Following Professor Hudson’s excellent interview on Phillip Adams last evening, have a listen to their fast paced conversation here.*
Over the next 3 nights in Melbourne, Prof Hudson will be discussing in detail:
Wed Oct 14th – Lifting the Lid on the GFC, 6.30pm, with Steve Keen and Bryan Kavanagh
– recent RBA financial indicators: greenshoots?
Thurs Oct 15th – Economic Policy & Asset Bubbles: The Implications for a Sustainable Society, Melbourne Uni, 5.30pm
– the historical aspects of addressing asset bubbles, moving through infrastructure funding and debt pollution amongst many other topics. (Listen to Phillip Adam’s commentary on Michael’s historical perspective as a hint)
Fri Oct 16th – The Earth vs the Neo-Liberal Paradigm — the Baltic Experience
– Iceland and Latvia’s rapid demise and the positive offshoots springing forward.
* Please note, Prof Hudson would like to clarify that the Rudd government guarantee of mortgages (rather than banks lending 100% mortgages) is encouraging reckless lending. The banks can provide 90% of the mortgage finance, non bank financial intermediaries 95% and the other 5% in many of the riskiest cases is the FHOG. So who needs savings?
Always good to hear Prof Hudson, but that was a bad interview by Phillip Adams. In addition to his usual annoying habit of talking as though his own voice or thoughts were interesting he continually interrupted and appeared to have little knowledge of any of the subjects under discussion, like one of the very leftists that Hudson criticized for having nothing to say on economics and finance.
I don’t suppose Phillip Adams can be expected to know everything but if he knows little of the subject at hand couldn’t he hand interview duties over to someone with a clue?
I’d like to hear some detailed views from Prof Hudson about the Australian economy, and its current precarious state.
What does Hudson mean by “the Georgists in Australia are reasonable and balanced because the movement wasn’t started by Henry George himself”.
Does that mean he think George was unreasonable and unbalanced?
The statement of Dr Hudson that “Georgists in Australia are reasonable and balanced” is immensely flattering to the local yokels and I imagine a number of people both in Melbourne and other large Australian cities would be preening themselves right now.
My suspicion however is that Dr Hudson has had too much conflict with the overseas folk and not enough contact with the locals.
The statement that the movement in Oz wasn’t started by George is in my opinion incorrect. It was started by him all right and that has been part of the problem the whole time, just as it has been overseas.
Hudson has published an intersting article on this problem:
http://michael-hudson.com/articles/realestate/0801George%27sCritics.pdf
I read some more and I want to point out: there is one more huge mistake in Hudson’s critical article on George:
he repeatedly states that George did not distinct between financial and ‘real’ capital. This is completely opposite to the truth, George was in fact one of the first to point out the huge difference between money (and claims for wealth) and real wealth due to the symbolic nature of money. This is completely in line with his views on money creation. It rather seems to me that it is Hudson who does mixes up different things, as he is against debt in general and wants to nationalize banking completely, while this is completely unnecessary.
Does the government explicitly guarantee the banks 100% mortgages?
Hi Steven,
as noted in the post above by the asterix *
(he had only been in the country for less than 48 hours at that time).
* Please note, Prof Hudson would like to clarify that the Rudd government guarantee of mortgages (rather than banks lending 100% mortgages) is encouraging reckless lending. The banks can provide 90% of the mortgage finance, non bank financial intermediaries 95% and the other 5% in many of the riskiest cases is the FHOG. So who needs savings?
Advertisement ‘One day all banks will be like Phoenix banking group’