281 - Michael Hudson: How Debt Destroys Empires

Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, the history of economics, and the role of debt in shaping class stratification, among many other topics. This is Michael’s Seventh appearance on the show. On past episodes, including with Richard Wolff, he and Robinson have neoliberalism, industrial capitalism, the rentier economy, Marxism, and the role of economics in political history. In this episode, Michael and Robinson talk about debt and the destruction of empires. Michael’s most recent book is Temples of Enterprise (ISLET, 2024). 

Michael’s Website: https://michael-hudson.com

Temples of Enterprise: https://a.co/d/a3c53dm

OUTLINE

00:00 Keeping Governments Under Control

07:01 Understanding the Church

17:27 Why Debts Grow Too Fast to Be Paid

22:57 Understanding the BRICS

26:50 How Can Countries Get Rich?

32:47 Where Is the United States’ Debt Dragging Us?

46:26 Why Michael Hudson Is Not a Mainstream Economist

48:59 The Historical Approach to Economics

01:06:01 Controlling Governments Through Tax Policy

01:23:55 How Michael Researches

01:33:31 The Myth of Economic Rent

01:38:47 The United States’ Hereditary Oligarchy

01:41:04 Why the United States Can’t Go Bankrupt

01:44:42 Closing Thoughts

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University, where he is also a JD candidate in the Law School.