“For the sake of simplicity, in the discussion that follows I shall call “workers” all those who do not share in the ownership of the means of production—although this does not quite correspond to the customary use of the term. The owner of the means of production is in a position to purchase the labor power of the worker. By using the means of production, the worker produces new goods which become the property of the capitalist. The essential point about this process is the relation between what the worker produces and what he is paid, both measured in terms of real value. Insofar as the labor contract is “free,” what the worker receives is determined not by the real value of the goods he produces, but by his minimum needs and by the capitalists’ requirements for labor power in relation to the number of workers competing for jobs. It is important to understand that even in theory the payment of the worker is not determined by the value of his product.” — Albert Einstein, Monthly Review, May 1949
with Chris Hedges
RT America on Apr 8, 2019
Rick Sanchez explains the economic impact of migrants on the US. Then Pulitzer prize-winning Chris Hedges, host of “On Contact,” joins Rick Sanchez to discuss the “penny capitalism” and “regional capitalism” that the US Hispanic population engages in and which fuels true wealth creation. He contrasts these forms with the “corporate capitalism” that decimates communities as well as the planet. They also discuss the dearth of critical reporting on the topic in corporate media and the reasons behind it.
with Chris Hedges
RT America on Apr 6, 2019
The fertility rate in the United States has been steadily falling, so much so that without immigration our population would be declining. This is the seventh straight year fertility rates have fallen. In 2017, the nationwide fertility rate was 1,765.5 births per 1,000 women of childbearing age—well below the rate of 2,100 births per 1,000 women necessary to keep the population stable. Only two states—South Dakota and Utah—had birth rates above replacement levels.
“If you invest your tuppence wisely in the bank, safe and sound,
Soon that tuppence safely invested in the bank will compound,
“And you’ll achieve that sense of conquest as your affluence expands
In the hands of the directors who invest as propriety demands.”
— Mary Poppins, 1964
“Wherever there is great property there is great inequality. For one very rich man there must be at least five hundred poor, and the affluence of the few supposes the indigence of the many.” ― Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776
As alarm bells sound over the advancing destruction of the environment, a variety of Green New Deal proposals have appeared in the US and Europe, along with some interesting academic debates about how to fund them. Monetary policy, normally relegated to obscure academic tomes and bureaucratic meetings behind closed doors, has suddenly taken center stage.
“Quantitative easing” was supposed to be an emergency measure. The Federal Reserve “eased” shrinkage in the money supply due to the 2008-09 credit crisis by pumping out trillions of dollars in new bank reserves. After the crisis, the presumption was that the Fed would “normalize” conditions by sopping up the excess reserves through “quantitative tightening” (QT) – raising interest rates and selling the securities it had bought with new reserves back into the market.
RT America on Feb 19, 2019
As US politicians are putting rhetoric against Venezuelan President Nicolas Maduro into high gear, US President Donald Trump gave a speech in Miami calling for Maduro to step down and for an end to socialism in Latin America. RT America’s Manila Chan interviews political analyst Jim Kavanagh to discuss why he considers the Trump administration’s attacks on Maduro as nothing more than “overt imperialism.”
RT America on Feb 18, 2019
Attorney and author Kevin Zeese joins News.Views.Hughes to argue that calls for regime-change in Venezuela constitute a US push to seize Venezuelans’ natural resources and that President Nicolas Maduro has the support of the Venezuelan people, that economic sanctions and a global drop in oil prices are behind the country’s economic problems and that “the people of Venezuela oppose US domination.”
An interview on Sputnik News – January 23rd.
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?
Here’s the bullet-point version:
- It’s imperialism.
- It’s American imperialism, a bipartisan national project.
- American imperialism is the global management of capitalist class power.
- It’s a binary situation in which one side or the other will win via the use and threat of armed force.
- It’s trouble for Venezuela and for imperialism.
- There’s no such thing as Progressive Except Imperialism.
Modern Monetary Theory (MMT) is getting significant media attention these days, after Alexandria Ocasio-Cortez said in an interview that it should “be a larger part of our conversation” when it comes to funding the Green New Deal. According to MMT, the government can spend what it needs without worrying about deficits. MMT expert and Bernie Sanders advisor Prof. Stephanie Kelton says the government actually creates money when it spends. The real limit on spending is not an artificially imposed debt ceiling but a lack of labor and materials to do the work, leading to generalized price inflation. Only when that real ceiling is hit does the money need to be taxed back, and then not to fund government spending but to shrink the money supply in an economy that has run out of resources to put the extra money to work.
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.