This clip was recorded a year ago, but the comments remain pertinent today. One comment I disagree with is Hudson’s idea that only a democrat could have got Ben Bernanke re-apppointed as Fed Chair. After all, it was Bush and company who appointed ‘the Bernank’ in the first place. As I wrote in my book Juggling Dynamite, “spendthrift governments must maintain excellent relations with their bankers”. Lack of fiscal discipline on all sides of the political spectrum has created our current malaise.
“The New Junk Economics: From Democracy to Neoliberal Oligarchy” with financial economist and historian, Dr. Michael Hudson. We discuss the Federal Reserve; money as debt; Fed Chairman Ben Bernanke’s misconception of the causes of the great depression of the 1930′s; classical political economy versus anti-classical, so-called “neoclassical”, economics; the labor theory of value; the dollar carry trade; government deficit spending; Greece.” Listen to the 50 minute audio clip here.