Michael Hudson on the Propaganda of the Business Cycle

ByShaun Snapp

Table of Contents: Select a Link to be Taken to That Section

Executive Summary

  • Deja Vu
  • Flimsy Sanity Interview

Deja Vu

Here we go again….every several articles or interviews that we read from Michael Hudson lead to up turning the commonly held beliefs that were inserted in our mind by our propagandized business education, business controlled media, conversation with others or all of the above.

Flimsy Sanity Interview

In this excellent interview with the Flimsy Sanity blog Hudson explains that the very concept of a business cycle was manufactured by those elite interests opposed to government regulation, in order to present economic declines as natural and self-correcting. Come to think of it, this reminds us of the advice provided by “investment advisers” and CEOs that the normal investor should not sell investments in bad times, but “hold out for the long haul.” Of course, what do investment advisors and CEOs do themselves? Well, they sell out as soon as they can, using inside information to beat the masses to the sell. It’s important for the non-ultra elite to remember, much of the concepts that we think are true, have been implanted in us through a very heavy propaganda effort on the part of the ultra wealthy. This explains why so many people despise unions (while turning a blind eye to executive compensation) think they can personally benefit from investing in stock and have a natural inclination to be against regulation.

Here is the quote below.

National Bureau of Economic Research by opponents of government regulatory policy. The fantasy is that the economy oscillates in a fairly smooth and regular sine curve. But this always has been a fiction. 19th-century writers didn’t speak of economic cycles, but rather of periodic financial crises. There is a slow buildup, and a sudden plunge, so the shape is ratchet-shaped.