Daily Archives: December 29, 2022

Europe’s war on refugees | The Chris Hedges Report

The Real News Network – Dec 30, 2022

In their book, ‘Map of Hope and Sorrow,’ co-authors Helen Benedict and Eyad Awwadawnan trace the stories of five refugees trapped in Greece’s brutal refugee camps.

Helen Benedict is a novelist and journalist. Her previous books include ‘The Lonely Soldier: The Private War of Women Serving in Iraq’, and ‘Wolf Season’.

Eyad Awwadawnan, formerly a law student from Damascus, Syria, is a writer and poet currently living as an asylum-seeker in Reykjavik, Iceland. During his four years in Greece, he worked as a cultural mediator, translator and interpreter for various NGOs.

The Real News is an independent, viewer-supported, radical media network. Help us expand our in-depth analysis and coverage from Baltimore to Bangladesh by subscribing and becoming a member today!

Watch The Chris Hedges Report live YouTube premiere on The Real News Network every Friday at 12PM ET: https://therealnews.com/chris-hedges-…

Listen to episode podcasts and find bonus content at The Chris Hedges Report Substack: https://chrishedges.substack.com/

Help us continue producing The Chris Hedges Report by following us and making a small donation:

Donate to TRNN: https://therealnews.com/donate-yt-chr
Sign up for our newsletter: https://therealnews.com/nl-yt-chr

Like us on Facebook: https://facebook.com/therealnews
Follow us on Twitter: https://twitter.com/therealnews
#chrishedges #therealnewsnetwork

The Real News Network every Friday at 12PM ET: https://therealnews.com/chris-hedges-… Listen to episode podcasts and find bonus content at The Chris Hedges Report Substack: https://chrishedges.substack.com/ Help us continue producing The Chris Hedges Report by following us and making a small donation: Donate to TRNN: https://therealnews.com/donate-yt-chr Sign up for our newsletter: https://therealnews.com/nl-yt-chr Like us on Facebook: https://facebook.com/therealnews Follow us on Twitter: https://twitter.com/therealnews #chrishedges #therealnewsnetwork

Lori Wallach and Michael Hudson Debate Trump’s Plan to Impose Steel & Aluminum Tariffs

Democracy Now! – Mar 6, 2018
https://democracynow.org – “Trade wars are good, and easy to win.” That’s the message President Trump tweeted on Friday, sending shockwaves across the globe and sparking fear of impending economic volatility. On Thursday, world stock markets tumbled after Trump announced he plans to impose new tariffs on imports of foreign steel and aluminum. The new tariffs—25 percent on steel and 10 percent on aluminum—will benefit U.S. producers of the metals, while raising prices for companies that manufacture everything from cars to airplanes to high-rise apartments. Prominent Republicans and business leaders have denounced Trump’s plan, saying the tariffs will hurt the manufacturing industry and U.S. competitiveness. Trump’s announcement has also prompted concerns that other countries will impose retaliatory tariffs while challenging U.S. protectionism at the World Trade Organization. For more, we host a debate. Lori Wallach is the director of Public Citizen’s Global Trade Watch and author of “The Rise and Fall of Fast Track Trade Authority.” Economist Michael Hudson is the author of “America’s Protectionist Takeoff 1815-1914.”

See related:

Debt: The First 5000 Years: David Graeber

The groundbreaking international best-seller that turns everything you think about money, debt, and society on its head—from the “brilliant, deeply original political thinker” David Graeber (Rebecca Solnit, author of Men Explain Things to Me)

Before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era that we also first encounter a society divided into debtors and creditors—which lives on in full force to this day.

So says anthropologist David Graeber in a stunning reversal of conventional wisdom. He shows that arguments about debt and debt forgiveness have been at the center of political debates from Renaissance Italy to Imperial China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong.

We are still fighting these battles today.
Review Winner of the Bateson Book Prize awarded by the Society for Cultural Anthropology and the Bread and Roses Award for Radical Literature

“Written in a brash, engaging style, the book is also a philosophical inquiry into the nature of debt — where it came from and how it evolved.” —Thomas Meaney, The New York Times Book Review

“[A] groundbreaking study…opened up a vibrant and ongoing conversation about the evolution of our economic system by challenging conventional accounts of the origins of money and markets; relationships of credit and debt, he showed, preceded the development of coinage and cash.” —Astra Taylor, The New Yorker

“Debt [is] meticulously and deliciously detailed.” —Ben Ehrenreich, Los Angeles Times

“Exhausting…Engaging…An authoritative account of the background to the recent crisis. Both erudite and impertinent, [Graeber’s] book helps illuminate the omissions of the current debate and the tacit political conflicts that lurk behind technical budget questions.” —Robert Kuttner, The New York Review of Books

“Fascinating… [An] extraordinary book, at once learned and freewheeling.” —Benjamin Kunkel, London Review of Books

“One of the year’s most influential books. Graeber situates the emergence of credit within the rise of class society, the destruction of societies based on ‘webs of mutual commitment’ and the constantly implied threat of physical violence that lies behind all social relations based on money.” —Paul Mason, The Guardian

“An alternate history of the rise of money and markets, a sprawling, erudite, provocative work.” —Drake Bennett, Bloomberg Businessweek

“[A] formidable piece of anthropological scholarship… [Graeber] demonstrates how a new understanding of debt might provide us with some clues for the future.” —Justin E. H. Smith, Bookforum

“An absolutely indispensable—and enormous—treatise on the history of money and its relationship to inequality in society.” —Cory Doctorow, BoingBoing

“[A]n engaging book. Part anthropological history and part provocative political argument, it’s a useful corrective to what passes for contemporary conversation about debt and the economy.”
—Jesse Singal, Boston Globe

“The book is more readable and entertaining than I can indicate… It is a meditation on debt, tribute, gifts, religion and the false history of money. Graeber is a scholarly researcher, an activist and a public intellectual. His field is the whole history of social and economic transactions.” —Peter Carey, The Observer

“Graeber helps by exposing the bad old world of debt, and clearing the way for a new horizon beyond commodification.” — The New Left Review

“Terrific… In the best anthropological tradition, he helps us reset our everyday ideas by exploring history and other civilizations, then boomeranging back to render our own world strange, and more open to change.”
—Raj Patel, The Globe and Mail

“Fresh… fascinating… Graeber’s book is not just thought-provoking, but also exceedingly timely.”
—Gillian Tett, Financial Times (London)

—Giles Fraser, BBC RADIO 4

“An amazing debut – conversational, pugnacious, propulsive”
—Times Higher Education (UK)

“Graeber’s book has forced me to completely reevaluate my position on human economics, its history, and its branches of thought. A Marxism without Graeber’s anthropology is beginning to feel meaningless to me.”
—Charles Mudede, The Stranger

“The world of borrowing needs a little demystification, and David Graeber’s Debt is a good start.”
—The L Magazine

“Controversial and thought-provoking, an excellent book.”

“This timely and accessible book would appeal to any reader interested in the past and present culture surrounding debt, as well as broad-minded economists.”
—Library Journal

Praise for David Graeber

“A brilliant, deeply original political thinker.”
—Rebecca Solnit, author of A Paradise Built in Hell

“I consider him the best anthropological theorist of his generation from anywhere in the world.”
—Maurice Bloch, Professor of Anthropology at the London School of Economics

“If anthropology consists of making the apparently wild thought of others logically compelling in their own cultural settings and intellectually revealing of the human condition, then David Graeber is the consummate anthropologist. Not only does he accomplish this profound feat, he redoubles it by the critical task—now more urgent than ever—of making the possibilities of other people’s worlds the basis for understanding our own.”
—Marshall Sahlins, Charles F. Grey Distinguished Service Professor Emeritus of Anthropology and of Social Sciences at the University of Chicago

About the Author

David Graeber (1961-2020) was a professor of anthropology at the London School of Economics. One of the original organizers of Occupy Wall Street, Graeber was also the author of Utopia of Rules and wrote widely for publications such as The Guardian, Harper’s, The Baffler, n+1, The Nation, The New Inquiry, and The New Left Review.

  • ASIN ‏ : ‎ 1612194192
  • Publisher ‏ : ‎ Melville House; Updated,Expanded edition (October 28, 2014)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 560 pages
  • ISBN-10 ‏ : ‎ 9781612194196
  • ISBN-13 ‏ : ‎ 978-1612194196
  • Item Weight ‏ : ‎ 1.19 pounds
  • Dimensions ‏ : ‎ 5.65 x 1.36 x 8.37 inches

See related:

The great debt debate | Thomas Piketty + Michael Hudson I RSA Replay

RSA – Sep 24, 2021

R versus G? Or a Debt Jubilee?

David Graeber’s bestselling book “Debt: The First 5000 Years” revolutionised our understanding of the origins of money and the role of debt in human societies. But intellectual revolutions take time, and David’s sudden and untimely death left this revolution unfinished. David’s widow Nika Dubrovsky has established ‘The Fight Club’ to keep David’s unique way of challenging conventional wisdoms alive after him. Each ‘Fight’ will pit leading advocates of different visions of how society functions against each other. The inaugural fight, to mark the first anniversary of David’s death, is a debate between the renowned economists Thomas Piketty, author of “Capital in the Twenty-First Century”, and Michael Hudson, author of “And Forgive Them Their Debts”. Thomas Piketty wrote the preface to the tenth anniversary edition of “Debt: the First 5000 Years”. Michael Hudson’s anthropological research into the origins of money and debt in ancient Sumeria was the basis of much of David’s analysis in that book. Join us for an unmissable encounter between two celebrated and highly influential economic thinkers as they debate: what is money and what is debt? What are the most serious problems of today’s finance-capital economies? And what are the best remedies?

Become an RSA Events sponsor: https://utm.guru/udI9B

Michael Hudson: A New Bipolar World. US finance capitalism vs. China’s mixed public/ private economy

Helle Panke – Nov 7, 2022


To support our work please donate via PayPal to: info

Online-talk with Professor Michael Hudson and Mathew D. Rose, November 1, 2022

A Cooperation of Helle Panke e.V. with Brave New Europe, OXI and Rosa-Luxemburg-Foundation.

Read on Brave New Europe: “Michael Hudson – The Euro Without German Industry” https://braveneweurope.com/michael-hu

The world is now dividing into two parts: A high-cost US and NATO-centered world of finance capitalism that has become post-industrial and debt burdened, and a China- and Russia-centered Eurasian mixed economy in which basic infrastructure is provided as a public service at subsidized prices or freely, in which the monetary and financial system is a public utility aimed at providing credit for the “real” economy instead of loading down real estate and existing assets with debt. He will be switched on via ZOOM.

Prof. 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. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), ‘and forgive them their debts’ (2018), J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971), amongst many others. He acts as an economic advisor to governments worldwide including China, Iceland and Latvia on finance and tax law.

Moderation: Mathew D. Rose

Professor Hudson: financialization is suffocating the economy

Positiva Pengar – Jul 14, 2021

This is a recording of a webinar with professor Michael Hudson held 27 May 2021. Hosted by Jussi Ora, Positiva Pengar Sweden. You can read a transcript here: https://positivapengar.se/event/hudso…

More and more economists state that we have created a “financialised” economy where it pays more to passively own than to work, to run companies or in general to do things that benefits society. The financiers are becoming increasingly powerful and richer, while households, business owners and society must tighten their belts. Why do we accept this?

Professor Hudson tells us how economic and historical myths about money, debt and value have been used to justify an economic system that benefits financiers at the expense of everyone else.

See related:

Super Imperialism: The Economic Strategy of American Empire eBook | Michael Hudson

This edition of Super Imperialism is the finalized version of the analysis that Michael Hudson first published in the wake of President Nixon severing the dollar’s link to gold in August 1971. Closing the gold window had been imminent since the London Gold Pool was disbanded in 1968 in response to the U.S. overseas military spending that had pushed the balance of payments into steadily deepening deficit since the Korean War (1950-51).

Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City (UMKC), and Professor of Economics at Peking University in China. He gives speeches, lectures and presentations all over the world for official and unofficial groups reflecting diverse academic, economic and political constituencies.

Before moving into research and consulting, Prof. Hudson spent several years applying flow-of-funds and balance-of-payments statistics to forecast interest rates, capital and real estate markets for Chase Manhattan Bank and The Hudson Institute (no relation). His academic focus has been on financial history and, since 1980, on writing a history of debt, land tenure and related economic institutions from the Sumerian period, antiquity, and feudal Europe to the present.

Since 1996 as president of the Institute for the Study of Long Term Economic Trends (ISLET), he has written reports and given presentations on balance of payments, financial bubbles, land policy and financial reforms for U.S. and international clients and governments.

He organized the International Scholars Conference on Ancient Near Eastern Economies (ISCANEE) in 1993, and to-date has co-edited the preceedings of six academic conferences on the evolution of property, credit, labor and accounting since the Bronze Age.

His website and blog can be found at michael-hudson.com. He has been interviewed on Democracy Now, Marketplace, and Naked Capitalism. Many of his interviews and public appearances can be seen on YouTube.

• • •

Paul Craig Roberts’ Bio of Michael Hudson

(Paul Craig Roberts is former under-secretary of the U.S. Treasury (Reagan Administration) and author of The Failure of Laissez Faire Capitalism and Economic Dissolution of the West. This bio is excerpted from an introduction to Michael Hudson’s book, Killing the Host (2015), originally posted at paulcraigroberts.org and at NakedCapitalism.com, February 6, 2016.)

Michael Hudson did not intend to be an economist. At the University of Chicago, which had a leading economics faculty, Hudson studied music and cultural history. He went to New York City to work in publishing. He thought he could set out on his own when he was assigned rights to the writings and archives of George Lukács and Leon Trotsky, but publishing houses were not interested in the work of two Jewish Marxists who had a significant impact on the 20th century.

Friendships connected Hudson to a former economist for General Electric who taught him the flow of funds through the economic system and explained how crises develop when debt outgrows the economy. Hooked, Hudson enrolled in the economics graduate program at N.Y.U. and took a job in the financial sector calculating how savings were recycled into new mortgage loans.

Hudson learned more economics from his work experience than from his Ph.D. courses. On Wall Street he learned how bank lending inflates land prices and, thereby, interest payments to the financial sector. The more banks lend, the higher real estate prices rise, thus encouraging more bank lending. As mortgage debt service rises, more of household income and more of the rental value of real estate are paid to the financial sector. When the imbalance becomes too large, the bubble bursts. Despite its importance, the analysis of land rent and property

valuation was not part of his Ph.D. studies in economics.

Hudson’s next job was with Chase Manhattan, where he used the export earnings of South American countries to calculate how much debt service the countries could afford to pay to U.S. banks. Hudson learned that just as mortgage lenders regard the rental income from property as a flow of money that can be diverted to interest payments, international banks regard the export earnings of foreign countries as revenues that can be used to pay interest on foreign loans. Hudson learned that the goal of creditors is to capture the entire economic surplus of a country into payments of debt service.

Soon the American creditors and the IMF were lending indebted countries money with which to pay interest. This caused the countries’ foreign debts to rise at compound interest. Hudson predicted that the indebted countries would not be able to pay their debts, an unwelcome prediction that was confirmed when Mexico announced it could not pay. This crisis was resolved with “Brady bonds” named after the U.S. Treasury Secretary, but when the 2008 U.S. mortgage crisis hit, just as Hudson predicted, nothing was done for the American homeowners. If you are not a mega-bank, your problems are not a focus of U.S. economic policy.

Chase Manhattan next had Hudson develop an accounting format to analyze the U.S. oil industry balance of payments. Here Hudson learned another lesson about the difference between official statistics and reality. Using “transfer pricing,” oil companies managed to avoid paying taxes by creating the illusion of zero profits. Oil company affiliates in tax avoidance locations buy oil at low prices from producers. From these flags of convenience locations, which have no tax on profits, the oil was then sold to Western refineries at prices marked up to eliminate profits. The profits were recorded by the oil companies’ affiliates in non-tax jurisdictions. (Tax authorities have cracked down to some extent on the use of transfer pricing to escape taxation.)

Hudson’s next task was to estimate the amount of money from crime going into Switzerland’s secret banking system. In this investigation, his last for Chase, Hudson discovered that under U.S. State Department direction Chase and other large banks had established banks in the Caribbean for the purpose of attracting money into dollar holdings from drug dealers in order to support the dollar (by raising the demand for dollars by criminals) in order to balance or offset Washington’s foreign military outflows of dollars. If dollars flowed out of the U.S., but demand did not rise to absorb the larger supply of dollars, the dollar’s exchange rate would fall, thus threatening the basis of U.S. power. By providing offshore banks in which criminals could deposit illicit dollars, the U.S. government supported the dollar’s exchange value.

Hudson discovered that the U.S. balance of payments deficit, a source of pressure on the value of the U.S. dollar, was entirely military in character. The U.S. Treasury and State Department supported the Caribbean safe haven for illegal profits in order to offset the negative impact on the U.S. balance of payments of U.S. military operations abroad. In other words, if criminality can be used in support of the U.S. dollar, the U.S. government is all for criminality.

When it came to the economics of the situation, economic theory had not a clue. Neither trade flows nor direct investments were important in determining exchange rates. What was important was “errors and omissions,” which Hudson discovered was a euphemism for the hot, liquid money of drug dealers and government officials embezzling the export earnings of their countries.

The problem for Americans is that both political parties regard the needs of the American people as a liability and as an obstacle to the profits of the military/security complex, Wall Street and the mega-banks, and Washington’s world hegemony. The government in Washington represents powerful interest groups, not American citizens. This is why the 21st century consists of an attack on the constitutional protections of citizens so that citizens can be moved out of the way of the needs of the Empire and its beneficiaries.

Hudson learned that economic theory is really a device for ripping off the untermenschen. International trade theory concludes that countries can service huge debts simply by lowering domestic wages in order to pay creditors. This is the policy currently being applied to Greece today, and it has been the basis of the IMF’s structural adjustment or austerity programs imposed on debtor countries, essentially a form of looting that turns over national resources to foreign lenders.

Hudson learned that monetary theory concerns itself only with wages and consumer prices, not with the inflation of asset prices such as real estate and stocks. He saw that economic theory serves as a cover for the polarization of the world economy between rich and poor. The promises of globalism are a myth. Even left-wing and Marxist economists think of exploitation in terms of wages and are unaware that the main instrument of exploitation is the financial system’s extraction of value into interest payments.

Economic theory’s neglect of debt as an instrument of exploitation caused Hudson to look into the history of how earlier civilizations handled the buildup of debt. His research was so ground-breaking that Harvard University appointed him Research Fellow in Babylonian economic history in the Peabody Museum.

Meanwhile he continued to be sought after by financial firms. He was hired to calculate the number of years that Argentina, Brazil, and Mexico would be able to pay the extremely high interest rates on their bonds. On the basis of Hudson’s work, the Scudder Fund achieved the second highest rate of return in the world in 1990.

Hudson’s investigations into the problems of our time took him through the history of economic thought. He discovered that 18th and 19th century economists understood the disabling power of debt far better than today’s neoliberal economists who essentially neglect it in order to better cater to the interest of the financial sector.

Hudson shows that Western economies have been financialized in a predatory way that sacrifices the public interest to the interests of the financial sector. That is why the economy no longer works for ordinary people. Finance is no longer productive. It has become a parasite on the economy. Hudson tells this story in Killing the Host (2015).

  • ASIN ‏ : ‎ B0BMJL5B27
  • Publisher ‏ : ‎ ISLET (November 14, 2022)
  • Publication date ‏ : ‎ November 14, 2022
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 732 KB
  • Simultaneous device usage ‏ : ‎ Unlimited
  • Text-to-Speech ‏ : ‎ Enabled

See related:

Super Imperialism: The Economic Strategy of American Empire: Michael Hudson

“Never before has a bankrupt nation dared insist that its bankruptcy become the foundation of world economic policy; that, because of its bankruptcy, all the nations what their economies transferring its bankruptcy to themselves, stultifying their industries, and paying tribute to the beggar.”

“What the United States did not learn during the 1930s, but is now in the process of learning, is that as borrower instead of lender, in fact as a bankrupt on international account, a strong industrial nation can exercise even greater force in the world of nations than a solvent creditor country can exercise through its overwhelming creditor status.”

“Effectively speaking, the United States has compelled the older nations of the West to pay for the overseas costs of the US war in Asia. Whatever they may desire, the central banks of Europe had no choice but to continue to except the paper dollar equivalents annually created as the domestic and overseas deficit of the United States increase. Otherwise, the whole of shaky structure of the world monetary system will collapse into rubble. America has succeeded in forcing other nations to pay for its wars on a systematic basis, something never before accomplished by any nation in history .”–excerpts from the book

“In 1949 the United States held three-Quarters of the world’s gold; by 1960 it had become a debtor nation. And yet, the United States has built history’s most powerful and affluent empire. Its techniques for world domination remained, at first, the conventional devices of the economic superstate. In recent years, however, the United States has sophisticated its strategy to the point where, although fallen into serious debt, it has retained and even expanded its dominance. The United States has pioneered a new form of imperialism in which the assets of its competitors have been employed for American ends.”–from inside dust jacket flap

  • Publisher ‏ : ‎ Holt, Rinehart and Winston; 1st edition (January 1, 1972)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 0030859964
  • ISBN-13 ‏ : ‎ 978-0030859960
  • Item Weight ‏ : ‎ 1.14 pounds

Super Imperialism: The Origin and Fundamentals of U.S. World Dominance – Kindle edition by Michael Hudson

B00R6JTVVC?ref_=ast_sto_dp Michael Hudson’s brilliant shattering book will leave orthodox economists spluttering. Classical economists don’t like to be reminded of the ugly realities of Imperialism. Hudson is one of the tiny handful of economic thinkers in today’s world who are forcing us to look at old questions in startling new ways. Alvin Toffler, best-selling author of Future Shock and The Third Wave

This new and completely revised edition of Super Imperialism describes the genesis of America’s political and financial domination.

“Michael Hudson’s brilliant shattering book will leave orthodox economists spluttering. Classical economists don’t like to be reminded of the ugly realities of Imperialism. Hudson is one of the tiny handful of economic thinkers in today’s world who are forcing us to look at old questions in startling new ways”. Alvin Toffler, best-selling author of Future Shock and The Third Wave–This text refers to an out of print or unavailable edition of this title.

See related:

Why Africa’s Debt is Extremely Deadly as compared to America’s Debt

2nacheki Dec 29, 2022

Welcome to candid Africa in this video we will look at Why Africa’s Debt is Extremely Deadly as compared to America’s Debt by World famous economist Michael Hudson Why Africa’s Debt is Extremely Deadly as compared to America’s Debt https://youtu.be/h-Gi0t95EWs #africa #africaspeeches

See related:

A satellite’s view of weather in cities

Met Office – UK Weather Dec 29, 2022

Mostly Climate: Satellites and cities

Audio only podcast series looking at our climate.

In this episode we hear how satellite technology is being used to record weather data in cities to help understand and prepare for extreme weather events.

Presented by Dr. Doug McNeall and Dr. Rosie Oakes with guest speakers Dr. Lizzie Good and Victoria Ramsay.

Producer: Clare Nasir

Subscribe to make sure you never miss the latest UK weather forecast or important weather warning – https://www.youtube.com/c/metoffice?s

We are the Met Office, the UK’s national weather service, and every day of the week we bring you a morning weather forecast and an afternoon weather forecast so that wherever you are in the UK we have you covered.

Forecasts and any weather warnings are accurate at time of recording. To ensure you have the most up to date weather information, check the hourly forecast and live warnings on the Met Office website or app.