The Federal Reserve and Debt

Ralph does a deep dive into the real purpose of the Federal Reserve and other aspects of the American economy with progressive economist, Michael Hudson. Plus, our resident constitutional scholar, Bruce Fein, joins us to talk about the elected official from New Mexico, who got removed from office because of his role in the Jan. 6th insurrection and what that possibly could mean for Donald’s Trump eligibility for office. And he also discusses a letter from retired Secretaries of Defense and Joint Chiefs about military leaders rejecting illegal presidential orders.

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends, a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire, …and forgive them their debts – Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year, and Finance Capitalism and its Discontents.

The Federal Reserve was created to stop social purpose spending by the government, by essentially cutting the Treasury out of the monetary management process. And that’s true, not only of the Federal Reserve in America, but of central banks all over the world.

Michael Hudson

The economy has never really recovered from Obama’s bailout of the banks in 2008. And government and the Federal Reserve have been keeping the financial markets afloat by quantitative easing, but they really haven’t helped the population at large.

Michael Hudson

If money should be a public utility, just like the dollar bills in your pocket, the credit cards and the electronic payments should be a public utility. But instead, it’s privatized. It’s turned into a monopoly, and it’s a source of monopoly rents for the banks that really is unnecessary.

Michael Hudson

The important thing about gambling is the casino always wins, and the second important thing is that there’s always a loser for every winner. And if you’re gambling on the stock market or on derivatives, the insiders— especially the crooks— always end up the winners. And the honest people… end up the losers.

Michael Hudson

The drive is to get people not to use cash, check, or money order, and to do everything by credit card, debit card, and other multiplying payment systems. It impresses me as being a major controlling process. Once they suck you into the credit card gulag, they can penalize you, overcharge you, ruin your credit score… In effect, they strip you of control over your own money.

Ralph Nader

Bruce Fein is a Constitutional scholar and an expert on international law.  Mr. Fein was Associate Deputy Attorney General under Ronald Reagan and he is the author of Constitutional Peril: The Life and Death Struggle for Our Constitution and Democracy, and American Empire: Before the Fall.

[The decision to disqualify Otero County Commissioner Couy Griffin from holding office] demonstrates that when [Trump], if he does try to run for the presidency in 2024, that he will confront a hurdle of having provided material assistance to the insurrection of January 6th— irrespective of whether he’s committed a crime or not.

Bruce Fein

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