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America and the Islamic Bomb: The Deadly Compromise

America and the Islamic Bomb: The Deadly Compromise

By David Armstrong and Joseph J. Trento
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Tag: Michael Hudson


The Insider’s Economic Dictionary: S Is for Saint-Simon

Sex: The topic that has proved strong enough to displace religious and academic discussion about property and wealth as the driving force in human affairs and evolution.

Posted on Aug 9, 2014 READ MORE


Voters Reject Traditional Left Parties in EU Parliament Elections

“The U.S. press and newscasts make it appear that Europeans have voted against poor immigrants and foreigners,” economist Michael Hudson adds to an interview he had done with The Real News Network. “What they voted against [was] the super-rich, the oligarchy.”

Posted on Jun 1, 2014 READ MORE



The Insider’s Economic Dictionary: R Is for Rentier

Race to the bottom: A term for dog-eat-dog competition by which countries compete by cutting wage levels so as to produce in the cheapest market, not by raising wages and labor productivity.

Posted on Apr 14, 2014 READ MORE



The Insider’s Economic Dictionary: P Is for Ponzi

Parasitism: In biology, parasites develop a strategy of gaining control of the host’s brain in order to obtain nourishment by masquerading as its natural progeny or as a part of its body. For economies, the brain in question is the government.

Posted on Apr 13, 2014 READ MORE



Ukrainian Hangovers

The Crimean population’s only protection from U.S.-sponsored regional and ethnic political division comes from Russia. That is the gift Obama has given Putin, making him a defender of Ukraine rather than the aggressor.

Posted on Mar 17, 2014 READ MORE



Ukraine: ‘Go West, Young Man’

When other countries seek to defend a multi-ethnic secular state, the U.S. foreign office has backed the fundamentalists for nearly the past half-century in all cases. This should be the subtext for reporting on the Ukrainian uprising that seems to have been carefully timed to coincide with Sochi.

Posted on Mar 2, 2014 READ MORE



Russia’s Economic Development to Offset Terrorist Fervor?

Nothing would go further toward rebuilding prosperity in Russia than a national program to transform the country’s infrastructure. Sochi has shown the way forward, and that is the real story the Western media have sidestepped.

Posted on Feb 27, 2014 READ MORE


Monopoly’s Poster Children

Economist Michael Hudson talks about how the economic crisis, austerity, U.S. economic policy and decisions made by local political parties shaped Ireland’s economy.

Posted on Feb 17, 2014 READ MORE



N Is for Neo-Serfdom, O for Offshore Banking

Neoliberalism: The philosophy that public ownership and regulation is inherently less efficient than management by financial operators.

Posted on Jan 25, 2014 READ MORE



M for Marginalism

Money: All money is credit in one way or another. But today it is government-backed or government-created credit, as its defining characteristic is the government’s willingness to accept it in payment of taxes or other public fees.

Posted on Jan 24, 2014 READ MORE


Debt Is a Weapon for Taking Your Things Away

The treasured University of Missouri, Kansas City economics professor Michael Hudson explains to RT how debt is used “as a means of foreclosing on property and transferring” it “from the debtor to the creditor.”

Posted on Jan 20, 2014 READ MORE



The Insider’s Economic Dictionary: L Is for Land

Labor capitalism: A term popularized by Margaret Thatcher to describe an economy in which workers became shareholders but not managers. Labor’s role is that of the exploited party, not the beneficiary. “Labor” is to “labor capitalism” as “lamb” is to “lamb-chop.”

Posted on Jan 19, 2014 READ MORE



heyrocc (CC BY-ND 2.0)

J Is for Jubilee, K for Kleptocrats

Jubilee Year: In Judaic Law (Leviticus 25), a Clean Slate to be proclaimed every 50 years annulling personal and agrarian debts, liberating bond-servants to rejoin their families, and returning lands that had been alienated under economic duress.

Posted on Dec 28, 2013 READ MORE


American Oligarchs Will Never Cancel the Debts Owed to Them

University of Missouri economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid.

Posted on Nov 30, 2013 READ MORE



Pink Sherbert Photography (CC BY 2.0)

The Insider’s Economic Dictionary: I Is for Ideology

Ideology: A set of assumptions so appealing that one looks at their abstract logic rather than how the world actually works. (See Insanity.)

Posted on Nov 29, 2013 READ MORE



Arenamontanus (CC BY 2.0)

The Insider’s Economic Dictionary: H Is for Half-Life

Hubris: A Greek term meaning overgrowth or proliferation, an addiction to power involving abusive behavior toward others, above all by victimizing people economically, typically as creditors.

Posted on Nov 24, 2013 READ MORE



DaraKeroF (CC BY 2.0)

The Insider’s Economic Dictionary: G Is for Groundrent

Government: This social control function historically has been provided by public institutions. The modern and indeed, ancient role of government is to promote security, equality under the law, economic stability and fairness, and to provide legal redress against injurious acts so as to prevent economic polarization from downgrading the status of citizens.

Posted on Nov 17, 2013 READ MORE



chelsea.parker.photo (CC BY-ND 2.0)

The Insider’s Economic Dictionary: F Is for FIRE Sector

Free markets: Markets dominated by the financial and propertied classes whose objective is to secure all discretionary income for themselves, ultimately by asset stripping, leaving the economy without freedom of choice except to pay the rentier class.

Posted on Sep 23, 2013 READ MORE



josh.ev9 (CC BY-SA 2.0)

The Insider’s Economic Dictionary: E Is for Earned Income

Economist: Originally a member of the Physiocratic School (L’Économistes) who sought to replace France’s proliferation of excise and income taxes with a land tax. For modern economists’ general methodology, see Junk Science.

Posted on Sep 20, 2013 READ MORE



*Sally M* (CC BY-SA 2.0)

The Insider’s Economic Dictionary: D Is for Debt

Dependency: the loss of choice. Establishing a world system based on foreign dependency is the aim of the Washington Consensus.

Posted on Sep 15, 2013 READ MORE



Horia Varlan (CC BY 2.0)

The Insider’s Economic Dictionary: C Is for Camouflage

Capitalism: The term used to describe the social system based on promoting the accumulation of capital. Long used mainly as an economic invective, the term only recently has become more glorified by neoliberals, referring mainly to finance capitalism.

Posted on Aug 11, 2013 READ MORE



CarbonNYC (CC BY 2.0)

The Insider’s Economic Dictionary: B Is for Bailout

Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!

Posted on Aug 10, 2013 READ MORE



jDevaun (CC BY-ND 2.0)

The Insider’s Economic Dictionary: Part A

Unlike psychological terminology—which consists mainly of terms of invective (try to think of a desirable personality complex)—today’s economic vocabulary is euphemistic. One rarely hears the terms “rentier” or “usury” that played so central a role in the debates of past centuries.

Posted on Aug 9, 2013 READ MORE



Joe Crimmings Photography (CC BY-ND 2.0)

Obama’s Master Class in Demagogy 101

The aim of the president’s Knox College speech on Wednesday was to wrap the economic program he has been working out with Wall Street investment bankers in democratic rhetoric. It was an exercise in political stealth.

Posted on Jul 27, 2013 READ MORE


Michael Hudson on Obama, Social Security and Mean Mrs. Thatcher

This week on Truthdig Radio in association with KPFK: Economist Michael Hudson attacks Obama’s proposed cuts. Also on the program: the fight to keep Monsanto from polluting Hawaii’s natural wonders, a college degree ain’t what it used to be, and a new movie documents the legal showdown over medical marijuana.

Posted on Apr 14, 2013 READ MORE



Photo illustration from an image by Colin Grey (CC-BY)

Michael Hudson on Obama, Social Security and Mean Mrs. Thatcher

This week on Truthdig Radio in association with KPFK: Economist Michael Hudson attacks Obama’s proposed cuts. Also on the program: the fight to keep Monsanto from polluting Hawaii’s natural wonders, a college degree ain’t what it used to be, and a new movie documents the legal showdown over medical marijuana.

Posted on Apr 14, 2013 READ MORE


Eat Your Cat Food, Mrs. Robinson

The new cost-of-living index proposed in Obama’s latest budget is really a means to push lower living standards on people who need Social Security, University of Missouri economist Michael Hudson says.

Posted on Apr 12, 2013 READ MORE



R_SH (CC BY 2.0)

Michael Hudson Remembers What Margaret Thatcher Did

The deceased prime minister’s 11-year rule over the U.K. “was historic mainly by posing the conundrum that has shaped neoliberal politics since 1980: How can governments nurture and endow financial kleptocrats” with the consent of the people?

Posted on Apr 9, 2013 READ MORE



striatic (CC BY 2.0)

Truth Telling Is Offensive

Paul Craig Roberts was an assistant secretary of the Treasury under Ronald Reagan. Like many Americans, he has been wounded by the government he helped create, and he’s tired of being called offensive and depressing for talking about it.

Posted on Apr 6, 2013 READ MORE


Banking: From Public to Private and Back Again

Once upon a time American banks supported the economy by financing the growth and development of industry. For the last many decades they’ve had the opposite effect by plowing money into existing assets and loading the economy down with debt. The consequences have been disastrous, economist Michael Hudson told The Real News Network this week.

Posted on Mar 30, 2013 READ MORE



kevin dooley (CC BY 2.0)

The Secret of Modern Monetary Theory

Leaving the gold standard in 1971 meant the U.S. was free to manage its money supply to prevent deflation and “truly damaging levels of inflation.” But mainstream economists, led by the free-market Chicago School, have ignored this fact, leaving the public’s fate to the caprices of markets for decades.

Posted on Mar 20, 2013 READ MORE



kenteegardin (CC BY-SA 2.0)

Debt Is the Problem

It’s not the kind created by government spending on social programs, however, economist Michael Hudson says.

Posted on Mar 15, 2013 READ MORE



ISLET

Productivity, Compound Interest and Poverty

“Today’s economy is based on theft under the euphemism of ‘free enterprise,’ ” writes Michael Hudson in the first chapter of his new book “Finance Capitalism and its Discontents.” “It’s sometimes called ‘socialism for the rich’ because they receive most government subsidy. But it’s not the kind of socialism that people talked about a hundred years ago. It is a travesty of social democracy and socialism. In a word, it’s oligarchy.”

Posted on Feb 9, 2013 READ MORE



DonkeyHotey (CC BY 2.0)

The Trillion Dollar Coin: Joke or Game-Changer?

The trillion dollar coin represents one of the most important principles of popular prosperity ever conceived: the creation of money by sovereign governments, debt-free.

Posted on Jan 18, 2013 READ MORE


‘It Doesn’t Have to Be This Way’

“How do you expect this to play out over the next few years?” host Thom Hartmann asked economist Michael Hudson on “The Big Picture” this week. “That’s what everybody’s wondering,” Hudson replied. “The economy is going to shrink and shrink and shrink, and the question is whether people are going to go out in the streets ... or whether there’s going to be an actual response saying it doesn’t have to be this way.”

Posted on Jan 12, 2013 READ MORE



walknboston (CC BY 2.0)

How the Rentier Class Cannibalizes the Economy

Rather than mobilizing savings to fund new industries, the banking system that comprises the financial, insurance and real estate sectors merely loads the economy down with debt.

Posted on Jan 11, 2013 READ MORE



Photo illustration from an image by Colin Grey (CC-BY)

The 113th Congress Can’t Be Worse Than the 112th Congress

This week on Truthdig Radio in association with KPFK: The fiscal cliff is delayed, the 113th Congress is sworn in, the NDAA is signed, the Violence Against Women Act is killed and the LA Times is reborn.

Posted on Jan 4, 2013 READ MORE


Negotiating With ‘Madmen’

This week on Truthdig Radio in association with KPFK: The fiscal cliff is delayed, the 113th Congress is sworn in, the NDAA is signed, the Violence Against Women Act is killed and the L.A. Times is reborn.

Posted on Jan 4, 2013 READ MORE



Infrogmation (CC BY 2.0)

How Banks Capture the Economy

The second installment of Michael Hudson’s status report on the U.S. economy identifies debt as the financial sector’s key weapon in the push to extract wealth from governments, companies and families.

Posted on Jan 2, 2013 READ MORE



j3net (CC BY-SA 2.0)

The Fiscal Cliff: An Opportunity for a ‘Deceptive Economic Theory’

Economists predicted the fighting would last six months when World War I broke out in 1914. Wars were too expensive to be sustained, and the approaching fiscal cliffs would soon enough force the nations involved to negotiate a peace treaty. But they didn’t, because those governments simply printed more money, Michael Hudson writes in the first of a series at CounterPunch.

Posted on Jan 1, 2013 READ MORE


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