Michael Hudson: “Moral Hazard” vs Mutual Aid – How the Bronze Age Saved itself from debt serfdom

20 November 2018 — Naked CapitalismMichael Hudson

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year  Jointly posted with Hudson’s website

Continue reading

Maria's 'Other' Victims: Puerto Rican Bondholders By Eoin Higgins

11 October 2017 — FAIR

CNBC: If you don't think you own Puerto Rico debt, you're most likely wrong

CNBC (10/4/17) assumes that “you” are among the “more than 500,000 individual bondholders” or the “hundreds of thousands more investors with small exposure through mutual funds”—despite the fact that it gets 43 million visitors a month.

With crushing debt threatening to annihilate its economy (CounterSpin, 7/31/15, 5/12/17), the island of Puerto Rico was already desperate. Then came Hurricane Maria, the September storm that tore through the US colony, leaving most of the island’s residents without power and many without water. The official death toll on the island from the Category 4 storm that packed winds of up to 155 miles per hour is at 43—and hospitals and funeral homes have said that the toll is significantly underreported.

Continue reading

Before Maria, forcing Puerto Rico to pay its debt was odious. Now, it’s pure cruelty

4 October 2017 — Climate & CapitalismGreen Social Thought

Cancel the debt now!

To expect Puerto Rico to rebuild from this unnatural disaster while at the same time bailing out Wall Street financiers is to condemn its residents to a permanent state of crushing hardship and impoverishment.


by Stan Cox and Paul Cox

Continue reading

Reasons To Be Uncheerful By S. Artesian

19 June 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

Three months ago, the Hellenic Parliament in Greece decided to establish the Truth Committee on the Public Debt to examine the origin of the accumulation of that negative value, of capital’s anti-matter called debt, that has, pretty much, sucked Greece into a black hole.

Continue reading

The Shorty Long of It By S. Artesian

5 March 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor 

1.  The Short

Submit the “reform package” agreed to by Syriza government to the parliament for a vote
No to the “reform package” agreed to by the Syriza ministers
–No confidence in the Syriza government
–Repudiate the debt, the MFFA, and the reforms in their entirety.

Continue reading

The Cat in the Box: Quantum Social Democracy and the Uncertainty Principle By S. Artesian

28 February 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

Richard Seymour, VIB, wrote on SIP Louis Proyect’s chat-list:

No formal count was taken at this meeting, but according to Stathis Kouvelakis, 30 MPs were out of the room when the vote was taken and 40 abstained or voted against.  If this is right, then a third of those present voted against.  He recounts that most speakers – some 80 MPs – criticised the deal, in an emotional and turbulent meeting that went on for 12 hours.

Continue reading

Yani and the Hand Jive By S. Artesian

27 February 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

I know a cat named Doctor Yani…

He’s got a real cool job, jivin’ for money
He knows just what makes the eurozone tick
He does that hand jive just for kicks

On Tuesday, February 24, 2015,  the Syriza government of Greece presented its “first comprehensive list of reform measures” to the president of the Eurogroup.  The Eurogroup is what  the committee made up of the finance ministers of countries using the euro as currency is called when it actually meets.

Continue reading

24 hours late, and € 240 billion short

24 February 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor 

1. A day late and more than a dollar short, Yanis Varoufakis submitted a “program” of reforms to the Eurozone finance ministers (Eurogroup) regarding the Greek government’s development and implementation of tax policies, public finance management, revenue administration, public spending, social security reform, public administration and corruption, instalment schemes, labor market reforms, product market reforms, better business environment, judicial system reforms, banking and non-performing loans, privatisation and public asset management, statistics, and last and certainly least,  the humanitarian crisis where Yanis sums it up perfectly, puts a cherry on it, wraps it with a bow, seals it with a kiss

Continue reading

Bruiseology By S. Artesian

23 February 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

The Syriza government has postponed submitting its proposed list of “reforms” to the European Union.  The “reforms” were due on Monday, 23 February, but the Syriza ministers won’t be ready until tomorrow.  Indeed.  That–“won’t be ready until……”– describes Syriza’s leadership perfectly.

Continue reading

US: Retail Death Rattle Grows Louder

27 May 2014 — WashingtonsBlog

The definition of death rattle is a sound often produced by someone who is near death when fluids such as saliva and bronchial secretions accumulate in the throat and upper chest. The person can’t swallow and emits a deepening wheezing sound as they gasp for breath. This can go on for two or three days before death relieves them of their misery. The American retail industry is emitting an unmistakable wheezing sound as a long slow painful death approaches. Continue reading

Michael Hudson: The New Cold War’s Ukraine Gambit

16 May 2014 2014 — Naked Capitalism

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “The Bubble and Beyond.” This article is from a new book, Flashpoint in Ukraine, edited by Stephen Lendman. It is currently available from Clarity Press as an e-book, and soon to be printed.

Continue reading