Monday, January 3, 2011

Michael Hudson With a Little History

I found this clip by way of Naked Capitalism.  In it, Michael Hudson discusses the history of the federal income tax in the United States.  With references to Henry George, Adam Smith and John Stuart Mill, I found it fascinating.  What I found most interesting is the dicussion towards the end of the purposeful degradation and mutation of language to "normalize evil."

More at The Real News

FYI - The "Tax the Rich" banner shown above appears nowhere in the clip (at least that I can tell).  That was added by the site, presumably to stir up passions.  I actually find that choice of framing counterproductive because what Hudson discusses in the clip is not the "taxing of the rich" per se, but taxing rents and other speculative gains so as to discourage speculation and encourage real capital formation and investment that creates jobs in the United States.