Micheal Hudson: "J is for Junk Economics"

[Winehole23]

( to put a somewhat finer point on it, Joseph Needham, the foremost scholar of Chinese science and technology, was mystified by China's "backwardness" even before Mao. )

[Winehole23]

One confusing thing about classical political economy is the definition of rent. We immediately think of the monthly rent for lodgings which is indeed a form of rent, but the broader meaning is unearned income, especially in the form of interest and dividends arising from financial instruments, and also from control of real estate and public utilities such as infrastructure, insurance and banks.

[Winehole23]

This is the value of professional property management. Sure, they take their 10%, but it pays off with accounting, maintenance handling, and tenant handling.

What's charged on top of the costs of administration is unearned: nobody becomes a landlord to break even.

[boutons_deux]

also from control of real estate and public utilities such as infrastructure, insurance and banks.

... and health care.

You need health care? Gotta make enough to pay the Capitalists controlling for-their-profit health care.

You gotta pay Capitalists their profit: health care investors extracting Capital from human suffering.

[ElNono]

Thanks for sharing, good read

[boutons_deux]

Wanna heard the other side of rent - what to do about a tenant who is already 3 months behind with the Christmas season/bills coming up - what are the chances that he won't pay rent next month and will fall even further behind forcing me to start eviction. After all, I have bills to pay including over 5k of property taxes last Nov (highest discount) and there is now no last month's rent or security deposit (in effect, he would be behind 2 months).

why can't the renter pay the rent? lost a job? medical bills? trashed his car with insufficient/no insurance? got sued? 3 weeks in Cancun or Tahiti?

[rmt]

why can't the renter pay the rent? lost a job? medical bills? trashed his car with insufficient/no insurance? got sued? 3 weeks in Cancun or Tahiti?

He and wife living on SS, son (just started working) and daughter going to school (switched majors), taking care of grandchildren, hand surgery - it's been a slow falling behind - about 2 years ago, fell behind one month - then months later, Christmas - just gradually gets later and later. It's 3 generations so they need the space (4 bedrooms) and Miami has very high rent COMPARED to salaries.