25 Comments for this entry

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  cajohn54
  March 11th, 2010 on 5:02 pm

  thank you mr hudson, just as compelling and informative today as a year ago.
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  zsylvana
  March 11th, 2010 on 5:39 pm

  6)In this respect the success of Japanese industry at the time drew a lot of attention and Toyotist management techniques were widely adopted in Europe and America. A range of social psychology theories, much of it developed in the in New Age circles suddenly became popular in the boardrooms. It was as if capitalism had discovered religion Jungian Myer-Briggs Personality Types,Group Dynamics, Behaviourism,and 101 gurus all marketing their own brand of managerial self-help
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  zsylvana
  March 11th, 2010 on 6:19 pm

  5.)The Chicago School of political economists with their operations research,complexity and game theory,were at the time,the freemarketers best hope here but was a total failure & on the other hand,the working class had to be brought under control at the coal face with improved management techniques,as “Toyotaism”,and other “Human Engeenering” methods, and rather than as before,simply relying on high unemployment & centralised wage bargaining to do the job.
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  zsylvana
  March 11th, 2010 on 7:16 pm

  4.)Among other things, the financial world had become far too complex for monetarist measures and instruments to control, and the 1987 crash, brought on by computers that had been programmed to make instant investment decisions in competition with one another, was a clear demonstration of this.
  The crisis had to be approached on two fronts: more sophisticated methods of dealing with the financial markets had to be developed.
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  zsylvana
  March 11th, 2010 on 8:05 pm

  3.)Microeconomics led to intractable complexities as soon as it was attempted to draw macro-conclusions from the analyses.Macroeconomics, which focussed on fiscal methods was thrown into disrepute in of the break-down of the Bretton Wood arrangements in 1968-73 and capitalist governments embraced its opposite,monetarism.The failure of monetarism to extricate the major capitalist economies from Stagflation,and then the stock market crash of October 1987 forced the economists to look elsewhere.
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  zsylvana
  March 11th, 2010 on 8:14 pm

  2.)Somewhat like the situation when physics had relativity theory and quantum physics, the two ends of the spectrum used incommensurable categories and could not talk to one another. Macroeconomics used to rest on totally unrealistic models of micro-economic behaviour, but more and more developed separately, resting on concepts through which the actions of individuals were quite invisible.
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  zsylvana
  March 11th, 2010 on 8:58 pm

  1.)Economic science is composed of two branches: Microeconomics which deals with the behaviour of individual economic agents, what makes workers work harder, wage-bargaining, why people buy or sell at a given price and so on, and Macroeconomics which deals with aggregates such as Gross Domestic Product, unemployment level, money supply, government spending and so on.
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  dilbertgeg
  March 11th, 2010 on 9:32 pm

  @lrich65184
  Either Michael Hudson or better Steven Zarlenga will explain that the problem is PRIVATE money creation, not private banking.

  If a Nation creates money, that can lead to inflation, BUT the problem in history has NOT been nations screwing up, it’s been private bankers. Govt has a chance of being democratic. Private bankers do it for THEIR profits and interests.

  Bruce Wiseman (read him) counted about 20 Goldman-Sachs and Fed people in the Executive Branch.
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  lrich65184
  March 11th, 2010 on 10:31 pm

  @dilbertgeg

  federal Reserve system sucks with their fractional reserve banking
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  lrich65184
  March 11th, 2010 on 11:06 pm

  correct better known as fractional reserve banking, but I am sure you knew that:) legalized counterfeiting
• 

  Romulus2009
  March 11th, 2010 on 11:42 pm

  A bailout for J6P
• 

  mascar33
  March 12th, 2010 on 12:17 am

  soon the host(economy) will be dead.
• 

  donotfret
  March 12th, 2010 on 12:32 am

  Why is this video at only 51k watches when it should be in the millions.
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  thinkingman07
  March 12th, 2010 on 1:11 am

  That is some refreshing economic thought, laden with common sense and truth.

  Thanks
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  TimJanezic
  March 12th, 2010 on 1:52 am

  I wonder how many of the financial industry models are agenda driven? In other words how often do people in the industry just say, find us a model that shows this…. And of course, you can always tweak parameters or the equations themselves to get certain results. Another example are those self fulfilling prophecy climate models showing the so called imminent disaster.
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  totalcreep
  March 12th, 2010 on 1:58 am

  so painful to watch, i almost couldn’t finish the video. just to think the suffering ppl go through because of this system
• 

  econdemocracy
  March 12th, 2010 on 2:44 am

  “So the idiots who borrowed more than they can afford are rewarded..”

  You mean the people who were SCAMMED when as story after story has documented, they were LIED to about the conditions of their loans, whether, and when they could refinance, and 100 other lies and scams and fraud, as former employees of these firms have now admitted in public that they were pressured to do. Market principles say those who made loan should BEAR the risk of loss..especially if they lied.
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  mrclam2006
  March 12th, 2010 on 2:49 am

  I agree.. wipe out their debt.. but make them lose their assets… make them go back to renting, etc.

  Oh look – we already have that – it’s called bankrupcy.
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  mrclam2006
  March 12th, 2010 on 3:08 am

  So the idiots who borrowed more than they can afford are rewarded by having their debts wiped out?

  Sometimes I wonder why i stay in credit…
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  nightsoul2003
  March 12th, 2010 on 3:24 am

  Brilliant, this man not only knows his stuff on current issues but what has been done in the past. I have been enlightened by learning about the history of what other civilization. Great video!
• 

  HurricaneHeidi
  March 12th, 2010 on 3:26 am

  I walk you through my victory step-by-step, including every legal document filed in my case:

  watch?v=kkcnQdWzC3s
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  HurricaneHeidi
  March 12th, 2010 on 4:14 am

  RIGHT. This is exactly what I’ve done for myself – I have wiped my unsecured debts off my own books, and I have legally defeated the big banks’ debt collection attempts without filing bankruptcy, and I have avoided mortgaging my homestead property – all without paying a lawyer.

  I consider this CIVIL DISOBEDIENCE because it is a CIVIL matter to stop paying unsecured debts, NOT criminal.

  If I can do it, you can do it. I show you exactly how I did it:

  watch?v=GJMQCcFFzak
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  magi55
  March 12th, 2010 on 5:10 am

  Probably…
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  donotfret
  March 12th, 2010 on 5:14 am

  Thats not true considering this recession and thus the many bankrupt people are victims of the banks.
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  donotfret
  March 12th, 2010 on 5:49 am

  youtube is guilty of filtering! It happens on many blogs!

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