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How the Bronze Age saved itself from debt serfdom
The Hudson Report
The West’s Finance-Capitalist Road
The history of debt cancellation and Jesus's economic justice activism
The Hudson Report
Outlook for the 1% (and the Democratic Party split), 2018
Introduction to the German Edition
2017 compared to 1917
It should be called the Leona Helmsley tax plan, only the little people will pay taxes
Trump is Turning Against the White Working Class that Elected Him
About Michael Hudson
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 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).
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. Personal Classics
An Interview with Economist Michael Hudson
An Interview with Michael Hudson
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Avital Ronell and the Corruption of Western Academia
Miriam Jordan • The New York Times • 16 Comments
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Israel Shamir
Phanar Phantom
Phanar Phantom
Guillaume Durocher
Loro & My Way
Loro & My Way
Eric Margolis
A Big Step for a Greater Israel
A Big Step for a Greater Israel
Paul Kersey
Kemp Victory Only Delays the Reckoning
Kemp Victory Only Delays the Reckoning
Philip Giraldi
Registering Israel's Useful Idiots
Registering Israel's Useful Idiots
F. Roger Devlin
The Criminalization of Masculinity
The Criminalization of Masculinity
Jack Ravenwood
Trump, JFK, and the Deep State: Part Q
Trump, JFK, and the Deep State: Part Q
Paul Kersey
Kemp Victory Only Delays the Reckoning
Kemp Victory Only Delays the Reckoning
Israel Shamir
Pittsburgh: Advice to Jews
Pittsburgh: Advice to Jews
Sydney Schanberg
John McCain and the POW Cover-Up
John McCain and the POW Cover-Up
Israel Shamir
Phanar Phantom
Phanar Phantom
Gilad Atzmon
West Bank Settler and American Patriot
West Bank Settler and American Patriot
Paul Kersey
Kemp Victory Only Delays the Reckoning
Kemp Victory Only Delays the Reckoning
Guillaume Durocher
Loro & My Way
Loro & My Way
Philip Giraldi
Registering Israel's Useful Idiots
Registering Israel's Useful Idiots
Gilad Atzmon
West Bank Settler and American Patriot
West Bank Settler and American Patriot
Philip Giraldi
Registering Israel's Useful Idiots
Registering Israel's Useful Idiots
Paul Kersey
Kemp Victory Only Delays the Reckoning
Kemp Victory Only Delays the Reckoning
F. Roger Devlin
The Criminalization of Masculinity
The Criminalization of Masculinity
Philip Giraldi
Israel Wins 2018 Election
Israel Wins 2018 Election
Philip Giraldi
America Goes to War
America Goes to War
Philip Giraldi
Why Confronting Israel is Important
Why Confronting Israel is Important
Recent Comments for This Writer
- idea commented on Could/Should Jubilee Debt Cancellations be Reintroduced Today?The debt jubilee garnered by banks, called TARP, so many trillions of dollars, was in one estimate about $50k for every U.S. man, woman, and child. Would that the TARP jubilee have been distributed to the individual citizens of the U.S.A. (instead of the TBTF banks) they, the American househol...
- Franz replied to Jubilee on “Moral Hazard” vs Mutual AidThink about this slowly and carefully… The money never existed. They are not loaning out money they had. They are creating new money from scratch. Actually they're creating IOUs, debts. It's not actually "out of nothing", budgets are submitted and bonds are drawn up on maps of future spe...
- anonymous replied to anon on “Moral Hazard” vs Mutual AidI wish Mr. Hudson would take a minute to address this, as I've asked upthread. Trying to better understand where he's coming from has so far been addressed with an invitation from another commenter -- who may not have read the book, either -- to figure it out myself. "Ah, grasshopper ..."
- jilles dykstra commented on “Moral Hazard” vs Mutual Aid" Hey, bankruptcy is widely seen as an efficient way to deal with insolvency. " Being bankrupt is just being insolvent, one's debts are higher in monetary value than one's possessions. There is no 'dealing', those who do not get paid have lost their money. It depends on national legislation w...
- anon commented on “Moral Hazard” vs Mutual AidHey, bankruptcy is widely seen as an efficient way to deal with insolvency. No one is against it, although people argue details. An example of moral hazard is cheap, subsidized flood insurance which creates incentive to build on Swampland or costal property. Unless you think the current deve...
- jilles dykstra replied to Jubilee on “Moral Hazard” vs Mutual AidThis here is not the first time I try, or tried, to explain what money is, how it functions, things one can find in any textbook monetary theory. But I've given up, it seems that many simply are unable to understand. Recent experiences on another forum, where money even was explained out of the...
- jilles dykstra commented on “Moral Hazard” vs Mutual AidI read the reactions. The following book was removed in 1963, government orders, from the list of obligatory literature for economists, at my university, because it was 'too difficult'. ⦁ Lionel Robbins, 'An Essay on the Nature and Significance of Economic Science', Oxford 1932 I belonged to...
- Papa commented on “Moral Hazard” vs Mutual AidThe concern about someone getting away with something undeservedly while sacrificing the whole is the fruit of extreme pharisaical moralising. Jesus dispenses with this mentality in the parable of the weeds where he tells his concerned workers to leave the weeds alone. Judgement is God's at His...
- Dutch Boy replied to Jubilee on “Moral Hazard” vs Mutual AidQuite correct. They are creating money rather than loaning it (which is a state function). The solution is to create government banks or banks licensed by the government to issue interest-free loans with only a fee for service and insurance above the amount of the loan. For example: a loan of $10...
- Dutch Boy commented on “Moral Hazard” vs Mutual AidDon't cancel the debt - cancel the interest on the debt (what loan sharks used to call the vigorish).
- Rafael Martorell commented on “Moral Hazard” vs Mutual AidMichael what is happening is not more to blame to moral issues?
- dvorak commented on “Moral Hazard” vs Mutual AidMeanwhile, defaults on student loans to for-profit colleges are projected as rising toward 40%. Is it worth it to say that to prevent giving these impecunious students a “free lunch,” it is worth keeping a large swath of the population poor and unmarried? Now that you mention it, this would ...
- Robert Magill commented on “Moral Hazard” vs Mutual AidWe know how Sumerians and Babylonians paid for their beer (which they drank through straws, and which was cleaner than the local water). The ale-woman marked it up on the tab she kept. The tab had to be paid at harvest time, on the threshing floor, when the grain was nice and fresh. The ale-woman...
- Jubilee replied to jilles dykstra on “Moral Hazard” vs Mutual AidYou say canceling debt means someone is losing money. Not true. In fractional reserve banking they never had the money in the first place. The credit was created to supply the demand of the loan. The bank has pennies in money for the dollars they give out as loans. Think about this slowly an...
- anonymous replied to Per/Norway on “Moral Hazard” vs Mutual AidIf you've read the book, please let me know whether Mr. Hudson addressed this. Thank you.
- Per/Norway replied to anonymous on “Moral Hazard” vs Mutual Aidno. Think trough that properly, and the answer is quite clear.
- Tusk replied to jilles dykstra on “Moral Hazard” vs Mutual AidJilles, how can it by moral or the right thing to do to enforce illegally or deceptivelly obtained debts? The amount of money owed to banks in 08 was largely obtained by cheating the system and lending to people who should not have received the money in the first place. I can't loan money to a c...
- peterAUS replied to jilles dykstra on “Moral Hazard” vs Mutual AidGood comment, IMHO. Especially the last paragraph.
- jilles dykstra commented on “Moral Hazard” vs Mutual AidEconomics is common sense made difficult, it is sometimes said. I'm quite old, retired economist, but looking back my idea is that there is very little common sense. 'Cancel debts', sounds great, I must admit. Anyone, with debt or not, loves to get money for free, this is what canceling debt...
- anonymous commented on “Moral Hazard” vs Mutual AidMr. Hudson, you may not have seen my questions (#6) under Mr. Siman's review of your book: Isn’t it at least arguable that bankruptcy laws have supplanted and serve objectives of Clean Slate amnesty? Is that adressed in the book? Thank you.
- Jubilee commented on “Moral Hazard” vs Mutual AidHow about the moral hazard of declaring some banks too big to fail? Capitalism for the poor, welfare for the rich! How about the moral hazard of letting some people create money out of thin air (fractional reserve banking)? The practice of which completely overturns the tradition justificati...