An energy crisis could force debtor nations to choose between essential imports and dollar creditors. What would a financial system built around that choice require?
Bankrupting the Wrong Economy
The Iran economic war is boomeranging through oil prices, currencies and debt, placing greater pressure on the leveraged West than on Tehran.
Rentier Capitalism and the Illusion of Growth
Why does the US debt machine keep running despite $38 trillion in liabilities? Michael Hudson explains how military spending, dollar dominance, financial engineering, and the lack of alternatives keep global capital tied to US Treasury markets even as the system grows more unstable.
The Day the Dollar Blinked
Fresh from the September 2–3 SCO meetings in China, Eurasia is codifying a multipolar order: dedollarized trade, alternative payment rails, secure transport corridors, and mutual investment shielded from US tariffs and sanctions. With Power of Siberia 2 locking Russia’s pivot to China and BRICS coordination deepening under India, the Global Majority is prioritizing rising living standards over Western financialization—quietly replacing the post-1945 “rules-based” model with the UN Charter’s long-deferred multipolar ideals.
The Strategic Empire: Debt & the Dollar
Unlike the colonial empires of old, U.S. power was built not with boots on the ground, but with balance sheets. In this riveting account, economist Michael Hudson traces how the U.S. engineered a new form of empire after World War I—one rooted in debt, gold hoarding, and financial institutions like the IMF and World Bank. From Versailles to Vietnam, America’s strategy was simple: enforce global dollar dependency, use war spending to deepen deficits, and extract tribute not through tribute states, but through creditor logic. This is the hidden architecture of modern empire—and how Nixon’s 1971 closure of the gold window crowned the dollar king of a post-colonial, post-gold world.
When Tariffs Replace Strategy
Global markets are being tested by a new era of aggressive trade policies, as tariffs are increasingly used not to rebuild industry, but to replace progressive taxation. Far from reviving American manufacturing, the current strategy neglects the fundamentals that historically supported industrial growth—public infrastructure investment, strong regulation, and rising wages. Instead, shrinking government services and privatising public assets threaten economic stability, triggering inflation, layoffs, and business closures. This approach marks a dangerous shift: weaponizing trade for short-term political gains while undermining long-term prosperity. Understanding these dynamics is critical for navigating today’s volatile global economic landscape.
Krugman Clings to Currency Tropes
In this conversation with Geopolitical Economy Report editor Ben Norton, economist Michael Hudson responds to the misleading arguments against de-dollarization that New York Times columnist Paul Krugman made in his attempt to defend US hegemony and the dollar system. Hudson also discussed the ongoing US banking crisis and collapse of four banks in two months in another ...
The QE Quandry
In this episode of their program Geopolitical Economy Hour, Radhika Desai and Michael Hudson discuss de-dollarization, the global drive to drop the US dollar, and the transition away from financialized neoliberalism toward a new economic system. You can find more episodes of the Geopolitical Economy Hour here. https://www.youtube.com/watch?v=0Jxl4LRpIpw Podcast Transcript (smoothed) RADHIKA DESAI: Hi everyone, welcome to this eighth Geopolitical ...
Super-Imperialism at the Pentagon
picture: Tilo Gräser / Sputniknews Germany An interview on Sputnik News - January 23rd. text / interview: Alexander Boos / Sputniknews Germany Professor Hudson, in January you warned in Berlin at the Rosa Luxemburg Conference, about the still "dangerous" US financial imperialism. The US uses "financial weapons“, you said. Can you explain that briefly? After World War II, ...
Venezuela as the pivot for New Internationalism?
Saker interview with Michael Hudson on Venezuela, February 7, 2019 Introduction: There is a great deal of controversy about the true shape of the Venezuelan economy and whether Hugo Chavez’ and Nicholas Maduro’s reform and policies were crucial for the people of Venezuela or whether they were completely misguided and precipitated the current crises. Anybody and ...
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 ...
