Is the proxy war in Ukraine turning out to be only a lead-up to something larger, involving world famine and a foreign-exchange crisis for food- and oil-deficit countries? Many more people are likely to die of famine and economic disruption than on the Ukrainian battlefield. It thus is appropriate to ask whether what appeared to be the Ukraine proxy war is part of a larger strategy to lock in U.S. control over international trade and payments. We are seeing a financially weaponized power grab by the U.S. Dollar Area over the Global South as well as over Western Europe. Without dollar credit from the United States and its IMF subsidiary, how can countries stay afloat? How hard will the U.S. act to block them from de-dollarizing, opting out of the U.S. ...

On 22-24 November 2019, International Seminar on Land, Finance, and De-dollarization was held in Macau, China, which was co-organized by Global University for Sustainability, Lingnan University, Southwest University, and the Federal University of Espirito Santo. 20191124 Michael Hudson – Dollar Recycling and De-Dollarization My book “Super Imperialism” was about how the United States has gained a free lunch by establishing the dollar as international reserve currency by replacing gold. I also showed that the U.S. balance of payments deficit is almost entirely military related to support its 800 bases around the world. Ending the gold-exchange standard in 1971 created a situation in which the excess U.S. dollars thrown off by the U.S. payments deficit end up in foreign central banks. For these central banks, the inflow of surplus dollars poses the problem of ...

Why we need to abolish the Democratic National Committee, even if that means breaking up the Democratic Party Thursday’s debate on Walt Disney’s ABC channel is shaping up as yet another shameless charade. The pretense is that we are to select who the Democratic presidential candidate will be. But most Americans, as the Irish say, vote with their backsides, belonging to the informal but dominant party of non-voters who choose not to be sucked into legitimizing the bad choices put before them. But the limited airing of their personalities reflects the fact that most Americans, as the Irish say, vote with their backsides, belonging to the informal but dominant party of non-voters who choose not to be sucked into legitimizing the bad choices put before them. The debate is being presented as ...