Michael Hudson [intro/music] (00:02):
The money that you pay for debt service to a bank isnât spent back into the economy. The bank bond holders are basically the 1% of the economy. Theyâre rich enough that theyâre not going to take all this extra money they get to buy more goods and services. Theyâll buy shitty trophy art, Andy Warhol junk.
Who is the dumbest economic Nobel Prize winner? [Paul Krugman?] Paul Krugman. Thatâs right. He was given a Nobel Prize for not understanding what money was. If he would have understood it, that wouldâve excluded him from getting the Nobel Prize.
Geoff Ginter [intro/music] (01:26):
Now, letâs see if we can avoid the apocalypse altogether. Hereâs another episode of Macro and Cheese with your host, Steve Grumbine.
Steve Grumbine (01:34):
All right. And this is Steve with Macro N Cheese. Today, we are bringing on none other than Michael Hudson. Michael Hudson is the president of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street financial analyst and distinguished research professor of economics at the University of Missouri-Kansas City, UMKC, and author of âJ is for Junk Economics,â âKilling the Host,â âThe Bubble and Beyond,â âSuper Imperialism: The Economic Strategy of American Empire,â âTrade, Development and Foreign Debt,â and of âThe Myth of Aid,â amongst many others. And without further ado, let me just say thank you so much for taking the time to be with us today, Michael.
Michael Hudson (02:18):
Itâs good to be here. And I look forward to it.
Weâre in some very troubling times and one of the things that has jumped out at us, youâve been a longterm proponent of having a debt jubilee, and as weâre watching the crushing economic conditions that are being brought around based on the pandemic and lots and lots and lots of malfeasance that has gone on forever, it seems like a debt jubilee might be the most important thing for regular people that we could even think of at this point. Can you tell us a little bit about what a debt jubilee is and your research behind that?