De-Dollarizing the American Financial Empire

Guns and Butter. July 3, 2019 Imperialism is getting something for nothing. It is a strategy to obtain other countries’ surplus without playing a productive role, but by creating an extractive rentier system. An imperialist power obliges other countries to pay tribute. Of course, America doesn’t come right out and tell other countries, “You have to pay us tribute,” like Roman emperors told the provinces they governed. U.S. diplomats simply insist that other countries invest their balance-of-payments inflows and official central-bank savings in US dollars, especially U.S. Treasury IOUs. This Treasury-bill standard turns the global monetary and financial system into a tributary system. That is what pays the costs of U.S. military spending, including its 800 military bases throughout the world. I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. ...

Food Blackmail, the Washington Consensus and Freedom

  Michael Hudson discusses his seminal work of 1972, Super Imperialism: The Economic Strategy of American Empire, a critique of how the US exploits foreign economies through IMF and World bank debt; difference between the IMF and World Bank; World Bank dysfunctional from the outset; loans made in foreign currency only; policy to provide loans for countries to devote their land to export plantation crops; US food and monetary imperialism; U.S. agricultural protectionism built into the postwar global system; promotion of dependency on the US as food supplier; food blackmail; perpetration of world poverty preferred; no encouragement of land reform; privatization of the public domain; America aided, not foreign economies; exploitation of mineral deposits; bribery; foreign nations politically controlled at the top; veto power for US only. Aired: June 19, 2019 Visit Guns ...

Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony

The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America. Just as the Vietnam War drove the United States off gold by 1971, its sponsorship and funding of violent regime change wars against Venezuela and Syria – and threatening other countries with sanctions if they do not join this crusade – is now driving European and other nations to create their alternative financial institutions. This break has been building for quite some time, and was bound to occur. But who would have thought that Donald Trump would become the catalytic agent? No left-wing party, no socialist, anarchist or foreign nationalist leader anywhere ...

The IMF Changes its Rules to Isolate China and Russia

Michael Hudson A nightmare scenario of U.S. geopolitical strategists is coming true: foreign independence from U.S.-centered financial and diplomatic control. China and Russia are investing in neighboring economies on terms that cement Eurasian integration on the basis of financing in their own currencies and favoring their own exports. They also have created the Shanghai Cooperation Organization (SCO) as an alternative military alliance to NATO. And the Asian Infrastructure Investment Bank (AIIB) threatens to replace the IMF and World Bank tandem in which the United States holds unique veto power. More than just a disparity of voting rights in the IMF and World Bank is at stake. At issue is a philosophy of development. U.S. and other foreign investment in infrastructure (or buyouts and takeovers on credit) adds interest rates and other financial ...

Ukraine falters as per plan

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With military stalemate in the east of the country and the economy in serious depression, the regime in Kiev has had to face some very hard realities. And its very survival is in doubt. Losing on the battlefield and the economic front, the Kiev regime is turning in on itself. CrossTalking with Mark Sleboda, Michael Hudson and Rodney Shakespeare. Audio version:

Ukraine Labor Dares Operation Vulture

Ukraine’s collapse since the February 2014 coup has become an umbrella for grabitization. Collateral damage in this free-for-all has been labor. Many workers are simply not getting paid, and what they actually are being paid is often illegally low. Employers are taking whatever money is in their business accounts and squirreling it away – preferably abroad, or at least in foreign currency. Wage arrears are getting worse, because as Ukraine approaches the eve of defaulting on its €10+ billion London debt, kleptocrats and business owners are jumping ship. They see that foreign lending has dried up and the exchange rate will plunge further. The Rada’s announcement last week that it shifted €8 billion from debt service to spend on a  new military attack on the country’s eastern export region was the ...

TPP Sovereignty Challenge

SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Senate just approved the fast-track legislation in Washington, and with me to discuss this is Michael Hudson. He's joining me from New York City. Michael is a distinguished research professor of economics at the University of Missouri, Kansas City. His two newest books are The Bubble and Beyond, and Finance Capitalism and Its Discontents. His upcoming book is titled Killing the Host: How Parasites and Debt Bondage Destroyed the Global Economy. Thank you so much for joining us. MICHAEL HUDSON, PROF. OF ECONOMICS, UNIV. OF MISSOURI-KC: Good to be here. PERIES: Michael, what do you make of this fast-track legislation? HUDSON: It's appalling. It's so bad that when I try to describe it to professors ...

Odious Debts

Europe Tilts East Towards China (2/2), TRNN, March 22, 2015. SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome back to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. This is segment two with Michael Hudson on the Asian Infrastructure Investment Bank, a new rival to the World Bank. In segment one we talked about the history of the World Bank and the problems that it has posed in terms of its policies to the developing world and why it is necessary to develop another investment bank of this nature. So Michael is joining us to continue this discussion. And as you know, Michael Hudson is a regular ...

Institutional Discontent

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Europe Tilts East Towards China (1/2) Michael Hudson Report: Britain, German, France and Italy are among those who joined Asian Infrastructure Investment Bank in an expression of their discontent over World Bank polices that force developing countries to depend on the US - March 20, 2015 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. The Asian Infrastructure Development Bank, an Asian rival to the World Bank, was launched by the Chinese president, Xi Jinping, last year. Initially it was an Asian initiative, but last week, U.K. was the first European country to join the bank information, causing some friction between U.S. and Britain. Now a few more European countries have joined the ranks of China, among them ...

China – Russia sidestep neocons

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APEC meetings November 12, 2014 President Putin Pledges to Increase Trade with China and Asia to Rebuke Sanctions SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. During this year a number of governments applied sanctions against Russia for its involvement in the alleged pro-Russian unrest in the Ukraine. Sanctions against Russia were applied by many countries, with the United States and the European Union taking a lead. In retaliation, Russia has responded with sanctions against a number of countries, including a total ban on food imports from the European Union, United States, Norway, Canada, and Australia. What does all of this mean to Europe, the United States, and the geopolitical reconfigurations on trade pacts? Here to discuss all of this is Michael Hudson. Michael ...