing less than one of the most erudite economic historians in the world.
Excellent job of asking questions and getting answers
You really honed into the most relevant topics. You nailed it at the end asking how this might all change. Prof Hudson said maybe in 20-30 years a revolution but it may just be 2-3 years away. You never know. If suddenly confidence in the dollar is lost that could trigger a revolution. Also what if people clue in to boycott corporations that make political donations?
BDS is illegal in a lot of the US so i think that part is likely to simply add pressure to a revolutionary movement since the current system is obsessed with limiting our options to a.) conceding or b.) destroying them
Check out the book "Socialist Reconstruction". It goes into extreme detail regarding immediately practically possible structural change rather than Utopic idealist end goals.
With all respect to professor. I Stalin’s economy did have private sector. In the form of cooperatives. Agriculture (kolkhoz) and industrial artels. Some of the second ones even were producing technologically advanced goods. Their duty was to cover production that stat controlled industries could not cover yet. So, Stalin’s economy was kind of mixed economy in that meaning.
Only after Stalin’s death, Khrushchev voluntarily started to close those artels, that leaded to shortages of some necessary products in soviet people daily consumption.
You are absolutely right.
It was only the death of Stalin that China and the Soviet Union split away.
This video has everything I like a lot: a cat, Michael Hudson & an informative discussion.
it lacs some christmas decoration,
@@paketisa4330 True, that would have made it even better.
Lol 😊
Informative? It’s ASTOUNDING
Always dreamed of seeing Freddy Mercury interview Michael Hudson.
😂
Thank you for the interview!
This should have been three hours long.
Actually, this was just a trailer/teaser/ad to make us go and watch another 50-100 hours of his videos or (heaven forbid) buy his books! (lol) I know because it happened to me and I'm much better for it. I hope it happens for everyone else as well. (especially our politicians) Also, I'd strongly recommend "Web of Debt" by Ellen Hodgson Brown as a great read.
Amazing conversation. The clarifying questions were invaluable. Thank you!
Thanks!
Thank you so much!!
Thank you for sharing this important conversation
Brilliant analysis
That was great from what i could follow being a little thick.thanks
I'd reccomend one of his books to go at your own pace. Collapse of antiquity is great if you are interested in pre- to post-Roman history.
Thank You Robinson great Work❤❤❤
That's what I thought. Thank you for this clarification!!!
.... Thankyou Professor Michael Hudson...
Retail stores have to pay usually 10% on their profits to the rentier class on top of rent paid.
And cheaply subsidized, tech bro financed digital retail (Amazon, PayPal, etc) have made commercial retail stores a dying breed. We should rehab malls for homeless shelters.
I didn't know!
30:00 another mode of neo feudalism is making the serial carton bigger or the chocolate bar smaller etc and charging the regular price.
I found this podcast on you tube. I love the cat. If my PayPal gets money, I will send a few bucks. I suggest we all do. I like the smart comments. Causes me to feel encouraged.
Been absolutely loving your work, and the amount of quality content you put out is amazing so i'm very happy to subscribe to your patreon! Getting a 404 error when I use the link though. I was able to find you myself but others might be put off if the link doesn't work.
Thanks so much! I think I got it fixed.
My sister's rent is £1650 a month and she earns £2500 a month if I'm not mistaken. My highest rent was £840 a month when I was earning £1300 a month, though I was doing a lot of overtime at that point...
My landlord, unlike many, constantly maintains and improves the properties he rents. Last year he remodeled my bathroom and this year installed a new air conditioner. My rent is well below the local rates.
Ownership isn't without cost. Items suffer wear and breakage needing maintenance and repair. Whether extracted sequestered wealth is called profit or rent, the crime is in its sequestration and removal from broadest economic circulation. It is the narrowing of money's reach that perverts otherwise normal and proportionate economic activity, be it by rent or profit or fraud or theft.
The maintenance is included in the rent and the government provides a subsidy through the tax system in addition to that.
You're bragging that your landlord uses your money to maintain his house that you live in. we can maybe think about this for a couple more seconds before making comments on it next time
What a nice guy your landlord is. Investing in his investments that you pay for him, he's basically Jesus. Supply side Jesus.
Thanks
I dunno; if rent is an extraction of assets from the economy, it doesnt float out to the ether, or outer space; to some measurable degree, its redistributed to other sectors of the economy. It is more of a capital directive process.
9:40 Brilliant "...... you can compress nothing into nothing....".
"Everyone can enjoy a life of luxurious leisure if the machine-produced [robots] wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality."
Stephen Hawking
But that's socialism. And the rich people told me that was bad.
So I guess we have to leave the rich people in charge.
@@antediluvianatheist5262 It's 2024 and US minimum wage is STILL $7.25.
Real estate investments have a productive element to them and are less 'rentier' than the financial services that leach off of them.
Most landlords spend a significant percentage of their income on building new houses and repairing older ones. A large number of small builders are engaged in productive activity and make their livings from this share of the rent.
My MAN!
28:07 a few min before and after....a very good analysis of the destructive financialization force
Wasn't there a time when one could EARN compound interest in certain types of accounts? Is that how a CD works?
Home ownership has always been presented as the best vehicle for building wealth.
Every at relatively low interest rates, the actual price of the house, at maturation of the loan, cost so much more than the price you bought it for.
BTW, having a rent stabilized lease in 1987 on a rapidly gentrifying UWS of NYC, enabled my family to buy a summer house in Westhampton, Beach on 2 acres, for $178,000.00.
The deregulated rent on same apt. is $8, 600.00 a month.
We signed a lease for it at $700.00. I was deregulated once our income was too high, but over the 18 years of living in a huge, beautiful apt. with river views, allowed us to get an "income stated" mortgage.
The mid 80's were a time of great change in the economy.
Does Disney nowadays being mostly bunch of lawers sent after anyone taking even 1second clip or using mickey mouse looking logo somewhere, be like rentier class? while they dont earn by housing assets, their behaviour is very similar; sit on old IP, jealously threaten with lawers anyone else trying to use them, extend IP way beyond meant trademark laws past 100 years, while not producing much culturally relevant content for very long time (thus remake 1990s movies again). Essentially being monopoly and actively preventing others doing anything useful remotely touching their business.
Yes. All industry eventually takes this route by necessity under capitalism.
Michael Hudson's Research of historical economic cycling has emphasized the importance of governing continuance sustained by the removal of indebtedness obstacles to the basic function of civilization.
This suggests that the debt/savings accounts relationships of citizens with government are neither fiscal nor ideological in practice, ie the creation of money was supposed to achieve a result in civil works, beginning and ending a closed cycle. (If you can understand as much as indigenous people have always known)
As a 75y old irish man ,who left school at 14y i could see that the usa had sold our government bad toxic mortgages from very good banks in the USA 🇺🇸 ha ha so in the next few thousand years my grandchildren might be able to afford to buy a house hope you're happy with 😢 dublin Ireland 🇮🇪
19th century US (
+ etc.?) workers. at times has coalition + industrial capitalists
called producerism.
@11:30 exponential increase in private debt is the problem, not government debt. But it does not truly grow exponentially, due to fairly regular predictable debt default and bankruptcy (in the olden times, debtors prison). The problem with that (with the mechanism by which nominal debt reduces) is that it is utterly unjust, it is screwing the lower income and working class, while feeding the rentiers (the parasites). The general solution is what even that toff Keynes knew --- governments are monopoly issuers of their own currency, so can always choose to cancel debts that the poor cannot hope to repay (it was imposed upon them by fraud or "banksters", though some households are also simply idiots who succumb to the fraud, sadly). Being run by-in-large by the oligarchy (the supreme rentiers) governments *_choose_* not to help the poor. It's a political choice, it's always about willingness to issue currency, not capacity to --- since governments cannot run out of their own scorepoints, aka. "dollars", or yen, euro, pounds, peso, whatever. All are scorepoints on balance sheets as far as governments are concerned, it's not backed by gold, it is backed by power to enforce tax liabilities.
Thus you see the guts of almost all economic injustice is the government is not providing the necessary incomes which are the only way households can pay the imposed tax liabilities and still satisfy savings desires. For that, the government has to issue more net currency (preferably by hiring people do do public good work, and that is limitless, you cannot _ever_ run out of public good work, not even with a billion ai bots), and they *_always_* can without causing inflation. (Governments do not get their own currency _originally_ off taxpayers, that'd be counterfeit by the taxpayer, nor do they borrow their own currency, bond sales are interest rate maintenance operations, not borrowing operations.)
The tax return is the automatic stabiliser --- tax return automatically rises when the government deficit (accumulating to historical debt) rises. Over time, a growing population must have a growing money supply, so the government issue has to grow, not balance. (The debt ceiling in the USA will always rise. Or you'll has severe deflation, which hurts the poor the most so is profoundly regressive (their past debt grows nominally compared to income under deflation, while savings of the rich grow nominally compared to their costs.))
DEflation HELPS the poor in making living costs affordable. It HURTS the ownership class, whose assets depreciate in value, limiting their ability to borrow against them and expected revenues in cheaper future dollars. INflatoin does the opposite, and is the result of flooding economies with low interest cash, thus elevating supply and thus cheapening VALUE of the asset.
@Achrononmaster, That is the most garbled attempt at "explaining" something since a grade elevens attempt at an "essay" which one had to, unfortunately, look at earlier this year. Governments under the dollar reserve currency do not issue anything except hot air. Private central bank control of money printing is the "problem. Tax returns are not considered by these money "creators" nor does it have to be considered. Go back to study. Perhaps you haven't started yet.
I think hudson is great and love his books, but i wish he was more articulate, running this on double speed
He’s actually very articulate. Who cares what speed you listen to this.
why don't you run everything on youtube at 2x. That's what I do.
Pretty articulate for and 85 year old
Listen slowly. It's a good way to learn and not mishear what is said or hear something different from what's actually said. There is less to speed hearing than meets the ear.
@@mcpounds4228 absolutely not, the umms and uhhs take up a huge portion of the recorded segment. it's actually way harder to follow for many people when it's that stilting. I personally can't listen to him speak at 1x speed because his focus is all over the place
Very cool! On a similar line of inquiry I would love to see you have Jonathan Nitzan and Shimshon Bichler on
Top.!
Can you get Warren Mosler?
he's very right of rentier problem. it is worse structural problem than any welfare money transfers but such taboo nobody touches it yet it drives societies economic decision making but at the same time causes lack of kids and other issues. These are directly connected. By driver I mean so many have invested in renting business that subconsciously they cant steer away from it(taking voluntary "loss" or perceived future loss to your life plan finances). That being said, way worse in scale are institutional, finance funds making profit in large scale in google scale dominance in this industry.
@PseudeaEpimetheuscan you clarify? "they" ? which trust fund holders.... are you talking of these services for rich fund management is supposed to take care of their wealth but may over bill so people loose fortunes?
@@effexon he did clarify. "So many have invested in renting business..." "... they (the invested) can't steer away".
48:30 if a market is controlled, regardless of who controls it, then how can it be a free market? 🤔
0:23 Michael is a certified Elder not a no good older.
Landlords have to buy the property, manage it, insure it, and hope that the " renters" pay their rent and don't do any damage. Landlords are great people and hellp build great societies.
Robbers have to hope their victims valuables are freely accessible and the police won’t arrest them.
FYI all the money is in the coffers of the Churches and the Insurance companies !!
Adam Smith was more like Deng Xiaoping than the austrian courtesans
CONSIDER: Ever been a Landlord, Michael? I think not. Just today, I have been dealing with Two Leaks in two different condos. While thinking about how to decorate a vacant unit, so I can attract a decent tenant. And i have a lot of capital tied up, earning a current return no better than govt bonds. I might be sometimes "making money in my sleep," if I could sleep better, instead of worrying. Some ignorant guy with degrees comes along and thinks he understands my life and issues.
Yes he fails to realize the resources to attain and maintain the property, but i think his point is valid regarding the financialization and privatised gains and socialized losses
You’re voluntarily part of an exploitative system. It’s like being a house slave compared to a field slave. The house slaves tend to defend the slave owners.
Grande
Merry Chrimbus
Please recommend other progressive economists !
RACE IS A CLASS IN AMERICA!
0:21 He forgets that a Landlord, theoretically, did the work to attain the product rented. Rent isnt necessarily bad, but the debt/credit based financial system is the main factor is widening wealth gap
I give 65% of my income to someone for no work themselves. Capitalism, it's great. -.-
do Democrat party in US also entangle in this rentier class via ownership of these renting hedge fund companies in large scale essentially directly funding their day to day with that rent income? In europe social democrats have same policy simply because they have "privatised" previously rent controlled NGO housing companies and thus enjoy big income from those while demanding market rate rent from these initially subsidized almost public housing level housing capacity huge majority renting them working class and unemployed but policy decisions past 20 years show they can be worst and any moment make policy against their supposed support group simply cause this system allows them to be semi independent income wise as long as this rentier class friendly legislation stays this way(that is their main lobby to keep enough voters and block changes threatening their powerbase ie income base). Then it is logical that policies and decisions are favorable for things which channel taxpayer money to these renting complexes flowing back to same people who decided of them (not spesific persons but these organizational units; they can as easily kick out dissident individuals to preserve organization interest), latest major scale hting in europe being immigration and refugees in industrial scale, where main point comes to benefiting renters.
London housing market is probably among worst in europe benefiting solely renter while new housing capacity built is totally inadequate for milions people taken into country (population increase) in just 10-20 years, thus they can charge anything due to shortage and high demand.
Crowding out effect debt to investment.
do a debate with David Bentley hart and Alex o'conner on God
Guest suggestions brian Greene , Leonard sussy
Let's play capitalism 😂
you be the worker and I will pretend to benefit you as a capitalist
"We pretend to work. They pretend to pay us". Says every working stiff, ever.
Debt is just an aspect of planning or prediction. To say that debt doesn't play a role in production is like saying that prediction or planning don't play a role in production.
aka "Failing to plan is planning to fail". Witness our current group of neocon/neoliberal psychopaths and sociopaths in charge of our lives.
Think you've got that a little inside out. debt is not a part of the production process, it's a part of the profit extraction process. just because it's concurrent with production doesn't mean it's critical or even connected to productivity. this was explained in detail in the video so maybe just go back and take notes
It's like saying money is a part of growing food lol. No it's not, it's a part of controlling the availabilities of food.
is that a caterpillar?
Okay, but does anyone engage in production? To my knowledge, machines do all the work. People just press the button to make it go.
So should people get paid to watch p@rn and beat off?
Buttons are pushed and stuff is produced. Seems america oligarchy de-industrializred to make it's people more self reliant and resilient.
that's really, really dumb. talk to a line cook, and then maybe think about the other 500 million jobs that also don't have anything to do with machines. also, running machines is production. i really can't even figure out where to start with this comment since so much of it is so wrong
Constructive advice.. Lose the mustache, those are not for anyone 😅
Greetings from Croatia 😎
Lmao My name a bOrAt 😂😂 light joking comment is always nice
New working title:
"Michael Hudson on How Jews Exploit Entire Civilizations Through Debt."
Just a suggestion.
1:06:16 Hudson is a bit off. What creates wealth disparity is concentrations of power....whether gov or private. Power is controlling exchange. If money is the medium of exchange, then miney is power. So money must be incorruptable and decentralized. So handing the power of money manipulation from banks to gov is not the answer. This just changes the positions of power that is ultimately used by the individuals in such positions. Money must have a set unit amount/quantity limit, be divisable (as to allow for price exchange fluctuations for goods n services), and incorruptable (any possible changes must be fully authorized by all users). Money used as a medium of cooperating exchanges is the foundation of society so it is imperative that the same money is used worldwide and decentralized...and based on a few limited set of concrete rules that all agree to.
I Stand with the Hegemon.
We stand against it.
And there's more of us.
Michael Hudson makes very good points. It’s a pity that he stutters so much. His delivery is very weak. His content is very good.
I don't agree, I just see it as his unique style of talking and thinking at the same time. I like the way he speaks, and I hope he never changes.
He's over 80 years old. Give him a break !
Then don’t listen. Seriously, that’s what you have to say about a man over 80 who is thinking a mile a minute while trying to put difficult concepts into a clear form for a general audience? I’d be really embarrassed to leave such a comment.
It is cute and endearing. Sounds like he cares and like he is remembering something from a vast sea of learned knowledge.
Smooth talkers...not always a good thing dear.
20:25 he says deregulation led to the mortgage crash. Good example of problem with dereg but there are just as many probs with many regulations. It comes down to incentives and the foundation of value exchange (money). If money can be corrupted, everything else built on top will be corrupted (society). Right now we have privatized gains and socialized losses and corrupt gov officials. If money was created and destroyed by the state it would not change anything except move power from bankers to governers and these people will do as any person which is use their position to benefit themselves. Money must not be able to be manipulated by anyone. It should have a set max of units, be divisable, and if changable at all that change should come at the full understanding of the vast amount of users.
Where can I move too
Don’t want to move to Russia
Seems most of west like this
Move to chuba free medical low rent no mugging murder rape o school shooting o again no raiclism 😂
You can't disengage or run from this problem. It reaches every corner of the earth. You must either be engaged in changing it, or part of the momentum that drives it. There's no other options, you just do one or the other on purpose or by passive attrition.
Bringing police chiefs under the constitution like sherrifs would go a long ways in over coming a lot of reach that undermines us. Balance is unable to occur based souly on this factor in so many ways.
Blackmarkets, border, corporate reach, foreign lobby power all reaches through this mayors authority.
As seen under covid we almost wasn't able to force common sense back on authorities, agencies and institutions.
SARTRE!!! Thank you, Karl Marx.
@@cheri238 yeah ,it definitely sux the life out of societies, kills creative flow and culture
@@cheri238 20 years of top down rule built Seattle and destroyed its youth all in no time at all lol. Corporatism ragged it out and now looks for fresh meat in the south. As if it didn't take 150 years to recover from the last globalist enterprise there. Lol
be nice at christmas that's all ok?
He is straight up cribbing from Henry George who railed against the "rentier class" in the nineteenth century and had similar schemes to remedy it.
balance the debt on whose backs?
Dr Hudson is "cribbing from" the classical economists. He has a critique of Henry George if you google 'henry george michael hudson'
Wrong. The concept of a Rentier class was common to everyone in classical economics, like David Ricardo, John Stuart Mill, and Adam Smith. Michael Hudson has made many statements condemning Henry George, and Georgism, pointing out that Henry George was anti socialist, and believed that taxing land is the ONLY remedy against the Rentier class, while Hudson argues that monopolies and social services like banking, healthcare, or infrastructure should be maintained as public utilities and not neoliberal rentier enterprises. George was opposed to any government regulation except land taxation, and believed that simply taxing land was enough, where Hudson argues that the financial industry and rent seekers of all industries are parasitic and not productive.
@@JohnZomboNot the point of "unearned income". Even if your "working hard" at rent extraction, you are still trading with no tangible commodity. If I trade you food for shelter, we are both getting something we need. If we exchange food for just debt payments, you still have to buy shelter from someone else. Thats how the creditor extracts value from the economy, where the more creditors you have to pay, the less money you have to buy goods and services. This is why productive economies today have their citizens paying less than 20% of their incomes to debt or rent, while economies that are more finacialized than productive have their citizens paying 60-70% of their incomes to unproductive creditors.
@@JohnZombo Really? Who does this "hard work" you speak of?
Hudson always seems more concerned grinding his axe with the kulak landlords than the boss-tier bank rentiers at the top.
Also in Hudson's economics and finance, risk is non-existent along with the present value of money.
Nah
Your criticism of Hudson isn't clear, it is opaque.
What? Incoherent.
😂😮
Commercials every ten seconds..ill pass
Stache😂😂😂😂😂😂😂
Reetaard! Opens discussion with ad hominem against young libertarian.
1:12:40 the "poor"??? your language is typical but incorrect and leads the mind towards wrong analysis. It's the
Em-Poverished. without accurate language the viscious cycle just repeats appearing to be inviable a "law". You've unwittingly have the assumptions of the opponent and wonder why they win the debate. naive
what a middling, petty, smug nitpick of a nearly 90 minute interview.
first of all, you didn't even spell your correction correctly: it's "impoverished", not Em-Poverished, and the definition of impoverished is "poor". so, shut up, is what i'm trying to say.
Forest for the trees? Good luck with that level of pettiness@@kylezo
lol
I own several rent homes, after property taxes, insurance, and such there is Tons of work to do…. Would love to have a property that requires zero effort
I believe that you are referring to an ETF
Whether you work or not is irrelevant to the question. Your relationship to society is parasitic as you hold the means of survival hostage for your own advantage when it should belong to the people. The working people who rwnt from you are the ones who drive society forward and you parasite off their labor for profit. Now, maybe you do this out of some personal necessity to have some material comfort, but it doesn't change the fact that you live off the the sweat of your renters' labor.
if it requires so much work and is so unprofitable, then why not sell the property?
Do you do all the work yourself or do you use the money to pay other people to do the work?
This is more about large corporations and hedge funds that bankrupt people out of their property and then rent it back to similar working people.
Small holders are a small wedge argument in the micro sense. If housing was a right and people paid a living wage or if all business was run as a democracy so everyone had a vote on their bosses pay raises, or if their jobs were to be sent overseas then people would be able avoid entitled small holding complainers who compare themselves in their head to the level of monopolist or oligarch. Be grateful these proliferating conversations may keep you from becoming a full blown parasite on everyone around you.
yeah, and i would love to have a home that i own rather than paying a Lord to use it, but i guess we all have our own struggles there james. must be hard to have so many homes to choose from while the rest of us are racing away from the grip of homelessness. you are the problem
Still not a reasonable way forward, all of his analysis is sound and makes perfect sense but not a practical solution in my lifetime
I get what you are saying but note pre-1978 those of us who were around remember far more heavy industrial production and less strip malls/service sector jobs. The ideology rammed down our throats by monopolists and neoliberals is destructive and toxic.
Guess you didn't listen to the last 20 or so
Ok, I'll assume that this comment was an immature way to ask for practical solutions rather than systemic analysis which is what this interview mostly focused on. Instead of complaining that you got sushi instead of popcorn after walking into a sushi bar, do a bare minimum amount of effort to find what you're looking for. I recommend the book "Socialist Reconstruction" for an in depth guide to practical approaches to address these issues within decades rather than centuries.
Thanks!
Thank you!!!