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Either that, or he is not writing for a general audience, but for a small contingent of his clients and admirers that prefer books made from trees. Your email address will not be published. What makes the present financial crisis so unusual is best illustrated by the following quote from the book:Discussing the financial crisis, Marx showed how unthinkable anything like Bush-Obama bailout of financial speculators appeared in his day. Treasury paid off all of A. Leave a Reply Cancel reply Your email address will not be published.

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Thoroughly recommended This book, perhaps because it was printed by a small publishing house, perhaps because it was rushed into print, appears to have been proof read by chimpanzees and not the ones which are typing out the complete works of Shakespeare! This is annoying, but the 'typos' don't detract one iota from the superb content. This treatise is an education in its own right, and should be supplied to all university economics students in their first year as an antidote to the disease of narrow-mindedness As a non-university-educated, non-intellectual, non-philosopher, member of the general public, I approached this book with low expectation of understanding the technical mumbo jumbo intellectual language generally used in this type of book.

Much to my surprise I understood a surprising amount of it. The subject theme is DEBT. It sounds boring Sounds boring I have read a number of books about the credit crunch The others left me confused Want to understand the reasons behind WW1 and WW2, read this book. Want to understand why it will never recover Format: Kindle Edition Verified Purchase.

He isn't the best writer and he hasn't had a good editor. However, his ideas are clearly explained many times over. I have given him five stars as it was his thoughts and ideas I wanted to understand. He thoroughly explains how we developed our financial system and how it screws over practically everybody.

As his explanations are logically correct and factually accurate, the required changes are easily understood and increases understanding of the entire financial and political system. What happens next is a financial collapse. Or an awakening and a financial crash. The author does provide details on how a collapse might be avoided but that requires humility from politicians, apologies from the ultra rich financial people and an active and thoughtful public.

So, I will prepare for hard times, harder times and then the massive disruption of a global financial crash.

The author is essentially correct but I do hope I am wrong. Perhaps politicians will soon accept that they are the source of the problems that they attempt to solve. Perhaps the wealthy will accept that most of their wealth doesn't exist and was gained at the expense of everybody else. Perhaps people will start asking questions and demanding satisfactory answers.

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The financial crash will still happen but perhaps we get a better chance at a more equitable financial system. I have just read the above and laughed. People don't change that much so quickly. Or do they? One person found this helpful. See all 11 reviews.

ISBN 13: 9783981484205

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Lists with This Book. Community Reviews. Showing Rating details. More filters. Sort order. Sep 06, Clif rated it liked it. For the message this book brings, I give it 5 stars. For the clarity of writing, 5 stars. Knowledge shown by the author, 5 stars. Then why 3 stars? This book could stand as a monument to the need for editing. It is twice as long as it needs to be and that is because Hudson repeats himself so many times you will lose track of the number. His main message is not difficult to understand yet he delivers it in almost the same words in multiple chapters.

In addition, he introduces some useful graphics For the message this book brings, I give it 5 stars. In addition, he introduces some useful graphics that help explain his text, but he waits until halfway through this large book to do so when they should be in the first chapter. The main message.

The Bubble and Beyond: Michael Hudson: Books

There is a real economy that takes in money both through the sale of stock and the issuance of debt, using it to build and operate plant, pay employees creating customers , creating tangible products that bring in sales, earning a profit that both rewards the investors and provides funding for expansion. Thus does industrial capitalism prosper. It takes money, does something productive with it, and returns money through real earnings.

There is a second, "financial" economy that seeks simply to make money from money without producing anything. This is the economy of debt, which is the product of banks.

Table of Contents

By extending credit the price of whatever is purchased with the loan is driven up, giving the illusion of value when only price is increased. Easy credit brings speculation with prices limited only by how much credit can be obtained to allow a purchase. The object is to create more money to loan in an endless processes of leveraging. Remember house flipping? That's the idea, only extending it to everything, not just housing. That is the bankers' paradise. In this world of debt, income goes to pay interest, not to buy real things produced by a real economy.

Homeowners, for example, have little to no equity in the house and the paycheck goes largely to pay the banks. There is precious little left to buy things at stores.