[Correction: due to the editor being in a hurry, we originally posted this with a photo of the wrong Michael Hudson. Apologies.]

Last week president Maduro praised Michael Hudson, calling him “one of the greatest US economists” to a group of potential investors at the Expo Venezuela en Potencia 2017. The universal question: who the hell is he? Bloomberg did the homework and found out the University of Missouri professor doesn’t reciprocate the enthusiasm of his South American fans:

When contacted a few days later, he had harsh words about the state of the economy since Maduro replaced the late Hugo Chavez in 2013, saying it seems to have “entered a period of anarchy” so profound that he doesn’t know if he could help the country much even if he were asked. Which, by the way, he hasn’t been.

In the past Hudson has advised Iceland, Latvia, and China on finance and tax law. He has also penned several books criticizing US economic dominance, and the shift from industrial capitalism to more unstable, speculative systems. Basically, in the space between Keynes and Serrano he’s somewhere in the Bernie Sanders region.

Hudson has developed something of a cult following in certain anti-establishment outlets across the political spectrum like Counterpunch —who not long ago was posting apologetic pieces on chavismo like this or this− and Zero Hedge, which, despite being on-target many times—and veering into Alex Jones territory at other times— was called by a former contributor a cheerleader for “Hezbollah, Tehran, Beijing, and Trump“. Speaking of things that may be linked to Russia, he has also been on RT a couple of times.

And what does Hudson has to say about Venezuela?:

He’s seen enough and heard enough from Venezuelans, though, to know that the economy is a “real mess.” The task of fixing it looks so daunting, in fact, that he said he’d be disinclined to add an advisory role to his busy schedule if asked to.

“I prefer to work with countries with problems that can be solved,” he said.

Ouch. It seems so long ago when famous Marxist intellectuals like Ignacio Ramonet and Heinz Dietrich supported the revolution, without asking too many questions. Though greasing some palms may have helped…

Now that most thinkers from the Gauche caviar can’t deny what’s going on in Venezuela, they’ve found Maduro the perfect fall guy to throw under the bus for almost two decades of violence, incompetence and decay. But c’mon, these guys’ credibility is in the sub-basement. Though with Trump in the White House, it’s all up for the grabs now.

Well, at least they’ve still got Weisbrot and Ciccariello-Mahler and those Podemos guys. They would never turn against the Bolivarian revolution, right?… Right?


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    • Gotta blame Trump no matter what. A good boogieman for the left and open-borders crew to shake a stick at.

      I’m surprised there is not a hotbutton link on every article that inserts Trump into every post automagically these days. Helps folks ignore the futility of their own demise by blaming others.

      • Well, I am one of the neutral observers who are waiting to see what he can do. So far he seems to blame the previous administration, blame the opposition party in congress, and most recently blame the opposition faction within his own party. Your last sentence seems to describe him quite well!

  1. The podemistas will favor chavismo, as every single other bastard lobbyist for chavismo, until chavismo stops sending those juicy paychecks with seven zeros to monedero and iglesias.

  2. Corruption is corruption. Period.

    You can have small amounts, but, its still corruption.

    there are examples throughout history of corruption on both the left and right. The reality is that socialism always leads to corruption once you pass the point of demonizing the creative and risk takers.

    Socialism that goes into marxism is the litmus test. Did the people screaming for helping the poor eventually put down all those who would have had a chance to succeed otherwise? If the answer is yes, then you have marxism.

    And what is on display in VZ is marxism at its worst. (or nearly so… Soviet style bread lines were not copyrighted by Chavez)

    NOTE: I’m not really a fan of Hudson, for reasons other than what you posted. blaming jewish bankers while other jews are starving doesn’t make sense… There are poor jews and rich jews. Racism is not a market driver that leads to prosperity. So your point about Zero Hedge is mostly on target.

    Biggest issue i have with Hudson is is lack of understanding/addressing the need for capital fluidity in a market relative to the amount of consumption of imports. He kinda turned his back on a proven model years ago.

    What gets me is that this is just “news” today. Hell, Hudson was warning of these issues a hell of a long time ago, as were other very good economists.

  3. “I prefer to work with countries with problems that can be solved,” he said.

    wow, this guy Hudson doesn’t even want to give it a try.. basically saying Vzla is screwed, and no one can fix that mess. He knows that it would take many decades to start seeing some improvement. IOW ese pais se jodio.. The economic and social damage is too profound..too much corruption, excessive brain-drain.

    Good luck to the incompetent MUD when they inherit that disaster..


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