In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency.
The United States government is able to impose its will on all the world’s countries. The rest of the world, even some of the strongest imperialist countries of the Global North, lie prostrate at the feet of the U.S. What is the source of this seemingly impregnable power? Which of course leads to the next question: How long can it last?
In 2014, the CIA-tied media outlet the Washington Post published an article titled “In the long run, wars make us safer and richer.” Its author Ian Morris reasoned that wars have been necessary to carry out what it called the “civilizing process,” wherein the European empires have grown through conquest and the United States has been created through the seizing of indigenous lands. Its argument was racist and biased in favor of Western capitalist interests, and this was the point. It acknowledged that the wars which brought the U.S. empire to power, and which the U.S. empire continues to wage, are good for “us”—the people in the imperial core who benefit from imperialist wars.
Global University for Sustainability on Apr 24, 2020
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.
Keynote Paper delivered at the 14th Forum of the World Association for Political Economy, July 21, 2019.
Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United States control of their oil and financial sectors or privatize their key sectors are being isolated by a United States imposing trade sanctions and unilateral tariffs giving special advantages to U.S. producers in violation of free trade agreements with European, Asian and other countries.
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?
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.
US President Barack Obama has given an extraordinary ultimatum to the Republican-controlled Congress, arguing that they must not block the nuclear accord with Iran. It’s either “deal or war,” he says.
[T]hreatening to default should not be a partisan issue. In view of all the hazards it entails, one wonders why any responsible person would even flirt with the idea. — Alan S. Blinder, Princeton professor of economics, former vice chairman of the Federal Reserve
A game of Russian roulette is being played with the national debt ceiling. Fire the wrong chamber of the gun, and the result could be the second Great Depression.
By Mike Whitney
Information Clearing House
October 29, 2009
Interview with Menzie Chinn
1-Mike Whitney: What is the present composition of reserve holdings in central banks–and has there been a substantial falloff in US dollar reserves in recent years? (Are central banks ditching the dollar?)
Prof. Menzie Chinn: I’ve found it puzzling that there’s all this talk about the prospects for the dollar, in the wake of the G-20 meetings, and more recently World Bank President Zoellick’s comments about the primacy of the dollar as a reserve currency. My puzzlement arises from the fact that many of the concerns now being voiced have been voiced before.