Economists Radhika Desai and Michael Hudson explain the end of the British empire’s sterling area with the rise of the US dollar system, its central role in imperialism, and why it ultimately failed to accomplish Washington’s hegemonic goals.
The United States and its NATO allies are ratcheting up hostility towards Russia with unscheduled military drills in the Black Sea. Absurd accusations about Russia planning to invade Ukraine are also part of the provocations winding up dangerous tensions.
Payments can happen cheaply and easily without banks or credit card companies. This has now been demonstrated – not in the United States but in China. Unlike in the US, where numerous firms feast on fees from handling and processing payments, in China most money flows through mobile phones nearly for free. In 2018 these cashless payments totaled a whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a pair of digital ecosystems that blend social media, commerce and banking. According to a May 2018 article in Bloomberg titled “Why China’s Payment Apps Give U.S. Bankers Nightmares“: Continue reading →
Chris Hedges discusses Venezuela with reporter Ben Norton, from the history of the Bolivarian Revolution and legacy of Hugo Chavez to US sanctions and the overt attempt to overthrow the leadership in Caracas.
“Professor Michael Hudson discusses the globalisation fallout as new trading blocs distance themselves from US dollar denominated trade. Will the US be able to maintain its imperialist tendencies in light of these trends? How much further can the rentiers push their free-for-all? The show finishes with an overview of Michael’s new book And forgive them our debts.
Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse).
Ellen Brown is the founder of the Public Banking Institute, and author of twelve books, including the best-selling Web of Debt. This is her plenary talk at the Economics of Happiness conference, held in Portland, Oregon in February, 2015. The conference was organized by Local Futures, a non-profit organization that has been promoting a shift from global to local for nearly 40 years. To learn more about the conference or Local Futures’ work, go to www.localfutures.org.
“A Debate On How To Get Out of the Euro” with Marshall Auerback, Michael Hudson, William K. Black and Stephanie Kelton in Rimini, Italy. What withdrawal from the Euro system would mean for households and businesses in Italy; how to manage savings; what would likely happen in a return to sovereign currency; how the government and National Bank of Italy could manage the change; monetary and fiscal policy; interest rates; bond markets; loss of national power due to the rules of the Stability and Growth Pact and the inability to set employment policy.
The war between fiat paper money and precious metals continues as the price of gold keeps going through the roof and the US paper debt-currency submerges.
For the uninitiated, the convenience of fiat money is that you can make it out of air with transferences of numbers from the red to the black side of the accounting page, adding usurious interest if you’re the Fed. Continue reading →