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Macro N Cheese

Ep 248 - RP Live Presents: Inside a Failed State Q & A with Michael Hudson

Oct 28, 2023
Michael Hudson, an expert in US political economy, discusses topics such as healthcare, de-dollarization, and the impact of economic policies on the working class. He emphasizes the need for a change in economic philosophy and highlights the government's ability to create money for social programs. Hudson explores the difference between the production and consumption economy and the financial sector of assets and liabilities. He also touches upon the challenges faced by labor unions and the revolutionary nature of capitalism.
01:33:28

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • The United States should consider financing basic needs like healthcare through government funding instead of leaving them privatized.
  • The government has the ability to create money and can finance healthcare without borrowing or raising taxes, ensuring universal coverage and prioritizing citizens' well-being.

Deep dives

The Impact of Privatization on Re-Industrialization

The United States cannot re-industrialize as long as it keeps privatizing essential services like healthcare and education. Privatization leaves these basic needs to be paid for by individuals, rather than being subsidized by the government. This economic philosophy stems from anti-labor economists who designed the system to prevent Europe from becoming an independent economic power. Germany's economic philosophy, influenced by University of Chicago economists, focuses on shrinking demand, which hinders Europe's economic growth. However, this approach fails to address the rising healthcare costs and the adverse effect on labor wages. The United States should consider financing basic needs through government funding instead of leaving them privatized.

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