#931 Michael Hudson: The Collapse of Antiquity

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RECORDED ON APRIL 10th 2024.
Dr. Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), “…and forgive them their debts” (2018), The Collapse of Antiquity, and his latest book, Temples of Enterprise.

In this episode, we focus on The Collapse of Antiquity. We start by talking about the historical origins of the notions of debtor and creditor, the invention of debt cancellation, and interest-bearing debt. We discuss the social consequences of not cancelling debts, and the relationship between debt and wage labor. We explore the rise of creditor oligarchies in classical Greece and Rome, the legacy of pro-creditor ideology, and the fall of the Roman Empire. We talk about debt cancellation in early Christianity, and how Catholic doctrine changed over time. Finally, we discuss what we can learn from what happened in Greece and Rome, and our current predicament.

Time Links:
00:00 Intro
00:42 The origins of debtors and creditors
10:30 The invention of debt cancellation
15:42 Interest-bearing debt
21:02 The social consequences of not cancelling debts
25:00 Debt and wage labor
26:11 The rise of creditor oligarchies in classical Greece and Rome
36:46 The legacy of pro-creditor ideology
44:15 The fall of the Roman Empire
47:30 Debt cancellation in early Christianity
1:08:33 What we can learn from what happened in Greece and Rome
1:18:30 Cancelling the debts that countries owe each other
1:22:51 Our current predicament
1:28:17 Follow Dr. Hudson’s work!
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A HUGE THANK YOU TO MY PATRONS/SUPPORTERS: PER HELGE LARSEN, JERRY MULLER, HANS FREDRIK SUNDE, BERNARDO SEIXAS, OLAF ALEX, ADAM KESSEL, MATTHEW WHITINGBIRD, ARNAUD WOLFF, TIM HOLLOSY, HENRIK AHLENIUS, FILIP FORS CONNOLLY, DAN DEMETRIOU, ROBERT WINDHAGER, RUI INACIO, ZOOP, MARCO NEVES, COLIN HOLBROOK, PHIL KAVANAGH, SAMUEL ANDREEFF, FRANCIS FORDE, TIAGO NUNES, FERGAL CUSSEN, HAL HERZOG, NUNO MACHADO, JONATHAN LEIBRANT, JOÃO LINHARES, STANTON T, SAMUEL CORREA, ERIK HAINES, MARK SMITH, JOÃO EIRA, TOM HUMMEL, SARDUS FRANCE, DAVID SLOAN WILSON, YACILA DEZA-ARAUJO, ROMAIN ROCH, DIEGO LONDOÑO CORREA, YANICK PUNTER, CHARLOTTE BLEASE, NICOLE BARBARO, ADAM HUNT, PAWEL OSTASZEWSKI, NELLEKE BAK, GUY MADISON, GARY G HELLMANN, SAIMA AFZAL, ADRIAN JAEGGI, PAULO TOLENTINO, JOÃO BARBOSA, JULIAN PRICE, EDWARD HALL, HEDIN BRØNNER, DOUGLAS FRY, FRANCA BORTOLOTTI, GABRIEL PONS CORTÈS, URSULA LITZCKE, SCOTT, ZACHARY FISH, TIM DUFFY, SUNNY SMITH, JON WISMAN, WILLIAM BUCKNER, PAUL-GEORGE ARNAUD, LUKE GLOWACKI, GEORGIOS THEOPHANOUS, CHRIS WILLIAMSON, PETER WOLOSZYN, DAVID WILLIAMS, DIOGO COSTA, ANTON ERIKSSON, CHARLES MOREY, ALEX CHAU, AMAURI MARTÍNEZ, CORALIE CHEVALLIER, BANGALORE ATHEISTS, LARRY D. LEE JR., OLD HERRINGBONE, MICHAEL BAILEY, DAN SPERBER, ROBERT GRESSIS, IGOR N, JEFF MCMAHAN, JAKE ZUEHL, BARNABAS RADICS, MARK CAMPBELL, TOMAS DAUBNER, LUKE NISSEN, KIMBERLY JOHNSON, JESSICA NOWICKI, LINDA BRANDIN, NIKLAS CARLSSON, GEORGE CHORIATIS, VALENTIN STEINMANN, PER KRAULIS, KATE VON GOELER, ALEXANDER HUBBARD, BR, MASOUD ALIMOHAMMADI, JONAS HERTNER, URSULA GOODENOUGH, DAVID PINSOF, SEAN NELSON, MIKE LAVIGNE, JOS KNECHT, ERIK ENGMAN, LUCY, YHONATAN SHEMESH, MANVIR SINGH, AND PETRA WEIMANN!
A SPECIAL THANKS TO MY PRODUCERS, YZAR WEHBE, JIM FRANK, ŁUKASZ STAFINIAK, TOM VANEGDOM, BERNARD HUGUENEY, CURTIS DIXON, BENEDIKT MUELLER, THOMAS TRUMBLE, KATHRINE AND PATRICK TOBIN, JONCARLO MONTENEGRO, AL NICK ORTIZ, NICK GOLDEN, AND CHRISTINE GLASS!
AND TO MY EXECUTIVE PRODUCERS, MATTHEW LAVENDER, SERGIU CODREANU, BOGDAN KANIVETS, ROSEY, AND GREGORY HASTINGS!

#TheDissenter #MichaelHudson #Economics
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When I hear Michael Hudson's voice my IQ increases

redkellyre
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Makes perfect sense why none of this is taught in school at any level.

chachi-rgju
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I listen to Michael everywhere. This wonderful man has taught me so much about how this world truly works And I personally thank him so 😊

ElizabethRobb-tt
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Dr. Michael Hudson is one of the most brilliant men of our time. The man is just an incredible source of knowledge, wisdom, insight and analysis. I love this man

jvs
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Temples of enterprise!!!new book from Dr Hudson!yeah!!!

thomaskirkpatrick
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Please keep it coming, Michael. Your voice is needed everywhere!

AJ-gcmp
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Michael Hudson radicalised me years ago 🙌🏽once I understood our economic reality I understood our role on the global stage & our dark history

truthaboveall
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Thank you both. Michael, thank you for writing this book, it is very readable for everyone

bead
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Fantastic.what a mind.thanks for having Prof Hudson.Great stuff.

AshleyMcIntosh-zzkr
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I would like to point out, that in Croatian, Slovenian and Italian ( languages I speak), the prayer Our Father, says forgive us our debts, not sinns like in English version, so apparently there is original version preserved, mostly in Slavic languages. That said, Dr. Hudson is a jewel, we all should be grateful to be able to listen to him while he is still among us and hope he will be for a long time. Thank you Dr. Hudson.

sillyd
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Brilliant analysis, as always. This man is a fount of knowledge.

Baobabaloo
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Great discussion with Michael Hudson! I’d love to see you interview the man who hired him at University of Missouri at Kansas City, Randall Wray, who also writes on the origins of modern money.

MichaeldeSousaCruz
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Michael Hudson. A teacher of mankind 👍🙏

mwarangethenjoguu
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Michael Hudson has taught me so much from reading /watching him. A brilliant man. Makes Economics really interesting and comprehensible.

cynnewulf
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I learned more in this 90 minutes than in all my formal "education". This was epic and mind blowing.

NeverCryWolf
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Mr. Hudson is brilliant. We can't understand history without economics.

kimly
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Que bom, um canal português com Michael Hudson

davidfirmino
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appreciating your generous talks - I'm book shopping you ... Thx very much !

Do-U-Know
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"I owe, I owe, it's off to work I go"

paulvanreesch
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What he says at the end about neoliberalism being like religion is such on point with what's happening right now in Argentina. The president (Milei) is a free market fundamentalist (libertarian) who proclaims that he was chosen by God itself to rule the country, and last week at a speech he portrayed himself as Moses guiding the investors to cross the red sea... (nobody wants to invest in Argentina). This is an extreme literal example that proves Hudson's point. We have reached the point of madness in its most explicit form, an unhinged president who can't separate economy from religion and cites the bible to argue that the current pope is the representation of evil itself and also a communist.

Megaghost_