198 - Michael Hudson: Marxism, Economic Parasites, and Debt Cancellation

Patreon: https://bit.ly/3v8OhY7

Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, the history of economics, and the role of debt in shaping class stratification, among many other topics. Michael was also a guest on episode 180, where he and Robinson discussed neoliberalism, industrial capitalism, and the rentier economy. In this episode we continue the discussion, focusing on his book Killing the Host (ISLET, 2015). More particularly, they discuss the rhythm of debt and economic crashes, the role of history in the study of economics, the history of debt cancellation, Marxism, economic parasites, and how to heal ailing economies. Michael’s most recent book is The Collapse of Antiquity (ISLET, 2023).

Michael’s Website: https://michael-hudson.com

The Collapse of Antiquity: https://a.co/d/0TMt9Sh

Killing the Host: https://a.co/d/fG2wD19

OUTLINE

00:00 Introduction

02:29 The Rhythm of Debt and Economic Crashes

8:27 The Role of History in Economic Thought

17:09 The Fascinating History of Debt Cancellation 

25:52 Aristotle, Plato, and The Cancellation of Debt

31:49 Ancient Greece and the Cancellation of Debt

41:10 The Problems with Today’s Neoliberal Economics

45:29 On Karl Marx and Marxism

47:21 The Lord’s Prayer, Christianity, and Debt Cancellation

56:34 FIRE and Economic Parasites

1:07:13 How Does Wall Street Parasitize the Government?

1:09:57 Are We Hosts for Economic Parasites?

1:19:32 What’s Wrong With Austerity Measures for Economic Crashes?

1:21:39 Preventing Economic Parasites from Sucking the Country Dry

Robinson’s Website: http://robinsonerhardt.com

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between.