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J Is for Junk Economics: A Guide to Reality in an Age of Deception

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Michael Hudson
Michael Hudson

Michael Hudson is a renowned economist, born in 1939. He has conducted extensive research in the field of economics, particularly in finance, real estate, and debt. Professor Hudson has held teaching positions at several prestigious universities and has authored numerous publications on economic theory and policy. more

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“In fact, they are not taught in any university departments: the dynamics of debt, and how the pattern of bank lending inflates land prices, or national income accounting and the rising share absorbed by rent extraction in the Finance, Insurance and Real Estate (FIRE) sector. There was only one way to learn how to analyze these topics: to work for banks. Back in the 1960s there was barely a hint that these trends would become a great financial bubble.”

CapitalismSocialismDebt BondageRentier ClassMichael HudsonEconomic RentFinance Captialism
Book:Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy
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“Popular morality blames victims for going into debt – not only individuals, but also national governments. The trick in this ideological war is to convince debtors to imagine that general prosperity depends on paying bankers and making bondholders rich – a veritable Stockholm Syndrome in which debtors identify with their financial captors.”

Debt BondageRentier ClassFinance CapitalismMichael Hudson
Book:Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy
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“And yet it bewildered him that people truly believed capitalism to be about making things or providing services at a profit. He found it extraordinary how most people disliked speculators but thought of them as peripheral, as harmless bubbles on a steady stream of enterprise. They fail to recognize the very opposite is true, […] that enterprise long ago became a bubble on a whirlpool of speculation. That, in reality, workers, inventors and managers resemble driftwood buffeted hither and thither on a manic torrent of runaway finance.”

ProfitDebtSpeculationRentier ClassFinance CapitalismFinancial BubbleFictitious Money
Book:Another Now: Dispatches from an Alternative Present
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“A false alarm is sounded that government budget deficits will increase consumer prices — with no discussion of how private-sector credit deflates economies. The problem is that credit is debt — and paying debt service to bankers and bondholders (and various grades of loan sharks) leaves less income available to spend on goods and services. So debt deflation is today’s major problem, not inflation.”

Finance CapitalismDebt DeflationMmtModern Monetary TheoryPrice InflationPrivate DebtPublic SpendingRentier
Book:The Bubble and Beyond
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“In 1995 Bank of America issued a famous report on sprawl in California. The bank pronounced: 'Urban job centers have decentralized to the suburbs. New housing tracts have moved even deeper into agriculturally and environmentally sensitive areas. Private auto use continues to rise. This acceleration of sprawl has surfaced enormous social, environmental, and economic costs, which until now have been hidden, ignored, or quietly borne by society.”

SuburbsSprawl157
Book:Building Suburbia: Green Fields and Urban Growth, 1820-2000
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