Tag "Michael Hudson"

The Vocabulary of Neoliberal Diplomacy in Today’s New Cold War

by Michael Hudson posted by permission Mr. Soros has thrown a public sissy fit over the fact that he can’t make the kind of easy money off China that he was able to make when the Soviet Union was carved up and privatized. On September 7, 2021, in his second mainstream editorial in a week, George Soros expressed his horror at the recommendation by BlackRock, the world’s largest asset manager,

George Soros’s dream: To turn China into a neoliberal grabitization opportunity

By Michael Hudson and posted with special permission. In a Financial Times op-ed, “Investors in Xi’s China face a rude awakening” (August 30, 2021), George Soros writes that Xi’s “crackdown on private enterprise shows he does not understand the market economy. … Xi Jinping, China’s leader, has collided with economic reality. His crackdown on private enterprise has been a significant drag on the economy.” Translated out of Orwellian Doublethink, the

Biden forfeits his Afghan victory by defending his Deep State advisors

By Michael Hudson, first posted at Unz Review and Expanded for The Saker Blog President Biden put a popular flag-waving wrapping for at America’s forced withdrawal from Afghanistan in his 4 PM speech on Monday. It was as if all this was following Biden’s own intentions, not a demonstration of the totally incompetent assurances by the CIA and State Department as recently as last Friday that the Taliban was over

Finance Capitalism versus Industrial Capitalism: The Rentier Resurgence and Takeover

Publication by Michael Hudson : Sage Journals Abstract Marx and many of his less radical contemporary reformers saw the historical role of industrial capitalism as being to clear away the legacy of feudalism—the landlords, bankers, and monopolists extracting economic rent without producing real value. However, that reform movement failed. Today, the finance, insurance, and real estate (FIRE) sector has regained control of government, creating neo-rentier economies. The aim of this

Beyond the Dollar Creditocracy: A Geopolitical Economy

Radhika Desai, Michael Hudson at the Valdai Club. Understanding of the dollar’s world role is dominated by the ideas of ‘dollar hegemony’ and ‘US hegemony’. In this paper, based on our extensive past work, we reveal how these ideas are ideologies, not theories. In their place, we reveal an understanding one that is theoretically sound and accords with the historical record, a geopolitical economy of the international monetary system of

America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism

By Michael Hudson and posted with special permission Nearly half a millennium ago Niccolo Machiavelli’s The Prince described three options for how a conquering power might treat states that it defeated in war but that “have been accustomed to live under their own laws and in freedom: … the first is to ruin them, the next is to reside there in person, the third is to permit them to live under

Update : Transcript Added : A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar

Michael Hudson and Pepe Escobar discuss rent and rent-seeking, i.e., unproductive economic activity, in the US and China mainly but including the Russian, Iranian and Brazilian economies. In the first 15 minutes, an overview from Michael Hudson explains what happened in the US economy once jobs and manufacturing were offshored to mainly China.  He proposes that even if China did not exist, the US economy has been changed to the

The Saker interviews Michael Hudson about the current economic crisis

Dear friends, I have always held Michael Hudson in the greatest esteem.  Not only do I consider him my favorite US economist out there, I also know that he is a kind human being.  He manifested this kindness again when he agreed to reply to some very basic questions which a non-economist like myself would ask.  I am deeply grateful to Michael for taking the time to reply to them!

The Saker interviews Michael Hudson

[this interview was made for the Unz Review] Introduction: After posting Michael Hudson’s article “America Escalates its “Democratic” Oil War in the Near East” on the blog, I decided to ask Michael to reply to a few follow-up questions. Michael very kindly agreed. Please see our exchange below. The Saker ——- The Saker: Trump has been accused of not thinking forward, of not having a long-term strategy regarding the consequences

America Escalates its “Democratic” Oil War in the Near East

by Michael Hudson exclusively for the Saker Blog The mainstream media are carefully sidestepping the method behind America’s seeming madness in assassinating Islamic Revolutionary Guard general Qassim Suleimani to start the New Year. The logic behind the assassination this was a long-standing application of U.S. global policy, not just a personality quirk of Donald Trump’s impulsive action. His assassination of Iranian military leader Suleimani was indeed a unilateral act of

The Saker interviews Michael Hudson

Introduction: I recently spoke to a relative of mine who, due to her constant and voluntary exposure to the legacy AngloZionist media, sincerely believed that the three Baltic states and Poland had undergone some kind of wonderful and quasi-miraculous economic and cultural renaissance thanks to their resolute break with the putatively horrible Soviet past and their total submission to the Empire since.  Listening to her, I figured that this kind

U.S. Economic Warfare and Likely Foreign Defenses*

by Michael Hudson, posted by special permission on the Saker blog * 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

Bonnie Faulkner interviews Michael Hudson

Note from the Saker: when Michael Hudson sent me this interview transcript with my friend Bonnie Faulkner I immediately agreed to post it.  Hudson is, in my opinion, the best and most interesting US economist, while Bonnie Faulkner is definitely one of the 2 or 3 best interviewers in the USA.  Having them together is always a treat, so it is with great joy that I post this interview on

Trump’s Trade Threats are really Cold War 2.0

by Michael Hudson for the Saker Blog (cross posted by authorization of the author with https://michael-hudson.com/) President Trump has threatened China’s President Xi that if they don’t meet and talk at the upcoming G20 meetings in Japan, June 29-30, the United States will not soften its tariff war and economic sanctions against Chinese exports and technology. Some meeting between Chinese and U.S. leaders will indeed take place, but it cannot

Saker interview with Michael Hudson on Venezuela, February 7, 2019

[This interview was made for the Unz review] 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 everybody seems to have very strong held views about this.  But I don’t simply because I

Socialism, Land and Banking: 2017 compared to 1917

by Michael Hudson Socialism a century ago seemed to be the wave of the future. There were various schools of socialism, but the common ideal was to guarantee support for basic needs, and for state ownership to free society from landlords, predatory banking and monopolies. In the West these hopes are now much further away than they seemed in 1917. Land and natural resources, basic infrastructure monopolies, health care and

Paul Craig Roberts and Michael Hudson: “Russian government is reconsidering the neoliberal policy”

by Paul Craig Roberts and Michael Hudson According to various reports, the Russian government is reconsidering the neoliberal policy that has served Russia so badly since the collapse of the Soviet Union.  If Russia had adopted an intelligent economic policy, its economy would be far ahead of where it stands today.  It would have avoided most of the capital flight to the West by relying on self-finance. Washington took advantage

Paul Craig Roberts and Michael Hudson: Privatization Is the Atlanticist Strategy to Attack Russia

NOTE: Readers are asking to know who, in addition to the Western-financed NGOs, are the Fifth Columnists inside Russia. Michael Hudson and I left the description general as Atlanticist Integrationists and neoliberal economists. The Saker provides some specific names. Among the Fifth Columnists are the Russian Prime Minister, head of the Central Bank, and the two top economics ministers. They are springing a privatization trap on Putin that could undo

The IMF Changes Its Rules to Isolate China and Russia

by Michael Hudson for the Unz Review As Russia and Asia move to circumvent the stranglehold of an aging, U.S. dominated international financial and legal system with its promise of endless austerity and privatization by foreign investors, the IMF and World Bank double-down by making it more difficult for them to transact business and administer credit. A nightmare scenario of U.S. geopolitical strategists is coming true: foreign independence from U.S.-centered

The IMF forgives Ukraine’s debt to Russia

by Michael Hudson specially for the Saker Blog On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying: “The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day or so.” Since 1947 when it really started operations, the World Bank

↓