Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy

Description

The financial sector has succeeded in depicting itself as part of the productive economy, yet for centuries banking was recognized as being parasitic. The essence of parasitism is not only to drain the host’s nourishment, but also to dull the host’s brain so that it does not recognize that the parasite is there. This is the illusion that much of Europe and the United States suffer under today. The aim of this book is to pierce this illusion and replace junk economics with economics based on reality. In Killing the Host, Michael Hudson argues that financial crises will continue unless we radically transform our economic and political structures, and reclaim the best ideas of classical economics. Ominous, yet clear-eyed and prophetic, Hudson provides viable solutions to our economic problems, at a time when politicians have shown themselves unable to understand our economy much less fix it. ISBN......Page 2 Title Page......Page 3 Acknowledgments......Page 4 Introduction......Page 5 The Parasite, the Host, and Control of the Economy’s Brain......Page 16 The Twelve Themes of this Book......Page 28 Chapter 1 The Financial Sector’s Rise to Power......Page 32 Chapter 2 The Long Fight to Free Economies from Feudalism’s Rentier Legacy......Page 41 Chapter 3 The Critique and Defense of Economic Rent, from Locke to Mill......Page 50 Chapter 4 The All-Devouring “Miracle of Compound Interest”......Page 62 Chapter 5 How the One Percent holds the 99 Percent in Exponentially Deepening Debt......Page 71 Chapter 6 Rentiers Sponsor Rent-Free National Income Statisticsindd......Page 80 Chapter 7 The Failed Attempt to Industrialize Banking......Page 96 Chapter 8 The Stock Market as a Predatory Arena......Page 112 Chapter 9 From the Stock Market’s Origins to Junk Bonding......Page 123 Chapter 10 Finance vs. Industry......Page 138 Chapter 11 The Bubble Sequence......Page 149 Chapter 12 The Bankers Saw It Coming but Economists averted their Eyes......Page 164 Chapter 13 The Bailout Coup of 2008......Page 178 Chapter 14 The Giveaways get More Deeply Politicized and Corrupt......Page 193 Chapter 15 Wall Street Pretends to Insure against the Crash......Page 206 Chapter 16 Bailing out of Goldman via AIG......Page 217 Chapter 17 Wall Street Takes Control and Blocks Debt Writedowns......Page 228 Chapter 18 From Democracy to Oligarchy......Page 242 Chapter 19 Europe’s Self-imposed Austerity......Page 255 Chapter 20 The Neoliberal Conquest of Post-Soviet Latvia......Page 267 Chapter 21 Creation of the Troika and its pro-Rentier Agenda......Page 279 Chapter 22 High Finance turns Greek Democracy to “Junk”......Page 290 Chapter 23 Installing Technocrats as Proconsuls......Page 300 Chapter 24 The Troika’s Road to Debt Serfdom......Page 311 Chapter 25 Creditor Colonialism......Page 322 Chapter 26 Financial Austerity or a Clean Slate?......Page 335 Chapter 27 Finance as War......Page 346 Chapter 28 Is the Mode of Parasitism overshadowing the Mode of Production?......Page 361 Chapter 29 The Fight for the 21st Century......Page 371