[40] Hudson and Lira on the "iron-fisted kleptocratic financial oligarchy"
Michael Hudson, a professor of Economics at the University of Missouri, Kansas City, is a sharp critic of what he considers the "rent seeking" behavior which has come to dominate the world of global finance. Once upon a time, governments regularly expunged debts to prevent the crises and turmoil that overindebtedness caused. But then came the Romans. For the Romans, "a debt was a debt was a debt". And since then, it has become standard fare to enforce debt contracts even when they are unpayable. Hudson now sees a parasitic financial industry that looks only to determine how much wealth it can extract via fees, interest income, and tax breaks, rather than providing capital to increase.
Gonzalo Lira believes that ultra-easy monetary policy will be the demise of the US dollar. In part two of our conversation with Gonzalo, he also explained that his pessimism about the US dollar emanates from his view that the United States has become a "kleptocratic oligarchy" in which investment in capital has become passé and the financialization of the economy benefits a select few.
It’s Mid-term season in the US so how will markets react? We’re asking Danielle Shay and John Grace to give us their thoughts on what happens to markets when mid-terms come around. Clean water access is an issue that is not going away soon, so who better to ask than Grant Page of Magna Imperio Systems who is dealing with that exact issue! Sayeh Tavangar gives us an update on oil while Mollye Barrows gives us some insight into some strange ballot choices! [1192]
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Richard Sandor sat down with Bart Chilton as they discussed bank rates!
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Ameera and Erin talk about major news coming out of Facebook, Twitter, and Samsung. Shares of Twitter fell after reports revived questions about the mircoblogging site’s user engagement and Samsung is considering a price adjustment for its Galaxy phone after disappointing earnings.
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Black Vine – the China-based group who hacked the US Office of Personnel Management and Anthem – were allegedly responsible for the United Airlines hack, too. According to Symantec, the group has been operating since 2012 and has since targeted the aerospace, healthcare, and military and defense industries. Speaking of military and defense, two security researchers successfully hacked a sniper rifle.
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China's President Xi has addressed the World Economic Forum as new figures show the nation's 2021 GDP spiking from the previous year. (1:03) Then we take a look at how inflation is weighing heavy on the production capacity of the United Kingdom. (8:54) And Spain has become the first European nation to crack down on cryptocurrency advertisements in the unregulated industry. (18:27)
00:00 - FULL SHOW
01:03 - Xi addresses the World Economic Forum
08:54 - Inflation in the United Kingdom
18:27 - Spain cracks down on cryptocurrency ads
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Our lead story: From a macro policy perspective, central banks are the only game in town right now. Sure, at the depths of the Great Financial Crisis in 2009, we saw fiscal policy, credit writedowns, and bank recaps. But this was only because it was necessary. Once the urgency faded, western economies went back to central banks – to paraphrase Christopher Walken – for more cowbell. Edward Harrison weighs in. Then, Ameera David is joined by Worth Wray – author of “A Great Leap Forward?” – to talk about China’s economy.
After the break, Bianca Facchinei takes a look at the possibility of the US implementing economic sanctions against China for economic espionage. Afterwards, Ameera talks with Barry Eichengreen – professor of economics and political science at UC Berkeley – about Greece. And in The Big Deal, Edward and Erin Ade discuss Italian energy group Eni’s discovery of the largest-known gas field in the Mediterranean.
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Even though the migrant crisis in Europe continues to worsen, solid solutions to the problem have yet to be offered by the EU or any individual nation. Boom Bust correspondent Bianca Facchinei takes a look at the lack of strategy and arguing over what to do – especially when economic assistance comes into discussion.
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US job numbers came out on Friday and showed employers added 295,000 jobs in February while the unemployment rate dropped to 5.5%. The declining unemployment rate – from 5.7% in January to 5.5% in February – took unemployment to its lowest level since May 2008. This significantly beat Wall Street’s expectations; economists were anticipating the payrolls to rise by only 240,000 jobs. Erin weighs in.
Then, Erin is joined by David Beckworth – assistant professor of economics at Western Kentucky University and adjunct scholar at the Cato Institute. David tells us why a one-size-fits-all interest rate policy works in the US but not Europe and gives us his take on why the Fed has kept rates at zero despite an improving economy. He also explains that the Taylor Rule would say the Fed’s policy stance right now is just about neutral.
After the break, Boom Bust Producer Bianca Facchinei takes a look at how the consistent rise in rent has affected city planning and the real estate market. Afterwards is Defining Moments, showing off the most interesting comments made by our guests this week, including remarks from Rob Barnett, Victor Matheson, Alex Daley, Paul Craig Roberts, and Anthony Randazzo.
And in The Big Deal, Erin, Bianca, and Edward Harrison review comments posted on the Boom Bust social media pages. Take a look!
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A new poll out of the U.K. shows that the number of people supporting an exit from the European Union is now larger than those that want Britain to stay in! And in the U.S., new employment numbers show a disappointing January, with only 151,000 jobs being added. Ameera David has the details. Then, RT Correspondent Simone Del Rosario joins with the latest on Volkswagen’s financial troubles caused by the still unfolding emissions scandal. Bianca Facchinei then reports on the skyrocketing levels of student debt facing young American college-goers.
After the break, Lynn Parramore, a columnist for Reuters, Al Jazeera America, and the Huffington Post, speaks with Ameera about the disagreement amongst economists on what is behind the record levels of income and wealth inequality. And finally, in The Big Deal, RT Correspondent Manuel Rapalo sits down to dissect Thursday night’s heated Democratic debate between Bernie Sanders and Hillary Clinton.
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