Prof. Michael Hudson is a prominent American economist, Distinguished Research Professor of Economics, and prolific author. • Support Michael's work on Patreon: / michaelhudson • Site: https://michael-hudson... • Recent books: https://michael-hudson... • Substack: https://professormicha... <



53:02 Is America Following the Roman Empire's Path? 56:06 The Debt Trap That Destroyed Ancient Rome 58:02 Why Debt Always Grows Faster Than the Economy 1:00:44 The Hidden Flaw in Modern Economics 1:01:00 Will a New Global Monetary Order Replace the <



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Is America Following the Roman Empire's Path? eventually overextend financially before they decline and that's precisely what happened for example with the Roman Empire. So, is the United States approaching that stage or are we still not sort of far ahead and there's still an an off-ramp to to salvage what's left and to maybe pivot toward a more sustainable and um internationally<


My book The Collapse of antiquity goes over this. The problem wasn't the military cost of Roman expansion. The problem was the domestic cost that it was that the creditors took over. Uh Rome and you could say all of classical Western antiquity lacked the central authority that bronze age Mesopotamia and Egypt and other West Asian /African countries had of preventing a domestic financial oligarchy from developing. They all had a central ruler whose task was mainly to keep restoring economic order by cancelling the personal debts that had developed Not business debts. They were all left in place to be settled among merchants among themselves, but most personal debts in an agrarian economy were owned by farmers self-sufficient on the land and uh uh all Egypt Babylonia Sumer all the West Asian /African countries regularly cancelled the debt so wouldn't develop <


well after 1200 BC the Bronze Age pretty came to an end as a result of drastic climactic change that caused a dark age for 400 years. <



And when trade began again with the west around the 8th century BC u the e western economies Greece, Italy, European economies didn't have any tradition of what was called divine rulership who followed the sun god of justice by restoring order and a justice for weak and poor by making sure it's the sun god of justice. would cancel the debts and make sure that families were not subject reduced to bondage and that rulers would free the debt debt bond servants. They'd cancel the debts and they'd return self-support land to the cultivators who would forfeit it for debt. <


Well, the Rome and and Greece didn't have any. There were social revolutions<


The Debt Trap That Destroyed Ancientfor six centuries trying to restore this to cancel the debts. That was why Caesar was killed because there had just been a re some minor civil war trying to cancel the debts. The Catalene conspiracy it's called . Caesar supported it. Everyone expected Caesar to cancel the debts to free the Roman population. So he was killed essentially the creditor class t oligarchy that had made itself into a hereditary aristocracy. That's class war between creditors and debtors. <


In The Collapse of Antiquity: Greece and Rome as Civilization's Oligarchic Turning Point, political economist Michael Hudson argues that classical Greece and Rome broke away from the debt-forgiveness traditions of the Ancient Near East. This shift allowed creditor oligarchies to concentrate wealth, destroy internal markets, and collapse the Roman world into serfdom and feudalism. Amazon.com +3 Introduction & Foundations • The Near Eastern Precedent: Explains how Bronze Age and Near East societies used periodic "Clean Slate" royal debt cancellations as a safety valve to prevent bondage and A ;the creditors won and the result was the decline and fall of the Roman Empire. It polarized and uh at the end of all the wealth monetary wealth and the land that was taken was all drawn into the hands of the creditor class ; the result was the economy was turned into feudalism ; that's the result. <



So that's the natural tendency of any financialized economy. <


We have the textbooks that were were taught to the Babylonians tribal students. They all calculated how fast does a debt double at a given rate of interest any rate of interest has a doubling time. In Babylonia at 20% rates for commercial debts the doubling time is five years . <


Why Debt Always Grows Faster Than the Economy > We also have plans and how creditors lending debtors the money to pay their debts, making an even more debt leveraged economy ; and the debt is an overhead that hasn't been productive debt. <



So the uh the modern economics doesn't recognize the fact that economies don't naturally settle in equilibrium. The natural tendency of all economies is to move further and further out of equilibrium to become more and more unbalanced as the debts grow faster <


bronze age knowledge of debt is lacking in modern business cycle theory . The whole idea that Business cycle analysts are taught is that a cycle just keeps moving along and moving along uh continually at the same rate. But as uh every business cycle since World War Il has started from a larger and larger and larger debt overhead because the debts mount up and mount up and every recovery of the United States and other Western economies since World War Il has been weaker. Uh and the recoveryy's only been uh pulled out by uh creditors lending debtors the money to distribution. Uh so the re that's the the the modern economic theory doesn't address the debt uh problem or the dynamics of debt. It's it's as if the whole economy operated on barter and that's called the barter theory of international trade which is silly because international trade is how uh families first obtained the money to become international bankers. there's a a false view of history and a false view of how economies work that refuses to acknowledge the debt problem because the business schools and the media are owned and controlled by the financial interests ; obviously the last thing if you're a financial creditor is to popularize the idea that your credit is bankrupting the economy, reducing it all to debt pinage and destroying it if the economy doesn't protect itself by cancelelling the debts that it owes to you. That's the political tension of our time. Absolutely. This is so fascinating and The Hidden Flaw in Modern Economics <



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Introduction & Foundations • The Near Eastern Precedent: Explains how Bronze Age and Near East societies used periodic "Clean Slate" royal debt cancellations as a safety valve to prevent bondage and maintain economic stability. Amazon.com


• Transmission of Debt: Traces how interest-bearing debt moved to the Aegean and Mediterranean in the 8th century BC without the institutional safety valve of debt forgiveness. Amazon.com


Part I: Greece


• Early Reformers and Tyrants: Discusses 7th- and 6th-century BC populist efforts to cancel agrarian debts and redistribute land.


• Sparta and Athens: Examines Sparta's early oligarchic preservation, Solon's ban on debt slavery in Athens (594 BC), and the transition from democracy to the Thirty Tyrants. &


• Classical Philosophy: Analyzes how Plato, Aristophanes, and Aristotle critiqued wealth-Classical Philosophy: Analyzes how Plato, Aristophanes, and Aristotle critiqued wealth-addiction (pleonexia) and money-lust in the 4th century BC. g Goodreads +1


• Late Spartan Reforms: Details 3rd-century BC attempts by Agis, Cleomenes, and Nabis to cancel Sparta's debts. •


Part II: Rome • From Republic to Oligarchy: Follows Rome's early trajectory, the Secession of the Plebs, the Twelve Tables, and persistent class warfare over debt. Pus dokumen.pub


• Imperial Expansion and Punic Wars: Shows how imperial conquests and the Punic Wars enriched a small financial class while grabbing land from citizens. PuB dokumen.pub


• The Late Republic Crises: Details the social convulsions of the 1st century BC, including the Mithridatic Wars, Sulla, Catiline, and the moderate debt/land reforms attempted by Julius Caesar before his assassination. ®


Ask anything Q what is an outline of Michael Hudson's book The C


Fiscal Collapse: Describes the severe money shortages and economic squeezes of the early Roman Empire.


Part III: Epilogue & Ideology

• The Transformation of Christianity: Explains how the early revolutionary calls for economic debt relief in Christianity were reframed. The meaning of "sin" and the Lord's Prayer shifted from financial cancellation to personal/spiritual morality as the Church became Rome's state religion.


• Modern Historical Bias:


Concludes by showing how modern Eurocentric ideology sanitizes Roman oligarchic history to justify today's pro-creditor economic frameworks. If you'd like, let me know if you want to explore: • The differences between Near Eastern and Greco-Roman debt laws • The parallels Hudson draws to modern finance capitalism Ask anything Q what is an outline of Michael Hudson's book ThePrayer shifted from financial cancellation to personal/spiritual morality as the Church became Rome's state religion. • Modern Historical Bias: Concludes by showing how modern Eurocentric ideology sanitizes Roman oligarchic history to justify today's pro-creditor economic frameworks. If you'd like, let me know if you want to explore: • The differences between Near Eastern and Greco-Roman debt laws • The parallels Hudson draws to modern finance capitalism GE Geopolitical Economy Report: Origins of debt: Michael Hudso... OW SOCIETY BECA OMINATED BY D May 24, 2023 - Origins of debt:... Amazon.com