Robinson's Podcast 255 - Michael Hudson: Trump, China, AI, and the Untold History of Economics
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Jul 20, 2025 
Michael Hudson, Distinguished Research Professor of Economics, delves into fascinating historical insights connecting the Crusades to modern economic systems. He discusses how the Church shaped financial structures and explores the implications of AI on labor and social security. Hudson critiques the U.S. debt cycle and contrasts American and Chinese economic strategies, revealing a complex interplay between finance and political power. His latest work, 'Temples of Enterprise,' underpins how history influences today's economic challenges, urging a reevaluation of entrenched financial narratives.
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Church Shapes Medieval Economics
- The Catholic Church's control shaped European economic and political systems from the 11th century to World War I.
- International banking and governmental fiscal policies were deeply intertwined with the Church's imperial ambitions.
War Debt Drives Fiscal Systems
- Kings borrowed heavily to finance wars, leading to heavy indebtedness and defaults.
- Banking classes structured national fiscal policies to service growing war debts, often bypassing parliamentary controls.
Church Justifies Usury for Wars
- The Church redefined interest as distinct from usury to justify war loans.
- High interest rates combined with late fees resulted in effective usury masked by theological arguments.
