Killing the Host

Full Name
Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy

Killing the Host exposes how finance, insurance, and real estate have gained control of the global economy at the expense of industrial capitalism and governments. This book describes how the phenomenon of debt deflation imposes austerity on the United States and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class. Killing the Host exposes how financial parasites and debt destroy the global economy. Hudson provides viable solutions to our economic problems, at a time when politicians have shown themselves unable to understand our economy much less fix it.

  • Michael Hudson argues that financial crises will continue unless we radically transform our economic and political structures, and reclaim the best ideas of classical economics.

Table of Contents

Introduction: The Twelve Themes of this Book

The Parasite, the Host, and Control of the Economy's Brain

I. From the Enlightenment to Neo-Rentier Economies

  1. The Financial Sector’s Rise to Power

  2. The Long Fight to Free Economies from Feudalism’s Rentier Legacy

  3. The Critique and Defense of Economic Rent, from Locke to Mill

  4. The All-Devouring “Miracle of Compound Interest”

  5. How the 1% holds the 99% in Exponentially Deepening Debt

  6. Rentiers Sponsor Rent-Free National Income Statistics

  7. The Failed Attempt to Industrialize Banking

II. Wall Street as Central Planner

  1. The Stock Market as a Predatory Arena

  2. From the Stock Market’s Origins to Junk Bonding

  3. Finance vs. Industry: Two Opposite Sides of the Balance Sheet

  4. The Bubble Sequence: From Asset-Price Inflation to Debt Deflation

  5. The Bankers Saw It Coming, but Economists averted their Eyes

  6. The Bailout Coup of 2008: Saving Wall Street instead of the Economy

  7. The Giveaways get More Deeply Politicized and Corrupt

  8. Wall Street Pretends to Insure against the Crash

  9. Bailing out of Goldman via AIG

  10. Wall Street Takes Control and Blocks Debt Write Downs

  11. From Democracy to Oligarchy

III. Austerity as a Privatization Grab

  1. Europe’s Self-imposed Austerity

  2. The Neoliberal Conquest of Post-Soviet Latvia

  3. Creation of the Troika and its pro-Rentier Agenda

  4. High Finance turns Greek Democracy to “Junk”

  5. Installing Technocrats as Proconsuls

  6. The Troika’s Road to Debt Serfdom

  7. Creditor Colonialism: U.S. Courts Block Debt Write Downs

  8. Financial Austerity or a Clean Slate?

  9. Finance as War

  10. Is the Mode of Parasitism overshadowing the Mode of Production?

IV. There Is An Alternative

  1. The Fight for the 21st Century