Dave Strickler | Meet the Renegades Michael Hudson @DaveStricklers | Uploaded November 2016 | Updated October 2024, 16 hours ago.
Originally Published by Renegade Economists on Nov 2, 2016
Michael Hudson is one of very few economists - globally - who perfectly predicted the 2008 financial crisis.
With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did.
How could an economy that created so much debt also save the banks rather than the economy itself, following the 2008 financial crisis? Michael discusses the phenomenon of debt inflation and how the economic curriculum should change.
"If you're teaching economics, you should begin with the relationship between finance and the economy, between the build up of debt and the ability to pay."
Michael discusses the 'Great Moderation', a common misrepresentation of a healthy economy in which job productivity was increasing, labor complacency was at an all-time low was a complete myth. Michael argues that 'traumatized' workers were too in debt to fight for better working conditions leading up to the 2008 financial crisis and how this reflects neo-classical ideas.
Michael offers solutions - urging the importance of writing down the debt and keeping basic services in the public sector, ridding the economy of financial tumors through a proper tax policy based upon the this public sector model.
Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others.
ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East.
Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.
___________________________________________________
Renegade Inc. provides its members with the content and connections that help navigate the ‘new normal’. Finding the people who are thinking differently about the world means we offer an alternative perspective on business, leadership, economics, education and the arts.
Support us by subscribing here bit.ly/1db4xVQ
- Become a Renegade Inc. member at our website here: RenegadeInc.com
- Follow us on Twitter at twitter.com/RenegadeEcon
- Find us on Facebook at facebook.com/RenEconomist
______________________________________________
MMT COURSE PRIMER - here - goo.gl/9X4sqI
Originally Published by Renegade Economists on Nov 2, 2016
Michael Hudson is one of very few economists - globally - who perfectly predicted the 2008 financial crisis.
With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did.
How could an economy that created so much debt also save the banks rather than the economy itself, following the 2008 financial crisis? Michael discusses the phenomenon of debt inflation and how the economic curriculum should change.
"If you're teaching economics, you should begin with the relationship between finance and the economy, between the build up of debt and the ability to pay."
Michael discusses the 'Great Moderation', a common misrepresentation of a healthy economy in which job productivity was increasing, labor complacency was at an all-time low was a complete myth. Michael argues that 'traumatized' workers were too in debt to fight for better working conditions leading up to the 2008 financial crisis and how this reflects neo-classical ideas.
Michael offers solutions - urging the importance of writing down the debt and keeping basic services in the public sector, ridding the economy of financial tumors through a proper tax policy based upon the this public sector model.
Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others.
ISLET engages in research regarding domestic and international finance, national income and balance-sheet accounting with regard to real estate, and the economic history of the ancient Near East.
Michael acts as an economic advisor to governments worldwide including Iceland, Latvia and China on finance and tax law.
___________________________________________________
Renegade Inc. provides its members with the content and connections that help navigate the ‘new normal’. Finding the people who are thinking differently about the world means we offer an alternative perspective on business, leadership, economics, education and the arts.
Support us by subscribing here bit.ly/1db4xVQ
- Become a Renegade Inc. member at our website here: RenegadeInc.com
- Follow us on Twitter at twitter.com/RenegadeEcon
- Find us on Facebook at facebook.com/RenEconomist
______________________________________________
MMT COURSE PRIMER - here - goo.gl/9X4sqI
