Robinson's Podcast
220 - Michael Hudson: Debt, Economic Collapse, and the End of Civilization
Aug 11, 2024
Michael Hudson, a Distinguished Research Professor of Economics, dives into the crucial link between debt and economic collapse. He reveals how ancient civilizations, like Babylon and Rome, used debt cancellation to avert crises and how today's societies might benefit from similar strategies. The conversation critically examines modern international lending practices, the shift from industrial to finance capitalism, and the impact of privatization on public infrastructure. Hudson argues for a reimagined economic philosophy prioritizing societal welfare and stability.
01:34:56
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Quick takeaways
- The podcast explores historical debt cancellations in ancient civilizations, illustrating their role in preventing economic collapse and promoting societal stability.
- Michael Hudson highlights the detrimental impact of current credit systems, which often lead countries into perpetual borrowing cycles akin to Ponzi schemes.
Deep dives
Economic Polarization and the 1%
The podcast discusses the increasing polarization of wealth, emphasizing the dominance of the 1% in society. It highlights how the wealthy have exerted influence over educational institutions to propagate a narrative favoring free-market capitalism, often at the expense of the less fortunate. The speaker notes that, analogous to ancient Rome, the modern oligarchy justifies its freedom as permission to exploit the majority, underscoring that this exploitation has historical roots. This exploitation mirrors the trends of historical economies where creditors and landowners have historically reigned supreme, indicating a persistent cyclical struggle against economic inequality.
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