- File Size: 4991 KB
- Print Length: 558 pages
- Publisher: ISLET; eBook Edition edition (October 4, 2012)
- Publication Date: October 4, 2012
- Sold by: Amazon Digital Services LLC
- Language: English
- ASIN: B009M5TBMW
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Enabled
- Amazon Best Sellers Rank: #120,910 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
|Print List Price:||$32.95|
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THE BUBBLE AND BEYOND Kindle Edition
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This is the best you'll find. Most highly recommended.
His latest publication represents a collection of essays that have formed the backbone of his thinking over many years. Taken together they offer a hefty rebuke to the flawed political economic practices issuing from the Federal Reserve and the neo-liberal camp that has so emphatically decriminalised fraudulent behaviour in the financial sector.
The book opens with Michael taking us back through the nineteenth century to give us `Two Traditions of Financial Doctrine' that led us to our present impasse; Finance Capital (which has regressed into todays FIRE sector - Finance, Insurance, Real Estate) - and Industrial Capital, which represents the manufacturing, labour sector. It is the dichotomy between these two traditions and their present offspring that drives the narrative; the `scorched earth' practices of debt magnified through compound interest and the `free lunch' tax subsidies of the FIRE sector, versus the `circular flow' of the real economy between the producer/consumer of Industrial Capital.
There is much else besides of course, ancient civilizations are discussed to show how societies debts were written off as a means of reviving the economy (hence `clean slate'), while those that didn't (the Roman Empire) become mired in debt, rebellion and bankruptcy.
Michael also draws our attention to the principle of Fraudulent Conveyance; the paragraph is worth quoting in full . . .
"The basic principle of Fraudulent Conveyance is that loans which cannot be paid under normal conditions were made irresponsibly at best, and with predatory intentions at worst. In either case they should be written down. The ethical principle is that the debtor suffers less than the creditor, especially in a world where international credit is now created electronically on computer keyboards - while repayment of such credit polarises and impoverishes debtor economies."
This is a rambling, repetitive narrative full of great insight and quotable paragraphs on every one of its 481 pages. There are useful diagrams and graphs and a fabulous interview with Michael on YouTube conducted by Lauren Lyster back in 2010 is a good introduction to Michael's vigorous arguments.
As if `The Bubble' wasn't bad enough, the real threat is not only to . . . "industrial capitalism and national self-determination but beyond that, the Enlightenment ideology of economic freedom and democracy". . . "All this threatens to turn the final stage of finance capitalism into debt-ridden austerity. That is what a neo - rentier economy means. Once entered into, it cannot be escaped from except by a violent political clash. The end game of finance capitalism will not be a pretty sight".
Hudson understands economics as almost nobody does who bothers to write about it. He isn't part of any toadying establishment, academic or otherwise, and he tells the truth, all of it, no punches pulled. It has taken me over forty years to understand money and economics, and Hudson gives you everything you could possibly want to know for about $30 bucks. Does he repeat himself endlessly, garble sentences, tenses, just about anything that can be garbled? Yes, he does. Maybe he wrote the book in a hurry. Maybe his typist and proofreader didn't pay attention. So what? The book is important, necessary and dead on.
For your own good and the good of the Country, read it!
Most recent customer reviews
Do you ever wonder why in the years following the Great Depression things in the stores were...Read more
That is the sign of true insight.