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Monday, July 18, 2022

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.)


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.