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| Michael Hudson predicted the 2008 financial crisis |
The latest Democracy At Work YouTube video (see below), by Michael Hudson on Junk Economics, takes things further in Marxist understanding of the Crisis of Capitalism, by its revelation of the idealist formal mathematical framework imposed by the current Capitalist apologists upon the trajectory of Economics, compared with the Dialectical explanation of the very same thing.
Just as in Science the analyses of phenomena limit studies and descriptive formulae to only stable situations, and never address transitions to new qualitatively different situations, Hudson's brilliant trajectory always addresses these crises and collapses as the most profound revealers of what is actually going on.
In one debate, elsewhere, with the opposition, the gaggle of pro-capitalists were first very quiet, then angry and tried to brow-beat him, until they finally slipped away one-by-one! He was crucifying them solely by knowing what he was talking about. They tried the old trick of "Yes-but" type disagreements, but even using such bully-boy-gang tactics, they still lost every round! In the end most had just slipped away.
Hudson's strength was his dynamic account of the inevitable crises to each-and-every temporary stable interlude, which he explained as the necessary consequence of each sticking-plaster, apparent "solution", so that the committed listener saw the causal trajectory overall, and could at the conclusion, also see how his method could predict what would happen next.
After all Michael Hudson was one of the few Economists who accurately predicted the 2008 Recession, having previously accounted for every twist-and-turn in Capitalism since the 1930s Slump!
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