Prof. Michael Hudson is a veteran of Wall Street and Distinguished Research Professor of Economics at the University of Missouri at Kansas City. His latest book is “…and forgive them their debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year.”
It would be wrong to think of this as a “bank run” – much less as a panic. The depositors were not irrational or falling subject to “the madness of crowds” in withdrawing their money. The banks simply were too selfish…
April 5, 2023
Behind today’s ‘free market’ advocacy is the power of financial wealth to appropriate the political, fiscal and central planning role that Polanyi, Marx and other socialists hoped to see expanded in the hands of democratic government.
October 22, 2020
Today, the wealthy depict inequality in glowing colors as a byproduct of economies pulling ahead, “creating wealth” by innovations that add to prosperity. This view is unprecedented in history. From antiquity to quite recently, personal accumulation of large amounts of wealth was frowned upon, because it usually was achieved at the expense of others.
November 26, 2018