Monopoly Capitalism: At The Breaking Point?

Monopoly capitalism may be on its last legs! This week, economist Michael Hudson joins us to say his predictions on the Trump budget have come true and seem to suggest, more than ever, that capitalism is not only a disservice to the people, but it's also unsuccessful.
Then, Stacy Mitchell and Joe Maxwell join us at the Progressive Caucus Strategy Summit in Baltimore. Monopoly capitalism, they say, translates to monopolized power.

[@Gkuljian]

I've just found myself spending a whole week watching Michael Parenti and Michael Hudson. I always knew something was wrong with my country. Now I know what it is. It's no wonder these people aren't getting air time. If people knew the truth about how America "works" they'd riot.

[@non-standardproletarian3356]

Both Michaels are great! But it ain't surprising why they're not getting air-time...just look at the reaction to something as soft as the Sanders campaign.

[@mikeporro3311]

You mean normal people would riot!

[@jamesmorton7881]

ME TOO. Capitalism wins, killing off the middle class It is all your money. every penny of a billionaires wealth is a penny of another persons labor DEMOCRACY FOR ALL IN THE USA A thousand years ago, if you were a marauding gang and you wanted to take over a country’s land and its natural resources and public sector, you’d have to invade it with military troops. Now you use finance to take over countries. So it leads us into a realm where everything that the classical economists saw and argued for - public investment, bringing costs in line with the actual cost of production - that’s all rejected in favor of a rentier class evolving into an oligarchy. Basically, financiers - the 1% - are going to pry away the public domain from the government. Pry away and privatize the public enterprises, land, natural resources, so that bondholders and privatizers get all of the revenue for themselves. It’s all sucked up to the top of the pyramid, impoverishing the 99%.

[@jamesmorton7881]

Right ON. I have seen the light thanks to Mr. Hudson the dollar is about to crash, other currencies will be worth more, trade ends, they will not be taking our dollars What to do, get a lump of cash, buy stuff worth lots of dollars like siver and gold, see to personal food supply prepare for a long lock down amid the choas The U.S. is Saving the Financial Sector, not the Economy Before juxtaposing the U.S. and alternative responses to the corona virus’s economic effects, I would like to step back in time to show how the pandemic has revealed a deep underlying problem. We are seeing the consequences of Western societies painting themselves into a debt corner by their creditor-oriented philosophy of law. Neoliberal anti-government (or more accurately, anti-democratic) ideology has centralized social planning and state power in “the market,” meaning specifically the financial market on Wall Street and in other financial centers. At issue is who will lose when employment and business activity are disrupted. Will it be creditors and landlords at the top of the economic scale, or debtors and renters at the bottom? This age-old confrontation over how to deal with the unpaid rents, mortgages and other debt service is at the heart of today’s virus pandemic as large and small businesses, farms, restaurants and neighborhood stores have fallen into arrears, leaving businesses and households - along with their employees who have no wage income - to pay these carrying charges that accrue each month. This is an age-old problem. It was solved in the ancient Near East simply by annulling these debt and rent charges. But the West, shaped as it still is by the legacy of the Roman Empire, has left itself prone to the massive unemployment, business closedowns and resulting arrears for these basic costs of living and doing business. Western civilization distinguishes itself from its Near Eastern predecessors in the way it has responded to “acts of God” that disrupt the means of support and leave debts in their wake. The United States has taken the lead in rejecting the path by which China, and even social democratic European nations have prevented the corona virus from causing widespread insolvency and polarizing their economies. The U.S. corona virus lockdown is turning rent and debt arrears into an opportunity to impoverish the indebted economy and transfer mortgaged property and its income to creditors. There is no inherent material need for this fate to occur. But it seems so natural and even inevitable that, as Margaret Thatcher would say, There Is No Alternative.

[@nessimrihani5962]

You should then read Marx because both of them are marxists. And btw this is not a USA only problem. Its the whole world and 3rd world countries suffer the most both from local capitalism and Imperialism which is the international translation/consequenceof capitalism. Side note: china is the only country trying to get out of this. And its doing a great job so far

[@YouHaveAGoodPoint]

LOVE ❤️ MICHEAL HUDSON!!

[@davidwhite207]

ZW

[@davidwhite207]

,1

[@SapoArdente]

You don't see this kind of conversation on mainstream media...

[@samuraijrb]

MSM is owned by the financiers and this kind of analysis doen't fit their story line.

[@Marxist2]

And we never will.

[@non-standardproletarian3356]

@@Marxist2 No. Especially as long as we allow them to tell us the coronavirus caused the crash (or any other external point of origin) as we slip further into market feudalism.

[@oneviwatara9384]

Mainstream meadia mean faked news hahaha 🤣😁😌😂

[@WanderingExistence]

@@non-standardproletarian3356 Stopping supply chains because of covid didn't cause the crash? What? Lol

[@krishnapriyaclasses]

Economists get hugely rewarded for espousing policy beliefs that increase the wealth of the rich, so it's hard to find modern economic thought that actually helps the middle class. Michael Hudson has been an economist of the people for decades even though it's been a constant burden on his career. He is a man who puts personal advancement behind academic honestly; a rarity in our times. Kudos Mr. Hudson!

[@MikenNinginThai]

Exactly many in todays times mention or go to Mr. Richard Wolfe as if he can save them from the initiable of capitalism without really an understanding of how the system works. You only find Michael Hudson on smaller shows and NOT main stream media

[@neue01]

This guy is getting rewarded for making the government richer.

[@jansumi]

Free enterprise and capitalism are two very different things. Long overdue for people's brains to kick in. Michael Hudson, yes..

[@kennytheclown3859]

Hudson breaks things down to a level that's simple to understand.

[@Marxist2]

Michael Hudson should have a show,

[@seamuswarren]

Since childhood I was instinctively against and powerless to stop sale of public assets (going medieval on us and making us serfs again). I hope those promoting public banking are successful. I think Prof. Hudson suggested replacing Income Tax with a Land Tax. Edit: Hudson rocks! I'd love to see Hudson and Hedges and Chomsky on a panel (on "The Drum" or "Q&A") here in Oz as the mainstream view is distorted, one-sided. Mainstream journalism too, is timid and one-sided.

[@georgerasmutin699]

Absolutely what they're doing but they're woefully ignorqnt to it because they get to sit vip, capitalism did great thins for the world but the turn it took with Reagan just defeats the purpose is literally turning us into were again we're going backwards lolol so much for human progress

[@antediluvianatheist5262]

I'd like to include Richard Wolff in that mix. He's also lefty, but very different to Hudson. I'd like to see him talking to Hudson.

[@sawtoothiandi]

ditto Seamus. Selling off the National Health Service here piece by piece. The railways were privatised too, and they're tanking.

[@thomasmartinabbott5377]

Not, serfs--slaves. Serfs had protections under cannon law. Slaves, like those in the Roman imperial economy, is what we're all going to be soon.

[@Randomaited]

At a local level, we should be spreading community wealth building projects that build up networks of cooperatives and community land trusts to collectivise capital from the grassroots up.

[@ianperfitt]

Abso-fucking-lutely

[@realKytra]

We are starting something special at Decentria. A new system, decentralism, with steward-ownership corporation, ownerless, and with an UBI program. Join us 💪

[@JesusIsTheLord777]

Idiot communist

[@thomaskirkpatrick1134]

Michael Hudson is the Greatest!

[@leealexander3507]

Retirees won't be able to get to the doctor or the grocery store. Visiting our children would be out of the question. We would become shut ins.

[@drakekoefoed1642]

when this all happens, the 1% is going to want a bailout. if refused, they will immediately resort to force, but if the army sticks with the people, the 1% will go to prison

[@AnthonyTolhurst-dw1nc]

No they won’t! Summary court of the people, and to the Public Gallows they must. There is enough Stadia around the land to share the hangings. Then burn the bodies on a Globel type railway tie grill. Grind up the Cremains to dust, and spread out over the seven seas.

[@nthperson]

What Professor Hudson needed to say, more specifically, is that our government (at all levels) should be raising revenue to pay for infrastructure and other public goods and services by collecting the rent of land and land-like assets. Every parcel or tract of land has some potential annual rental value, a value created by locational advantage, and locational advantage comes from a combination of natural advantage (e.g., a location on a lake front or beach front) and the quality of infrastructure. Then, there are land-like assets (i.e., those with an inelastic supply) such as frequencies on the broadcast spectrum or even take-off and landing slots at airports, which have values because of scarcity. No two airplanes can occupy the same space at the same time without terrible consequences.

[@lauramcconney9367]

Politicians who have sold out to Corporations have to be voted out of office. People need to know their politicians voting records, not their fancy promises when campaigning. Limiting their time in office limits their power.

[@krishnapriyaclasses]

If there is one chance to learn what real economics is all about, you should listen to him, re-listen, rel-listen take notes studiously and try to assimilate it to know how real economics is mind-blowing and shocking at the same time.

[@rickbishop5987]

Glad to see Michael Hudson again.

[@alluparantha]

Michael Hudson is going to heaven. love this man.

[@ziggy08xx]

excellent show

[@patrickmccormack4318]

Key words are "Rent Seeking" - reference the work of Mason Gaffney, Michael Hudson, Richard Wolff and other Renegade Economists.

[@simonsmith3030]

and Henry George....

[@lisashung9442]

Patrick McCormack he is loyal to the common people who are fooled by those neoliberals.....

[@Araconox]

Man alive. So the stock market is a shell game as he says. All the trading and investing is by and large hedge funds, with everyone else on the sidelines. Keep that fact in mind when you read about how well the stock market is doing, as well how management is buying their own stocks back to boost the stock prices.

[@PEPPYY22]

People should be watching this now!

[@jamesmorton7881]

The debt limit, FICTICIOUS, well said Dr. Hudson. unearned income is our end

[@klardfarkus3891]

The pension and employee retirement funds are in the stock market also. That is where the hedge funds are getting their profits from fleecing those.

[@jamesmorton7881]

PULL OUT OR GET . . . . . . Capitalism wins, killing off the middle class It is all your money. every penny of a billionaires wealth is a penny of another persons labor DEMOCRACY FOR ALL IN THE USA A thousand years ago, if you were a marauding gang and you wanted to take over a country’s land and its natural resources and public sector, you’d have to invade it with military troops. Now you use finance to take over countries. So it leads us into a realm where everything that the classical economists saw and argued for - public investment, bringing costs in line with the actual cost of production - that’s all rejected in favor of a rentier class evolving into an oligarchy. Basically, financiers - the 1% - are going to pry away the public domain from the government. Pry away and privatize the public enterprises, land, natural resources, so that bondholders and privatizers get all of the revenue for themselves. It’s all sucked up to the top of the pyramid, impoverishing the 99%.

[@jimme2020]

If this lady thinks the economy is doing good she needs to drive by the Angel Stadium Anaheim California... I've never seen a bigger homeless colony .....we have a million problems here in the united states and are government only wants more wars.....

[@kenbar4761]

jimme2020 - Why on earth do you think she is saying 'the economy is doing good'?

[@itzenormous]

She ISN'T suggesting that.

[@georgerasmutin699]

They also want to print more dollars to have in circulation and take over the middle east and who knows what else

[@fw1421]

Texas has made the same kind of toll roads. They’re horribly expensive!

[@thenewtalkerguy496]

Hastings is part of a new wave of economists who arent afraid to dissent from orthodoxy.

[@timdunk7278]

All superb guests! Especially love Stacey's powerful knowledge and Joe's passionate call for action.

[@user-sf5iq2fl1l]

Everyone is brainwashed. People respect people with money and never ask where it comes from, what have we become?

[@goodhumorman1252]

You can now finance a mattress out for years. How wonderful !

[@rustyjohnson5018]

I'm a Hudson Head. A member of the Hudson huddle.

[@johannesbekker1970]

In a neutralized economy there will be three branches : a productive one, a transport & retail one and a consumer branch. All bezoz did was to monopolize one branch of the economy. If these three branches form coops, they'd soon be able to dismantle that creepy bezos

[@seamuswarren]

I think most of the pig in North Carolina drowned in recent flooding. The effluent pond overflowed too, but this effects the poorer neighbourhoods of course. Not those in "Rich-istan."

[@donaldf.switlick3690]

“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power” ------- Quote often attributed to Benito Mussolini

[@Mickeycuatropatas]

Michael Hudson is spot on 2 years ago - we need to herald this man today!

[@norvillerodgersspeaks]

@20:22 he misses the first links in the chain. It should be capitalism creates competition which creates monopolies which create market power which create economic power which creates political power and the people wind up being the ones who are harmed by it.

[@joem1070]

Brilliant as usual, thanks!

[@AtlantaBill]

Michael Hudson is on the level.

[@judithgrace9850]

People will not tolerate greed. Get ready to stand long line, when the bank runs start here. ATMs empty, and cash at the store etc. Just move. Please have emergency cash to pay bills for as many months that your money is locked in the closed banks and ATMs. Stores will want cash. an cash will be devalued. I am 79, but moved to Querétaro,Mexico in 2021, because USA is too deadly and expensive. I moved to Mexico at 79, because USA is too expensive and deadly.

[@TheDixiechick12]

Get rid of Central Banks, Interest and Lobbyists and take back your government

[@kulturfreund6631]

You guys should do 3 minute kitten podcasts. Gets you five million views in a week instead of important intellectual stuff with hardly 40,000 clicks in two years.

[@eatcarpet]

This show is getting some budgets.

[@kulturfreund6631]

The word >private< derives from latin >privare< which means >to steal

[@jabrielwhite17]

Great video

[@LJK77777]

Problem is BOTH sides distort history. The American railroad system was land giveaways that produced great monopoly barons. Tollroads were in early American history. True Post WWII we built interstates (as a "national security measure") and gave soldiers free education. But we won the war and were the only major industrial country left standing. Times have changed. I share the concerns here with things becoming lopsided (as if they ever weren't), but his over-simplistic description of actual history and possible solutions is itself "junk" economics. Fake descriptions on both sides gets no one to a workable middle ground and why we just keep spinning our wheels here.

[@neue01]

This guy would love living in a government monopolized system like soviet Russia. “Free” stuff for everyone!!!

[@hermanhuerta2237]

Collective boycott, as a silent strangling of any bloody mouth shark.

[@richardkelley3644]

the musical chairs economy.

[@regalmedia9487]

i think we are going to see a very big problem in economy really soon maybe within a year or two. there is inequality everywhere. especially after corona its just crazy

[@joywilder9092]

Why does this say "Apr 3, 2018" when it seems to be at least 2 years older?

[@gradedwash]

How can they be so short sighted as to not realise that the only alternative to not taxing the rich and the top 1% ultimately is to create money directly used as in not lent but grnated to the bottom 75% for them to spend in the structure. If welath is not to be gleaned from labour for investment then surely government must fill in that growing void or we face very dark circumstances indeed with civil war top of that list.

[@21dolphin123]

Smartest economist in America

[@homergee3381]

unlimited income = monopoly capitalism limited income = free market capitalism What do we do? replace the flat tax that allows unlimited income with a full spectrum progressive tax that puts a limit on income. Yes a 100% tax bracket, 90% of us won't even know its there. Is this a democracy, obviously not now but it could be?

[@alfredbudy1985]

Fighting Monopoly. I wish Africa can chose this as its ethos. AMC (Anti Monopoly Capital) with all the benefits and index power/data available to all small business startups. The money transferring fee goes up with higher volume not down. Localized Crypto Currencies if possible. Local Broadband. Local Governance Tax For all nation States who join: for defense, large scientific research knowledge, & Education. It’s a dream. But a clever marketing strategy for those who like freedom and diversity (of Language, religion, races, political viewpoints, & etc) Giving the most opportunity to locals for wealth accumulation instead of foreign investors and interest. Siphoning money and resources out you country and stealing/ corrupting the mindz of all who are exposed to the media.

[@justingrounds950]

Where are the anti-monopoly laws? We have monopolies because people love monopolies, if they did not they would adjust their browsing and spending habits, wishful thinking.

[@sudan8300]

Own should have to burn in mind that when capitalism specially monopoly capitalism miss guided by extremist its become Fascist.Look at in Iraq, Libia,case of late former PM of Pakistan julfer ali bhutto and now in Syria consequence of monopoly capitalism. once again i would like to remind for all " war doesn't decide who win its only decide who lose."as well as war is world most expensive destructive task.

[@larrysmith2636]

Externality and monopoly.

[@hamid12211]

Hi Laura

[@user-sf5iq2fl1l]

End banking accounts secrecy, its not your money, its state printed and provided, people must know where your money is, because money should be constantly moving, there should be heavy tax on stopped and hoarded money. Its bad for society. If its not good, just tax it. Like sugar, carbon, etc.

[@deniseproxima2601]

It's moving to save heaven.

[@evanokeroa4877]

Vector she neutral

[@Calin-Calibaba]

wonder what they have to say about biden infrastructure plan

[@merfymac]

Philanthro-Feudalism

[@donaldf.switlick3690]

The Balance Point: Social Democratic Capitalism and getting Money-out-of-Politics. Politics can go to extremes and whether Fascist on the political right or Communism on the political left resulting in dictatorship with the threat of force or violence to maintain control. People within one of the extremes, correctly see the imbalance and wish for more of the other. Capitalism vs. Communism, Individualism vs. Collectivism. kzbin.info/www/bejne/kKWppKSlgpxkh7s Hierarchies arise in all political /economic systems, in fact, arise in the entire animal kingdom that form social groups. Folks that criticize Capitalism in the U.S. are in error in two ways. First, if Capitalism requires a free-market, then the U.S. is Fascist not Capitalist. “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power,” a quote often attributed to Benito Mussolini. Second, the privileged, so called, "1%" class would arise no matter what the political or economic system. For example, the Chinese Communist Party is a small percentage of their population. Everyone describes the problem correctly; it is the solution where disagreement arise. Like Jordan Peterson or not, he opines on this better than I ever can. Psychologist Jordan Peterson says lobsters help to explain why human hierarchies exist - do they? theconversation.com/psychologist-jordan-peterson-says-lobsters-help-to-explain-why-human-hierarchies-exist-do-they-90489, and also view, Why Hierarchies are Necessary. kzbin.info/www/bejne/jJqqlZ2ZZZ2JqpY, and Marxism is ignorant of the Pareto principle kzbin.info/www/bejne/n2HMfWOfrdSNj9E There are two sides to the wealth equation, the entrepreneurial spirit and self-interest vs. the needs of society. Both need to be fostered, but balanced for a stable society. Is the system out-of-whack, absolutely, but Socialism goes way too far in the counter direction. The Pareto principle applies to all societies and to everything that is produced. The square root of people in any system produce and own half of the wealth. The participants, however, use this wealth and power to manipulate the system concentrating wealth into fewer and fewer hands. (Price’s Square Root Law & The Mathew Effect) Pareto Distribution and Price's Law: kzbin.info/www/bejne/eIuwc5eIm8eebKM Pareto Distributions & Wealth Inequality: kzbin.info/www/bejne/i2WqfoiXorqdipo Inequality of Wealth and Productivity: kzbin.info/www/bejne/bIKTgXZ6eq-Km80 The manipulation of the system by the accumulation of excess wealth causes income inequality to the point of social unrest. Money-in-politics allows the manipulation of our system by corporations, foreign countries, and large donors that buy our elected officials. It is this failure of in our politics that allows the manipulation of our system, keeping it out of balance. America’s Monopoly Problem - How big business jammed the wheels of innovation. www.theatlantic.com/magazine/archive/2016/10/americas-monopoly-problem/497549/ America Has A Monopoly Problem. www.forbes.com/sites/johnmauldin/2019/04/11/america-has-a-monopoly-problem/#670d88712972 Society must be balanced to allow the entrepreneurial spirit to thrive in the production of goods and services while at the same time advance the needs and growth of society (maintaining a free market, worker safety, education, health care, infrastructure, the environment). The entrepreneur is, after all, a member of their society. Thomas Piketty: Wealth Tax Can Help Reduce Debt and Inequality. www.newsmax.com/finance/personal-finance/piketty-wealth-tax-debt/2020/04/29/id/965176/ A balance point can only be maintained by a democracy keeping everything in check. Chaining the Capitalist beast and the excesses of the individual and at the same time shielding the individual from the excesses of the mob. There are several proposed solutions to get money-out-of-politics ranging from a Constitutional Amendment to addressing individual issues independently. (berniesanders.com/issues/money-out-of-politics/) Any of these solutions would be an improvement over the current situation, but as MoveToAmend.org, Poclad.org, and Wolf-PAC.com say: “A U.S. Constitutional Amendment is the only solution that goes above Congress and the Supreme Court to restore the integrity of our elections and will protect both state and federal reform.” The We the People Amendment has been introduced in the House of Representatives as HJR 48. www.congress.gov/bill/117th-congress/house-joint-resolution/48/cosponsors?searchResultViewType=expanded --------- facebook.com/groups/Berniecrats/

[@zr0mzapp3r]

Lost me with the privacy part.

[@hai101277]

Trump steal this policy from me.

[@loripapapetros4894]

Too big too big too big.

[@shenkoyah]

This narrator could not hide……😎🙏🏽! I was not impressed ……she could do a better job playing one side instead of two🙏🏽🤷🏽‍♂️always more employable playing two🙏🏽😇😎🙌🏽

[@user-sf5iq2fl1l]

Stock market, economics, jews, interest 666

[@Rugia-ox7hx]

Why is your sound so poor?

[@blackwater7183]

This didn't age well.

[@Marxist2]

Michael Hudson should have a show,

[@Marxist2]

Michael Hudson should have a show,