Based Marxist economist Michael Hudson explains why GDP is a scam, calls out Trump's "nightmare" use of MMT, and calls Paul Krugman "the dumbest Economic Nobel Prize winner" . Very readable! If the Left doesn't understand money we'll continually lose to the financial parasite class.
Hudson is an OG, thanks for the link.
I'm listening to the podcast episode, been wondering about US GDP for a while now, it just seems wierd to me that you can have a hollowed out industrial sector and 50% of the population living in poverty and still be competing with China for the highest GDP. This part really stuck out to me:
"So when banks charge you a late fee, that’s considered providing a service and that’s added to the GDP. The GDP is growing by the banks providing you a service of having to pay them 11%. And that’s maybe 4 or 5% of GDP growth. And it gets even worse. 8% of the GDP is implicit homeowners’ rents. In other words, if you bought a home, you’re asked by various government agencies, well, if you had to pay rent for your house, how much would you have to pay rent?"
I already knew about "implicit homeowners rent" ie pretending homeowners pay rent to them selves to inflate GDP but the late fee stuff was new.