MMT-MCT Fields Institute Seminar: Michael Hudson

[@33Crazydude]

WOW Michael Hudson & Steve Keen together is awesome! These two chaps would turn peter schiff into a pile of steaming rubble.

[@TrentFillmore1]

Hudson aptly describes a monetary type of economic system as "a solution where no matter what you do, you make things worse." In this video, Hudson also explains why all monetary theory is inherently an unsolvable quandary: there are two economies in all monetary systems, a small one of goods and services, and a big one of symbols and measures that are themselves perceived stores of wealth. The Big Economy always grows exponentially until it is reset, while the small one eventually stops growing as fast as the big one. This is a problem because the Big Economy needs the goods and services of the Small Economy to have any value of its own. The Big Economy can multiply perceptions of wealth generated by its small host, but if there were no Small Economy, there would also be no Big Economy. So, Modern Money Theorists propose ways of keeping the two economies better aligned, and Old Money Theorists argue over whether modern proposals will achieve that alignment. What both sides of the monetary debate seem to be willfully ignoring is that the Small Economy of goods and services does not need the Big Economy. Modern accounting allows us to account for trade of goods and services directly. The Big Economy is completely superfluous, existing today solely for the purpose of enabling rich, useless people to get richer by redistributing wealth from those of us who actually produce goods and services others want. Hudson's "Big Economy" is nothing but a parasite, albeit a popular parasite because so many of us are in on the wealth redistribution scam. Even poor Small Economy producers today are promised a few table scraps from the Big Economy, in hopes they'll ignore that ALL of the wealth in the Big Economy came from them. Get rid of Hudson's "Big Economy," and every one of its workers, who do nothing but move symbols of wealth around, will (if they want to feed their families) have to start producing goods and services that have actual value. As a result, the only real economy (Hudson's Economy Number 1) becomes many times richer, and people who produce the most of what others want are finally compensated fairly for their efforts, intelligence and expertise.

[@mx4evaNZ]

Prof Hudson makes me wish I had studied economy at Uni.....Just brilliant at explaining.

[@AlienPsychoPacifist]

He did leave teaching because he said they did not let him teach what he wanted (economic history, history of economic thought, debt, money, economic rent, etc)

[@JekyllHyde967]

Great presentation, Michael Hudson is quite brilliant.

[@optionsupdate]

when Prof Hudson says "stephanie" is he referring to Stephanie Kelton?

[@DerekRoss1958]

Yes

[@heckler73]

Based on the fact that Prof. Keen has posted her lecture, I'd say yes. ;-)

[@mrzack888]

sincere, and serious.

[@gwynedd1]

Yes

[@optionsupdate]

thanks sir

[@3timesoneminusone]

sounds serious but i found hudson kind of difficult in this format to follow compared to his interviews. how do we relate this historical knowledge to the present situation?

[@ewpayne9551]

basically, we should all be required by the government to grow weed to pay down our debt cause then the government buys the weed from us at the price of our debt. then we smoke it, because an institution cant inhale. then we just de-debtdeflated the economy and got baked at the same time. ya dig?

[@Najib_Razak]

Kesini gra2 bossman sontoloyo

[@freetrailer4poor]

Two pieces in one place. Google Kyle Bass Magic Money Tree.