@Der Gorghast In a "managed the Rockefellers" way.

@Der Gorghast So you're not able to look up basic information? Michael Hudson wrote a book called "Super-Imperialism" and because it so well explained capitalism then Hudson was hired as the chief economist - the accountant for the Rockefellers. en.wikipedia.org/wiki/Michael_Hudson_(economist) worked as a balance of payment economist in Chase Manhattan Bank (1964-1968). In 1964, Hudson, who had just received his master's degree in economics, joined Chase Manhattan Bank's research economics department as a balance-of-payments specialist. His task was to establish the payment capacity of Argentina, Brazil and Chile. Based on data on their export earnings and other international payments, Hudson had to find out what kind of income the bank could get from the debt payments that these countries had accumulated. He recalled as such: "I soon found that the Latin American countries I analyzed were fully "loaned up." There were no more hard-currency inflows available to extract as interest on new loans or bond issues. In fact, there was capital flight". Among other important tasks that Hudson performed in Chase Manhattan were an analysis of the balance of payments of the American oil industry and the tracking of dirty money that settled in the banks of Switzerland. According to Hudson, this work has given him invaluable experience in understanding how banks and the financial sector work as well as understanding how banking accounting and real life correlate. It was during the study of oil companies' flows (the study was funded by Chase Manhattan and Socony Oil Company) that Hudson met with Alan Greenspan (future Chairman of the Federal Reserve Board of Governors) who acted as an observer for Socony Oil. Hudson recalled that Greenspan had already successfully lobbied the interests of his clients in those years and in the framework of the research tried to provide rough estimates of the American market based on global trends: "Mr. Rockefeller, Chase President, told me to inform Mr. Greenspan that unless he could provide specifically US figures, and/or be forthright about his assumptions, we would have to leave his contribution out of the study".[citation ne

me too

@@voidisyinyangvoidisyinyang885 So what you’re saying is he has a first hand knowledge of the financial system from the inside, how evil and corrupt it is and believes it’s the root of almost all of our social economic problems to date. You could have just said that.

@@PikachooUpYou If u can repeat what @Der Gorghast had stated first to which I then replied then I can properly reply to you also. thanks

Yes so refreshing when someone is honest and cares about the majority. Didn't realise Obama is the worst president of the century!

No bail in or bail out Y User. Eat the political pigs

Animal Farm

@@AlienLivesMatter , Who is advocating bail outs?

Interesting history lesson...but he's a BIG GOVERNMENT MARXIST. Perhaps he doesn't know his history that well! LOL

@@countchivas Whatever his persuasion, he gives a good explanation of the status quo.

Well said! Spot on.

STEVE KEEN has been saying the same critiques of neo-liberalism for a decade. UNTIL neo-liberalism DIES ( by way of a world wide collapse ) WE in OZ will soon see the extreme poverty Mr Hudson has described.. THIS OZ government Worships Wall Street and its bankers ( ps USA capital investment in OZ is now $1 Trillion, with UK @ $500 billion) and thus we in OZ are the new 'serfs' to labour for USA and OZ bankers

@@tomtesoro7994 You may enjoy this with Steve Keen and Michael Hudson - www.rt.com/shows/front-running/476294-billionaire-tax-usa-finances/

@@peoplearepower2622 Thanks PAP. Great interview! Go Bernie!

Three economists worth listening to: Michael Hudson, Richard Werner & Steve Keen.

@@Jw196O U should check out this guy named Donlad Trump as well! LOL

He forgets to mention how awful his alternatives are?

@TheHomoludens 🤣🤣nice one👍

@TheHomoludens 🤣🤣socialism is cancer!

@Steve Benn if you say so. However on another note, socialism is cancer

@@kurt.wilkinsongardendesign you should check under your bed for reds.

Read some David Graeber books. They are/were(RIP) friends and worked together. “Bullshit Jobs” “Debt” etc. Amazing and excellent work.

@@PikachooUpYou I have been following and reading some of his work for years! David is an intellectual that is ahead of his time & honestly I think he managed to get on the wrong side of quite a few by speaking the truth!

GEB - Not government, Oligarchs. We lost our governments a long time ago.

Yeah L N, donors own our bought’n’paid4 politicians. The political system is designed to obfuscate the rights of regular taxpayers, while preferential treatment is given to wholesale tax evaders and political donors. Anger is a byproduct of frustration, violence is a choice... Let’s hope our predatory politicians don’t leave violence as the only viable option for change.

Jæ Š - Agree, But I don’t know who will carry out the violence, I see lots of calls for violence, but no ordinary person quite rightly wants anything to do with that, I certainly don’t want any blood she’d in my name. I have thought about damaging property as part of a protest, but it’s only a thought. This is a war of attrition, and right now the Oligarchs have all the power, all the money and all the weapons, I don’t know how we are going to get out of this. I think the lockdown came because we were causing them trouble, and they used the marshal law card( or next thing to marshal law). I could be wrong on all of this of course, but I don’t think so.

The companies are owned by the people in government duh?

This is cognitive dissonance. It applies to the vast majority of citizens. The government is not responsible to you the voter citizen they are, quite simply the agents/employees of those who print the money. You will not understand this fact until you educate yourself ,until you realize "the Emperor has no clothes".

Yes a clear voice at a time of uncertainty!

philip james are u delusional u don’t think China & Russia aren’t the next proxy! Come on champ they are 4 steps ahead of the situation ! China will be the new proxy and the beat goes on ! Oops minus a few pensioners who probably fought in wars orchestrated by these bastards !

Peter North no I’m not delusional and I’m not into your interpretation of what China and Russia are doing. I’ve heard all sorts of theories and yours is just a variation on some of them. Let’s agree to disagree and leave it at that.

Bonus Shaker so what every gambler wins at some point doesn't mean his right! What a stupid thing to say, your logic sucks.

Keen looks exhausted and bittered. All due respect to him, he is very smart and he was right eventually. But at what cost. Then we reset and do it all again 🎈

Not too many of us are keen on Steve Keen because he always fails on the PR and PC (political correctness) fronts. Perhaps that's why he is such a thorn...

@@tomsoleymanbik3266 What we mean is Keen has been denoncing for years the bad or currupt management of central banks and Govs. And this at the expense of the population at large. Lower wages, less secure jobs, high private debts levels just to feed and house families.

@Der Gorghast We are so well brainwashed that we have morphed into pussycat-like creatures that can only tolerate half truths carefully wrapped.

Yeah young family first home buyers that finally saved enough for a deposit and just wanted to get out of the rent cycle Fuk em

Credit finance is an indispensable part of industrial society as few sectors have the liquidity to make capital purchases: equipment for the trades, student loans, income generating real estate like farming, income generating vehicles, airplanes, mining equipment, etc.

@@Jj-gi2uv equipment for trades= wrenches=workers.

@TheCanMan Can Since 1990 Your posts are incoherent.

@TheCanMan Can Since 1990 Access to credit lending is indispensable in capitalism, exposing the weakest sectors to insurmountable debt. Individual consumers suffer asset shortage in capitalism and cannot purchase essentials such as food, housing, medical care, and education, in particular with declining real wages and extraction of their savings during recessionary cycles: The stagnant finances of American households are no surprise given the dismal performance of the U.S. economy since the middle of the last decade. Figure 1 shows the gross domestic product (GDP), the most commonly-used summary metric of U.S. economic health, from 1970 to 2011 in real (inflation-adjusted) dollars and nominal (non-inflation-adjusted) dollars. The flat real GDP growth and slow nominal growth since 2005 stands out from the trend of generally increasing GDP of the last 40 years. The 16.5% real growth between 2000 and 2010 is less than half the growth rate in each of the prior three decades. The decline in real and nominal GDP from 2007 to 2009 represented the first nominal decline in GDP in 60 years and the years and the largest real decline since the Bureau of Economic Analysis began keeping statistics in 1929. Wolff, Sarah D. “The State of Lending in America and Its Impact on U.S. Households.” Center for Responsible Lending, (June 16, 2015) ; www.responsiblelending.org/the-state-of-lending; C.F. Darrick Hamilton and William A. Darity, Jr., "The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" (Federal Research Research Series, Review, Vol. 99, Issue 1, 2017), pp. 1, 61-62, peer reviewing "State of Lending in America and its impact on U.S. Households," (When it comes to liquid assets-financial assets that can be readily converted into cash-Blacks and Latinos are nearly penniless. Based on the 2011 Survey of Income and Program Participation (SIPP), Black families have about $200 in median liquid assets, which is over 100 times less than White families with $23,000 in median liquid assets (Tippet et al., 2014). For Latino families, the median is only $340, while the Asian median estimate is $19,400. Moreover, if retirement savings are removed from our estimates of liquid assets, then the typical White or Asian family has only $3,000 in liquid assets. That is dramatically larger than the $100 and $25 respective “financial cushions” for Latino and Black families to deal with any expected or unexpected expenses or budgetary shortfalls. To put this in context, $25 would not be enough to feed a Black family of four for a single day). papers.ssrn.com/sol3/Delivery.cfm/fedlrv00073.pdf?abstractid=2918735&mirid=1 In a market whereby asymmetric business ventures, essential governmental services, and individuals do not have adequate assets, lending became essential to basic operations: Credit provision. Credit fuels economic activity by allowing businesses to invest beyond their cash on hand, households to purchase homes without saving the entire cost in advance, and governments to smooth out their spending by mitigating the cyclical pattern of tax revenues and to invest in infrastructure projects. Banks directly provide a substantial amount of credit in the U.S., but, unlike in almost any other economy, financial markets are the ultimate providers of most credit. Liquidity provision. Businesses and households need to have protection against unexpected needs for cash. Banks are the main direct providers of liquidity, both through offering demand deposits that can be withdrawn any time and by offering lines of credit. Further, banks and their affiliates are at the core of the financial markets, offering to buy and sell securities and related products at need, in large volumes, with relatively modest transaction costs. This latter role is particularly important in the U.S., given the dominance of markets, but is often under-appreciated. Risk management services. Finance allows businesses and households to pool their risks from exposures to financial market and commodity price risks. Much of this is provided by banks through derivatives transactions. These have gotten a bad name due to excesses in the run-up to the financial crisis but the core derivatives activities provide valuable risk management services. Baily, Martin Neil, Elliott, Douglas J., "The Role of Finance in the Economy: Implications for Structural Reform of the Financial Sector" (The Brookings Institution, July 11, 2013), pp. 1-2. www.brookings.edu%2Fwp-content%2Fuploads%2F2016%2F06%2F11-finance-role-in-economy-baily-elliott.pdf&usg=AOvVaw1Kmu-gE5LdCposL80zxG_P C.F. The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap" at pp. 1 "meager economic circumstance-not poor decisionmaking or deficient knowledge-constrains choice itself and leaves borrowers with little to no other option but to use predatory and abusive alternative financial services."

I hate to inform you, but your Chinese Government is in debt too to the elite, www.economist.com/content/global_debt_clock. they have a economy too.

Yes but only in China, not the world and they are in debt to the world elites.

Your right, but trust me the elites are behind this crisis. remember 1 years loss to them is like losing $1.00

@Ki Wise. This is just a trial run for the elites to test the sheeple out to how far they can get away with. This virus is a bio weapon, different strains in different areas. I'm sure they have been vaccinated against it already. and I'm not talking about the billionaire's here I'm talking about the gilzilionaire who's money is 3 pages higher on the chart of the rich list.

@kl wies All recessions are the cleaning of the market of competitors. Ashenfelter and Penvacel (1980). Effective 2016, the markets were already inflated, i.e. Greenspan's over exuberance. 1.5 mil from TB, 650,000 from Influenza the common cold, etc, die annually. This light Corona illness was.fortuitous for monopoly capital to clear the market. Now, monopoly capital will in by the 1/4th quarter acquire all of the merchandise and market share of the broken businesses. "Mayhem" is an image of the end of the capitalist state wrought by the media to deify the State. Be assured that the corporate advertisers will direct the news media tooth paste vendors to report the light at the end of the tunnel and their State tools to report "mission accomplished" bringing a sudden end to the production cessation. No, the workers of the world will not unite, as a build up of organizing growing class conscious peasants did not occur in any nation post 1965 to be a catalyst for revolution. See Fitzgerald, Francis, "Fire in the Lake," see also Gilbert, Dennis, "Sandinistas."

Thanks - yes I hope to have Michael on again sometime...

You bet!

Oh Jack i Finally Find you, you got message from....

@@yosbudi5708 ？？

Our pleasure!

anyone with a Money Market Mutual Fund just got bailed out by the FED debt - Wall St. Welfare exposed once again! The Rich are parasites killing the Host.

Voidisyinyang Voidisyinyang - Agree!

Walk The World - Great discussion - Thank you 🙏🏻✌️✊🏼👍🏼

Very good interview. One thing you could bring up more in general is that all of our fundamental beliefs will have a great affect on society over time. Your guest also brought up that neo--liberal / libertarian ideas are not the way to go .

To be safe, don't borrow more than you can repay PLUS with a sizeable savings...

I like the saying "Don't write a cheque that you're arse can't cash!" But, yeah. Self-discipline is easier said than done. We've all been conditioned to live lives of maximum convenience and instant-gratification.

@@Aermydach and an endless amount of credit. Credit cards are evil.

@@Aermydach only if ur stupid!

Bankers Manifesto 1892 (get the date right) This is good too kzfaq.info/get/bejne/jbl0ndmg0JPKh2w.html

@@Ninja4ssasin kzfaq.info/get/bejne/fZ-ilsqgl57Sd2Q.html little video of it

Thanks - yes, I thought this was a special conversation, especially now!

I don’t have debt. More than happy to have debt forgiveness. I also don’t have corona 🤞. But keen for those who do to get treatment.

@@billythekid9821 Serious? The irresponsible get bailed out or do we all get an equal handout?

@@KOGitnow That makes no sense.

Our pleasure!

@chris0tube they didn't have CDS's and CLO's nor the electronic means of issuing fiat currency in 3000 BC. so it rhymes. while the whole world falls apart do you really need to attack some rando on yt. heading back to me rock

waynebow 2018 - But will the Oligarchs allow it, or would they rather just let the human race go to hell, because they have their paradise islands and their private armies?

@@OMGAnotherday Call me what you want... but I think that maybe they are 'stealing' as much money from us as quickly as possible, to build underground shelters for an on coming natural disaster. Unknown civilizations keep vanishing from the earth due to floods etc. The Tartarian Empire being a great example. Knowledge is being kept from us !

waynebow 2018 - I Agree, I wouldn’t call you anything but a person with an open mind. Most people can’t believe that there are individuals on this planet that couldn’t care less about others, they are called sociopaths and psychopaths, and we know exactly what kind of behaviour they are capable of. The fact that the modern world has enabled them to congregate and communicate has only enhanced their power, and yes they and their system is destroying the human race. I’m not sure if the rest of us will be strong enough to arrest the planet back from these people, however I can see that their measures of control have to be stronger and more intense each time the system gets into trouble. With regards to natural disaster, well there is no underground bunker that will save them, if it’s so bad they have to go underground, then the likelihood of them surviving in the long term is small, and even if they do, how do you think a bunch of psychopaths will survive in the event of them being the only ones left, it would not be long before they turned on each other that being their nature!

@@OMGAnotherday Good point. They would all be used to giving orders and having their own way. They wouldn't be able to work as a team to survive.

waynebow 2018 - Exactly, and I think this is one of the major factors that we need to keep in mind. “We the people” get called sheep, but in actual fact we are the people that keep the world going round. It will be 100’s of years before they can do away with human labour completely, so “they” need us whether they like it or not.

@@billythekid9821 that sounds Marxist...

He is criticised for being Marxist by the Totalitarians because he is actually a Capitalist.

@@anthonythomas4541 That's right, but some people don't understand that

Billy The Kid - You are an uneducated idiot!

Err.... those would be the 5 big Oz banks.

Thanks - yes the content is probably even more relevant now....

Net profit hasn't gone up turnover costs gone up and to Alp & Green liars this is proft increasing it not ... net profit fallen decades for small & medium and franchise. The corporation proft off Franchise owner globally and shareholders putting money in a Corporaton why CEO earn milions salary