BENJAMIN NORTON: Yeah, it’s pretty interesting, Professor Hudson, because if you listen to Fox News, or a lot of right-wing analysis, they say that the problem behind the inflation is that the Biden administration is just spending so much money, and he’s a socialist, and he’s funding all of these programs, and Build Back Better. And it’s hilarious because, meanwhile, his own party won’t even approve the watered down version of Build Back Better, which is like every few weeks there’s a trillion dollars less, and then less spending, and less spending. .... So while the right wing is freaking out and claiming that Biden is a socialist, spending all this money on social programs, in fact that money is going toward increasing the military budget, and not going to social programs. I don’t know if you wanted to comment on that.
MICHAEL HUDSON: Sure, I think that Schumer has a great influence over the Republican Party, and I think Schumer and Pelosi meet with their counterparts at the Republicans and say, “Please call us a socialist. We’re not going to disagree with you.” Because they know that 85% of Americans like the word socialism. And the more that Republicans call them socialist, that helps them solidify the base that really wants socialism, so that the Democratic Party can throw cold water on that and prevent socialism. It’s a great scam.
BENJAMIN NORTON: That’s an interesting point; it’s an interesting idea.
MICHAEL HUDSON: But actually, the Biden administration, they haven’t spend money into the economy. Spending money into the FIRE sector – the finance, insurance, and real estate sector – isn’t spending money into the economy; it’s spending money into the overhead that is preventing the economy from growing. Just the opposite. And to be fair to Biden, he hasn’t followed through on any of his other campaign promises, either. He hasn’t cut back student debt like he promised. He hasn’t raised the minimum wage like he promised.So it would be unfair to single out just the infrastructure. He has universally repudiated every campaign promise that he made, because his clientele are the campaign contributors, not the voters.
...
MICHAEL HUDSON: Quantitative easing is a significant factor because it has been a huge subsidy to the financial sector. It’s a bad term. It was supposed to be – what quantity is easing? Not the money supply, because all this is occurring on the Fed’s balance sheet. It means that the Fed is letting banks pledge their junk mortgages, their bonds, and their stocks in exchange for Federal Reserve deposits that they can use to increase their lending base. And the official original reason in 2009 was the Fed said, we’ve got to have higher housing prices.
Americans are only spending maybe 35% of their rent of their income on rent and housing. We’ve got to increase that to 43%. So if we can lower the interest rates, people can take out larger and larger mortgages, and there will be a huge flood of lending into the mortgage market, and Americans will have to pay more for their housing. And that will make the banks richer, the insurance companies richer, and our clients in the financial sector richer. So quantitative easing was designed to increase the price of housing to Americans, and then it was to create a huge stock market boom.
...The Fed’s aim is inflation. But it doesn’t want to inflate the economy, real prices, it wants to inflate stock and bond and real estate prices, for the 1%. So essentially, this is part of the war of the 1% against the 99%. They’ve got almost all the growth in wealth since the pandemic began. There has been about, I think, $1 trillion growth, more than that, in the private wealth. All of this wealth that has been created has been basically taken by the 1%, who have made it financially, through financial capital gains, rising prices for their stocks, bonds, and real estate, not by the economy at large.
The economy at large, the 99%, have had to go further and further into debt during the pandemic. And once the moratorium on rent and mortgage payments expires in a month or so, there is going to be a huge wave of evictions, not only of renters, but even of homeowners that couldn’t afford to make their mortgage payments. And there’s going to be just a huge explosion.
See what I mean? Your just like NOS. — frank
While limited humanitarian exceptions for trade have been carved out in recent weeks, the World Health Organization has already warned that up to 1 million Afghan children may die as a result of malnutrition over this winter if drastic steps are not taken. Children are already bearing the brunt of the humanitarian catastrophe, punctuated by horrifying stories of kids being sold to pay for food. And the country’s notoriously harsh winter is already taking a toll: Afghans are freezing to death as they flee the country with their families.
U.S. sanctions policy is directly to blame, pushing Afghans over the edge as they already struggle to deal with the Covid-19 pandemic and the political upheaval created by the collapse of the central government. As Paul Spiegel, director of the Center for Humanitarian Health at Johns Hopkins Bloomberg School of Public Health, wrote this December, after returning from a trip to Afghanistan on behalf of the WHO, “I can clearly state that if the United States and other Western governments do not change their Afghanistan sanction policies, more Afghans will die from sanctions than at the hands of the Taliban.
The deaths will be brought about as a result of deliberate policy decisions made in the U.S. Alongside new sanctions imposed after the Taliban takeover, the U.S. froze nearly $10 billion of Afghanistan’s central bank holdings here. The Biden administration refuses to release the funds despite ongoing public protests by Afghans.”
the discord between Trump and the elites — Number2018
But to what extent your (supposedly critical) discourse here is different from the current dominant rhetoric? It also presupposes the existence of the ultimate truth behind the spectacle — Number2018
Similar campaigns were organized before the appointment of Mueller as a special counsel, the two impeachments, and before the 2020 elections. Will Trump be indicted? Or, at least, will he be prevented from running in 2024? — Number2018
Do you think the division between political north and south tracks the division between the two sides of 'profit upon alienation' in Theories of Surplus Value? And furthermore that profit upon alienation is strictly a redistributive mechanism of value, rather than a creation of value. — fdrake
There's a huge number of forces at play and they're not all going in the same direction so much that they can be summed up in a simple idea like, the riot didn't matter and the dems are stupid. — Baden
I think that the stock market is just a game that rich people play with each other and I don't care if a few hundred of them have advance knowledge to guide their buys and sells. — Michael
I'm British. — Michael
but it did far more harm than Pelosi buying or selling stocks with knowledge that few other people had. — Michael
You can be as cynical as you like and still admit the obvious. — Baden
I'm pointing out that if even Republicans like Mitch McConnell and Ted Cruz are using such language to describe it then it's a stretch to characterise the investigation as just some Democrat propaganda or whatever. — Michael
If there's anything to be disgusted about it's the inability of the American political and judicial system to extirpate him — Wayfarer
Even Mitch McConnell called it a "failed insurrection" — Michael
The number of people killed by pro-Trump supporters at the January 6 Capitol riot is equal to the number of pro-Trump supporters who brandished guns or knives inside the Capitol. That is the same number as the total of Americans who — after a full year of a Democrat-led DOJ conducting what is heralded as “the most expansive federal law enforcement investigation in US history” — have been charged with inciting insurrection, sedition, treason or conspiracy to overthrow the government as a result of that riot one year ago. Coincidentally, it is the same number as Americans who ended up being criminally charged by the Mueller probe of conspiring with Russia over the 2016 election, and the number of wounds — grave or light — which AOC, who finally emerged at night to assure an on-edge nation that she was “okay" while waiting in an office building away from the riot at the rotunda, sustained on that solemn day.
That number is zero. But just as these rather crucial facts do not prevent the dominant wing of the U.S. corporate media and Democratic Party leaders from continuing to insist that Donald Trump's 2016 election victory was illegitimate due to his collusion with the Kremlin, it also does not prevent January 6 from being widely described in those same circles as an Insurrection, an attempted coup, an event as traumatizing as Pearl Harbor (2,403 dead) or the 9/11 attack (2,977 dead), and as the gravest attack on American democracy since the mid-19th Century Civil War (750,000 dead). The Huffington Post's White House reporter S.V. Date said that it was wrong to compare 1/6 to 9/11, because the former — the three-hour riot at the Capitol — was “1,000 percent worse.”
Indeed, when it comes to melodrama, histrionics, and exploitation of fear levels from the 1/6 riot, there has never been any apparent limit. And today — the one-year anniversary of that three-hour riot — there is no apparent end in sight. Too many political and media elites are far too vested in this maximalist narrative for them to relinquish it voluntarily.
The orgy of psychodrama today was so much worse and more pathetic than I expected — and I expected it to be extremely bad and pathetic. “House Democrats [waited] their turn on the House floor to talk to Dick Cheney as a beacon for American democracy,” reported CNN's Edward-Isaac Dovere; “One by one, Democrats are coming over to introduce themselves to former VP Dick Cheney and shake his hand,” added ABC News’ Ben Siegel. Nancy Pelosi gravely introduced Lin-Manuel Miranda and the cast of Hamilton to sermonize and sing about the importance of American democracy. The Huffington Post's senior politics reporter Igor Bobic unironically expressed gratitude for “the four legged emotional support professionals roaming the Capitol this week, helping officers, staffers, and reporters alike” — meaning therapy dogs. Yesterday, CNN's Kaise Hunt announced: "Tomorrow is going to be a tough one for those of us who were there or had loved ones in the building. Thinking of all of you and finding strength knowing I’m not alone in this." Unsurprisingly but still repellently: Kamala Harris today compared 1/6 to 9/11.
That the January 6 riot was some sort of serious attempted insurrection or "coup” was laughable from the start, and has become even more preposterous with the passage of time and the emergence of more facts. The United States is the most armed, militarized and powerful regime in the history of humanity. The idea that a thousand or so Trump supporters, largely composed of Gen X and Boomers, who had been locked in their homes during a pandemic — three of whom were so physically infirm that they dropped dead from the stress — posed anything approaching a serious threat to “overthrow” the federal government of the United States of America is such a self-evidently ludicrous assertion that any healthy political culture would instantly expel someone suggesting it with a straight face.
Sorry, you don't merit refutation. — ZzzoneiroCosm
So no one would care if there wasn’t an upcoming election? The presidential election is three years from now and Americans have a very short attention span, in case you hadn’t noticed. — praxis
In any case, Djokovic’s entry would be a huge propaganda victory for the anti-vaccination movement and even if he’s deported, he becomes in effect a martyr for their cause. — Wayfarer
