Michael Hudson

Are Students an Economic Class?

Students usually don’t think of themselves as a class. They seem “pre-class,” because they have not yet entered the labor force. They can only hope to become part of the middle class after they graduate. And that means becoming a wage earner – what impolitely is called the working class.

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Developer Welfare: Trump’s Infrastructure Plan

While protestors and police were clashing on the inaugural parade route in Washington, D.C., the newly sworn-in president of the United States was lunching with the establishment in Washington—some of the very people he called out in his inaugural address.

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My Education as an Economist: How I Learned to Reject the Market Dogma That Dominates the Profession

I did not set out to be an economist. In college at the University of Chicago I never took a course in economics or went anywhere near its business school. My interest lay in music and the history of culture. When I left for New York City in 1961, it was to work in publishing along these lines. I had worked served as an assistant to Jerry Kaplan at the Free Press in Chicago, and thought of setting out on my own when the Hungarian literary critic George Lukacs assigned me the English-language rights to his writings. Then, in 1962 when Leon Trotsky’s widow, Natalia Sedova died, Max Shachtman, executor of her estate, assigned me the rights to Trotsky’s writings and archive. But I was unable to interest any house in backing their publication. My future turned out not to lie in publishing other peoples’ work.

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How the IMF Has Helped to Crush Greece

This autumn may see anti-austerity coalitions gain power in Portugal, Spain and Italy, while Marine le Pen’s National Front in France presses for outright withdrawal from the eurozone. These countries face a common problem: how to resist the economic devastation that the European Central Bank (ECB), European Council and International Monetary Fund (IMF) “troika” has inflicted on Greece and is now intending to do the same to southern Europe.

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Greece Called the Bluff of Europe's Biggest Bankers - A Big No to Austerity

Just after 7 PM Greek time on Sunday, I was told that the “No” vote (Gk. Oxi) was winning approximately 60/40. The “opinion polls” showing a dead heat evidently were wrong. Bookies across Europe are reported to be losing their shirts for betting that the financial right wing could fool most Greeks into voting against their self-interest. The margin of victory shows that Greek voters were immune to the mainstream media’s misrepresentation during the week-long run-up as to whether to accept the troika’s demand for austerity to be conducted on anti-labor lines. (James Galbraith summarizes the misrepresentation in “9 Myths About the Greek Crisis,” Politico.)

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The Greek Debt Crisis and Crashing Markets

Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was 3% of GDP, and which the troika had helpfully urged to be cut back in order to balance the government’s budget.)

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If You Think Ukraine's Border War with Russia Is Bad, Check Out Its Fight with International Lenders

The fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: that of international finance. Kiev is broke, having depleted its foreign reserves on waging war that has destroyed its industrial export and coal mining capacity in the Donbass (especially vis-à-vis Russia, which normally has bought 38 percent of Ukraine’s exports). Deeply in debt (with €3 billion falling due on December 20 to Russia), Ukraine faces insolvency if the IMF and Europe do not release new loans next month to pay for new imports as well as Russian and foreign bondholders.

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How Wall Street and Its Democratic Allies Are Waging War Against Pension Funds

On the Senate’s last day in session in December, it approved the government’s $1.1 trillion budget for coming fiscal year.

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Western Media Trashed Russia at Every Opportunity During the Olympics, Distracting from a Big Success Story

The Sochi Olympics were the great success Russia hoped for. The opening ceremonies proved a radiant display drawing on Russia’s most compelling cultural assets.  This artful look back to Russia’s past greatness proved both a reminder and challenge to its own people to reprise their historical greatness going forward. Meanwhile, its closing ceremonies reprised these themes, reminding the viewer of Russia’s continued vibrancy in the arts.

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Inside the Fight to Prevent Billions in International Money Laundering and Tax Shelters

In June 2000, international groups rolled out blacklists targeting offshore refuges that shelter tax dodging and money laundering. Some observers predicted “the death of tax havens.” 

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