“The #IMF’s #Monetarist models have been maintained only by the most rigorous censorship of the history of economic thought, making the institution closer to the medieval #Inquisition than to medicine.” - non-anarchist #MichaelHudson, in his book #TradeDevelopmentAndForeignDebt. Ⓐ

An excerpt by non-anarchist #MichaelHudson (in #TradeDevelopmentAndForeignDebt) about the early post-WWII World - more specifically the beginning of the vaguely defined “Rules Based (Liberal) International Order”. That’s a fancy term ignorant people use instead of “The (Informal) American Empire”. Ⓐ

“It is no coincidence that the working assumptions of bad [economic] theories are laid out more clearly by their antagonists than by their originators.” - non-anarchist #MichaelHudson (while he was criticizing #Monetarist theories), in his book #TradeDevelopmentAndForeignDebt. Ⓐ

Bullionists, now known today as Monetarists, have appeared throughout history from #DavidRicardo to #MiltonFriedman to #PierrePoilievre - three men from three different eras, who largely made the same simplistic/ignorant economic arguments.
#CdnPoli #MichaelHudson #TradeDevelopmentAndForeignDebt Ⓐ

“While inflation represents a transfer of income from creditors to debtors, deflation represents a transfer of PROPERTY from debtors to creditors, via the foreclosure process.” - non-anarchist #MichaelHudson, in his book #TradeDevelopmentAndForeignDebt. Ⓐ

“Finance [aka banking] always has sought to be unseen, in order to be left alone and unregulated. It is significant that the bond broker and financial lobbyist [David] Ricardo was most guilty of diverting attention away from money and finance.” - #MichaelHudson, in #TradeDevelopmentAndForeignDebt. Ⓐ

Non-anarchist #MichaelHudson, commenting on how the #LiberalEconomics of the past (and the #NeoliberalEconomics of today) works - with regard to how “liberal” (aka “laissez faire” and aka “free-trade”) economists carry out their shoddy analysis, in his great book #TradeDevelopmentAndForeignDebt. Ⓐ

“Ricardo’s facile assumption that soil fertility was inherent and permanent rather than requiring constant care and crop rotation gives an indication of the kind of farmer he would have made had he himself been obliged to relocate to the land.” - #MichaelHudson in #TradeDevelopmentAndForeignDebt. Ⓐ

Some excerpts from non-anarchist #MichaelHudson’s (so far) great book #TradeDevelopmentAndForeignDebt - where Mike discusses some of the differences of analysis between the “mercantilist” economists and the “laissez faire” (aka “free-trade” aka “liberal”) economists (who came later). Ⓐ