Days of Revolt: How We Got to Junk Economics

In this episode of teleSUR's Days of Revolt, Chris Hedges interviews economist Michael Hudson on the history of classical economics and explores Marx’s interpretation of capitalism as exploitation
Watch more on teleSUR www.telesurtv.net/english/inde...

[@renegadeeconomist]

Fine work gentlemen. Mr Hudson is one of the best in the world.

[@loudvisions9156]

This video is unbelievably eye opening! Thank you! It’s 2021 and the masses are still asleep. Chris Hedges is a Hero.

[@Ckomon]

This is the most articulate and holistic explanation of the current state of the economy.

[@pabloseykata6930]

It shouldn't be called "junk economics". It should be called Looting Economics. Most of the advocates of neo-liberal Economics know FULL WELL that what they promote benefits the wealthiest people or Institutions.

[@donaldwymer2791]

Pablo Seykata " the devil comes to lie, steal and destroy." Jesus Christ- 1$# century Martyr and anti-pharisee truth teacher.

[@slyhorse1]

Jesus loves you. whether you know him or not.

[@jjayneartworkx]

Pablo Seykata aka...parasitic economics.

[@doktormcnasty]

Or just the way of the world. Why would some entity with no power have the ability to gain more power? No, it's only natural for those with the power to actually have the power to gain more power. What's unnatural is to think you should be able to break that order.

[@slyhorse1]

fyi: J is for Junk Economics: A Guide to Reality in an Age of Deception by Michael Hudson 2017.

[@4tech69]

Fantastic interview.

[@OscarOliverah]

Of Course. That is correct. Standing in the shoulders of giants.

[@4tech69]

+Oscar Olivera Standing on. Standing on The shoulders of Giants.

[@nicholasdarraugh7626]

Chris, how I wish you hadn't cut him off upon the notion of state [socialism/capitalism] and Engels' take on it! Esp. respective to the time we're in now! It can add considerably to our timely discourse, and I hope we'll enjoy a second part including this issue, very soon! Thank you, truely magnificent!

[@hategreedrevolutionary6594]

Thank you so much for sharing this. Chris Hedges is one of our GREATEST, MOST COURAGEOUS Americans. Every American should read his books and hear his speeches. This interview with Mr. Hudson is another example of greatness. Americans, wake up and listen! Our demise is certain, because of vast American IGNORANCE.

[@soniarolak]

Not only Americans, all this applies to global economy.

[@TheJooberjones]

Perhaps the most important video someone in the world today can watch. Thanks so much Michael and Chris.

[@lawsonj39]

This is a good format for Michael Hudson. When he's talking on his own, he tends to rattle off a lot of ideas that get hard to follow; it helps to have Chris Hedges there to get him back on track from time to time.

[@toyajackson556]

What an amazing guest, he explained everything so well in layman's terms

[@HybridHalfie]

Both of these men are so smart. I learned a lot from this interview. Loved the idea of "inverted totalitarianism." I had no idea how much we diverted from classical economics. Adam Smith would be rolling in his grave if he saw the state of the world today.

[@kirstinstrand6292]

This is one of my favorites. Two wonderful men who are still gathering momentum with new books and very recent interviews. This video is from 2016! Educational background is important.

[@GabrielCastellarTV]

Great program!

[@johnnyr25]

great. looking forward to part two.

[@uptoit100]

+johnnyr25 I just saw part 2 and it is great. Bernie Sanders has done a lot to unify the 99% by informing them of the truth on Washinton money politics and Wall Street billionaires in bed together.

[@AuntGen]

+Gerald Comeau He's one of the few Democrats who voted to have the Federal Reserve Audited. It was brought forward by Rand Paul and Ted Cruz was conveniantly was out of town that day and its what Trump has been warning everyone about. Trump 2016

[@chiparoo222]

+johnnyr25 ... you'll see it UNLESS the collapse happens before. That's the horrific REALITY. Can you handle that horrific REALITY ?

[@greenenergy5481]

No More War

[@philipmann5317]

The guy speaks so clearly, he is so easy to understand. Look at his bio, the times he got hired because he had given a lecture and was offered a position on the spot.

[@thomasscottpersing9641]

Outstanding analysis!

[@troyanderson7851]

Thank you for your contributions Mr. Hedges.

[@caswallonandflur692]

Yes sir ✔

[@darkhorse21xx]

Great interview, Thanks Michael and Chris

[@abolic]

the intro song is so goddamn amazing and powerfull , thanks for the serie , chris hedges I saw every episode!!!

[@pjamesbda]

Phenomenal! Thanks Chris, Michael knows what he speaks of. Pure and simple. The truth is like that. It's elusive in a crowd, and hard to find, but in solitude it is obvious and simple.

[@puddyvalentine]

I'm going to have to listen to this again, so that more stays in :)

[@Pinstripe6666]

Great interview thank you.

[@ewalker1057]

Willy Smith singing about the same financial terrorism discussed here. My parents sold a home and they carried the mortgage. There was no bank involved. Tought us not to get in debt. We were to do without until we had enough cash to purchase. Great interview. Please let him finish what he is saying.

[@EclecticSceptic]

Michael Hudson is a jewel - listen keenly!

[@ludvigborga3676]

It's mind-boggling that this channel doesn't have millions of subscribers.

[@weweebert]

what a wonderful interview

[@patriceortovent3337]

Keep learning people, at the end we will have action, not reaction from the people at large as it should be. Micheal Hudson is a living treasure, let’s not time pass without learning the essential of what he generously share out of his exceptional experience during a long life already. Thanks for the broadcast of such discussion.

[@Chris-xc1tm]

Rentier is my new favourite word!

[@mathewthomas6743]

Fantastic. Good to see Professor Hudson officially endorsed Bernie Sanders' plan for a $15.00 Federal minimum wage.

[@raphaelbernard7954]

Wonderful interview both great thinkers and people

[@TooBadToBeAway1]

Michael Hudson is brilliant, as usual. Chris Hedges needs to study more economics, especially Marx. His questions were wooden, sometimes off the point, and quite juvenile. I really don't know why he's so highly rated.

[@lalakuma9]

Kind of going on a tangent here, but I didn't realize that Adam Smith was a pretty alright dude.

[@DREAMYLEE]

This man is very intelligent & certainly knows what he's talking about. It'll all the interviewer can do but look, & listen.

[@qibble455]

Great work Well presented. 10/10

[@uwo7130]

superb. thank you both.

[@fitnessbusinesssuccess7177]

92% of profits spent on buybacks

[@itzenormous]

WHO are the people that "Dislike" these videos?? SMH

[@Notecrusher]

+Giles Cox People who can't handle the truth.

[@davedane7067]

+Giles Cox Hillary paid operatives....

[@itzenormous]

There IS such a thing, it's called "Correct The Record." I've encountered a few people in online arguments whom I suspected of being paid shills. They usually have no argument, they just start name-calling. Kinda like Republicans.

[@captaintaiyaki4879]

Neoliberals

[@gfarrell80]

Aynn Rand readers.

[@33Crazydude]

Fantastic Interview

[@softwine2002]

Amazing! I just ordered this book. Can't wait to read it! I am going to recommend my local library to buy this book.

[@leehumphries7696]

"People are saying the economy is growing. But the economy isn't growing (because it's not reinvested?), that's right - it's not production, it's not consumption - the wealth of the 1% is obtained by essentially lending money to the 99% and then charging interest on it and recycling this interest at a expentionally growing rate"

[@oneeyedmonster9827]

GREAT interview!!!

[@cristianoisabel5585]

excellent explanations

[@WestCoastFlavour]

this is a particularly good interview by Chris, as he bring up Bizmark, and the German industrialization, that came about by the revolution in financing the industrial development versus the status quo of land owners. However, they don't get into Alexander Hamilton being the model of this.

[@MaartenFlikweert]

a good explanation of the abstract concept of "productivity"in economy

[@MaartenFlikweert]

minute 14

[@adelchidipalma9857]

Once you remove interest charges on the issue of new amount of money as a means of exchange then debts are real and its virtually impossible for Junk Economic to triumph.

[@sholehdalai]

Thank you!

[@annb1078]

This is very interesting. An interesting feature of the late 19th cent is that the international monetary system was not actually just the 'gold system', but also rested very heavily on the high quality German financial assets held and traded, which formed a substantial proportion of the monetary base at the time.

[@zabzec1500]

its about time to use the power of democracy to reform the financial system and its power brokers. #StillSanders

[@LoveNeverFails81818]

End The Federal Reserve. End Land Taxes. Everyone is a Renter.

[@HeartzHD]

8 trillion later

[@LoveNeverFails81818]

HeartzHD good Lord... are you serious??? 9 mos. later they printed 8 trillion???

[@HeartzHD]

@@LoveNeverFails81818 3 trillion since covid, and another 1 trillion expected this week. That would put balance at 8 tril

[@qbnj806]

love this dude

[@craighart8356]

Micheal Hudson should be appointed Chairman of the Federal Reserve.

[@adelchidipalma9857]

this is like asking Michael to work for a criminal organization

[@bradfordtownsend9698]

I love you guys. Their billions of people of good will in the global community.

[@ambruskiss4492]

"What happened to the study of economics so that it became gamed by ideologues?" I couldn't come up with a better opening question for an interview with an openly and proudly marxist economist.

[@ddscarlson]

Breath of fresh air...freeing!

[@Jensth]

Brilliant!

[@magicdaveable]

Excellent Video.

[@kaisersoymilk6912]

Can somebody tell me the title of the second part of this video?

[@M.M.Alam.Liberty]

Brilliant Scholar of this Century - Economist Michael Hudson.

[@phinehasikanya4353]

economic growth is spending less to get more and not having more to spend on less....

[@martindoyle831]

hedges comea back correctly here. this is a "gamed" issue and why the system is fixed. im glad but wish hedges said forced into the market through fraud in 401k or rrsps.. to shelter from taxation..

[@sanford943]

where is the second part to this

[@Mars-jt6vd]

nice conversation, but I don't know if it is applicable in the real world. property right is not a factor of production?

[@hategreedrevolutionary6594]

Bernie Sanders is the ONLY Pres candidate who already understands all that these fine gentlemen are explaining and also understands how screwed we are by Wall Street and by their selected candidates, like Clinton.

[@manxx25]

...already understands or appears to GAF? I fear that many understand, but "hate muh amurrica" or whatever. I believe part of the answer may be in some of the third-world grass-roots econ solutions where the people are the bank. I think higher education needs to go this way as well. There is no *good* reason for it not to. :/ Western spring time.

[@ritterbrown5474]

I would argue that they all know, but they don't care

[@geoffreynhill2833]

Yes, we need an Economics that everyone can understand, not just 1% 🌈🦉(Two good blokes here!)

[@nicethugbert]

If the government prints money then doesn't The Public own the money? If the The Public owns the money then why is it not distributed directly to The Public? Why does The Public have to rely on the Federal Reserve (and middle men) to indirectly receive money?

[@michaeldowd2614]

Seems to me the sensible question is whether gold and silver will buy more goods than they do today. The elevation of gold and silver prices will mean little if prices rise by the same degree.

[@bobedwards2319]

Loved it! Explains why they sold the idea that inflated stock price is the fiduciary duty Of the CEO's and corporate boards. It's why money has nothing to do with deserve.

[@Smith34567]

Great interview , Michael Hudson is brilliant.

[@BirdArvid]

"Steal a little and they throw you in jail, steal a lot and they make you King!"

[@brocklesnarufcchamp1]

Where's the next episode?

[@troyanderson7851]

How can we win a race when only a select few know the location of the finish line

[@vidfreak56]

But trickle down economics.

[@sanford943]

He was wrong about one thing (not in this interview). In his article road to surfdom This debt is now on track to surpass the size of America’s entire gross domestic product by the end of the decade. He was talking about outstanding mortgage debt. This article was written in 2007. In affect he did predict what would happen in 2008. However the outstanding mortgage debt was 16 trillion. The GDP was 21 million last year.

[@hojoinhisarcher]

Yes we can!

[@maryebert5897]

We need to start a 3rd party that runs on 3 basic principles 1) get money out of politics 2) put FDRs new deal back on banks (Glass Steagal, Gold Standard) and 3) have a national voting day to allow the poor, who are working 3 jobs, access to voting or make it easier for them to vote.

[@maryebert5897]

Don’t mention anything else! Keep the social issues off the books. Or maybe just stick with two items 1) get money out of politics and 2) reform the banking industry. These two items would gain popularity with the masses, including conservatives

[@profd65]

Where the f,,, is the second part? Been waiting for over a week.

[@uptoit100]

+profd65 It's out now

[@profd65]

+Gerald Comeau Thank you.

[@podfunk]

Yes! Where's part 2? anyone?

[@uptoit100]

+podfunk It has just come out around March29

[@chriscorona1317]

There's lots of economical jargon here. I thought I was fairly educated on the subject, but apparently not. lol. Most of this went waay over my head.

[@allgoo1964]

+Chris Corona says: "There's lots of economical jargon here. I thought I was fairly educated on the subject, but apparently not. lol. Most of this went waay over my head." == You are hardly alone. It's their(investment bankers) job to come up with the idea to skim the wealth from the rest of the population 24/7. And make it invisible as possible. It's like walking into a used car dealer and talk to a sales man. He knows all the tricks in the book to take advantage of you legally or illegally, and he does it every day to practice his skill. We as a consumer, on the other hand are so unprepared, because we buy cars only once in several years.

[@chriscorona1317]

allgoo19 Thanks for the clarification!

[@jamesderoc6717]

what is the cover of his book? bosch or bruggel?

[@davidwilkie9551]

This is the "can't see the wood in the trees of the forest", situation. Every concept is so embedded in one's experiences of amoral hypocritical betrayal of political promises fed to us through propaganda we "can't see what is wrong with it" and have abdicated moral = democratic responsibilities for thinking on behalf of the public good in cooperation with each other.

[@augurcybernaut4785]

Proff Hudson 👨🏾‍🌾👑🥇

[@augurcybernaut4785]

@DarkTagMaster proff wolf is charlatan of the highest order. Right up there with Noam Chomsky.

[@blackreign3138]

This exactly what is happening with all the major Railroads today.

[@Research0digo]

Killing the Host is a great book, and the intricate Dutch etching is fascinating! about 11:30 ... another thing that is crazy, and this applies to countries other than the US as well, is that debt owed is entered as credit, not debt, in the 'ledger'. If my sister owed me a hundred dollars, I couldn't go to the grocery store and tell the cashier I am owed a hundred dollars and walk out with my cheese - that's absurd!

[@dimitristsagdis7340]

I do not understand why Michael Hudson (11:40) claims that 'capital is not a factor of production' and Chris lets this 'slip'. Can Michael, Chris or anyone else for that matter explain why capital is not a factor of production?

[@hoogmonster]

He said that "money" is not a factor of production. That is correct. Capital is a factor of production but money is simply a medium of exchange for real capital. I suspect you are confusing money and capital. If you type "Is money a factor of production" into google you'll swiftly get a clear explanation in some detail. Hudson is right though in short. That explains also why Chris didn't pick him up on that.

[@DeCleyre161]

Hedges Chomsky 2016

[@EroomYrrah]

+tolbiac Tarpley - Prins 2016 He know what to do with Wall st and she knows how to do it.

[@Leftistattheparty]

lol Ron Paul?! I love the freedom to starve and die.

[@drkwrl]

I'm a bit of a novice here. What is the difference between the rentiers and capital?

[@kjr63]

+drkwrl capital is a factor of production, rent, interest and capital gains are political privileges of our lords.

[@drkwrl]

so capital as they use it means industrial capitalists? I watched Richard Wolff's introduction to marxian economics and he described merchants, bankers and landlords as pre-industrial capitalists and then the industrialists of the 19th century were an extension of those practices left over from feudalism

[@alexarvanitis4331]

Chris Hedges is bae

[@Research0digo]

2nd half: kzbin.info/www/bejne/mX7YeqJ_nsmJjas&ab_channel=TeleSUREnglish

[@marijandesin8226]

11:23 I can not believe he interrupted this amazing summary. Ill never know what he was going to say.

[@merbst]

To all who seek the book by Michael Hudson: archive.org/details/KillingTheHost/mode/2up

[@dchand765]

In that case we need to push Government to stop or put cap on cooperates buying back their own stocks or other cooperates stocks in case the loop holes.

[@kevinprinceofdarkne]

I don't know how it is in America, but let me tell you about something we get in the uk. There are these tv adverts showing cozy, benevolent old couples discovering how much fun can be had by ' releasing the value ' stored in their home. Think what you could do with the money. Well, what do they suggest. Have an expensive holiday to have a taste of what they feel they are missing, to be able to help the children to buy their first home and to get private tuition for a grandchild who needs particular help with math. It took me a little while to work it out I'm afraid but I've got it now. People do really stupid things when they see death approaching. A holiday can be the focus of a resentment that has taken a whole life of being short changed to aquire. Why should you blame the systematized theft when the kids are nearer. Anyway, you can give them a few thousand, just in case the decision you are making is irrational. A few thousand represented a decade of work during the war. And what about the little boy's math. tuition ? Well, that's just a little joke of the sort that seems to appeal to accountants. Nasty, isn't it ?

[@greenleaf1635]

These are the bravest of men.

[@puti2147]

Great ! discussion. So if we relate to the content of this excellent interview we come to a conclusion that the US economy the stated to be true GDP figures are untrue after all. Our economy is based on services / interest / Social technologies & no true manufacturing. No country can have a healthy economy for long with this mix.

[@christianschwalbach7561]

Surud Patel unfortunately not

[@SHPNGGUY736]

That interest needs to be redistributed to the people in the form of an Unconditional Basic Income! They are collecting trillions in interest off our backs!

[@timfify]

What I have noticed is, companies that produce an object (widgets) let's say are making fewer widgets and charging more instead of making more widgets and charging less. and the Wall Street types have made the stock market friends with the working class which is so far from the truth

[@schlangenbiss1]

The stock market is a life time mortgage on a business and its profits.

[@tinapatton7346]

Pre-WW1 PRO social Deutschland was winning with PRO social State CAPITALISM. 05:15 "There was a kind of brilliance behind Bismark's policy...very different in (ANTI social) Britain and the United States." Quel Surprize!!

[@Ishijah1]

What wicked system