Michael Hudson / is on Nostr

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2024-08-09 22:26:05

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2024-08-09 22:25:53

Volatility Unwound
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The stock market crashed on August 5, in a new “Black Monday”. The volatility index, the VIX, is at the highest level since the beginning of the Covid-19 pandemic. The world’s 10 richest billionaires lost $45 billion of wealth in one day. The stock market plunge is attributed to the unwinding of the yen carry trade, the potential bursting of the AI bubble, and the fault of the US Federal Reserve for maintaining high interest rates. The crash has significant implications for the US and global economies, as well as geopolitical tensions, including the war in Ukraine and the Israeli war on Gaza. The US government may try to re-inflate the stock market bubble, but it is an irreversible process due to the high levels of financial debt. The crash also exposes the vulnerability of pension funds and the need to reevaluate the financialization of pensions and social security.
https://michael-hudson.com/2024/08/volatility-unwound/

2024-07-27 01:19:22

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2024-07-27 01:19:22

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2024-07-27 01:19:11

Barbarism or Civilization
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Professor Michael Hudson discusses the civilizational split between a financialized, neoliberal post-industrial economy pushed by the United States and Europe, and the kind of economy that focuses on agricultural and industrial production to raise living standards. He argues that the West has lost its industrial and agricultural control and now relies on military force, terrorist violence, and corruption to maintain its control. The global majority, including countries in Asia, Africa, and Latin America, are seeking to design an economy that will help their member countries grow and raise wages and living standards. The article also highlights the impact of U.S. sanctions on Europe and the need for countries to become self-sufficient and independent from the West. Additionally, Professor Hudson discusses the Israeli-Palestinian conflict and the role of the United States in supporting Israel's attacks on Palestine as part of its strategy to control Middle Eastern oil.
https://michael-hudson.com/2024/07/barbarism-or-civilization/