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.

  • Darkmatter2k [none/use name]
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    edit-2
    4 years ago

    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.