Michael Hudson with Glenn Diesen : Iran War Ignites Global Financial Armageddonon
Prof. Michael Hudson, a world-renowned classical economist, discusses why the war against Iran has changed the global economy permanently.
There is such a wonderful word used within the discussion and I will certainly add it to my vocab. Enshittification = simply, making things worse! A companion for AI Large Language Models that are there only for asking silly questions to. So continuously fed with a process of enshittification, they start to suffer from AI ROT as their databases really rot from the inside. This is where we are.
Also see Michael’s article on Counterpunch: Postponing the World’s Financial Winter, But For How Long?: https://www.counterpunch.org/2026/04/20/postponing-the-worlds-financial-winter-but-for-how-long-irans-mad-standoff-with-the-rest-of-the-world/
Transcript in process and will be posted up soon. If you listen to the video on substack you can see the transcript for now:
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Prof. Michael Hudson, a world-renowned classical economist, discusses why the war against Iran has changed the global economy permanently. Please support Michael Hudson’s important work on: patreon.com/michaelhudson
Postponing the World’s Financial Winter, But For How Long?: https://www.counterpunch.org/2026/04/20/postponing-the-worlds-financial-winter-but-for-how-long-irans-mad-standoff-with-the-rest-of-the-world/
Follow Prof. Glenn Diesen:
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I love Michael’s summary at ~45:50… “The whole system that pretended to be keeping the world economy prosperous and free, turned out to be making it more and more unequal, more and more polarised, less and less safe, and leading to exactly the culmination of this irrepressible conflict that we… Read more »
I’ve been mulling over inflation and it’s cure since I heard Richard Werner state, like you above, that the cause effect relationship is the inverse of what all the textbooks preach and common knowledge accepts as truth, that is that high interest rates cause inflation. Since banks are responsible for… Read more »
“…a transaction tax on them which readjusts the supply to address the issue would seem fair, whereas the current system of excessive interest rates would appear to reward them?” Precisely, John, and when the numbers were crunched in both the US and France, two highly financialised economies, the FTT rate… Read more »
Hudson mentioned the electrolytic refining of aluminum. It is also the case with copper. Refining copper also requires massive amounts of electrical power.