Debt And Power - With Michael Hudson

[@tonyskoulakis4975]

I have been following Micheal for years he's an amazing economist and expert in monetary history.

[@voidisyinyangvoidisyinyang885]

@Der Gorghast In a "managed the Rockefellers" way.

[@voidisyinyangvoidisyinyang885]

@Der Gorghast So you're not able to look up basic information? Michael Hudson wrote a book called "Super-Imperialism" and because it so well explained capitalism then Hudson was hired as the chief economist - the accountant for the Rockefellers. en.wikipedia.org/wiki/Michael_Hudson_(economist) worked as a balance of payment economist in Chase Manhattan Bank (1964-1968). In 1964, Hudson, who had just received his master's degree in economics, joined Chase Manhattan Bank's research economics department as a balance-of-payments specialist. His task was to establish the payment capacity of Argentina, Brazil and Chile. Based on data on their export earnings and other international payments, Hudson had to find out what kind of income the bank could get from the debt payments that these countries had accumulated. He recalled as such: "I soon found that the Latin American countries I analyzed were fully "loaned up." There were no more hard-currency inflows available to extract as interest on new loans or bond issues. In fact, there was capital flight". Among other important tasks that Hudson performed in Chase Manhattan were an analysis of the balance of payments of the American oil industry and the tracking of dirty money that settled in the banks of Switzerland. According to Hudson, this work has given him invaluable experience in understanding how banks and the financial sector work as well as understanding how banking accounting and real life correlate. It was during the study of oil companies' flows (the study was funded by Chase Manhattan and Socony Oil Company) that Hudson met with Alan Greenspan (future Chairman of the Federal Reserve Board of Governors) who acted as an observer for Socony Oil. Hudson recalled that Greenspan had already successfully lobbied the interests of his clients in those years and in the framework of the research tried to provide rough estimates of the American market based on global trends: "Mr. Rockefeller, Chase President, told me to inform Mr. Greenspan that unless he could provide specifically US figures, and/or be forthright about his assumptions, we would have to leave his contribution out of the study".[citation ne

[@lindamohamed5296]

me too

[@PikachooUpYou]

@@voidisyinyangvoidisyinyang885 So what you’re saying is he has a first hand knowledge of the financial system from the inside, how evil and corrupt it is and believes it’s the root of almost all of our social economic problems to date. You could have just said that.

[@voidisyinyangvoidisyinyang885]

@@PikachooUpYou If u can repeat what @Der Gorghast had stated first to which I then replied then I can properly reply to you also. thanks

[@yuser5821]

Excellent guest. Very informative, specially this fact: The bigger the stimulus into Wall St (including bail outs), the more that is sucked out of the real economy.

[@AlienLivesMatter]

No bail in or bail out Y User. Eat the political pigs

[@altbinhax]

Animal Farm

[@yuser5821]

@@AlienLivesMatter , Who is advocating bail outs?

[@countchivas]

Interesting history lesson...but he's a BIG GOVERNMENT MARXIST. Perhaps he doesn't know his history that well! LOL

[@yuser5821]

@@countchivas Whatever his persuasion, he gives a good explanation of the status quo.

[@tdreamgmail]

This should be required viewing for every person on the planet. It's always rich vs poor, since the beginning of time.

[@theobradley5926]

Magnificent Interview Mr North. Best to your guest Michael.

[@BreakingNewGrounds1]

Always a pleasure to hear Mr. Hudson's clear headed perspective on economic issues. He's very unlike the vast majority of economists who behave more like propogandists.

[@annakryzilinski4748]

Great guest. He's a great author too. Multiple videos online. "Two dynamics define the economy in the 21st century: 1. We have substituted debt-driven speculation for productive investment. 2. We have substituted debt for earnings. This is why the repricing of speculative-bubble assets can’t be stopped: debt-driven speculation is not a sustainable substitute for investing in increasing productivity. And debt-fueled consumption masquerading as “investment” is not a sustainable substitute for limiting consumption to what we earn and save."

[@MrDan557]

Well said! Spot on.

[@peoplearepower2622]

Fantastic interview. We really do have to start looking at economics in a different way. Thankyou Martin.

[@tomtesoro7994]

STEVE KEEN has been saying the same critiques of neo-liberalism for a decade. UNTIL neo-liberalism DIES ( by way of a world wide collapse ) WE in OZ will soon see the extreme poverty Mr Hudson has described.. THIS OZ government Worships Wall Street and its bankers ( ps USA capital investment in OZ is now $1 Trillion, with UK @ $500 billion) and thus we in OZ are the new 'serfs' to labour for USA and OZ bankers

[@peoplearepower2622]

@@tomtesoro7994 You may enjoy this with Steve Keen and Michael Hudson - www.rt.com/shows/front-running/476294-billionaire-tax-usa-finances/

[@redsed1565]

@@peoplearepower2622 Thanks PAP. Great interview! Go Bernie!

[@SirQuixoteofLaMancha]

Three economists worth listening to: Michael Hudson, Richard Werner & Steve Keen.

[@redsed1565]

@@SirQuixoteofLaMancha U should check out this guy named Donlad Trump as well! LOL

[@KS-yj1px]

Great guest!

[@craigshelton5903]

Michael Hudson is the world’s greatest economist.

[@domgreco7]

My favorite economist. 🙏🏼

[@philipjames5054]

Martin you are a pretty smart guy in financial matters to be sure. But I got the very strong impression from you that Hudson showed you a whole new slant on world economic history and how we have arrived at this unserviceable worldwide debt crisis, as he did the rest of us. I now see more clearly why China and Russia are detaching from this disastrous situation with the USD which is a unit of debt from the moment it is conjured out of thin air and issued. Thank you for this fantastic video.

[@Fordcryptofairlane123]

philip james are u delusional u don’t think China & Russia aren’t the next proxy! Come on champ they are 4 steps ahead of the situation ! China will be the new proxy and the beat goes on ! Oops minus a few pensioners who probably fought in wars orchestrated by these bastards !

[@philipjames5054]

Peter North no I’m not delusional and I’m not into your interpretation of what China and Russia are doing. I’ve heard all sorts of theories and yours is just a variation on some of them. Let’s agree to disagree and leave it at that.

[@bonusshaker9260]

Steve Keen been saying this for years.

[@tomsoleymanbik3266]

Bonus Shaker so what every gambler wins at some point doesn't mean his right! What a stupid thing to say, your logic sucks.

[@falakoala4579]

Keen looks exhausted and bittered. All due respect to him, he is very smart and he was right eventually. But at what cost. Then we reset and do it all again 🎈

[@AdamSahr-cj4kf]

Not too many of us are keen on Steve Keen because he always fails on the PR and PC (political correctness) fronts. Perhaps that's why he is such a thorn...

[@lunarmodule6419]

@@tomsoleymanbik3266 What we mean is Keen has been denoncing for years the bad or currupt management of central banks and Govs. And this at the expense of the population at large. Lower wages, less secure jobs, high private debts levels just to feed and house families.

[@AdamSahr-cj4kf]

@Der Gorghast We are so well brainwashed that we have morphed into pussycat-like creatures that can only tolerate half truths carefully wrapped.

[@thomashainsworth5161]

Best guest. I've recommended Michael Hudson to all my online contacts. His ideas are becoming popular with millennials and those who know that our economies are just rentier parties funded by central bank confetti. I recommend watching this alongside Steve Keen's latest on Renegade Inc.

[@eyesee1212]

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” ― Napoleon Bonaparte

[@eyesee1212]

I hate to inform you, but your Chinese Government is in debt too to the elite, www.economist.com/content/global_debt_clock. they have a economy too.

[@eyesee1212]

Yes but only in China, not the world and they are in debt to the world elites.

[@eyesee1212]

Your right, but trust me the elites are behind this crisis. remember 1 years loss to them is like losing $1.00

[@eyesee1212]

@Ki Wise. This is just a trial run for the elites to test the sheeple out to how far they can get away with. This virus is a bio weapon, different strains in different areas. I'm sure they have been vaccinated against it already. and I'm not talking about the billionaire's here I'm talking about the gilzilionaire who's money is 3 pages higher on the chart of the rich list.

[@aguilayserpiente]

@kl wies All recessions are the cleaning of the market of competitors. Ashenfelter and Penvacel (1980). Effective 2016, the markets were already inflated, i.e. Greenspan's over exuberance. 1.5 mil from TB, 650,000 from Influenza the common cold, etc, die annually. This light Corona illness was.fortuitous for monopoly capital to clear the market. Now, monopoly capital will in by the 1/4th quarter acquire all of the merchandise and market share of the broken businesses. "Mayhem" is an image of the end of the capitalist state wrought by the media to deify the State. Be assured that the corporate advertisers will direct the news media tooth paste vendors to report the light at the end of the tunnel and their State tools to report "mission accomplished" bringing a sudden end to the production cessation. No, the workers of the world will not unite, as a build up of organizing growing class conscious peasants did not occur in any nation post 1965 to be a catalyst for revolution. See Fitzgerald, Francis, "Fire in the Lake," see also Gilbert, Dennis, "Sandinistas."

[@LeaPustetto]

Hes a genius. Thanks for having Michael on. Great video.

[@PikachooUpYou]

The best episode of your show by far. Please have Michael on as often as possible. It’s a shame David Graeber is no longer with us RIP. They worked together but David was a king among economic anthropologists.

[@WalkTheWorldDFA]

Thanks - yes I hope to have Michael on again sometime...

[@masteryoda498]

Great video, and Michael Hudson is a great guest. I think this wise old saying sums up the economic mess the world finds itself in: “The world has enough for every man’s need, BUT NOT every man’s GREED”.

[@yuser5821]

Moral Hazard! The only solution is to let those that took on the risk go under!

[@davefinlay3252]

Yeah young family first home buyers that finally saved enough for a deposit and just wanted to get out of the rent cycle Fuk em

[@aguilayserpiente]

Credit finance is an indispensable part of industrial society as few sectors have the liquidity to make capital purchases: equipment for the trades, student loans, income generating real estate like farming, income generating vehicles, airplanes, mining equipment, etc.

[@aguilayserpiente]

@@Jj-gi2uv equipment for trades= wrenches=workers.

[@aguilayserpiente]

@TheCanMan Can Since 1990 Your posts are incoherent.

[@aguilayserpiente]

@TheCanMan Can Since 1990 Access to credit lending is indispensable in capitalism, exposing the weakest sectors to insurmountable debt. Individual consumers suffer asset shortage in capitalism and cannot purchase essentials such as food, housing, medical care, and education, in particular with declining real wages and extraction of their savings during recessionary cycles: The stagnant finances of American households are no surprise given the dismal performance of the U.S. economy since the middle of the last decade. Figure 1 shows the gross domestic product (GDP), the most commonly-used summary metric of U.S. economic health, from 1970 to 2011 in real (inflation-adjusted) dollars and nominal (non-inflation-adjusted) dollars. The flat real GDP growth and slow nominal growth since 2005 stands out from the trend of generally increasing GDP of the last 40 years. The 16.5% real growth between 2000 and 2010 is less than half the growth rate in each of the prior three decades. The decline in real and nominal GDP from 2007 to 2009 represented the first nominal decline in GDP in 60 years and the years and the largest real decline since the Bureau of Economic Analysis began keeping statistics in 1929. Wolff, Sarah D. “The State of Lending in America and Its Impact on U.S. Households.” Center for Responsible Lending, (June 16, 2015) ; www.responsiblelending.org/the-state-of-lending; C.F. Darrick Hamilton and William A. Darity, Jr., "The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" (Federal Research Research Series, Review, Vol. 99, Issue 1, 2017), pp. 1, 61-62, peer reviewing "State of Lending in America and its impact on U.S. Households," (When it comes to liquid assets-financial assets that can be readily converted into cash-Blacks and Latinos are nearly penniless. Based on the 2011 Survey of Income and Program Participation (SIPP), Black families have about $200 in median liquid assets, which is over 100 times less than White families with $23,000 in median liquid assets (Tippet et al., 2014). For Latino families, the median is only $340, while the Asian median estimate is $19,400. Moreover, if retirement savings are removed from our estimates of liquid assets, then the typical White or Asian family has only $3,000 in liquid assets. That is dramatically larger than the $100 and $25 respective “financial cushions” for Latino and Black families to deal with any expected or unexpected expenses or budgetary shortfalls. To put this in context, $25 would not be enough to feed a Black family of four for a single day). papers.ssrn.com/sol3/Delivery.cfm/fedlrv00073.pdf?abstractid=2918735&mirid=1 In a market whereby asymmetric business ventures, essential governmental services, and individuals do not have adequate assets, lending became essential to basic operations: Credit provision. Credit fuels economic activity by allowing businesses to invest beyond their cash on hand, households to purchase homes without saving the entire cost in advance, and governments to smooth out their spending by mitigating the cyclical pattern of tax revenues and to invest in infrastructure projects. Banks directly provide a substantial amount of credit in the U.S., but, unlike in almost any other economy, financial markets are the ultimate providers of most credit. Liquidity provision. Businesses and households need to have protection against unexpected needs for cash. Banks are the main direct providers of liquidity, both through offering demand deposits that can be withdrawn any time and by offering lines of credit. Further, banks and their affiliates are at the core of the financial markets, offering to buy and sell securities and related products at need, in large volumes, with relatively modest transaction costs. This latter role is particularly important in the U.S., given the dominance of markets, but is often under-appreciated. Risk management services. Finance allows businesses and households to pool their risks from exposures to financial market and commodity price risks. Much of this is provided by banks through derivatives transactions. These have gotten a bad name due to excesses in the run-up to the financial crisis but the core derivatives activities provide valuable risk management services. Baily, Martin Neil, Elliott, Douglas J., "The Role of Finance in the Economy: Implications for Structural Reform of the Financial Sector" (The Brookings Institution, July 11, 2013), pp. 1-2. www.brookings.edu%2Fwp-content%2Fuploads%2F2016%2F06%2F11-finance-role-in-economy-baily-elliott.pdf&usg=AOvVaw1Kmu-gE5LdCposL80zxG_P C.F. The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" at pp. 1 "meager economic circumstance-not poor decisionmaking or deficient knowledge-constrains choice itself and leaves borrowers with little to no other option but to use predatory and abusive alternative financial services."

[@cheninblanc8208]

Hudson is always a great guest...........have him on as a regular.

[@chrish9155]

Thank you for bringing up this honest man to your show!

[@sword7872]

Yes so refreshing when someone is honest and cares about the majority. Didn't realise Obama is the worst president of the century!

[@tinaryan4023]

11:20 Good that you asked the crucial question regarding who the central banks are working for

[@geor664]

Thank you for bringing in Prof. Hudson. Wonderful material.

[@swaldron5451]

The politicians and financiers will be working on the principle of 'never let a good crisis go to waste'.

[@finarfin9939]

No, private debt should not be forgiven. It undermines those that saw the scam that was going and took sensible amount of debt that was managable. This is no different to bailing out the banks. If you don't like bailing out unscrupulous gamblers because of their greed. Why should you have pity on those that took on more debt than they can manage and live it up while you suffer for you sensible choice. I disagree. Let them suffer and let those that made the sensible decisions be rewarded for using their brains.

[@turbostyler]

Wow, I can't believe i missed this episode. It's probably the most relevant talking point of our lives, yet even I missed it.

[@CA999]

Oh goodie! A special!

[@adroitcozy]

Don't borrow more than you can repay.

[@wingkeechan5329]

To be safe, don't borrow more than you can repay PLUS with a sizeable savings...

[@Aermydach]

I like the saying "Don't write a cheque that you're arse can't cash!" But, yeah. Self-discipline is easier said than done. We've all been conditioned to live lives of maximum convenience and instant-gratification.

[@adroitcozy]

@@Aermydach and an endless amount of credit. Credit cards are evil.

[@redsed1565]

@@Aermydach only if ur stupid!

[@thethinkingman9338]

This interview & your last one have been among the most educational I have ever watched. Thank you so very much for bring these high caliber guest on to help us grow our knowledge base - outstanding!

[@manflynil9751]

A very interesting discussion. And as you mentioned Martin, this topic about debt today is fundamental and should be on everyone's lips.

[@4ssiduous]

Thanks Martin and Michael for sharing! This knowledge is so important for the freedom and living standards of the 99%, and thus needs to be more commonly known.

[@WalkTheWorldDFA]

Our pleasure!

[@walkyourdog6584]

Very interesting guest.

[@yuromacviva3695]

good stuff martin ,ive read some of his stuff on zero hedge or globalresearch cant remember which it was.we are going to need your channel I hope you stay healthy .and everyone else be carefull out there and stay awesome.

[@greghay2142]

Great info from both of you, well done

[@tomtesoro7994]

could the 5 viewers who 'thumbed down' please take their medication!

[@Fabio-ns4ql]

Err.... those would be the 5 big Oz banks.

[@arffadailey8055]

@Walk The World Martin congratulations .One of your best.

[@Fordcryptofairlane123]

Martin this episode was like watching the ending of The Usual Suspects when the detective just realises who Keyser Söze really is ! ☕️ oops don’t drop that cup of tea!

[@VichoBandido]

Fantastic Martin. And thank you Michael, as always, very powerful messages.

[@morwickchesterham3875]

0:50... such a simple question... and an obvious answer... too bad so many people are blind to the obvious

[@anthonytrothe3269]

What a wonderfully enlightened guest you have here Martin. I do enjoy your shows .

[@lukes5533]

Wow what an insight into the real way the world is ruled

[@SteveSmith-zz4ih]

Excellent informative video thanks.

[@gptech2444]

What about the people that didn't borrow recklessly and paid back their debt?

[@KOGitnow]

I don’t have debt. More than happy to have debt forgiveness. I also don’t have corona 🤞. But keen for those who do to get treatment.

[@gptech2444]

@@billythekid9821 Serious? The irresponsible get bailed out or do we all get an equal handout?

[@gptech2444]

@@KOGitnow That makes no sense.

[@aspant4814]

An honest man who doesn't mince words. Citigroup must love him. I don't agree with jubilee but he does make good points about the banks inflating the greatest debt bubble the world has ever seen. Currently over 250tn. Great guest. Thanks.

[@michaelayliffe7238]

His other book J is for Junk Economic, it explains the Orwellian economic double speek, a dictionary. Plenty of his interviews on the tube, where he explains the geography of wall street.

[@lauralucio314]

Debt Jubilee for the people!

[@nachannachle2706]

Michael Hudson is the Richard Feynman of Economics. Thanks for sharing this video. :)

[@WalkTheWorldDFA]

You bet!

[@MrDan557]

Hudson is the best economist on the planet. I like our own Steve Keen as well.

[@1VirginiaL]

I. had never heard of this channel, but when Michael Hudson said that the 15 or so people who were talking about his concerns had been guests here (26:12), I subscribed.

[@matthewturen4379]

One of the best talk. We, people following this channel know what is the reality, but how this situation will turn around to benefit the people? It looks like there is no hope for the masses until "Mad Max" times comes along in the future.

[@73donjohn]

So what trolls dislike this video? Stop watching TROLLS!!! Brilliant video, thank you!

[@georgekeiser3867]

Martin, you look chuffed that you;re interviewing him. Dr Hudson is awesome, I've read his books and love his work. He cops a lot of criticism for being Marxist, but how can you be Marxist if you're an excellent economist who understands history?

[@georgekeiser3867]

@@billythekid9821 that sounds Marxist...

[@anthonythomas4541]

He is criticised for being Marxist by the Totalitarians because he is actually a Capitalist.

[@georgekeiser3867]

@@anthonythomas4541 That's right, but some people don't understand that

[@OMGAnotherday]

Billy The Kid - You are an uneducated idiot!

[@csleuthone6385]

Michael, your brilliant! I've been following you for the past year, thank you!

[@hoffhomme7106]

Stage 1 begins........NAB conjuring the idea of foregoing home mortgage payments for 6 mths, that's avg loan of 400k allowing borrowers to keep approx 11k over that period to assist with their living cost's...........Of Course!! they can afford to do this now that rates are virtually ZERO, so weighing up the potential outcomes is it better to foreclose on over a million mortgages OR run at slight loss?

[@timmortimer7528]

A very topical interview still now in December 2023.. I think my favourite insight amongst the many is that “bad debt” should be thought of as “bad loans”. My understanding is that mercantile or business to business debt would not be written off however year to year consumer debt could be - at least to some extent in order to free up the productivity of the economy. A long term strategy to build the economy would therefore have to be put in place beforehand, and a public bank could be part of this equation.

[@WalkTheWorldDFA]

Thanks - yes the content is probably even more relevant now....

[@bleore]

Hudson is a fount of wisdom. Best part of this interview was at the very end when he said liberty is the preserve of the rich. The working class has been suckered by the reactionaries for decades with the illusion that liberty applies to them, too. It's a big club and you ain't in it.

[@timmcmaster6435]

Thank you both ❤️

[@WalkTheWorldDFA]

Our pleasure!

[@theskeptic2798]

There has been a debt jubilee , for the banks

[@patbranigan6501]

My parents who were depression kids saved for everything. Yeah they bought the house on a mortgage but that is a secured debt that they could walk away from and as they paid for nothing else on credit they didn't care about a credit score. They saved for every purchase they made. Id they didn't have the money we didn't get the thing. I never went on a school trip because we could not afford it. We had 1 TV. We had 1 car. Needs were purchased above wants. I strayed for a while but now only my car and house are on credit and I am about to pay off my car ahead of time. If everyone lived as I do then the stock market would be more sane and the government could not afford endless war and CEOs would not be living so high!

[@hughkelly9073]

Prof Al Bartlett said “the greatest human shortcoming is its inability to understand the exponential function”.

[@paulwary]

Kudos Martin

[@paulwells7173]

So all the fools who were so stupid to take out loans they could not afford, they should not have to pay them. This society does so little for the people who make sensible decisions. I myself borrowed enough money to buy an old home and over many many years have slowly fixed it up to have a nice little family home. Adults need to live with there adult decisions. If they fail and so do the banks so be it. People need to learn from there mistakes.

[@davidlazarus67]

Paul Wells So you are in favour of bailing out the banks who made reckless decisions to lend to everyone. Many of those loans were known when they were issued would never be repaid. They were fraudulent from day one, they sold those debts to bond holders who ended up being defrauded. This is one reason why pension funds are struggling.

[@ytyt3922]

David Lazarus I would rather bail out banks than bail out over leveraged individuals. Banks provide a service for everyone, owners and renters alike. Yes some are corrupt to the core but a healthy banking system is vital to any society. There is no moral or ethical reason that people who took on too much debt should be bailed out by those who lived within their means.

[@paulwells7173]

@@davidlazarus67 I think you need to read my reply again. I said let the bank fail...... And same with the borrowers.

[@davidlazarus67]

Paul Wells Sure but by bailing out the banks you leave the criminals in charge still. The outcomes of bailouts has been disastrous. Many banks engaged in outright fraud both before and after the bailouts. In the UK they destroyed profitable businesses to get the assets to rescue themselves. Leaving the banks intact is a disaster. The best solution is to seize the insolvent banks entirely. This would allow the creation of smaller regional and local public banks. The banks banking licenses could be transferred to the new public banks. The assets could be transferred to secure the deposits of depositors. This might leave many of the other subsidiaries insolvent which could be wound up, but the depositors will be protected to the greatest extent. The entire board should be banned from any directorships for life. This would end the cosy arrangements between banks and companies. The new banks should be required to maintain local services such as branches. Though they could combine providing them as small communities may not be large enough to support multiple banks. Though within the branch it could provide services for each of the public banks. Mortgage borrowers should have their mortgage transferred to building societies. This will eliminate the leverage in the housing finance sector. They will probably have to suffer any losses if they borrowed recklessly. Though with enough prosecutions of senior lending staff they could seize enough assets to write down many mortgages to manageable levels. The point is to discourage any possibility of moral hazard. Bank directors get a permanent reduction in their incomes and auditors also have incentives to report bad practices rather than coordinating tax fraud with them. With such measures you could shrink the banks substantially and deleverage the economy as well. The new public banks would be restricted to aiding local businesses and communities so would stabilise local economies.

[@MrMfiling]

that was beautiful Michael Hudson, thank you.

[@WalkTheWorldDFA]

Thanks - yes, I thought this was a special conversation, especially now!

[@tomgreg2008]

Yank here. Great show! Thanks!

[@ashleybeven9065]

Brilliant chat Martin thank you!

[@nowwhereisthetruth2475]

great content. thanks Mr North. history doesn't repeat, but it often rhymes

[@nowwhereisthetruth2475]

@chris0tube they didn't have CDS's and CLO's nor the electronic means of issuing fiat currency in 3000 BC. so it rhymes. while the whole world falls apart do you really need to attack some rando on yt. heading back to me rock

[@chrisruss9861]

Any major airline should be obliged to cover for at least six months uncertain times. Being such an economically variable industry, not to do so is irresponsible and they should not expect a bailout. Many savvy investors will not invest in airlines.

[@russellherdson5763]

Avoid debt if you possibly can

[@mytechpeople]

I have extra pitchforks...

[@daniellesomerfield8799]

Such wisdom.

[@denischang8621]

This is again brilliant, thanks Martin 👏

[@ahsayboy2498]

Excellent ,very informative Knowledge explained. the should be more of this information for most of the so called economist of this country , or should I call the copy boys with No knowledge of what they dish up.

[@markillingworth1929]

If we where not paying three or four times what we borrowed we would have enough to spend on keeping the economy alive.

[@adroitcozy]

If you didn't borrow more than you could repay then there would not be a problem. Save for something, then buy it.

[@markillingworth1929]

@@adroitcozy did you save the purchase price of your own house? You lucky man.

[@Andre_XX]

@@markillingworth1929 I did. Can't you? (And I grew up poor and received a negative inheritance).

[@markillingworth1929]

@@Andre_XX how did you manage that? I worked for thirty years and still owe sixty grand. Perhaps you are a banking executive.

[@Andre_XX]

@@markillingworth1929 No. I bought my first small place in the late 70's. I didn't waste money on restaurants, cable TV, coffee shops, designer clothes, fancy cars, diamond rings, kids, high maintenance wives, and all the crap most people are seduced into wasting money on.

[@KoDeMondo]

The private property represents one of the main objects of my speculative interest because I suspect that its understanding is crucial to understanding our current social and political system. My personal opinion is that we cannot adequately understand private property if we limit ourselves to an exclusively legal approach, because property existed even before we knew the law. The understanding of the property cannot be separated from the knowledge of its historical development, but not from Roman law, as Wikipedia does for example: it is necessary to start from hunter-gatherer societies. The problem is that the literature on the subject is surprisingly poor, at least this was my impression, and it is not easy to find exhaustive information about it

[@kulturfreund6631]

Thanks for this highly interesting interview. I’ve seen Mr. Hudson before on Keiser Report. Very good insights. Author Michael Ruppert, when appearing on „America - Freedom to Fascism“, said concerning the difference between Democrats and Republicans: „It’s like a crap game,, with lots of money. You just call the Republicans the Gambinos and the Democrats the Genoveses. Occasionally somebody shoots each other at the table, but as soon as somebody threatens their crap game, they all unite to protect it.“ Or as it once appeared in a Simpsons-sequel: You have the option to vote either for John Jackson or to vote for Jack Johnson. „It’s a crap

[@tonycoz2309]

Keep the populace indebted = control

[@andresmorales5807]

The government of Chile under Augusto Pinochet was anything but small. I would say it was a perfect example of big government. It never had anything to do with Libertarianism, which is exactly the opposite.

[@remiewatkins8032]

Awesome job

[@kikolatulipe]

Very interesting guest ! You should interview Ray Dalio for an analysis on debt crisis !

[@hchishtis]

If I'm the guy who's cleared his debts over time while my neighbour hasn't paid his. Why should he have his forgiven, while I've paid mine? Is anybody else thinking this?

[@MrSydjf]

Shouldn't there be consequences for the lendee and lender for getting into too much debt. Otherwise we are doomed to keep repeating the same hideous debt cycle again and again as demonstrated throughout history.

[@huffmanaviation7341]

Was the Queens golden jubilee a scam celebration or did someone's debt get forgiven I wonder.

[@tanyaz1812]

Huffman Aviation ...and Corona means crown

[@OMGAnotherday]

Huffman Aviation - Did you get any debt relief? No neither did I, do it was just a scam celebration, all of the royal pomp is a scam!

[@vperedknezivestnomu]

Thanks for amazing interview, gets you properly angry. I have a question and possibly Michael could be interviewed again on this: what does he think the practical solution to debt and oligarchy is? And what does he think about banks right now letting debt repayments be delayed along with rent repayments etc by the debt collectors. How do we take that and go further to have positive effects on the economy and middle class?

[@aerobique]

There is no middle class.

[@aerobique]

"Practical solution to debt and.."? Money is not real. Resources are. Inform yourself critically to inform others. Think in structural, systemic concepts. Realize that "market-economics" is at the root core of literally everything going on. And that it's a an absolute needless *game* everyone is forced to play. We can and must simply realize and then change that to stop this absolute insanity of destruction and stress. Nothing will ever change before that, which, once grasped, a no brainer , the relief. Get well informed about how we actually adapt rapidly, how it's the environment we are raised in programms our norms and shapes cultural realities -in real-time. Dramatically. Beginning in the womb... It's about sensoring stressors. We can't build civilisation on a constant battlefield build on the echoes of feudalism. It fails! And that's why. There is no "they!" to blame -thats distraction and never works out- -there is not the evil cabal that matters, there is only US. It's not fixed, a process. And it's in our hands. Wich must be realyzed only. Most are confused running on autopilot. But there is .no mass movement needed for this "revolution". We have all we need to create mid term sustainable full automatic abudance, end poverty/hunger and even most crime! World peace is a thing again. Opinions and politics are useless garbage culture, -we have the scientific method to answer most questions. Nobody talks about that really. Change that. X

[@memineown4415]

Very good. So, Martin, you understand my point. Is there a solution? Yes. The solution is clear, but, as has been noted by many people, the ruling elites don't want it to change. The cycle continues. I noted that the RBA can solve a lot of the problem because there is a function of the board to "best contribute to:" " 10(c) the economic prosperity and welfare of the people of Australia." Putting what type of people the RBA board members are aside for the moment, the 5,500,000 poor people can be supported to keep the economy going. With the real economy firing as it should, through pensioners, the unemployed, the under-employed, students, low wage earners, low/no income sole traders and small businesses, that flows directly into "the economy". Banks get paid, they don't have to pretend they care anymore or are sorry for what they did (including the theft). Would we need a large stimulus package? But, will they exercise their powers correctly, loose their jobs (because they were there to toe the line and didn't), get the stigma that they are not big business supporters and can never work again...Tommy! Are you laughing? Yes Miss, sorry Miss.

[@carolinawren3594]

one gets the sense that Prof Hudson's analysis of debt ends with ancient Greece and Rome. Wasn't the lending of money for interest considered a sin by the Catholic church (post Rome)? Explaining why only Jews were 'money changers'? Is not lending money for interest even today taboo under Muslim law? It would surely give great currency to Prof Hudson's analysis if he focused on when and how lending money for interest transformed from a sin to the principle engine of all world commerce.

[@peterk4501]

This is all Whishful thinking that debts will be cancelled.... It shows there are too many people with debt HOPING that this becomes reality

[@KS-yj1px]

Peter K Agreed Specufestors who hoarded houses and apartments for profit would love their loans to be forgiven

[@reswobiandreaming3644]

Is there anywhere I can learn more about how the neoliberal folks took over the editorial positions of all these academic journals in the University of Chicago? I think this is the reason why my career in science is stalling.

[@reswobiandreaming3644]

@TheCanMan Can Since 1990 I'm in Queensland, Australia.

[@MTD4dz]

I've seen this guy before on Keiser Report! 👍👍👍

[@breaking-the-fiction-addic4185]

Bad debts exist because people are greedy and/or don't understand how money works. Debt forgiveness is what you might do for an 8 year old child, not an adult or corporation. Debt/credit systems are designed to fail. 100% PM's backed is the only solution. Everything else fails.

[@ervin54]

My opinion is any money left after you expenditure you can invest and so you can sleep well at night

[@benjaminseng4271]

according to what Hudson is saying a better financial system would be one that is nationalized. With a nationalized banking system we could eliminate wage taxes and increase the public and personal money supply. We really should only be taxing property and appreciating assets and a very reasonable taxation on certain appreciating goods ( food, clothing, and personal goods shouldnt be taxed, but those goods which are purchased for commerce used or resold otherwise can be taxed, but only when the value of that good justifies a reasonable tax without strangling industry)

[@coopsnz1]

He full of shit the Government crooks globally not capitalism

[@coopsnz1]

Australia need flat tax party Kick out both major parties that are socialist

[@ThePrycey007]

Decentralization of the monetary system, real free market & real money backed by hard assets. Make debt based fiat currency systems illegal.

[@gavinharvey2663]

The greedy will rule.

[@grahamchestnut6510]

15 . 30 key word . bond slave

[@gregspeth152]

Basically , we are finished ! Bank bail -in

[@EntrepreneurmapHome]

Michael Hudson is pushing for a year of Jubilee, I want to pull together with those talking about real solutions like that. However, one can never reach those people that have a platform and thus we all remain divided and useless. Sometimes I wonder how sincere the alternative establishment really are, or are they simply feeding off the same road kill - anything that is controversial. Would you please consider helping share this effort - @t

[@stuartmckenzie1289]

This video has opened the coming of deception in a level unknown to man: the great reset will forgive much debt but there will be a price to pay, that price will require you agree to the mark of the beast.

[@davidleahy6141]

How many wars have been due to royalty needing loot to pay their armies?

[@mixerD1-]

Obamanomics, absolutely class.😂😂😂

[@lizthor-larsen7618]

So it would be logical to have a mass debt 'jubillee' right now?

[@Achrononmaster]

@24:00 the Irish famine was not anything like the current financial crises. The potato blight was a crisis in real goods supply. Today's financial crashes are purely book-keeping debacles, and there is zero need for them, they are in fact designed & welcome vehicles for the predatory financial sector to seize the assets of the working class.