EDITOR—Dr. Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. Dr. Steve Keen is an Australian economist and author. A post-Keynesian, he criticizes neoclassical economics as inconsistent, unscientific and empirically unsupported. Our conversation examines the false dichotomy of capitalism v. socialism and considers the true dichotomy, which is industrial capitalism v. finance capitalism. Hudson and Keen argue that the transition to finance capitalism, where unearned income is considered economic growth, has truly sown the seeds to ruin the world. Tell us what you think in the comments!
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TELESUR—The Venezuelan president ordered the Vice-President, Delcy Rodríguez, “to lead a process of reforestation, afforestation and recovery of environmental balances; for which the Council of Vice-Presidents and the Presidential Council for Science, Technology and Innovation must be summoned.” According to the president, a team of scientists and experts of the highest level and from different disciplines will work in the area to achieve its reforestation and the recovery of the environment.
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GARLAND NIXON—Garland analyses how the global strategic balance has changed to forbid US military hegemonist ambitions and the possibility of a victory against China or Russia, and even less against both combined. This is evident in the cautious words of US Gen Mark Milley, Chairman of the Joint Chiefs of Staff, the nation’s highest-ranking military officer, and the principal military advisor to the President, Secretary of Defense, and National Security Council. Milley warns that a war between the superpowers will be a military, economic and civilisational disaster for all participants, and that the US should basically quit its supremacist warmongering. Garland’s analysis suggests that the Pentagon may in fact harbor voices that will push back against further Neocon insanity.
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Viewed by many as an “eco-terrorist”, and certainly as an “annoying obstacle to human progress”, Tompkins, a onetime dedicated capitalist, eventually embraced the rights of all species, and the right of nature not to be exploited to death, with total equanimity. His transformation had profound consequences. Now Tompkins’ legacy—attained with his wife Kristine’s collaboration and support—will be the single biggest philanthropic gift in history, with an ecological footprint twice as large as Yellowstone Park in the US.
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DMITRY ORLOV—Although some people claim that wind and solar farms have an EROEI (Energy Returned on Energy Invested) of 5 or even 7, it is trivial to prove that this just isn’t so. If, for each 1 kWh of energy invested in their design, marketing, production, installation, maintenance, removal and safe disposal, they were to return 5 or even 7 kWh over their useful lifetime of, optimistically, 20 years, and assuming a constant (inflation-adjusted) cost of energy, they would produce at least 400% of pure profit! Compare that to a bank deposit or a guaranteed income investment yielding 3% over inflation (if you can find one!). Over the same 20 years it would produce a mere 80% profit, which is equivalent to an EROEI of just 1.8. If wind and solar installations were so lucrative, their promoters would not be asking for government subsidies; they would be running away from frenzied mobs of investors shouting “Shut up and take my money!” Such a huge, and guaranteed, rate of return, is something to die (or at least risk going to jail) for.
