We’re living in a time of economic babble, where politicians and economists throw out words like “reform,” “privatize,” and “austerity” to prop up corrupt capitalist opportunists. So says our guest this week, economist Michael Hudson, author of J is for Junk Economics.
Laura Flanders:Okay. We're going to start. The intro is about the book. The book is a wonderful thing. We're really glad to be here talking about it. I'm really excited to have you back on the program, Michael. It's great to see you.
Michael:It's good to be back.
Laura Flanders:This book was 10 years in the making. In that period, have you seen any new, exciting, or terrifying obfuscations, lies, and ways of talking about the economy?
Michael:Fortunately, things got worse and worse since 2008. As a result, I greatly expanded it, made it a completely different book. Also, it made the whole focus on the vocabulary because economics has turned into an Orwellian vocabulary where words mean exactly the opposite of what they used to mean.
Laura Flanders:Give us an example.