Economic Gibberish, 66 Paragraphs Worth, by Michael Hudson
They call it the dismal science for a reason.
Tonight I tried to wade through an essay entitled:
Michael Hudson: The End of Western Civilization – Why It Lacks Resilience, and What Will Take Its Place
Getting through the 66 paragraphs consumed about an hour of my time. It is certainly not written for a 9th grade level, so it takes a lot of deciphering, wordsmithing, and a dictionary to get through it.
This is the kind of highbrow nonsense that appeals to a certain segment of the educated elite in this country and when you finish it and read through the comments- you get a feel for them. Somehow, I can see these people holding wineglasses in a study somewhere discussing the 100 IQs of the working class and below, smugly confident that the future of the world will rely on members of their caste.
It is essentially a 66 paragraph opinion based on a few different philosophies, schools of thought, history, politics, and some economic theory. But mostly history. Hudson is sort of the Charles Darwin of economics as he boldly states his evolutionary theory of how the world will look in the decades to come.
Why do I bring it up here?
I couldn't help but think of an old phrase about teachers and professors. Those who do the work do it, those who cannot- become teachers. Teachers with an excellent resume like Hudson who are desperately trying to parlay a resume into book sales.
One of the things I try to do when reading opinions, is I try to find truth and utility. Truth is kind of a moving target but utility- that's the question. What purpose does reading this serve? Can I effect an outcome? Can I benefit from reading this? Can I stand in a study somewhere holding a glass of wine while sounding intelligent and plotting a course for world harmony?
It's all bullshit. The only difference between these fools and the drywall crew, is that the drywall crew is infinitely more interesting. They might even talk about women or motorcycles. They might even mention a work tip to help you repair a wall. That is utility.
A lot of times, I'll read an opinion and you can just see the truth. It drips. You don't have to wade through the historical record or some writer's credentials. You know what you are reading is accurate. It makes sense because you have a shared experience with the writer.
Not this.
Let me give you the Cliff Notes version. The aristocracy, or rentier class, or oligarchy owns just about everything of value in western civilization. They are also using their money and influence to impact politicians and politics (taxes) that will benefit them. Ultimately the oligarchy in our country will fail just as Rome failed unless we adopt strategies similar to China's government controlled socialist system. In that economic model the government controls the flow of credit, the infrastructure, health care, transportation and communication as essential human rights. That way the greedy oligarchs can't spend us into oblivion. (Our new benevolent, socialist modeled, government will save us.)
Unbelievable.
For 15 years, right here on FG, I've been writing about this shit. It isn't rocket science. The best players at the table always get the chips. Wipe the slate clean, restart the game, and the best players will get the chips again.
We have all of the tools we need to fix the system. What we lack is political courage. We lack political will. We fail to enforce the rule of law. We have let the FED destroy our country just as surely as the founding fathers predicted that a central bank would enslave us all. We have done precisely what they warned us not to do. Since at least 1913, the FED has been lending us into oblivion- without any visible restraint.
What we need is courage. That is all we've ever needed.
However, if you think a giant socialist government is the answer, here's a link to Hudson's thoughts. Grab your wineglass.
Comments
For my money, when he writes, "But running the population, industry and even governments into debt to an oligarchic elite is precisely what has occurred in the West..." As if government is not the one at fault! Am I in the same universe as this guy? Because Jeff Bezos is worth a couple 100 billion, he's the one that put this country in the tank? That's a fucking rounding error in this government's budget.
Bezos gives value for what he charges. I may not like his politics but his business model for Amazon(he has other businesses & services that I can't speak to like AWS) is excellent. And vicious. I've read the stories about how he copies products and steamrolls authors. I've had my work bastardized, cheapened. It's a bitch but it's made me a better artist by forcing me to be so GD original that the effort to dup my work is self defeating.
But back to this asshole. I'm sorry, but all that needless history, which he says turned on avarice might be true, might not but the fact is this country ran for 100s of years with a pretty small national debt. And ran well despite the Fed. It wasn't until we went off gold and starting conjuring money out of thin air did the stage get set for the shitshow we're in now.
It sure wasn't Jeff Bezos calling down to the Treasury for another round of QE. The government is a criminal cartel, they're in for a piece on every business & paycheck in the country WITH NO DOWNSIDE. And if you don't pay...lovely business you got there, be a shame...They make more on gas, doing nothing, than the small businessman pumping the gas, driving the tanker or roughnecking it.
The dramatic increase in the money supply without the economic growth to back it is leading to a collapse. There is no way the Fed can raise interest enough to stop this inflation. There will have to be a default. Along the way the dollar as reserve currency will be history. It's going to be a real nightmare.
His solution? Here he says, "China has been advancing whole-process people’s democracy, promoting legal safeguard for human rights, and upholding social equity and justice. The Chinese people now enjoy fuller and more extensive and comprehensive democratic rights." What in the fuckitty fuck fuck?? They're experiencing runs on their banks all over the country as it's debt ridden economy is collapsing. Plus "democratic rights"??? Buddy, they scoop eyeballs and kidneys out of living human beings.
This horse shit is what passes for critical thinking. I hate to come across as a simpleton but no one I know could run their business or household year after year, on a deficit. It's not reality.
It’s scary the bullshit that schools try to foist on us now.
Our kids have zero logic or critical thinking skills these days, and their role models are all entertainers or Hollywood. And all the education they get in school is liberalized woke bullshit.
It’s no wonder our country is in the shape that it is now.
I rarely post here Brian, but I love your blog. Been following since the old days with the black background and the pic of old Frankenstein’s monster on the front page.
We'll have to see what transpires.
I get so tired of reading nonsense on bullshit sites like naked capitalism. I read Kuntsler's blog "Clusterfuck Nation" and I like it. I think like us he sees this BS clearly. I've emailed him a few times- he responds quickly.
The greatest con job ever foisted on this country and currently ruining it, is this POS central bank and the clowns running it. Worse yet are the people who think it is some necessary piece of monetary equipment without which- we would all perish from the earth.
Last week, on alternative media sites, China and Russia are fully cooperating and have announced a bid to eliminate the USD as the reserve currency. They are going to clobber it. It is HUGE news- not even carried anywhere on MSM. Readers here know how Nixon conned the Saudis into the US petro dollar and the next bombshell will drop when the Saudis agree to abandon the pricing of oil in dollars for a safer currency.
Thanks for swinging by Bad Moon Rising.I appreciate your kind words and kindred spirit.. I remember that old blog styling- I think I had it right back then but changed it. Perhaps I should try to find that old pic.
Brian