Robinson's Podcast

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

Mar 10, 2024

This podcast delves into topics like debt cancellation in ancient civilizations, the role of history in economic thought, Karl Marx and Marxism, economic parasites, and the rhythm of debt and economic crashes. It also touches on the Lord's Prayer, Christianity, and debt cancellation, as well as the problems with today's neoliberal economics. Overall, a fascinating discussion on economic trends and strategies for healing ailing economies.

01:30:21

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Episode guests

Michael Hudson

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Quick takeaways

Debt patterns historically linked to agricultural cycles influence economic crashes and insolvency.

Historical debt cancellations preserve societal stability but are overlooked in current economic models.

Critiquing modern economic ideologies, advocating central debt cancellations for economic health and stability.

Deep dives

Economic Rhythms and Debt Cycles

Historically, the timing of economic crashes was linked to agricultural cycles. Banks faced insolvency due to the autumnal drain when money flowed out to finance crop transactions. Debt burdens grew with each cycle, leading to inevitable crises. This debt pattern originated in ancient Near Eastern societies, where credit was prevalent during planting seasons, with debts due during autumn harvests. The rhythm of debt and its role in economic collapses fascinated and influenced the speaker's understanding of economic cycles.

Introduction

4min

Historical Dynamics of Credit Systems and Debt Cycles

11min

Debt Cancellation in Ancient Civilizations

15min

Wealth Addiction and Debt Cancellation in Ancient Empires

17min

Exploring Marx's Analysis of Compound Interest and Historical Perspectives on Debt

2min

Analysis of Jesus's Teachings on Debt Cancellation and Sin

2min

Unraveling the Historical Influence of Debt in the 13th Century

18min

Influence of Donor and Financial Class on Government Appointments

2min

Exploring Democracy, Economic Parasites, and the Host-Economy Relationship

1min

10.

Manipulation of Debt and Economic Coercion

9min

11.

Economic Consequences of Austerity Measures

3min

12.

Evolution of Economic Systems

8min

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.

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Robinson's Podcast

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

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Economic Rhythms and Debt Cycles

Debt Cancellations in History

Economic Systems and Debt Dynamics

Origins of Debt in Western Civilization and the Banking Sector

The Impact of Austerity, Parasitic Influence on Government, and Solutions for Financial Reform

Remember Everything You Learn from Podcasts