The Vocabulary of Economic Deception — on Guns & Butter

Coming up today and every Monday at 7:00 pm Pacific – 10:00 pm Eastern – 03:00 GMT

GUNS AND BUTTER with Bonnie Faulkner

The Vocabulary of Economic Deception
— Dr. Michael Hudson

We discuss Michael Hudson’s book, J is for Junk Economics: A Guide to Reality in an Age of Deception, with an emphasis on the degradation of economic vocabulary that hides the real state of the economy; language affects peoples’ perception of reality; history of economic thought no longer taught; classical political economy focused on society’s unearned income or rent; the rentier landlord financial class; fictitious capital; the real reforms of the progressive era; classical political economists expected capitalism to evolve into socialism; classical economic concepts of value, price and rent; productive versus extractive economic sectors; public financing of infrastructure a windfall for the private sector; effects of the tax deductibility of interest; monetary policy and the Federal Reserve; economics is political – politics has always been about who is going to get what; National Income Accounting; fiscal policy and Modern Monetary Theory; the three stages of debt leveraging.

Produced, edited and mixed by Bonnie Faulkner, Yarrow Mahko and Tony Rango.


This encore show was broadcast on December 17, 2018.

      Listen to the Archive Here
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