Michael Hudson writings seem to be more interesting than the writings of Paul Craig Roberts lately. Roberts seems to run out of steam and starts focus on political issue such as POW torture and taxation of Barack Obama.
There is not much talk about the health care and social security reform. From Michael Hudson perspective, nothing has been changed at all after the inauguration of the Obama presidency.
The finance industry is still having a strangles hold on the economy.
Counterpunch.org is the only site that offers many refreshing perspectives and inspirations for writings. The so-called “the Nation”, “Salon”, “Mother Jones” and “Huffington Post” are too inside the box.
The question essentially is how to overthrow the system according to Hudson. If there is nothing one can do about it to make a difference, then it becomes a question of how to join them, i.e. taking advantage of the system to benefit oneself if possible. Both are not easy tasks.
But knowing the reality and selecting the appropriate actions are the right approach toward solving the problem. Even government is out of tools to fix the system if she wants only play along with the king makers of the system.
He points out the crux of the matter in a very straight forward manner. No vague language of the finance system is used.
I was wondering how the entertainment industry and hospitality business fit into the picture of this perspective. Hudson only mentions the dichotomy of finance industry and tangible industry. There are more than that in reality.
The exorbitant wages and rents extracted from the sport, music, movie and TV industry seem to be nowhere to be found in this author writings. “Rents” is a subject that no longer the focus of any academic discussion. Classical view of economy has been out of fashion for a long time.
Hudson has his own web site now. He emerges from the current finance meltdown as a better insider than the Paul Craig Roberts.
The statement that IMF only imposes the regiment of prescription drugs on developing world and spars the US public from taking these regiment of medicine is not true. The public has already suffered a lot from wage cut back and laying off. The public service cut back is also a fact of life. This is an ongoing process of scaling back.
It is not reflecting on the Federal budget level, but it is taking place on the state budget and municipal budget level. The reduction of endowments, 401k reserve of the working folks is real. This mandatory cut back though not imposed by IMF and World Bank, is a reality force upon the public by the “free market” system.
IMF, World Bank, and WTO only grant veto power to one member, it is the USA. This is not widely known by the general public that is no well verse in these “international” organizations.
Eugenia Tsao of university of Toronto has a point when she points out that no PH D is irreplaceable in reality when a vacant position is open up for filling. They are ton of candidate waiting in the wing applying for the same position.
This happens to coincide with the assessment made by one writer about the value of CEOs: they are more productive than the rest of employees of a company and thus deserts an exorbitant compensation package. As a matter of fact, I recall that it is made by the president of the international service workers union Andy Stearns.
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