iTulip Interview: Dr. Michael Hudson - Parts I & II of IV (Free)
Eric Janszen interviews Dr. Michael Hudson on the FIRE economy, the dollar, asset inflation and deflation, and the economic growth ratchet.
Michael Hudson is a Wall Street financial analyst and Distinguished Research Professor of Economics at the University of Missouri (Kansas City). He has written or edited over ten books on international finance, economic history and the history of economic thought, and has been an economic adviser to the U.S., Canadian, Mexican and other governments and United Nations agencies, as well as to international corporations and money managers. He is president of the Institute for the Study of Long-term Economic Trends (ISLET). His books have been translated into Japanese, Spanish and Russian.
As an advisor to the White House, State Dept. and Defense Department at the Hudson Institute, and subsequently to the United Nations Institute for Training and Research (UNITAR), he became one of the best known specialists in international finance.
Dr. Hudson is former balance-of-payments economist for the Chase Manhattan Bank and Arthur Anderson. In 1989 he organized the world’s first third world debt fund for Scudder Stevens & Clark (an offshore fund). He continues to conduct statistical research for financial and non-profit institutions, most recently for the Robert Schalkenbach Foundation and the Levy Economics Institute.
Michael Hudson is president of the Institute for the Study of Long-term Economic Trends (ISLET) in New York and London. Among his books on the politics of international finance are Super Imperialism - New Edition: The Origin and Fundamentals of U.S. World Dominance, and Global Fracture: The New International Economic Order. He formerly taught international economics at the New School for Social Research, Graduate Faculty (1969-72), and has traced the development of international trade and financial theory in Trade, Development and Foreign Debt (Pluto Press, 1993. He is editor of the ISLET assyriological colloquia on Debt and Economic Renewal in the Ancient Near East (CDL Press, 2002), Urbanization and Land Use in the Ancient Near East ((Harvard: Peabody Museum, 1999), and Privatization in the Ancient Near East and Classical Antiquity (Harvard 1996).
In 1984 Dr. Hudson joined Harvard’s Peabody Museum to design a program in the financial origins of civilization. He has edited three colloquia in this program: Privatization in the Ancient Near East and Classical Antiquity (1996), Urbanization and Land Ownership in the Ancient Near East (1999) and Debt and Economic Renewal in the Ancient Near East (2002). A fourth volume on the Origins of Money and Account-Keeping in the Ancient Near East is in preparation.
- The Finance, Insurance, and Real Estate (FIRE) envelopes the Industrial Economy and operates independently
- There will be a "break in the chain of payments"
- Hyper-inflation is a form of debt deflation
- A break in the chain of payment can lead to commodity price deflation
- Insiders get their money out before the event, in the case of the Soviet Union by means of money laundering
- Others are able to buy bonds denominated in a foreign currency