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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

IMF Meeting Review – Austerity to Cost

A serious depression is pending as a result of austerity, says Professor Michael Hudson, October 17, 2014 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. On Wednesday this week, the S&P 500 took a dive and then partially recovered itself in what stock market watchers call a selloff scare.   To talk about what is behind the volatility is our regular guest, Michael Hudson. Michael Hudson is distinguished research professor of economics at the University of Missouri-Kansas City. His latest books are The Bubble and Beyond and Finance Capitalism and Its Discontents. Thank you so much for joining us, Michael. MICHAEL HUDSON, PROF. ECONOMICS, UMKC: It's good to be back.    PERIES: Michael, if you heard stock ...

Losing Credibility: The IMF’s New Cold War Loan to Ukraine

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By Michael Hudson In April 2014, fresh from riots in Maidan Square and the February 22 coup, and less than a month before the May 2 massacre in Odessa, the IMF approved a $17 billion loan program to Ukraine’s junta. Normal IMF practice is to lend only up to twice a country’s quote in one year. This was eight times as high. Four months later, on August 29, just as Kiev began losing its attempt at ethnic cleansing against the eastern Donbas region, the IMF signed off on the first loan ever to a side engaged in a civil war, not to mention rife with insider capital flight and a collapsing balance of payments. Based on fictitiously trouble-free projections of the ability ...