Monday, December 28, 2020

Polarization, Then a Crash: Michael Hudson on the Rentier Economy

 This Michael Hudson interview is excellent! 

The covid conspiracists blame the Lockdowns for harming the economy, but Michael Hudson says it's the financial sector that is stopping us from coping with the pandemic effectively because it is syphoning off too much money. 

Even before the pandemic, people were made to think that it was their fault that they are not doing well financially, because they have been made to feel that if they were more clever and worked harder, then they would do well too. But Michael Hudson says that societies naturally fall into there being just a few winners with everyone else losing, unless monopoly capitalism and finance are better regulated. 

Neoliberalism has made a few very rich, but China is doing the opposite of  the West's austerity by spending lots of money on infrastructure and then subsidising it, which makes their businesses very competitive in the world. 

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