And yes, it would be good for world peace if no country had the privilege of creating the world’s reserve currency. But that does not require an international gold standard; it does not require any government enforced international standard at all.
Waiting to die
The lunatics have taken over the asylum………Now what?
F. Beard
Can’t you wait somewhere else to die?
Waiting to die
Yes but only if you agree to top yourself first.
F. Beard
No deal. I try to keep my word and I am not about to foreclose my options just to be rid of you.
It’d be a lot easier if Iran would just buy Treasury bills. Eventually, the plan is for Iraq and Afghanistan to get onboard as well. As Michael Hudson describes it in his book: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus…, while the Treasury bill standard obliged the payments-surplus nations…to extend forced loans to the US Government.
Very much in agreement with another Max guest, Yanis Varoufakis.
AG Hoarder
WTF? Where the hell did he come up with Austrian economics is a push for a controlled economy run by bankers? That’s what we have now. Retard.
MirrorMirror
@AG Hoarder ….WTF? Where the hell did he come up with Austrian economics is a push for a controlled economy run by bankers? That’s what we have now. Retard.
Agree 100%
He has just lost a massive amount of credibility IMO.
Shame .. he’s otherwise very good.
.
MirrorMirror
.
Afshin Rattsani :
Libya’s chaos after the NATO war-Double Standards-01-28-2012
Ron Paul does NOT advocate banks controlling everything. The Austrian School of Economics talks about free markets and banks are a tool to aid transactions, but there is nothing to my knowledge that gives banks the power to determine (fix) rates and direct capital in ways not related to the market (people)…
I’m not sure what he has ever read on this. It just seems way too foreign.
Ron Paul has clearly advised that we should have forced the banks into bankruptcy and had all their assets liquidated at a market value. Obviously their worthless fraud assets would have been discarded as there is no market for them. Those who were responsible for the huge losses would be out of jobs (NO PROBLEM THERE) and the stock holders (if they were not the crooks themselves) would be suing the executives and other culprits or pushing the government to charge them with fraud and what ever crime they committed… (HOW ON EARTH IS THIS A BAD THING???)
Let’s face it, free markets are NOT banks. They are people participating in transactions. Ron Paul has made is absolutely clear that the role of government is to enforce contracts and the laws such as bankruptcy. Fraud is illegal, the government should prosecute it, and Dr. Paul is absolutely for prosecuting acts of fraud. That is also consistent with Austrian Economics… How can you have a free market without contracts? or a Right to Contract? How can you have a contract if you cannot enforce a contract or have no laws dealing with the breach of contract? His comments were misguided. I hope he reads the comments here and catches on…
F. Beard
Ron Paul does NOT advocate banks controlling everything. Chris
Not intentionally but a gold standard would have that effect. Why? Because it would allow the banks to corner and control the money supply. At least now, the US Government can ameliorate the damage the banks do with deficit spending during the bust. That would be much more difficult under a gold standard. It’s wicked purpose?
And what about justice? The entire population, including non-debtors, deserves a bailout from the counterfeiting cartel. A gold standard would make that impossible.
And then there are philosophical and libertarian reasons why government money should be inexpensive fiat. Caesar’s money is backed by force; any additional backing is superfluous and a government giveaway to private interests (gold miners, for example).
RP needs to ask himself what the heck liberty has to do with a shiny metal.
Poote
@ Chris
Well said.
Hudson contradicts himself later on by admitting that “Banker ” fraud has become legalized. Dr. Paul says prosecute fraud .
Eric Holder holds the post that Paul would and should weild like a claymore.
Too bad. Poor guy dont have a chance in hell.
Jimbo
If a country is self-sufficient then it can wage war as long as it forces a paper currency on its people.
Brandon Taylor
Keep up the good fight Stacy and Max. Unfortunately, it looks like Dr. Hudson jumped the shark as far as his 2012 election commentary, but it is still a pleasure to hear his perspective.
Even the smartest people are bamboozled by thought. Dr. Hudson’s dorsolateral prefrontal cortex went crazy on Ron Paul.
The fact that Michael Hudson is so far off base in his understanding of Ron Paul’s positions could mean that those positions need to be emphatically clarified. It’s not the first time I’ve heard doubts expressed about Ron Paul’s willingness and ability to stop the looting.
Hudson’s take on Austrian economics is puzzling given that William K Black (his colleague) recently wrote the following about the Austrian School’s position against fraud: “It is time for a word about real Austrian economists. They hate elite frauds and want them prosecuted vigorously. Ludwig von Mises and Friederich Hayek are the two most famous Austrian economists.
Hayek, F.A. The Road to Serfdom: “To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies— these tasks provide a wide and unquestioned field for state activity.”
The Constitution of Liberty: “There remains, however, one other kind of harmful action that is generally thought desirable to prevent and which at first might seem distinct. This is fraud and deception. Yet, though it would be straining the meaning of words to call them ‘coercion,’ on examination it appears that the reasons why we want to prevent them are the same as those applying to coercion. Deception, like coercion, is a form of manipulating the data on which a person counts, in order to make him do what deceiver wants him to do. Where it is successful, the deceived becomes in the same manner the unwilling tool, serving another man’s ends without advancing his own. Though we have no single word to cover both, all we have said of coercion applies equally to fraud and deception. With this correction, it seems that freedom demands no more than that coercion and violence, fraud and deception, be prevented, except for the use of coercion by government for the sole purpose of enforcing known rules intended to ensure the best conditions under which the individual may give his activities a coherent, rational pattern.”
“Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences of his actions…. Liberty and responsibility are inseparable.”
Mises, L.: “Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies.”
The Austrians certainly talk a good game but except for FA Hayek they all, to my knowledge, have advocated a government enforced gold standard and are devoted to usury which they justify as “the time preference for money.
Yes, the Austrians wish to play by the rules – their rules – forced on the rest of us by government.
And how they love Depressions and deflation – “to purge the malinvestments” – completely ignoring the innocents that are hurt.
Drones2TargetBanksters
An excellent summation answer from Dr Hudson responding to Max’s question, why he wasn’t at Davos, which went something like; “What have I to say to a PR gathering”
Jayme
Interesting perspective on the class wars, Austrian school, and Davos.
I didn’t get a sense that Hudson was disagreeing with the Savers vs. Speculators argument and then seemed to contradict himself. That confused me a bit and needs to be clarified.
Notice just before 5 minutes in. Max says something: “Isn’t it really just a war between Savers vs Speculators?”
Hudson responds: “No!”
Then Hudson continues to rattle on for about 2 minutes that it’s not about Savers Vs Speculators.
Max then asked about the same question as before & this time Hudson says Yes.
LOL:) So which position are you taking Hudson? Yes or No?
Hudson did get the position on Greece correct.
But he was a huge fail when it came to Citibank/Obama.
Obama had a decision to make & he decides against America/Americans & got on his knees & Blew the Wallst/London Bankers!
Yet Hudson gets all puffed up when Max brings up Ron Paul.
Yes Ron Paul’s positions are not prefect, but what the Hell are you doing Hudson????
It’s either Ron Paul to shake the hell out of the system to attempt a repair or it’s more Obama/Romney/Grinch/Sanitarium kissing Wallst’s/London’s Bankers/Insurance Co’s Azzes!!!
And Max, with his pleasant demeanor & sharp mind, always seems to ask tough engaging/challenging questions that helps the interviewee shine the best they can which in turn makes Max’s shows among the best.
Max, my glowing review of your show is going to cost you!! 3 Lap Dances!
But NO Blankfien or Dimon Sluts, the Pussy Riot Band would be great though!!! LOL;)
F. Beard
Personally, I agree with Dr. Hudson wrt high interest rates; they are bad. But so are low interest rates or any interest rates. We should not have usury based monies!
Common stock is an ideal and ethical money form that requires no fractional reserves, no useless shiny metals and NO USURY! Common stock as money “shares” wealth.
So if they are opposed to over-regulation they must be in favor of complete lawlessness?
They may approach the problem from the perspective of property rights and not that of a nanny state, but no Austrian economist or Ron Paul supporter wants to do away with laws against theft or fraud. They have been screaming about bringing corrupt bankers to justice louder than anyone.
F. Beard
They have been screaming about bringing corrupt bankers to justice louder than anyone.
All bankers are corrupt. It is the nature of their business – charging usury for counterfeit money – so-called “credit”.
As for the Austrians, they justify usury and would enforce the power of bankers (and usury) with a government enforced gold standard.
JonnyJames
@Oky1
What is Hudson doing? Well he has advised members of the Icelandic Parliament and govt.; Latvia and others to tell the banksters to F-Off. He writes many articles. He was one of the very few to predict with detail, the financial crisis. Ron Paul is not perfect, that is clear, even if he was perfect, the system is rotten to the core.
I recommend reading Super Imperialism by Hudson. He predicted a lot of the mess we are in now decades ago! Don’t belittle this man unless you know the depth of what he has done and is doing. Just because you don’t see him on Corporate Media Cartel does not mean he is not doing anything.
**So if they are opposed to over-regulation they must be in favor of complete lawlessness?
They may approach the problem from the perspective of property rights and not that of a nanny state, but no Austrian economist or Ron Paul supporter wants to do away with laws against theft or fraud. They have been screaming about bringing corrupt bankers to justice louder than anyone.
**
That has been me screaming R3V!
F Bread,
I agree with you more then you’d know FB.
I don’t believe hanging us all on a Cross of Gold is a long term solution.
I don’t agree with your Common Stock stuff because regardless of what the Wallst/DC Crooks are doing, currently You/I/Americans have a inherent Superior Position as a “Stake Holder”.
But right now we’ve a massive problem, Property Rights/Contract Rights are nearly completely destroyed by the use of Fraudulent Derivatives Contracts that convey counterfeit 100s/1000s of title claims against only one underlying assets.
AKA: Horse Thievery/Cattle Rustling, there is just one horse or one cow, but through paper contracts Wallst/London Banks/Insurance Co’s sold that One Horse or One Cow, owned by me, un-mortgaged, they sold thousands of claims against it to investors!!!!!!!!!!!!!!
1.5 Quidrillion worth of bogus Deriv. contracts was the value going around a few years ago.
Got to Run, I’ll check back later.
JonnyJames
Steve Keen recognizes a few valid contributions of “Austrian” economics (which are mostly Americans) however Keen debunks it as well. Keen outlines how Austrian economics shares many false assumption with neoclassical economics.
Max was very wise in recommending the new edition of Keen’s Debunking Economics. I agree. Keen and Hudson kick ass
Aldo
@F.Beard
There are many interpretations of the Austrian School… authoritarians (G. North), Randians (Greenspan), strict libertarians (S. Molyneux) , anarcho-capitalists, the new school (A. Fekete) to name a few. Central banking is often viewed as the culprit causing the booms and busts – not desired. Details and definitions differentiate the applications. What exactly is meant by “free market?” Do we have individuals freely contracting in a non-coercive market, responsible for any harm they cause? No. We have Mussolini style “corporatism” or “fascism” – with regulations supporting/subsidizing selected corporations assuring their monopolies. At the same time, select few corporations are not prosecuted for looting, fraud and other nefarious schemes enabled by congressional “deregulation” and “modernization” that led to dark pools of concentrated wealth, manipulated markets and trillions (quadrillions?) in digitized fantasy “money.” Now what?
Some Austrians support a “free market” in money – which should theoretically allow bitcoin, gold, silver, real bills, and government greenbacks/fiat to coexist and circulate.
JonnyJames
Dr. PC Roberts also has issues with scrapping SSI/Medicare. Stealing our money is not very libertarian is it. I have paid into the system for decades, yet they stole the money.
The kleptocrats stole the money and then say “look SSI is insolvent” let’s steal the rest!
Folks need to dump the propaganda and crack open some books once in awhile. Merkans are too damn lazy. It is easier to make simplistic assumptions and believe what you are told.
JonnyJames
“Free Market” yeah right.
Is that like the “perfect competition” assumption of so-called economic theory?
Is that like perfect income distribution assumption?
this sounds like fairy-tale nonsense assumptions. Assumption do matter. Friedman was an ideological hack. That’s why he has a Nobel prize
JonnyJames
@Aldo
Good points. Humans love to over-simplify and place silly labels on evertyhing.
** I recommend reading Super Imperialism by Hudson. He predicted a lot of the mess we are in now decades ago! Don’t belittle this man unless you know the depth of what he has done and is doing. Just because you don’t see him on Corporate Media Cartel does not mean he is not doing anything. **
** Oky1 says:
It’s either Ron Paul to shake the hell out of the system to attempt a repair or it’s more Obama/Romney/Grinch/Sanitarium kissing Wallst’s/London’s Bankers/Insurance Co’s Azzes!!! **
JJ,
I’ll try to be nice, I’ve been chasing those Murdering Wallst/Federal Reserve System Horse Thieves/Cattle Rustlers for 4 decades!!!!
Phk Hudson & the rest if they can’t get on board!
Ron Paul, Right Here, Right Now or STFU & get out of our Way!
LOL:) Smile, I am!
BTW: A friend of mine recently passed away of cancer, 50 yrs old.
Who’s next to Die from those Murdering B*stards?
You, Me, FB ?????
Think of it like a Lottery, a very sick kind of Wallst/London/DC Lottery!!!!
“Dr. confesses Cancer, AIDS & other Viruses is found in Vaccines”
Michael Hudson really exposed his ignorance in this interview. In the last debate, Ron Paul said he wanted real assets in the social security trust fund, not the “dumber and dumber” IOUs. Thus the gov should take the net revenue of social security and invest it in real assets. As it stand now, the so called social security trust fund is a source of funding for the governments wars.
There is nothing in the libertarian philosophy that suggests power be handed over to the banks to centrally plan the economy. Libertarians, want a fully exchangeable gold backed currency. This takes all the power away from the banks to create credit at will.
What is truly remarkable is Michael Hudson sits there with a straight face making an argument for government control and planning, when government has killed more human beings than any entity ever created. Furthermore it is the most corrupt thing ever created by mankind. Government takes your wages, makes you pay rent on your house (property tax), send your children to war, tells you what FDA approved food you can eat, decides what FDA approved health care you can have, and tells you what your children should think (i.e. worship the government) in government run education system. If you do not want to go along, you can get 3 squares and a roof over your head in the worlds largest prison system. He understands nothing about the libertarian philosophy.
TheAngryGrapes.Com
JonnyJames
@Cabernet
Funny I did not interpret it that way. If you are familiar with Dr. Hudson’s prolific body of work, your claim does not make sense. Read Super Imperialism.
JonnyJames
Ron Paul aint gettin elected Oky1 I hate to break the news. In our corrupt system it is impossible. The Media Cartel propaganda is seeing to it that RP is cast as an unelectable fringe candidate
How folks can still believe that the US is a “democracy” is beyond me. Fairy tales, lies an hypocrisy is all it is. As Celente says “only little kids think the people elect their leaders”
JonnyJames
Oky I’m a afraid its not fuck you or fuck Hudson or fuck me.
We are all fucked. That’s the bottom line. Thinking that even if RP was “elected” (which is near impossible in our corrupt to the bone system) he could save us is naive.
sorry to sound so doom and gloom but I see no evidence otherwise
JonnyJames
Whether he supports the savior Ron Paul or not, what Hudson is saying is fundamentally in line with what most of us here, Max/Stacy, Keen, Roberts, Celente, and many others are saying. That’s based on the facts not emotional reactions
In your mind just think if Ron Paul drops out of the race right now.
I have & have backup plans just in case.
But look at it from this angle, with no RP you get nothing!
Obama, Romney, etc, the rest, they are all bought n paid for Wallst/London Bank/Insur gangster enforcers/bagmen.
I like that Paul C Roberts piece on RP & SSI/Medicare he posted the other day & I passed that piece along for others to read.
Both Hudson/Roberts both make fine advisers to Paul, but with any of their other Prez candidates Hudson/Roberts would have almost no voice or input.
Obama had his chance & he failed us big time.
Help Paul now & you guys can at least argue the fine points later.
Register & vote right now!
Billy-Bob Garcia
Don’t understand how Hudson can be a hater of the Austrian school. Someone from the LvMises institute needs to respond to Dr. Hudson’s ridiculous claims about the Austrians.
gawd i love the rationality of PROGRESSIVE economists instead of suffering through
the stupidity of libertarian PEABRAINS
Chris
@F. Beard
Thank you kindly for pointing out that Ron Paul does support a gold standard, and that the banks can monopolize the currency since gold is very scarce. However, RP’s support for the metal (shinny as it is) is that it is scarce thereby creating a limit to how much the government can borrow. I have seen him specifically support a range of competing currencies, or back the existing currency with a basket of assets, gold, silver, and other things… It doesn’t much matter what it is so long as it is real and cannot be created to infinity.
The relation to gold (more accurately a limited money supply) is that if you limit the ability to borrow then you can also limit government. They cannot tax 100% but they can always print 100% GDP or many multiples per year. Why give that destructive power to banks? Simply select something that cannot be monopolized and fix the money supply to something real.
I am very cynical about RP’s chances of being elected. The public seems unwilling to accept the real condition of the nation. Till then, we cannot change the course. Perhaps RP’s purpose is to raise the voice that the MSM is so skilled as censoring.
Obviously Willard Mittens and Barack Obama get it too–that’s why they’re Goldman’s Siamese Twin candidates, joined at the wallet.
I’ll bet it’s this kind of rant here that is infuriating the establishment, the way he gets to say these things on national television with no one talking over him, interrupting him or contradicting him.
But I do want to address this subject about taxing the rich. That is not a solution. But I understand and really empathize with the people who talk about the 99 percent and the 1 percent.
Because there’s a characteristic about what happens when you destroy a currency. There is a transfer of wealth from the middle class to the wealthy. And this has been going on for 40 years. So the middle class is shrinking. They are getting poorer and they’re losing their jobs and they’re losing their houses. But Wall Street isn’t getting poorer. And they are the ones who are getting the bailout.
So we have to address the bailout and the system that favors a certain group over another group. If you don’t have sound money and if you have a welfare state, no matter whether the welfare state is designed to help the poor, you know, the welfare system helps the wealthy.
And there has been this transfer of wealth. So, if we could stop all of these transfers to the wealthy class, but the solution isn’t to tax the wealthy. If you give an honest product and customers buy that product, you deserve to keep that money and earn that money. But there’s a big difference between those who earn money and those who rip us off through the government and the monetary system.
–Congressman Ron Paul, 1/26/2012 GOP Debate **
F. Beard
However, RP’s support for the metal (shinny as it is) is that it is scarce thereby creating a limit to how much the government can borrow. Chris
Thereby driving up interest rates for gold owners? Is that not fascisn – privilege for some at the expense of others?
The problem is (and Ron Paul knows this) is that government money is de jure and de facto legal tender for private debts as well as for its proper role, government debts.
Bravo for Dr. Hudson explaining that CREATING NEW DEBT – “government debt” to GIVE printed-out-of-thin-air fiat ‘money’ to FAILED, bankrupt, bailouts-sucking banksters – IS WHAT IS CAUSING the European (and American) economies to CONTRACT !!
This is the DIAMETRIC OPPOSITE of what people normally think of as the successful era (post- WWII) of “Free Market Capitalism” – (because) “BAILOUTS” mean REWARDING FAILURE !!
The problem is the banksters and their WHOLLY OWNED politicians & press/media, CONFLATE “bailouts” with “GOVERNMENT SPENDING” – this is a BAIT & SWITCH LIE meant to justify FURTHER IMPOVERISHMENT of working-stiff families & taxpayers (1850s Irish famine/holocaust style http://www.IrishHolocaust.org )
For a terrific deconstruction of the fallacies of “The Austrian School of Economics” – just another pre-bailouts EXCUSE for TRANSFERRING ‘money’ FROM the working economy, to the “malefactors of great wealth” – see Mark Ames “A Brief History of the Massacres and Disasters that ALWAYS accompany ‘Austerity’ (so near & dear to Austrian School types) http://exiledonline.com/all-pain-no-gain-a-brief-history-of-austerity-program-massacres-disasters/
I always enjoy Dr. Michael Hudson.
And yes, it would be good for world peace if no country had the privilege of creating the world’s reserve currency. But that does not require an international gold standard; it does not require any government enforced international standard at all.
The lunatics have taken over the asylum………Now what?
Can’t you wait somewhere else to die?
Yes but only if you agree to top yourself first.
No deal. I try to keep my word and I am not about to foreclose my options just to be rid of you.
http://www.youtube.com/watch?v=WlBiLNN1NhQ
It’d be a lot easier if Iran would just buy Treasury bills. Eventually, the plan is for Iraq and Afghanistan to get onboard as well. As Michael Hudson describes it in his book: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus…, while the Treasury bill standard obliged the payments-surplus nations…to extend forced loans to the US Government.
Very much in agreement with another Max guest, Yanis Varoufakis.
WTF? Where the hell did he come up with Austrian economics is a push for a controlled economy run by bankers? That’s what we have now. Retard.
@AG Hoarder ….WTF? Where the hell did he come up with Austrian economics is a push for a controlled economy run by bankers? That’s what we have now. Retard.
Agree 100%
He has just lost a massive amount of credibility IMO.
Shame .. he’s otherwise very good.
.
.
Afshin Rattsani :
Libya’s chaos after the NATO war-Double Standards-01-28-2012
http://www.youtube.com/watch?v=H1so97MXUd0
Always a good listen.
.
Ron Paul does NOT advocate banks controlling everything. The Austrian School of Economics talks about free markets and banks are a tool to aid transactions, but there is nothing to my knowledge that gives banks the power to determine (fix) rates and direct capital in ways not related to the market (people)…
I’m not sure what he has ever read on this. It just seems way too foreign.
Ron Paul has clearly advised that we should have forced the banks into bankruptcy and had all their assets liquidated at a market value. Obviously their worthless fraud assets would have been discarded as there is no market for them. Those who were responsible for the huge losses would be out of jobs (NO PROBLEM THERE) and the stock holders (if they were not the crooks themselves) would be suing the executives and other culprits or pushing the government to charge them with fraud and what ever crime they committed… (HOW ON EARTH IS THIS A BAD THING???)
Let’s face it, free markets are NOT banks. They are people participating in transactions. Ron Paul has made is absolutely clear that the role of government is to enforce contracts and the laws such as bankruptcy. Fraud is illegal, the government should prosecute it, and Dr. Paul is absolutely for prosecuting acts of fraud. That is also consistent with Austrian Economics… How can you have a free market without contracts? or a Right to Contract? How can you have a contract if you cannot enforce a contract or have no laws dealing with the breach of contract? His comments were misguided. I hope he reads the comments here and catches on…
Ron Paul does NOT advocate banks controlling everything. Chris
Not intentionally but a gold standard would have that effect. Why? Because it would allow the banks to corner and control the money supply. At least now, the US Government can ameliorate the damage the banks do with deficit spending during the bust. That would be much more difficult under a gold standard. It’s wicked purpose?
And what about justice? The entire population, including non-debtors, deserves a bailout from the counterfeiting cartel. A gold standard would make that impossible.
And then there are philosophical and libertarian reasons why government money should be inexpensive fiat. Caesar’s money is backed by force; any additional backing is superfluous and a government giveaway to private interests (gold miners, for example).
RP needs to ask himself what the heck liberty has to do with a shiny metal.
@ Chris
Well said.
Hudson contradicts himself later on by admitting that “Banker ” fraud has become legalized. Dr. Paul says prosecute fraud .
Eric Holder holds the post that Paul would and should weild like a claymore.
Too bad. Poor guy dont have a chance in hell.
If a country is self-sufficient then it can wage war as long as it forces a paper currency on its people.
Keep up the good fight Stacy and Max. Unfortunately, it looks like Dr. Hudson jumped the shark as far as his 2012 election commentary, but it is still a pleasure to hear his perspective.
Even the smartest people are bamboozled by thought. Dr. Hudson’s dorsolateral prefrontal cortex went crazy on Ron Paul.
Partisan to the Core.
The fact that Michael Hudson is so far off base in his understanding of Ron Paul’s positions could mean that those positions need to be emphatically clarified. It’s not the first time I’ve heard doubts expressed about Ron Paul’s willingness and ability to stop the looting.
Hudson’s take on Austrian economics is puzzling given that William K Black (his colleague) recently wrote the following about the Austrian School’s position against fraud: “It is time for a word about real Austrian economists. They hate elite frauds and want them prosecuted vigorously. Ludwig von Mises and Friederich Hayek are the two most famous Austrian economists.
Hayek, F.A. The Road to Serfdom: “To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies— these tasks provide a wide and unquestioned field for state activity.”
The Constitution of Liberty: “There remains, however, one other kind of harmful action that is generally thought desirable to prevent and which at first might seem distinct. This is fraud and deception. Yet, though it would be straining the meaning of words to call them ‘coercion,’ on examination it appears that the reasons why we want to prevent them are the same as those applying to coercion. Deception, like coercion, is a form of manipulating the data on which a person counts, in order to make him do what deceiver wants him to do. Where it is successful, the deceived becomes in the same manner the unwilling tool, serving another man’s ends without advancing his own. Though we have no single word to cover both, all we have said of coercion applies equally to fraud and deception. With this correction, it seems that freedom demands no more than that coercion and violence, fraud and deception, be prevented, except for the use of coercion by government for the sole purpose of enforcing known rules intended to ensure the best conditions under which the individual may give his activities a coherent, rational pattern.”
“Liberty not only means that the individual has both the opportunity and the burden of choice; it also means that he must bear the consequences of his actions…. Liberty and responsibility are inseparable.”
Mises, L.: “Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies.”
Source: http://neweconomicperspectives.blogspot.com/2011/11/best-satire-of-faux-austrian-economics.html
@Aldo,
The Austrians certainly talk a good game but except for FA Hayek they all, to my knowledge, have advocated a government enforced gold standard and are devoted to usury which they justify as “the time preference for money.
Yes, the Austrians wish to play by the rules – their rules – forced on the rest of us by government.
And how they love Depressions and deflation – “to purge the malinvestments” – completely ignoring the innocents that are hurt.
An excellent summation answer from Dr Hudson responding to Max’s question, why he wasn’t at Davos, which went something like; “What have I to say to a PR gathering”
Interesting perspective on the class wars, Austrian school, and Davos.
I didn’t get a sense that Hudson was disagreeing with the Savers vs. Speculators argument and then seemed to contradict himself. That confused me a bit and needs to be clarified.
Max did a great job again with this interview.
Hudson seemed a bit sleepy headed.
Notice just before 5 minutes in. Max says something: “Isn’t it really just a war between Savers vs Speculators?”
Hudson responds: “No!”
Then Hudson continues to rattle on for about 2 minutes that it’s not about Savers Vs Speculators.
Max then asked about the same question as before & this time Hudson says Yes.
LOL:) So which position are you taking Hudson? Yes or No?
Hudson did get the position on Greece correct.
But he was a huge fail when it came to Citibank/Obama.
Obama had a decision to make & he decides against America/Americans & got on his knees & Blew the Wallst/London Bankers!
Yet Hudson gets all puffed up when Max brings up Ron Paul.
Yes Ron Paul’s positions are not prefect, but what the Hell are you doing Hudson????
It’s either Ron Paul to shake the hell out of the system to attempt a repair or it’s more Obama/Romney/Grinch/Sanitarium kissing Wallst’s/London’s Bankers/Insurance Co’s Azzes!!!
And Max, with his pleasant demeanor & sharp mind, always seems to ask tough engaging/challenging questions that helps the interviewee shine the best they can which in turn makes Max’s shows among the best.
Max, my glowing review of your show is going to cost you!! 3 Lap Dances!
But NO Blankfien or Dimon Sluts, the Pussy Riot Band would be great though!!! LOL;)
Personally, I agree with Dr. Hudson wrt high interest rates; they are bad. But so are low interest rates or any interest rates. We should not have usury based monies!
Common stock is an ideal and ethical money form that requires no fractional reserves, no useless shiny metals and NO USURY! Common stock as money “shares” wealth.
So if they are opposed to over-regulation they must be in favor of complete lawlessness?
They may approach the problem from the perspective of property rights and not that of a nanny state, but no Austrian economist or Ron Paul supporter wants to do away with laws against theft or fraud. They have been screaming about bringing corrupt bankers to justice louder than anyone.
They have been screaming about bringing corrupt bankers to justice louder than anyone.
All bankers are corrupt. It is the nature of their business – charging usury for counterfeit money – so-called “credit”.
As for the Austrians, they justify usury and would enforce the power of bankers (and usury) with a government enforced gold standard.
@Oky1
What is Hudson doing? Well he has advised members of the Icelandic Parliament and govt.; Latvia and others to tell the banksters to F-Off. He writes many articles. He was one of the very few to predict with detail, the financial crisis. Ron Paul is not perfect, that is clear, even if he was perfect, the system is rotten to the core.
I recommend reading Super Imperialism by Hudson. He predicted a lot of the mess we are in now decades ago! Don’t belittle this man unless you know the depth of what he has done and is doing. Just because you don’t see him on Corporate Media Cartel does not mean he is not doing anything.
**So if they are opposed to over-regulation they must be in favor of complete lawlessness?
They may approach the problem from the perspective of property rights and not that of a nanny state, but no Austrian economist or Ron Paul supporter wants to do away with laws against theft or fraud. They have been screaming about bringing corrupt bankers to justice louder than anyone.
**
That has been me screaming R3V!
F Bread,
I agree with you more then you’d know FB.
I don’t believe hanging us all on a Cross of Gold is a long term solution.
I don’t agree with your Common Stock stuff because regardless of what the Wallst/DC Crooks are doing, currently You/I/Americans have a inherent Superior Position as a “Stake Holder”.
But right now we’ve a massive problem, Property Rights/Contract Rights are nearly completely destroyed by the use of Fraudulent Derivatives Contracts that convey counterfeit 100s/1000s of title claims against only one underlying assets.
AKA: Horse Thievery/Cattle Rustling, there is just one horse or one cow, but through paper contracts Wallst/London Banks/Insurance Co’s sold that One Horse or One Cow, owned by me, un-mortgaged, they sold thousands of claims against it to investors!!!!!!!!!!!!!!
1.5 Quidrillion worth of bogus Deriv. contracts was the value going around a few years ago.
Got to Run, I’ll check back later.
Steve Keen recognizes a few valid contributions of “Austrian” economics (which are mostly Americans) however Keen debunks it as well. Keen outlines how Austrian economics shares many false assumption with neoclassical economics.
Max was very wise in recommending the new edition of Keen’s Debunking Economics. I agree. Keen and Hudson kick ass
@F.Beard
There are many interpretations of the Austrian School… authoritarians (G. North), Randians (Greenspan), strict libertarians (S. Molyneux) , anarcho-capitalists, the new school (A. Fekete) to name a few. Central banking is often viewed as the culprit causing the booms and busts – not desired. Details and definitions differentiate the applications. What exactly is meant by “free market?” Do we have individuals freely contracting in a non-coercive market, responsible for any harm they cause? No. We have Mussolini style “corporatism” or “fascism” – with regulations supporting/subsidizing selected corporations assuring their monopolies. At the same time, select few corporations are not prosecuted for looting, fraud and other nefarious schemes enabled by congressional “deregulation” and “modernization” that led to dark pools of concentrated wealth, manipulated markets and trillions (quadrillions?) in digitized fantasy “money.” Now what?
Some Austrians support a “free market” in money – which should theoretically allow bitcoin, gold, silver, real bills, and government greenbacks/fiat to coexist and circulate.
Dr. PC Roberts also has issues with scrapping SSI/Medicare. Stealing our money is not very libertarian is it. I have paid into the system for decades, yet they stole the money.
The kleptocrats stole the money and then say “look SSI is insolvent” let’s steal the rest!
Folks need to dump the propaganda and crack open some books once in awhile. Merkans are too damn lazy. It is easier to make simplistic assumptions and believe what you are told.
“Free Market” yeah right.
Is that like the “perfect competition” assumption of so-called economic theory?
Is that like perfect income distribution assumption?
this sounds like fairy-tale nonsense assumptions. Assumption do matter. Friedman was an ideological hack. That’s why he has a Nobel prize
@Aldo
Good points. Humans love to over-simplify and place silly labels on evertyhing.
** I recommend reading Super Imperialism by Hudson. He predicted a lot of the mess we are in now decades ago! Don’t belittle this man unless you know the depth of what he has done and is doing. Just because you don’t see him on Corporate Media Cartel does not mean he is not doing anything. **
** Oky1 says:
It’s either Ron Paul to shake the hell out of the system to attempt a repair or it’s more Obama/Romney/Grinch/Sanitarium kissing Wallst’s/London’s Bankers/Insurance Co’s Azzes!!! **
JJ,
I’ll try to be nice, I’ve been chasing those Murdering Wallst/Federal Reserve System Horse Thieves/Cattle Rustlers for 4 decades!!!!
Phk Hudson & the rest if they can’t get on board!
Ron Paul, Right Here, Right Now or STFU & get out of our Way!
LOL:) Smile, I am!
BTW: A friend of mine recently passed away of cancer, 50 yrs old.
Who’s next to Die from those Murdering B*stards?
You, Me, FB ?????
Think of it like a Lottery, a very sick kind of Wallst/London/DC Lottery!!!!
“Dr. confesses Cancer, AIDS & other Viruses is found in Vaccines”
http://www.youtube.com/watch?v=vgBBwOnmy3w
Michael Hudson really exposed his ignorance in this interview. In the last debate, Ron Paul said he wanted real assets in the social security trust fund, not the “dumber and dumber” IOUs. Thus the gov should take the net revenue of social security and invest it in real assets. As it stand now, the so called social security trust fund is a source of funding for the governments wars.
There is nothing in the libertarian philosophy that suggests power be handed over to the banks to centrally plan the economy. Libertarians, want a fully exchangeable gold backed currency. This takes all the power away from the banks to create credit at will.
What is truly remarkable is Michael Hudson sits there with a straight face making an argument for government control and planning, when government has killed more human beings than any entity ever created. Furthermore it is the most corrupt thing ever created by mankind. Government takes your wages, makes you pay rent on your house (property tax), send your children to war, tells you what FDA approved food you can eat, decides what FDA approved health care you can have, and tells you what your children should think (i.e. worship the government) in government run education system. If you do not want to go along, you can get 3 squares and a roof over your head in the worlds largest prison system. He understands nothing about the libertarian philosophy.
TheAngryGrapes.Com
@Cabernet
Funny I did not interpret it that way. If you are familiar with Dr. Hudson’s prolific body of work, your claim does not make sense. Read Super Imperialism.
Ron Paul aint gettin elected Oky1 I hate to break the news. In our corrupt system it is impossible. The Media Cartel propaganda is seeing to it that RP is cast as an unelectable fringe candidate
How folks can still believe that the US is a “democracy” is beyond me. Fairy tales, lies an hypocrisy is all it is. As Celente says “only little kids think the people elect their leaders”
Oky I’m a afraid its not fuck you or fuck Hudson or fuck me.
We are all fucked. That’s the bottom line. Thinking that even if RP was “elected” (which is near impossible in our corrupt to the bone system) he could save us is naive.
sorry to sound so doom and gloom but I see no evidence otherwise
Whether he supports the savior Ron Paul or not, what Hudson is saying is fundamentally in line with what most of us here, Max/Stacy, Keen, Roberts, Celente, and many others are saying. That’s based on the facts not emotional reactions
JJ,
In your mind just think if Ron Paul drops out of the race right now.
I have & have backup plans just in case.
But look at it from this angle, with no RP you get nothing!
Obama, Romney, etc, the rest, they are all bought n paid for Wallst/London Bank/Insur gangster enforcers/bagmen.
I like that Paul C Roberts piece on RP & SSI/Medicare he posted the other day & I passed that piece along for others to read.
Both Hudson/Roberts both make fine advisers to Paul, but with any of their other Prez candidates Hudson/Roberts would have almost no voice or input.
Obama had his chance & he failed us big time.
Help Paul now & you guys can at least argue the fine points later.
Register & vote right now!
Don’t understand how Hudson can be a hater of the Austrian school. Someone from the LvMises institute needs to respond to Dr. Hudson’s ridiculous claims about the Austrians.
@Max,
BEST ….. OTE ….. EVER !!!!
gawd i love the rationality of PROGRESSIVE economists instead of suffering through
the stupidity of libertarian PEABRAINS
@F. Beard
Thank you kindly for pointing out that Ron Paul does support a gold standard, and that the banks can monopolize the currency since gold is very scarce. However, RP’s support for the metal (shinny as it is) is that it is scarce thereby creating a limit to how much the government can borrow. I have seen him specifically support a range of competing currencies, or back the existing currency with a basket of assets, gold, silver, and other things… It doesn’t much matter what it is so long as it is real and cannot be created to infinity.
The relation to gold (more accurately a limited money supply) is that if you limit the ability to borrow then you can also limit government. They cannot tax 100% but they can always print 100% GDP or many multiples per year. Why give that destructive power to banks? Simply select something that cannot be monopolized and fix the money supply to something real.
I am very cynical about RP’s chances of being elected. The public seems unwilling to accept the real condition of the nation. Till then, we cannot change the course. Perhaps RP’s purpose is to raise the voice that the MSM is so skilled as censoring.
**Old Poor Richard
Ron Paul gets it!
Obviously Willard Mittens and Barack Obama get it too–that’s why they’re Goldman’s Siamese Twin candidates, joined at the wallet.
I’ll bet it’s this kind of rant here that is infuriating the establishment, the way he gets to say these things on national television with no one talking over him, interrupting him or contradicting him.
Starting at 8:22 in the following:
http://www.youtube.com/watch?feature=player_detailpage&v=Sv96YIFsZfQ#t=502s
But I do want to address this subject about taxing the rich. That is not a solution. But I understand and really empathize with the people who talk about the 99 percent and the 1 percent.
Because there’s a characteristic about what happens when you destroy a currency. There is a transfer of wealth from the middle class to the wealthy. And this has been going on for 40 years. So the middle class is shrinking. They are getting poorer and they’re losing their jobs and they’re losing their houses. But Wall Street isn’t getting poorer. And they are the ones who are getting the bailout.
So we have to address the bailout and the system that favors a certain group over another group. If you don’t have sound money and if you have a welfare state, no matter whether the welfare state is designed to help the poor, you know, the welfare system helps the wealthy.
And there has been this transfer of wealth. So, if we could stop all of these transfers to the wealthy class, but the solution isn’t to tax the wealthy. If you give an honest product and customers buy that product, you deserve to keep that money and earn that money. But there’s a big difference between those who earn money and those who rip us off through the government and the monetary system.
–Congressman Ron Paul, 1/26/2012 GOP Debate **
However, RP’s support for the metal (shinny as it is) is that it is scarce thereby creating a limit to how much the government can borrow. Chris
Thereby driving up interest rates for gold owners? Is that not fascisn – privilege for some at the expense of others?
The problem is (and Ron Paul knows this) is that government money is de jure and de facto legal tender for private debts as well as for its proper role, government debts.
Bravo for Dr. Hudson explaining that CREATING NEW DEBT – “government debt” to GIVE printed-out-of-thin-air fiat ‘money’ to FAILED, bankrupt, bailouts-sucking banksters – IS WHAT IS CAUSING the European (and American) economies to CONTRACT !!
This is the DIAMETRIC OPPOSITE of what people normally think of as the successful era (post- WWII) of “Free Market Capitalism” – (because) “BAILOUTS” mean REWARDING FAILURE !!
The problem is the banksters and their WHOLLY OWNED politicians & press/media, CONFLATE “bailouts” with “GOVERNMENT SPENDING” – this is a BAIT & SWITCH LIE meant to justify FURTHER IMPOVERISHMENT of working-stiff families & taxpayers (1850s Irish famine/holocaust style http://www.IrishHolocaust.org )
For a terrific deconstruction of the fallacies of “The Austrian School of Economics” – just another pre-bailouts EXCUSE for TRANSFERRING ‘money’ FROM the working economy, to the “malefactors of great wealth” – see Mark Ames “A Brief History of the Massacres and Disasters that ALWAYS accompany ‘Austerity’ (so near & dear to Austrian School types)
http://exiledonline.com/all-pain-no-gain-a-brief-history-of-austerity-program-massacres-disasters/