Michael Hudson: Debt: The Politics and Economics of Restructuring 2/4

Michael Hudson, Distinguished Research Professor of Economics, University of Missouri, Kansas City at the panel entitled "The Challenge of DeLeveraging and Overhangs of Debt II: The Politics and Economics of Restructuring" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 13, 2012. #inetberlin

[@shirleydiwert943]

Yes Mike knows how to put the huge obfuscated puzzle together like no one, a True Geek of Economics& History. We are so fortunate to have this wonderful man to walk us thru the minefield of lies, greed, and conflict of interest. Thank you for all your help you are the Gem of economics

[@YouHaveAGoodPoint]

Micheal Hudson is THE most interesting man alive. The most brilliant. His knowledge is endless. I’ve watched every single one of his videos on you tube repeatedly and have read two of his books so far. I will read them all eventually. I would love to see him lecture in person.

[@internalrefraction]

I hear Super Imperialism is a good one

[@brucemcgraw7014]

I just ordered one of his books....killing the host

[@voidisyinyangvoidisyinyang885]

I have a lot in common with Michael Hudson. We're both from Minneapolis. We both we into music studies in college. I ended up with an "International Relations" degree - which taught all these secrets. The IR majors though were going into business and so didn't question all the crime. haha.

[@JoaoSantos-lv4rc]

And the fact that he was Trotsky's godson is the cherry on top lol. It's like no one checked x).

[@davewheelock3435]

@@brucemcgraw7014 Excellent book

[@Gkuljian]

Now I understand everything. We're so lucky to have a man who was raised as he was. He was immersed at a young age.

[@SunShine-sn9ek]

He is a great and honest economists who are very few these days

[@mojorhythm]

Michael Hudson is absolutely fucking brilliant. He is one of the few who is actually concerned with the role of private debt in the economy.

[@ApocalypticAang]

That's Michael Hudson for you-- over 70 and still soldiering on... even though he knows that he will probably never live to see any real reform to the status quo.

[@lynnwood7205]

Watching this on July 25, 2020. Still completely pertinent and perceptive.

[@ApocalypticAang]

Just like Michael Hudson, I was surprised by the rubbish sprouted by some of those invited to talk-- and almost wrote off the whole conference.... before I realized the likes of Michael Hudson were also invited. So thanks to INET for showcasing a plurality of views.

[@NUTclan4ever]

"The politician attempts to remedy the evil by increasing the very thing that caused the evil in the first place: legal plunder." -Frédéric Bastiat

[@YouHaveAGoodPoint]

DrumNUT haven’t read it yet but am looking forward to it.

[@nthperson]

Today, I took the opportunity to listen again to Professor Hudson's analysis of the debt problem. Certainly, he could not cover all aspects of the deregulation of the financial markets that began in the 1970s with the creation of the first money market mutual funds, the eventual result of which was the S&L crisis of the late 1980s. And, deregulation facilitated the explosive growth of the subprime mortgage loan market and predatory lending. Most of these mortgage loans were not kept on the books of the originating banks and other mortgage companies; they were packaged into mortgage-backed securities and sold to investors. The secondary market was comprised of two very different groups. There were the GSEs (Fannie Mae, Freddie Mac and Ginnie Mae), which required loans to meet reasonable eligibility criteria (admittedly not always adhered to by loan originators); and, there was Wall Street that packaged high risk loans into private label mortgage-backed securities produced without any real attempt to assure loans were made using prudent (or even honestly reported) underwriting standards. Where fraud and misrepresentation are found the parties involved should be prosecuted to the full extent of the law. In some instances where the terms were predatory, borrower debt should be forgiven. In other instances the borrowers and loan originators may be in collusion to obtain financing fraudulently.

[@JoaoSantos-lv4rc]

well this is a good time to bring this back.

[@21dolphin123]

Someone who actually understands economics

[@jostanley1628]

Debt is, arguably , the ugliest thing in any society. Forgiveness was adopted by so many societies in early, early history so how did we lose it? Ask who benefited by retaining debt

[@danieldeblasio9368]

Jo Stanley the chosen people.

[@idclaire100]

I found his presentation very interesting...much food for thought. Too soon to know how this will all play out in the US..

[@JoaoSantos-lv4rc]

One of the best things about this is the faces of the ppl watching lol. Look how Junker is all riled up ahaha. Bunch of cultists.

[@DavidByrne85]

Disguised by his cheerful 'uuuhhhs', Hudson is a bona fide genius

[@adelchidipalma46]

He is telling the truth , I have studied monetary economics for 30 y. except he is short of saying thatd bankers never lent one cent to anyone and there are no lawful debt.

[@supplementcouponcode]

too true-need to get his book

[@MysticPotato68]

Its too bad the audience looks so disinterested in this great lecture. They have a look like they want to protect their wealth or protect status quo.

[@adelchidipalma46]

the problem is that their wealth is crime based, they never lent on cent to anyone.

[@junaidraza6015]

good job very brilliant professor like dr Asad zaman

[@syedadeelhussain2691]

I think he is an econometrician?

[@justnotcricket]

Berlin, I will see you again my love.

[@frankxeroxz]

audience appears to be doing the dance of the very uneasy ..

[@gwynedd1]

He is a statesmen without a state...but then all the states have no statesmen.

[@EclecticSceptic]

Hudson is a machine. Boom.

[@jackgoldman1]

This could have all been predicted so easily after Nixon defaulted on gold backing for dollar at $35 an ounce. US public debt was $398 Billion. Now gold is $1,350 an ounce and US public debt is $21 Trillion. There is a correlation. It's all just a debt bubble.

[@jackgoldman1]

I agree with this concept. But facts are wages and Dow are down 35% in real gold and silver money, but UP, UP, UP in fake debt note currency. The real markets lack true price discovery due to distortion of money with legally counterfeited currency used to pick winners and losers. @peterboy sonicat

[@nthperson]

Michael did not discuss the dysfunctional nature of land markets, prone to credit-fueled periods of speculation stressing the ability of consumers to acquire residential property w/o heavy debt. Rising land prices pushed the GSEs and other mortgage investors to lower down payment requirements and adopt less stringent credit standards, shifting default risk to private mortgage insurers (and FHA). One part of the solution: prohibit banks that accept govt. insured deposits from lending on land.

[@patriciabranigan713]

One wonders where all the youth will go when all countries are plunged into austerity. Mars perhaps?

[@sawtoothiandi]

Youth revolt? An inter-generational purge?

[@summondadrummin2868]

Watch the videos of Richard Werner~ Todays source of money creation and prof brilliantly explains

[@carmeniglesias1714]

What About Puerto Rico? Argentina under Macri and Ecuador under Lenin?

[@sanjaycasula570]

Who is the woman at 9 48

[@johnburnsmorgan]

Fred Harrison is in the same mould. Over 70 and still going making video after video on reclaiming common wealth that crystalizes as land values and eliminating income tax..

[@FiveLiver]

'write down' debts - doesn't he mean 'write off' debts?

[@argtv100]

why should private and/or public debt be written down or off? If you have reason to believe that loans taken out will be difficult or impossible to repay and the lender can accurately be described as criminal psychopathic scum, then the answer is to forestall purchases etc. and live within means. But it is just as immoral to act stupidly and then demand relief as avoidance of consequences. Simple

[@james192599]

Interest on debt in general is immoral and all throughout human history has been looked upon as immoral, from the Mesopotamians to present.

[@lutherblissett9070]

Because destroying the economy to prove a point also affects people who never borrowed a cent. And banks don't lend anyone's actual money, they just create it out of nothing.

[@thefakenewsnetwork8072]

Long term communist