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Economics of the New Cold War and US "Super Imperialism"
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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.

TRANSCRIPT

Ben Norton 0:03

Hello everyone, I’m Ben Norton. You’re watching Moderate Rebels. And there will be a podcast version of this after, for people who want to listen. We are joined today by the economist Michael Hudson, one of the most important economists in the world, honestly, in my view.

I don’t think he needs introduction. He has written many books, and has been an economic adviser for multiple governments, and has a long history on Wall Street and academia. And you can find his work at Michael-Hudson.com.

Today, we’re going to talk about an issue that Michael Hudson has been writing about for decades, and something that you’re never really going to hear from other economists, especially mainstream neoliberal economists, and that’s what he calls super imperialism.

The US government has of course its military apparatus, which we talk about a lot here at Moderate Rebels and The Grayzone, with the war in Iraq, the war in Syria, the war in Libya, but then there’s also the economic form that imperialism takes. And Michael Hudson wrote the book “Super Imperialism” that details exactly how this system works.

So today, Michael Hudson, I want to start just talking about what super imperialism looks like today, in the new cold war. This is something that we talk a lot about.

We saw that Joe Biden gave his first major speech to Congress – we’re not supposed to call it a state of the union because it’s still his first year – but Biden gave a joint speech to Congress in which he declared that the United States is in competition with China to own, “to win the 21st century,” as he put it.

And we’ve seen that the US government, under Biden, and of course before under Trump, has imposed several rounds of sanctions on Russia and on China.

So Professor Hudson, let’s just start today talking about what you think the posture has been of the Biden administration, vis a vis Trump. We saw that the Mike Pompeo State Department essentially declared a kind of new cold war on China. Pompeo gave a speech at the Richard Nixon library in which he said that the famous Nixon visit to China was a mistake, and that we have to contain China and eventually overthrow the Communist Party of China.

And some Democrats hoped that the Biden administration would kind of take a step back. But we’ve seen that the Antony Blinken State Department has continued many of these aggressive policies, accusing China of genocide.

And we’ve seen that the Treasury Department just imposed several new rounds of sanctions on Russia. So what is your view on the new cold war that’s going on right now?

Michael Hudson 2:57

Well, I had originally wanted to call my book “Monetary Imperialism.” The publisher wanted to call it “Super Imperialism,” in 1972, because it was really the US moving towards a unipolar order, where it was not competing with other imperialisms; it wanted to absorb European colonialism, absorb European imperialism, and really be the single unipolar power.

And of course that is what really has come about. The United States is trying to become the only dominant power in the world. And in today’s Financial Times [on May 5], one of the reporters said, it’s as if the United States wants to be the world’s absentee landlord, and rent collector. So we’re dealing with a monetary and a rentier phenomenon.

And when Biden gave his speech last week, there was a very marked change, right in the middle of it. The very beginning was very calm, offering means of improvement for the American economy, and a set of proposals that were so wonderful that they don’t have the chance of being enacted. And that was simply to co-opt what calls itself the left wing of the Democratic Party, if that’s not an oxymoron.

And then all of a sudden, his body language changed, his voice changed, and there was just an anger towards Russia and towards China, a visceral anger that brought back the whole 30 years of his tenure in Congress. And he was the leading cold war proponent, the leading proponent of the military, and of course now he wants to increase the military budget.

So while on the one hand, he’s continuing the nationalistic trade policies of the Trump administration, he’s escalating the cold war against Russia and China, in the belief that somehow if he can impose sanctions and punish them economically, that will lead to a fall of the government. Well, you can see what he’s projecting here.

It’s obvious that the United States economy is going to be in real trouble. Once the Covid crisis stops uniting the country in a feeling that we’re all in this together – and certainly in New York, where I live, in August, the freeze on real estate evictions, by renters, and foreclosures on mortgagees is going to end, and it’s expected there will be 50,000 New Yorkers thrown into the street. They’ve very kindly decided to postpone this until August, so at least they can sleep in the park, and don’t have to begin sleeping in the subways until maybe October.

There’s no way that any Wall Street economist that I know can see if the economy is really going to recover. The stock market is going way up, thanks to a Federal Reserve policy of subsidizing bonds and stocks, with 83% owned by the 1% of the population. But the Federal Reserve is not backing any spending into the actual economy.

ORDER IT NOW

Well that’s where the first part of President Biden’s speech came in. He was talking about building infrastructure and somehow reviving the economy. But it doesn’t look like he’s going to get much support from this from the Republicans, and he wants to be bipartisan.

In other words, he says the Democratic Party, as always, won’t do anything that Republicans wouldn’t agree on. Because the Democrats are an arm of the Republican Party. Their role is to protect the Republican Party from left-wing criticism.

So you can expect a wishy washy sort of slow decline with a few rapid spikes in decline as the Covid crisis ends. And you’re having almost a preparation for this by – I think Biden and the government people realize that the economy cannot regain its former industrial position, because it’s a rentier economy now.

Money is not made by companies investing in industry and factories and means of production. When companies do make profits, they are largely monopoly rents, or resource rents, or other forms of rent extraction.

And 90% of corporate income in the United States is spent on share buybacks and dividend payouts, not on investing in new production. So nobody’s really expecting new private investment to occur in the United States, that is private capital investment in means of production.

So Biden says, well, if the private sector won’t do it, then the government can do it. But his idea of the government doing it is to give government money to private companies that will build industrialization. And he wants to essentially replicate the military-industrial complex into an enormous public-private partnership, to build very, very high-cost infrastructure that will make it almost impossible for Americans to have any trade competitiveness with other countries.

Well if you’re going to create a high-cost rentier economy, that is post-industrialized like that, what do you do? You say it’s not our fault, foreigners are doing it to us; it’s all China’s fault – as if China had something to do with American de-industrialization.

China’s trying to avoid the rentier policies, avoid the financialization, avoid the privatization that has made America so high cost and so ineffective. And the [US] government is trying to sort of blame it.

But I think there is something else behind this fight against China and especially Russia. The Democratic leadership seems to have an almost emotional, passionate antagonism towards Russia that can’t be explained on objective grounds. But it’s obviously there.

Their attempt to isolate Russia is as if somehow they can recapture the dream of the Yeltsin 1990s, the dream of somehow replacing Putin with a pliant alcoholic kleptocrat like Yeltsin who will resume the sale of Russia’s national resources and public utilities to Americans. There’s no way that’s going to happen.

The actual effect of the sanctions on Russia and China has been to drive them together into a unit, into a critical mass. And ironically, America’s attempt to isolate other countries is turning into an attempt to isolate itself.

The question in this is, what about Europe? In the last few days, there has been a lot of discussion about cutting Russia off from the SWIFT bank clearing system, and of other sanctions against Russia.

Russia has already worked with China to develop their own alternative to the SWIFT banking clearing system. So Russian domestic payments are not going to be that disrupted, after a week or two that they say it’ll take the put the new system in.

But what cutting Russia off in the SWIFT system does is block its trade and its community, its economic relations with Western Europe. The United States, I think, realizes that if it can’t get through, if it can exploit Third World countries, or Russia or China, at least it can make Europe permanently dependent, and drawn, and really under US control.

So if you look at the sanctions against Russia and China as a way to split Europe and make Europe increasingly dependent on the United States, not only for gas, and energy, but also for vaccines.

These are the two issues that have been in the news in the last few weeks. Blinken and other US officials said that Russia offering its Sputnik V vaccine to Europe is divisive, is an attempt to break up the world’s “rules-based order.”

This is amazing, that Russia’s attempt to – now that Pfizer and the other American companies are not producing enough vaccine to provide to Africa, South America, and Asian countries, the United States is attacking Russia, and Cuba, and China for offering other vaccines and saying they’re trying, their attempt to save lives through the rest of the world is an attempt to divide and break up the American order.

Because only the Americans can have the intellectual property monopoly, something that Blinken mentioned in his speech, and that President Biden mentioned. The intellectual property monopoly means that America gets to tell other countries, our firms have the right to say, “Your money or your life” to Third World countries.

And that will be our means of, “Well, you can’t pay, well, why don’t you sell off some more of your infrastructure? Why don’t you sell off more of your oil or mineral resources to us?”

So what we’re seeing is an intensification of economic warfare against almost all the other countries in the world, hoping that somehow this will divide and conquer them, instead of driving them all together.

Max Blumenthal 13:24

Yeah, hi Professor Hudson, I totally agree with you about the Democrats, at least the political class and their perspective on Russia.

And you have kind of two types that command the Democratic Party. You have these boomers who grew up hiding under their desks during the Cuban Missile Crisis, and were indoctrinated on anti-communism, then they went through the trauma of the ’60s, and saw McGovern lose, and moved to the center. And so they see Putin as a revival of the KGB and the evil Soviet Union that forced them under their desks in elementary school.

And then you have the 30 and 40 somethings who see Russia as this exporter of white nationalism and the right wing, and they get this constant steady stream of propaganda from BuzzFeed and other sites about that – completely ignoring Ukraine.

But this is just a marketing strategy to me. I mean, there’s something that you’ve spoken about written about in Super Imperialism and in recent talks that I think lurks behind what both the Trump and Biden administrations call “great power competition.”

And that is, while this political class sees a national rivalry with Russia and uses it to unite its own constituency, a very fractious constituency, there is what you called the conflict of economic and social systems.

ORDER IT NOW

And I fully understand this with respect to China. You see industry journals, even rail journals in the US talking about the fear of the Chinese rail system “not playing by the rules,” which means the free market, because they’re receiving state subsidies and kicking the ass of the American rail system, expanding infrastructure.

But you have also included Russia into this counter-hegemonic system, which some would call state capitalist or socialized system, versus the financialized system – where that land, basically, that giant landmass, which the state in China, certainly, and you seem to be saying Russia, is socializing, is seen as an existential threat to the very essence of what the US has been constructed as, as an empire, where finance, industry, corporations have merged with the state.

I think you understand where I’m going here. How can – maybe you can explain a little bit more about how this is actually, when we see Russiagate or this cold war rhetoric, it’s actually kind of a marketing device for the real conflict of economic and social systems.

Michael Hudson 16:12

Well the real existential threat isn’t a trade rivalry; it’s not one of technology at all. The existential threat is to the idea of an economy based on completely a rentier system. In today’s world, the banks play the role that landlords played from the feudal epoch through the 19th century.

And all the classical economics, the whole concept of free markets, from the physiocrats, with their laissez faire to Adam Smith, through John Stuart Mill, the whole of classical economics was to free industrial capitalism from the rentier class, from the landlords, and from banking and the monopolies that banks created in organizing trusts.

So the US realizes that the economy has been transformed in the last 40 years, since the 1980s, since Ronald Reagan and Margaret Thatcher, when Margaret Thatcher said, “There is no alternative.” Of course, there were many alternatives.

But the United States says, if we can create, if we can turn the “rules-based order” of free markets and classical economics upside down, and say our rules-based order means no government power to regulate, no government progressive taxation, but a flat tax – like we convinced Russia to have, that they still have, by the way – if we can have a rules-based order that backs the rentier class – a hereditary, financial, wealthy 1% of the population – holding the rest of the economy in debt peonage, or reducing them to other forms of dependency in a patron-client relation, then we’ve restored essentially the feudal economy.

But in order for us to do that, we have to make sure that there’s no alternative; we have to prevent any alternative. And China is an existential threat, because what it is doing – its policy, which is very largely ad hoc, and purely pragmatic – China’s policy is exactly the policy that made the United States the industrial power of the world in the 19th century.

China, like the United States, built public utilities to provide public services at low, subsidized costs, so as to enable its private industry not to have to pay for the costs of education, for high rental costs and housing costs, and high monopoly rents.

China is doing exactly what the United States did, and what the United States now says, no other country can do what we did; we’ve pulled up the ladder, and our wealthy rentier layer of the population that got rich, now, having gained control of the United States, and its politics, we want to control the whole world.

And if there is another successful economy, whether it is China, or Russia, or Iran, or Venezuela – if there’s any other economy that retains a strong state power, strong regulatory power, progressive taxation, preventing a landlord class from somehow increasing housing costs, privatizing medical and health insurance, so instead of making it a public right – well, if we can prevent that from occurring anywhere, then people will really believe there is no alternative but to let our takeover that reverses the entire last two centuries of free market economics, and now the economy has to be free for the 1% to take over government enterprise, to privatize every part of government, including government itself, including the central banks especially, and including the health system, the educational system – all running either for profit or at a cost that has to be paid by credit creation, and essentially recreate the economy of the 13th century.

Ben Norton 20:31

Yeah, Professor Hudson, the argument that you’re making here, which I have seen very few people make, is – I mean, I think it’s a correct argument – but it’s interesting because it contradicts this claim that we’ve seen from even a lot of people on the left, who argue that the new cold war, or in general just the conflict between Washington and Beijing, is not a clash of systems; rather, their argument is that China is yet another capitalist power, and it’s an inter-capitalist rivalry, similar to the rivalry that led to World War One, and that China and the US have very similar economic systems. But you’re arguing, in fact, the exact opposite.

And I just want to read a really brief part of this column that you published at your website, Michael-Hudson.com; it’s called “America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism.” And you have an interesting quote here from a US government advisor for the Reagan administration, Clyde Prestowitz, who wrote, kind of complaining, saying:

China’s economy is incompatible with the main premises of the global economic system embodied today in the World Trade Organization, the International Monetary Fund, the World Bank, and a long list of other free trade agreements. These pacts assume economies that are primarily market based with the role of the state circumscribed and micro-economic decisions largely left to private interests operating under a rule of law. This system never anticipated an economy like China’s in which state-owned enterprises account for one-third of production; the fusion of the civilian economy with the strategic-military economy is a government necessity; five year economic plans guide investment to targeted sectors; an eternally dominant political party names the CEOs of a third or more of major corporations and has established party cells in every significant company; the value of the currency is managed, corporate and personal data are minutely collected by the government to be used for economic and political control; and international trade is subject to being weaponized at any moment for strategic ends.

Now in your column, you pointed out how this is actually a pretty funny comment coming from a US trade adviser, because some of those same things that the US is accusing China of – like namely weaponizing international trade, or fusing the civilian economy with the military economy – of course Washington embodies that really better than any other country in the world.

ORDER IT NOW

But he is confirming the point that you argued is correct. His complaint was that China still has state-owned enterprises accounting for 1/3 of production, and that the Communist Party of China still guides the economy. And in old-school terms, going back to Lenin, they would say controls the commanding heights of the economy.

So do you think that, when people on the left in the US and other countries argue that this is all just a rivalry, an inter-capitalist rivalry between the capitalist class in China and the capitalist class in United States, what do you think of that argument?

Michael Hudson 23:45

Well I have spent a great deal of time in China, and I have professorships at a number of universities there. It certainly is fundamentally different from the United States.

You may have noticed in the last month, China has moved against Jack Ma, who was developing his information technology system into a credit system. They knocked him down, stopped the issue of new shares, the IPO, and said only the government can keep finance and credit as a public utility.

Now what Prestowitz calls state-owned enterprises used to be called public utilities in the United States. And in Europe, most public utilities were government owned, like the National Health System.

In the United States, it broke away from that government direct ownership and management of many public utilities, but the electric utilities, the gas utilities, almost all public utilities providing natural monopoly services were regulated. Now they have been deregulated. In the last 40 years, you have almost no regulation at all.

So China is, by keeping public utilities in the public domain, that means that these are not vehicles for rent extraction, that is for charging monopoly rents such as we pay in New York for cable services, such as Americans pay for the internet, such as Americans pay for public health, such as Americans pay for education.

China provides free education. China provides, and Russia basically, free public health. Unfortunately, Russian public health means giving you an aspirin if you have a problem, but at least it is not privatized.

So the United States is a rentier economy. And when left-wingers – or people who call themselves left-wingers, they’re really not left-wingers at all; they’re, I don’t know what, post-left – very few people who call themselves left-wingers distinguish between industrial capitalism and finance capitalism. Well, that’s the distinguishing feature of the last century.

Ever since World War One, there has been a movement away from industrial capitalism, towards financialization of the economies, towards finance capitalism, based on a merger between the financial sector and the rent extraction sector, mainly the FIRE sector – finance, insurance, and real estate – and also the natural monopolies where the banks have taken the lead in organizing trusts and organizing monopolies.

And so the basis of most bank credit in the United States is to provide the ownership of companies or monopoly rights. Now, China doesn’t make loans for these things. The People’s Bank of China is the central bank. And the central bank doesn’t create credit for corporate takeovers; it doesn’t create credit for speculation; it doesn’t provide an economy that enriches itself off economic rents and exploitation.

But, obviously, there are many successful billionaires in China, many successful entrepreneurs, but these are largely industrial entrepreneurs who have actually created something.

China managed to avoid the Russian Stalinist micromanagement that blocked any kind of market feedback, or any kind of spontaneous innovation. China let 100 flowers bloom; it let innovation take place. It let individuals get rich off innovation, as long as they conducted their business, and production, and wealth in the public interest, defined as uplifting the quality of labor and contributing to the economy’s long-term growth.

Well finance capitalism, such as we have in the US, doesn’t live in the long run; its timeframe is short term, one quarter at most, three months. And the timeframe is, how can we increase the price of our stock so that we can sell out and jump out of the sinking boat, when the time comes.

They are not concerned with making the economy richer; they’re not concerned with making their labor force happier, better paid, or with a better standard of living, or even getting long-term pensions, which have been replaced by defined contribution plans instead of defined benefit plans. It’s basically an exploitative system.

And China’s whole management system, although it’s centrally managed, you need a strong state in order to prevent an independent rentier class, an independent financial class, from emerging and doing to modern economies what it did to the Byzantine Empire, and tried to do in the Bronze Age Near East: take over the government.

China does not want a rentier class to do what they have done in the United States and make America into a centrally planned economy. We’re now more of a centrally planned economy than Nazi Germany was. But the centrally planned economy is in Wall Street, in the financial system, not the government.

So when Biden and Blinken talk about a free market, they mean a market centrally planned by the financial sector, with the government and elected officials not having any role to play except to decide whether they want to vote for the Democratic or Republican sponsors and backers of the rentier interests.

Max Blumenthal 30:01

How do you think the pandemic, and – well I guess I could say there is a class in Washington that believes that Covid-19 was deliberately cooked up in a lab in Wuhan, because financial capitalism has performed so poorly in this pandemic and has suffered such a setback, in contrast to China’s economy, which is the only major economy in the world to have grown. And they fostered this conspiracy theory, because they can’t really understand why that is.

So maybe you can explain how the pandemic has accelerated the trends that you have been elucidating, and the contrast between financial and industrial capitalism?

Michael Hudson 30:44

ORDER IT NOW

Well I’m shocked to hear you say that finance capitalism has performed badly. The 1% have made a trillion dollars since the Covid crisis began. The Covid crisis is the best money-making opportunity. This is a bonanza for finance capitalism; it’s wonderful, because they’re pulverizing economy, they’re picking up all the marbles.

Max Blumenthal 31:06

I meant for people who are not reptilian shapeshifters.

Michael Hudson 31:09

Ah, I know. You’ve gotta be careful about what’s working, you know… They have to somehow prepare the ground for the fact that things are not going to get better.

Nobody knows whether they’re going to go back to offices or not; they probably won’t be able to go anywhere near the levels that they were before this fall, because the schools and the offices don’t have the ventilation systems to stop aerosol transmission. They don’t have fans; most of them don’t have windows.

So the result is they’re expecting a crash in commercial property values in the major cities. I know New York landlords who are trying to sell out their buildings here, anticipating that well, things are not going to get back to normal, and they’re not being offered any money at all.

Because all the buyers, the money, the new private capital funds that have all been created, with trillions of dollars in the last few months, are waiting for the crash to pick up office buildings, commercial real estate, foreclosed homes, foreclosed rental properties, all at pennies on the dollar – and to do essentially what Blackstone did after Obama’s 2008 crisis, of the 10,000 families he affected, and created a bonanza for his backers, who elected him, the banking sector.

So they’re expecting another Obama-type disaster that will make finance capitalism even more successful in reducing the rest of the economy to a state of dependency.

Max Blumenthal 32:58

Do you think that the lockdown policies has benefited this class that has earned trillions and trillions of dollars?

Michael Hudson 33:08

Well what is the alternative? I think there had to be a lockdown. We have seen what happened in Asia and countries that did have a lockdown; they didn’t get sick. You had to have a lockdown not to get sick.

The problem is not the lockdown. The problem is that other countries are not doing the evictions and the foreclosures that the Americans have.

Things like this happened way back in the Bronze Age, which is what I’ve written a number of books on, in Babylonia – and I think we’ve spoken about this before. When there was a drought, or an economic crisis, or a disease, and debts couldn’t be paid, rents weren’t due, debts weren’t due.

America could have avoided the whole problem that the lockdown had by saying, ok, nobody is able to go to work; it’s obvious they can’t make, most people can’t make enough money to pay the rent and the mortgage payments on their homes, or even get by, so we’re going to say this is a time out of time; we’re not going to enforce the enormous backlog of unpaid rent and unpaid debts that have occurred.

Now, to some extent, the problem has been mitigated by first Trump and then Biden giving a more stingy CARES Act giveaway to families, that were able to use the $1400 and the $600 that they got, or $1200, basically to pay their landlords, and to pay the credit card companies, and to pay the banks.

But once the Covid crisis is over, there’s not going to be any more bailout of people and they’re still going to have all of the arrears that they’ve been running up. And they’re going to be even more debt-strapped after this September than they were before the crisis.

And what the crisis really did was just accelerate the polarizing trend that you have in the United States, between creditors and debtors, between property owners and renters, and between consumers and monopolists. These trends have been exacerbated.

And it doesn’t look like the government is going to find an alternative because they say there isn’t any alternative; iff you don’t like it here, why don’t you go to China? Whereas Americans are not good enough in language to go en masse to China.

Max Blumenthal 35:43

Yeah, I hope they –

Michael Hudson 35:45

It used to be, they’d say, if you don’t like it, why don’t you go to Russia? Nobody says that anymore. But what are you going to do? Oh, well, OxyContin I guess is the alternative.

Max Blumenthal 35:56

When I criticized Israel, they’d told me to go to Gaza. I was like, ok, if you’ll let me in, I mean, you control the borders.

But on another related note. Last summer, Venezuela applied for an IMF loan. It was a small loan, something like $20 million, to allow it to buy medical supplies, because the pandemic had begun, and they were locking down their population.

And of course the IMF said no. It wasn’t difficult to understand why. And we’ve seen this same rejection applied to Iran.

However, in early 2015, I believe it was February, Joe Biden went to Kiev – it was his first trip to Kiev as the kind of imperial lord of the post-Maidan [coup] order – and he boasted that he had secured a gigantic IMF loan of billions of dollars for Ukraine.

This is a country that already at that point was notorious for corruption, ranked as one of the most corrupt countries in the world. And that loan money went straight to Swiss banks, through the pockets of the few, 10 or 11 sweaty oligarchs that controlled the country.

So how do you explain this? You have written that “the IMF is basically a small room in the Pentagon’s basement.”

So how do you explain this disparity in treatment between countries like Ukraine, which are absolutely incapable of paying back these loans, are so notoriously corrupt, and countries like Venezuela and Iran, which are obviously targets of US empire?

Michael Hudson 37:47

Well my book Super Imperialism is all about how the IMF was created as an arm of US foreign policy. And it still is an arm.

And there’s a mentality that the IMF has; it’s a pro-creditor mentality, and it’s dominated thoroughly by the United States, in a cold war modality. That’s why Russia and China are seeking to create their own international bank.

ORDER IT NOW

And the even more vicious arm of American imperialism, probably the most deadly, is the World Bank, which is enormously destructive, throughout the former Soviet Union, in the Third World, by pushing micro-currency loans that are aimed at essentially making loans to women as heads of families, 70%, 80%, and then breaking up the family, foreclosing on them – essentially using microcredit loans as a way of evicting masses of families from their property, and turning it over to the client oligarchies in these countries.

And in blocking countries from developing their own food self-sufficiency in grain, making them dependent on US grain exports, that has been a central aim of the World Bank ever since its inception, fighting against land reform.

So the World Bank and the IMF have always been probably the most viciously pro-rentier, anti-progressive institutions in the world. And as such, they’re guided by essentially America’s deep state, as an arm of subjugating other countries, preventing their self-sufficiency.

The idea is, if you can impoverish them, you will somehow lead to a regime change and put in a client oligarchy that will be willing to make their economy dependent on the United States. That’s a US foreign policy in a nutshell since 1945.

Ben Norton 40:01

Yeah, Professor Hudson related to Venezuela, you were talking about the impact of sanctions, and there’s a de facto blockade of Venezuela – a Venezuelan economist, named Pasqualina Curcio, recently wrote an article in a Venezuelan media outlet in which she estimated that $350 billion of Venezuelan assets have been stolen or frozen from the Venezuelan public. And they’re currently held in foreign banks, in the she calls it transnational private sector.

And she points out that this number – I don’t believe it’s adjusted for inflation – but this number, $350 billion, is equivalent to 25 times what was invested to rebuild Europe after World War Two.

So this reminds me of a term that I think you pioneered or you popularized: grabitization. You talk about how, after the US plundered the former Soviet Union, Russia and the former Soviet republics, forcing neoliberal shock therapy, that it wasn’t just privatization, it was grabitization; it was grab as much as you can, as quickly as you can.

It seems to me that that kind of model has been applied to Venezuela, with Juan Guaidó, the attempt to impose a fake interim government that was never elected. Do you think that that parallel of grabitization is is appropriate for Venezuela?

Michael Hudson 41:36

Well you’ve seen it very clearly, when its gold reserves were seized by the Bank of England, which said, America is really the democratic center of the world, and as the democratic center, because we’re the democracy we get to say who is the president of any country in the world; and we have found a nasty little opportunist that you just mentioned, and we have decided he is the head of it, and we’re giving all of Venezuela’s gold supply to him, even though the the Venezuelan people didn’t elect them.

Well Chileans didn’t elect Pinochet either. As the “democratic center of the world,” America gets to designate the heads of any given country, by military force when necessary. And so of course, the gold supply was simply grabbed by England – which again, is a small branch, totally dependent on the United States – and grabbed the gold; they grabbed all of Venezuela’s holdings, its oil company’s distribution network and gas stations in the United States.

And the problem goes back – Venezuela was tied in a knot long before [Hugo] Chávez. And it’s when the United States backed a series of dictators, ever since [Marcos] Perez Jiménez in the 1950s, who essentially drew up international loan contracts, not only pledging sovereign debt to whoever the bondholders were, but collateralizing Venezuela’s debt with all of its oil reserves, and all of the holdings of its oil company, including the US affiliates of all this.

And so Venezuela is still suffering from the era of colonialism that America is trying to blame on Chávez and his successors and on socialism, instead of on the American assassination teams and killer squads that put in the dictators that pledged all of Venezuela’s oil reserves to the foreign bondholders.

Max Blumenthal 43:50

It was recently reported that Bill Gates – besides creating this global Earth surveillance system, and having contracts with the NYPD for mass surveillance, and then asking for privacy in his divorce – has because become the largest landowner in the United States, the largest landlord, the largest owner of agricultural land.

He also presides over the vaccine distribution system or program that the US is employing, GAVI. His apparatchiks, and people who came through the Gates network populate the World Health Organization. He is donating millions and millions of dollars to mainstream US media organizations.

He is regarded as sort of, almost a scientific expert. Whereas when Joe Rogan says something that might be seen as sensible about vaccination, Anthony Fauci comes out and condemns him as not a scientific expert. I don’t even believe Bill Gates has a college degree.

But I just was wondering, because of the dominant position that Bill Gates enjoys over all of these multilateral, international institutions, as well as internally within US domestic politics, where do you think he fits into your analysis of super imperialism?

Michael Hudson 45:17

Well certainly, the private sector is trying to merge with government to the largest extent possible. I think it’s very interesting, what is the real effect of Gates’s purchase of American land? What he’s doing is not developing agriculture; he’s poisoning the land that he’s on.

He is promoting the use of pesticides and herbicides that are destroying the soil quality of the land. If he were an agent of the KGB, trying to destroy American agriculture, to make it dependent on Russia’s resurgence in agriculture, you couldn’t ask for a better foreign agent, because the policies he’s footing are so destructive of soil fertility, so destructive of the bee population, so destructive of the biological element of the soil.

And in fact, Gates is making the same mistake with his foundation that Khrushchev made in Russian agriculture, when he began to develop Siberia, thinking that that would restore Russia’s self-sufficiency and grain to get free of America’s threats of the grain embargo.

The development of Siberian land under Khrushchev worked very well for three years, and then it collapsed. Because they didn’t use crop rotation; they didn’t use natural fertilizers; they didn’t use any replenishment of the soil.

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And the policy that Gates is promoting in agriculture, instead of replenishing the soil is poisoning it. So if you wouldn’t want your worst enemy to be in charge of taking over American agricultural land, you wouldn’t want him to have any role in that whatsoever.

The fact is, he’s really stupid. Once you get $100 billion, your IQ drops 30%. And so he’s suffered from that. You want to just sort of belong. You’re not the same person anymore. And once you inherit money, right there, your IQ goes down 20%. So now he’s operating with 50% of an IQ.

So of course, when you have his money wield influence over international organizations, you have a “democracy” taking over.

Ben Norton 47:45

How do you think that Bill Gates and the Gates Foundation fits in to super imperialism and your analysis of US control of the international financial system.

Michael Hudson 47:54

He is volunteering to get the support of the deep state by following policies that win the approval of the deep state. And essentially, imperialism is a mentality, and it’s a technocratic mentality, with the idea that all of the fruits of technology should be a kind of monopoly rent accruing to the financial sector. And he has bought into that mentality.

And whether you’re in the private sector or in the state, if you’re into the rentier mentality, you’re into the super imperialism mentality.

Ben Norton 48:37

Well do you also agree with the argument, it seems like Gates has invested not just billions of dollars, but really his life into what seems like the privatization of the global public health system. I mean, the Gates Foundation is one of the principal funders of the World Health Organization. This is not a state; this is a foundation run by a single capitalist.

Michael Hudson 49:00

Well he made his money in his computer systems by having a monopoly power, and what bigger monopoly can you have than a monopoly over health care? Saying, “your money or your life.” So of course, he puts his money as a natural extension of having his monopoly.

It’s the same mentality of trying to create a privatized monopoly to prevent health care from being offered freely – to say, every public utility, from education, to health care, to transportation has to be offered at cost, and that cost will include a profit – and in fact, whatever the market will bear for economic rent, and dividends, and management fees, and consulting fees, until it all looks like the military-industrial complex applied to the hitherto public sector.

Max Blumenthal 50:07

Well and also as you mentioned, the micro-loans, the privatization of public education through charter schools, the cash-free system that he and other global oligarchs like Pierre Omidyar are trying to implement in places like India, where they’re trying to get the rural poor out of the cash system and get them in debt, and then I guess move them off their land. And we have seen suicides and social catastrophe already as a result of the implementation of this system.

And now Gates, his obsession with vaccination, and openly stating that he does not want to remove patents; he is obsessed, along with the US government that represents his interests and the interests of Big Pharma, with protecting intellectual property, potentially at the peril of global health.

And then, Pfizer announced that it sees a massive profit potential in the vaccination of children as young as two years old, with these experimental mRNA vaccine, so the CDC goes ahead and licenses that or is planning to license that. So it’s pretty obvious what’s taking place.

I think what’s a little bit more confounding – I mean, this is a little bit of a diversion, and it’s really my last question; I hope we can get into some Patreon questions, and Ben, if you have anything else – it’s a little bit more confounding, as you know, that there has been this trans-atlantic alliance that the US has marketed, but now it is threatening sanctions on the most powerful economy of Europe, Germany, for the Nord Stream 2 pipeline.

And the US has, it seems – and I want to get your view on this – successfully disrupted this massive EU-Chinese trade deal by weaponizing human rights allegations, talking about the treatment of the Uighurs in Xinjiang, or the supposedly poisoning of Sergei Skripal, the poisoning of Alexei Navalny.

These have all been weaponized to try to interrupt these deals with what were seen as core post-war US allies. How is Europe going to respond to this?

I mean, they seem to be pretty much buckling under US pressure. But how is the EU and Europe responding to this obvious attack on their independence? And how could this alter the contours of super imperialism?

Michael Hudson 52:58

Well I want to comment on what you said earlier about Pfizer. Pfizer just announced $3.5 billion profit just for the first quarter. What they call intellectual property is what used to be called monopoly rent is unearned income.

And the intellectual property in vaccines means not only that other countries are going to have to pay a monopoly rent to Pfizer and other monopoly rent pharmaceutical companies, but that America has to block other countries from accepting Russia’s vaccine.

And it is said that Russia’s attempt to export its Sputnik V vaccine is an attempt to create “dissension” in Europe, “dissension” in the Third World countries. It is “dissension” if you don’t let half of your population die.

It’s an insistence that other countries have to die in order to guarantee the profits to Pfizer, once it is able to put in place, four years from now, the enough facilities to prevent the rest of the other 50% of the population from dying. This is absolutely evil.

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And unfortunately, the German elections that you mentioned, are coming up this fall. And the Americans are putting enormous pressure to push an anti-Russian, pro-NATO puppet, I think largely from the Green Party – which is the anti-green, right-wing military party in Europe, unlike the United States – the Green Party is all for sanctions against Russia, and saying you have to treat any socialist in the same way that we’ve treated Julian Assange.

I mean Julian Assange is an example of America’s commitment to intellectual freedom and to personal freedom. And the assassination teams that it has been sending out to Ecuador. other Latin American countries recently are more examples of this.

Max Blumenthal 55:14

Can I just interrupt? Sorry Professor. One example that I think our listeners and viewers might not know about that really strikingly illustrates the trend that you’re elucidating here, is that two days before the Czech Republic, echoing the US, accused Russia of having blown up a munitions dump in 2014, and fingered as suspects Petrov and Boshirov, the same supposedly Russian FSB or GRU agents who supposedly poisoned Sergei Skripal as the culprits – this happened this this happened two days after the Czech Republic had announced that it would accept the Russian Sputnik V five vaccine.

And on April 20, two Czech Republic announced that it would no longer accept the Sputnik V vaccine. It looked like such a bogus intelligence intrigue cooked up by the CIA to sabotage Sputnik V in Central Europe.

And of course, the US-funded NATO troll farm known as Bellingcat had already been investigating this munitions dump issue. So that was pretty telling.

So I think it’s exactly right, what you’re saying. I just wanted to illustrate it with that.

Michael Hudson 56:32

Well comedians all over Europe for having a field day with that. I mean, here are the two alleged KGB agents.

Max Blumenthal 56:41

Not here, haha.

Michael Hudson 56:43

Haha, ok well, I have seen many comedy shows about this. And the fact that they would have the same two KGB agents who allegedly poisoned the Skripals using the same false names in the same passports in Czechoslovakia – you know, there has to be a black comedy about about all of that.

But you’re right, it’s amazing, the accusation that helping save lives in other countries by offering them free or inexpensive vaccines will undercut the profits of American companies is a crime against humanity, and must be punished by sanctions. It shows you that I guess the United Nations is dead.

Max Blumenthal 57:35

And just picking up on something else you said. You mentioned the German Green Party. This sort of represents everything that’s fraudulent about what we consider green politics. It’s a pro-NATO, pro-war, pro-surveillance state green party.

And there is a – I don’t want to call it a conspiracy theory – a suspicion, based on the appointment of Armin Laschet to Germany’s CDU party, the Christian Democratic Union of Angela Merkel, which has been the dominant party in Germany, that he is too pro-Russian, he’s made some comments criticizing US conduct in Syria, that the US is sort of quietly backing the Green Party and then we see the Green Party surging.

What do you make of that? And what do you make of the idea of the US sort of backing this pro-NATO form of green politics, or a NATO-oriented Green New Deal to reestablish, or to retrench global US financial control?

Michael Hudson 58:48

This has been consistent and unbroken US policy since World War Two. After World War Two, the United States interfered with Italian politics to keep the Italian communists out of power; it interfered in Greece by wholesale assassinations, both by England and America, of Greek communists; it interfered in Yugoslavia.

What it has done in Germany is the same as it has been doing throughout Latin America, and the Third World, and other countries for the last 75 years. So this should not be surprising at all.

What is appalling is that the European press is not dealing more with this, and that the American press isn’t picking up the little bit that the European press is commenting on.

So even the Financial Times is saying what you just said about the German politics in the Green Party. The major German papers are – I mean, I’ve had numerous interviews with the Christian Democratic Party newspaper, the Frankfurter Allgemeine Zeitung, and other groups there.

It’s appalling that the Germans are almost like the English in believing that because they were defeated in World War Two, there’s still a reliance not only on the United States, but also the resentment by the East Germans over the Russian occupation of East Germany, and the appalling conditions there, that Germany still is as if it’s juxtaposing East Germany to the United States without realizing how much the world has changed in the last 30 years.

Ben Norton 1:00:41

Well, Professor Hudson, we’re at an hour here, and I don’t want to keep you too long. So we’re gonna start wrapping up and we have some questions.

But before that, I wanted to point out, just while we were talking about Pfizer – here in Latin America, there was a story going around that didn’t really get much coverage, if any, in English in the US, and that was that Pfizer, when Argentina was in negotiations with Pfizer, Pfizer was demanding control over glaciers and fresh water in Argentina, as well as fish reserves, in order for the vaccines.

Which ironically, is what pushed Argentina to ally with Russia, more closely with Russia – traditionally they have not been very close allies – and now Russia is providing the Sputnik V vaccine as one of the main vaccines for Argentina.

So this is another example of the point you’ve often made about how, the more that the US Empire pushes other countries, that actually in some ways backfires and pushes them into an alliance with China and Russia.

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But just just in the last few minutes here, over on our Patreon, we actually have 15 questions. So I’m not gonna be able to ask all of them, unfortunately. And what I can say, Professor Hudson, is maybe maybe you could try to answer some of them briefly. But I’m not going to ask you all of them, just because I don’t want to keep you for another hour here, but just for a few minutes.

So we have a few questions here; I’ll kind of combine them. One of them is about Modern Monetary Theory, MMT. And another one is about Dr. Stephanie Kelton’s book The Deficit Myth. So I’m wondering if you just want to briefly address Modern Monetary Theory, Stephanie Kelton, his work, and what you think about it?

And then I would add my own question to that briefly: How does Modern Monetary Theory fit into super imperialism? Because the point I would add is that you can only do Modern Monetary Theory-style spending if you have a sovereign currency, and if that sovereign currency is backed by a military, and you don’t have to do trade in the US dollar.

So in many ways, it seems to me that Modern Monetary Theory is only really possible for the US because of super imperialism.

Michael Hudson 1:03:05

Well, Stephanie, has been the major promoter of the now obvious idea that governments do not have to borrow from bondholders in order to finance their budget deficits; they can simply print the money, and the effect of printing the money is no more inflationary than borrowing from billionaires.

If you borrow from a billionaire, money that they would not have spent, and spend it into the economy, the monetary effect is exactly the same as simply printing the money and creating it.

And Stephanie used to be the number one promoter of Modern Monetary Theory until of course she was overtaken by Donald Trump, who said, we can cut taxes, run an enormous deficit, and as long as we give all of the deficit to the wealthiest 1%, by using $8 trillion to bid up stock and bond prices, and only $2 trillion into the economy, we can create all the money we have.

And of course, he has a larger audience than Stephanie has. We’ve gone around the world giving speeches together, but I think the largest audience we had was maybe 40,000 in a sports stadium in Italy once, where people came to hear us talk about Modern Monetary Theory. But we didn’t have Donald Trump’s constituency.

And he has shown that Modern Monetary Theory works. The difference is that the Republicans’, and now the Democratic, and the Federal Reserve’s idea of monetary theory is, of course the government can create all the money it wants, simply by printing it, but because the government has been privatized by the commercial banks and the financial sector. And so when we do create money, we’re going to create it to enrich the 1% not the 99%.

Well of course Stephanie and me, and the rest of the University of Missouri at Kansas City staff, Randy Ray, and the others, we all wanted – our whole idea of printing money to finance deficits was to spend it into the economy, to create a full-employment economy, like Pavlina Tcherneva has been urging.

Our idea was not to create money to give it to create a stock and bond bubble. And so somehow, the idea of MMT has been hijacked by the right-wingers and the Federal Reserve that are running away wild with it beyond anything we could have imagined.

Ben Norton 1:05:34

Well really quickly, Professor Hudson, I think there is a lot of value to Modern Monetary Theory, and you just articulated that. But at the same time, I’ve seen this, this argument, and I’m curious about your thoughts that – you could say that, for instance, Venezuela tried Modern Monetary Theory, but because the currency was totally devalued by an economic war by the United States; it doesn’t have the same kind of financial, international economic power that the United States has, or that a currency like the euro would have.

So of course a country like Greece can’t do MMT because Greece doesn’t have a sovereign currency. And a country like Venezuela can do MMT. It seems to me that only a major economic power that other countries might use their currency to trade in, like the United States, would be able to carry out these policies.

Michael Hudson 1:06:25

The key is the balance of payments effect. No country can go broke if its debts are denominated in its own currency. Venezuela can print all the domestic currency it needs to pay its debts to keep the economy going. But it can’t print dollars. Only the United States government can create dollars, and in as much as Venezuela’s foreign debt is in dollars, that is beyond the ability of its government and treasury to print.

Ben Norton 1:06:35

Well and Greece can’t print euros.

Michael Hudson 1:06:58

That’s right. It can’t do that either. And when the United States structured the Eurozone, it made sure that no central government, no national government could create its own national currency, so they can’t run budget deficits to spend into the economy to help a recovery.

The Eurozone has turned Europe into a dead zone, because it is unable to use Modern Monetary Theory, because the European Central Bank – the terms of the Eurozone agreements are that no government can run a deficit of more than 3%.

Well obviously if the United States functioned under the Eurozone rules, we couldn’t have had the Trump policies; we couldn’t have had the policies that President Biden is suggesting.

So the Eurozone has committed economic suicide by following a pro-creditor, deflationary policy on the logic that, if the government doesn’t create credit, there’s only one source of financing for the economy, and that source is private banks. So the Eurozone economic philosophy is designed to enrich private banks and their credit creation, not the government credit duration.

And that’s the key of Modern Monetary Theory. Either credit is going to be created by private banks and interest for the things that private banks lend credit for, or it will be created by government, for the public interest and the kinds of things that governments run deficits for, if they’re good governments, to spend into the economy.

Ben Norton 1:08:49

Professor Hudson, here’s another interesting question from over at Patreon. Have you followed this debate on the so-called “Great Reset,” which the World Economic Forum has talked about; it’s their plan.

We’ve also seen the Five Eyes countries have used this phrase, “Build back better,” we’ve seen again and again. There’s clearly coordination; the United States has used, the Biden administration has used that term a lot, the Australian Government, etc.

So basically the World Economic Forum and other kind of neoliberal institutions have been pushing this Great Reset idea. There was a video that kind of went viral that was later taken down where there were 10 visions for our future in 2030, and the first one was that, “You will own nothing, but you will be happy.” And another point of it was that, like everything will be delivered via drone.

Max Blumenthal 1:09:44

And you’ll subsist off Bill Gates’ Impossible Burgers or whatever.

Ben Norton 1:09:50

It seems to be very similar to like a kind of a new shock doctrine, but do you have any thoughts?

Max Blumenthal 1:09:54

Well they call it a Fourth Industrial Revolution.

Michael Hudson 1:09:58

It’s so bizarre. It’s almost a comedy. It’s like the old comics they used to have in grade school, “What’s wrong with this picture?”, and you’d see birds flying upside down and all sorts of dogs walking people. It’s just such nonsense.

Can you say about it? It’s silly. But again, that’s what happens when when you get rich enough to join the World Economic Forum, your IQ drops 30%, and you lose your sense of judgment.

Max Blumenthal 1:10:33

Well I think there is a logic behind it, when you think about it in terms of a Fourth Industrial Revolution, which is to unlock new financial potential to keep global capitalism going. And this is where a Green New Deal comes in.

Michael Hudson 1:10:0

Sure, if I was a billionaire, I would be subject to wealth addiction, and I’d want to own all the property in the world. And so of course, I’d tell everybody else, you’ll be happy with no property. I’ll own it all, and my friends will own it all. Of course, you’ll be happier. Just let us take it. I mean, that’s the message.

Ben Norton 1:11:08

I don’t know if you saw Jodi Dean has a new book, and her argument is that we’re seeing a kind of, not necessarily a new economic transformation, but a shift into what you could just call neo-feudalism. And that is actually a totally different system, a different mode of production; it’s no longer even really capitalism. The Great Reset is just their vision for techno-neo-feudalism.

Michael Hudson 1:11:30

Yes, this is not Karl Polanyi’s Great Transformation. It’s feudal, yeah, I’ve been saying all along, it’s neo-feudalism. That’s what a rentier class is, a rentier economy. The difference is that the financial interests today and the monopolists play the role that the landlords played in the 19th century, before democratic reform ended the landlord class as such. And by doing that, paved the way for the resurgence of the financial class and the monopolists.

Ben Norton 1:12:02

Well a question that is very interesting – we were talking in our discussion before the interview and Professor Hudson said he doesn’t follow cryptocurrencies a lot, but I’m just curious because we got a question over at Patreon, Professor Hudson, what do you think about cryptocurrencies like Bitcoin, also Dogecoin has become popular. And this is related to non-fungible tokens, NFTS.

There has been an argument that all of this is just a new form of speculation for rich people who have nothing to invest in. And there’s another argument, especially for NFTs is that this is a new way to launder money. But I’m wondering what you think about cryptocurrencies and these new technologies.

Michael Hudson 1:12:48

Well I think that, functionally speaking, cryptocurrencies are like Andy Warhol etchings; they have no intrinsic value, except the fact that other people want to buy them, and enough other people may them as trophies.

As people get richer and richer, they want to buy trophies. Andy Warhol etchings and other bad art is one example of a trophy, and having money in a cryptocurrency, like Bitcoin, is another kind of a trophy.

I think its main function is either money laundering or tax evasion. And certainly the amount of energy that it uses to mine Bitcoins makes it impractical as any actual means of payment.

So you have essentially cryptocurrency only as a means of storing your liquid money in an asset that you think other people will buy, so it’s all based on expectations, nothing intrinsic at all. It gives new meaning to the phrase fictitious capital.

Ben Norton 1:13:53

So someone asked here, over a Patreon, do you think that cryptocurrencies like Bitcoin could be a way to help get off the dollar, to de-dollarize?

Michael Hudson 1:14:03

No, they have no effect at all. It’s just shunted aside. If everybody would put their money on Andy Warhol etchings, that wouldn’t have anything to do about the dollar; it wouldn’t affect – money put in Bitcoin doesn’t affect international trade, or international investment, or tourism, or any of the actual payments among countries. It’s completely separate; it’s like money held in a Caribbean offshore banking center.

Max Blumenthal 1:14:33

Max Kaiser and the Velvet Underground are not going to be happy about this.

Michael Hudson 1:14:41

I’m not sure. I’ve known Max for many years. He has an audience that wants to hear about cryptocurrency, but I don’t think he has any. Maybe things have changed, but I would be very surprised.

He and I don’t I have real disagreements about that. But I don’t have his audience. We have different audiences. So we talk about different things.

Max Blumenthal 1:15:09

Right, well, I think you’ve found some common ground with central banks.

Ben Norton 1:15:15

I also do want to point out, just to our audience, for people who don’t know – among Michael’s audience are multiple governments who he has advised.

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I was actually gonna say earlier, it’s just funny to me that, in the US, economic experts, the so-called “experts,” are people like Larry Summers, the big privatizers, who have destroyed entire economies – in the case of the former Soviet Union, to subordinate Russia’s economy to US capital.

But to me, it just says a lot that they’re considered so-called economic “experts,” whereas Professor Hudson has advised the Chinese government and other governments. So to me, it says a lot about who the real experts are, and especially when you look at the the financial voodoo and the snake-oil salesmen that make up Chicago Boy economics.

Michael Hudson 1:16:10

Wait a minute, my first client was the US government. And it was after Super Imperialism, they hired me to in 1972 to explain Super Imperialism to them, and they gave the Hudson Institute a $75,000 contract, most of which went to my salary, in order to explain it all.

So I certainly was viewed – Super Imperialism was done as part of my consulting with the US government, as was the sequel, Global Fracture. And then the Canadian government, Mexican government, and it all spread out from there.

Ben Norton 1:16:47

Well, a few more questions before we wrap up here, Professor Hudson. This is a very interesting question: How do you think that China can deal with a problem like extremism, especially in regard to the China-Pakistan Economic Corridor, CPEC, in neighboring volatile countries like Afghanistan and Pakistan. Because we’ve seen that a key part of the Belt and Road Initiative has been to better integrate Central Asia and South Asia, some of these countries that do have a problem with extremism and secessionist movements. And that’s really at the heart of the New Silk Road.

Michael Hudson 1:17:24

China is not as interfering as the United States is. It is trying to carefully avoid taking sides, for better or worse, in any of this. Pepe Escobar follows all of this pretty closely.

It’s certainly not going to get militarily involved, as the United States does. Its main concern is that the United States foreign legion, essentially America’s major ally, is Saudi Arabia.

America has an alternative to socialism, and the alternative is Wahhabi fanaticism. And it has worked for Saudi Arabia to use ISIS and other Wahhabi terrorist organizations to try to destabilize Russia from the south, which was Stalin’s great fear in World War Two, and to destabilize China from the Uighur section.

So what China is trying to do is to prevent foreign-backed terrorism and sabotage in its own country, while trying to just make a modus vivendi with other countries that have problems and not to try to engage in the kind of regime change, much less military occupation, that is the centerpiece of American policy.

Ben Norton 1:18:44

There’s another question here – we’ll probably just ask two more, two or three more here just to wrap up – but this could be an entire interview, so of course, we can keep it brief, and maybe we can have you back another time to talk about this.

One of our patrons asked about “Socialism with Chinese Characteristics,” and said, from your experience working with the Chinese government and other education systems, do you see the political will from the Xi Jinping administration to keep toward on the socialist path? Or do you feel that China is having a new battle with capitalists and financialized forces within the system since Deng Xiaoping’s reforms?

Michael Hudson 1:19:24

Well in the late 19th century, everyone viewed socialism as the more efficient evolution of industrial capitalism. So I don’t think it helps to say whether China is socialist or capitalist. The famous phrase from Deng went, “White cat, black cat, it doesn’t matter as long as it catches mice.”

I think the Chinese are sort of in the process continually of reinventing their economy, of seeing what works and what doesn’t. I think they’re operating on a pragmatic, ad hoc basis, and that pragmatism doesn’t lead them to think, is this capitalist or socialist?

They don’t think in terms of an abstract generality; they think very specifically, does this particular industry help develop China or not? Is it part of our overall long-term plan for 2025, 2030, and beyond? How does this fit into developing the economic structure of our economy to make it more practical?

So I don’t think labels really help in this at all. They present themselves as a Marxist country, but Marx didn’t talk about the kind of problems that they’re handling now. And as one of my fellow professors at the Peiking University said, Marxism is the Chinese word for politics.

And they’re political; they’re pragmatic; and you should think really in terms of what are they doing structurally, and not thinking, what label, especially what Western label, are we going to print or paste on what they’re doing?

Labels don’t help; you actually have to get into the nitty gritty, looking at how they’re handling tax policy, how they’re handling land ownership and credit policy, how they’re handling the budget deficits of rural communities – these are the problems that they’re dealing with right now.

Ben Norton 1:21:45

Yeah, there’s definitely on the left a very long history of holier-than-thou kind of No True Scotsman sentiment, so I think that’s very refreshing.

Here’s another question, Professor Hudson: What do you think is the regional and international significance of the RCEP, the Regional Comprehensive Economic Partnership? That’s the trade trade agreement sign between countries in eastern and southeastern Asia in 2020.

Michael Hudson 1:22:13

You can’t tell yet. There’s still a jockeying for position with its relationship to the United States, Europe, and other countries, so too early to tell.

Ben Norton 1:22:27

Ok, here’s an interesting question, he said, Dr. Hudson, do you think land tax or the Singapore model is best for creating affordable housing for workers? And what can we do on local and state levels?

Michael Hudson 1:22:45

The land tax is by far the best way of keeping housing prices down, because as countries get more prosperous, the value of the rented location is going to go up. As you develop educational systems, and parks, and public utilities, then you’re going to have the rental value of given sites and properties, houses and office buildings rise.

Now, landlords don’t create this prosperity; they don’t create the public infrastructure that raises value. If you do not tax it away, then all of this rental value is going to be available to be pledged to banks, and the banks will lend enough money so that the mortgage interest is going to absorb all of the land rent.

If you tax away the land rent, then this cannot be capitalized into higher value. And if you tax the land rent, number one, you don’t have to tax income, you don’t have to have a sales tax, you tax only the unearned economic rent.

And the argument for that was all laid out by Adam Smith, and John Stuart Mill, and Marx, and Thorstein Veblen, and other people in the 19th century.

So obviously, if you want low-cost housing, you want to prevent the financialization of real estate. And that I can assure you is one of the central problems that China is dealing with right now.

And it’s a problem that I have a book coming out on this, a series of my lectures in China dealing with this, that will be available in about three months.

Ben Norton 1:24:28

Final question, and we’ll wrap up. Thank you so much for joining us, Professor Hudson. This is another one of those questions that could go on forever, but we can just keep it brief, because we’re almost at 90 minutes here.

Can any country attempt to move away from the dollar? Or does the economy need to be of a certain size? And does the country have to have specific resources to do so?

Michael Hudson 1:24:51

Any country can move away from the dollar as long as they they are part of a system that has a critical mass. So the great threat to the dollar hegemony is that China, Russia, Iran, and the Shanghai Cooperation Organization countries are going to be a critical mass, that Venezuela, much of Latin America, Africa, and the rest of Asia can all join.

So, yes, as long as you’re part of, as long as there’s a viable alternative with a critical mass – the fact is, if you rely on the dollar, you’re probably going to get screwed. Because with the dollar, as we discussed earlier in the show, the US can grab your bank account, at any point; they can grab your gold reserves at any point.

Even Germany is now asking for its gold reserves to be flown black slowly, month by month.

Max Blumenthal 1:25:47

They can grab you. They can literally grab you. Look at Alex Saab.

Michael Hudson 1:25:54

Right, indeed. So yes, any anyone can – within a few years, you’ll have an alternative economic order to the dollar, so that things don’t have to be the way they are.

There is an alternative; Margaret Thatcher was wrong. And so is Biden and Blinken.

Ben Norton 1:26:15

Excellent, well, thank you so much, Professor Hudson, for joining us. I just want to plug that a new version of his book Super Imperialism will be coming out soon, in a few months. And hopefully, Professor Hudson, we can have you back to discuss that. I’m looking forward to it. I think it’ll be very important.

And I think we’re living through really a historical watershed moment, with what you just referenced, that there is a new international financial system being built right now, as we speak, and so few people acknowledge that’s even happening. So thanks so much for your work, and thanks for speaking with us.

Michael Hudson 1:26:50

It’s been a very enjoyable discussion. Thanks for having me.

Max Blumenthal 1:26:53

Thanks a lot, Professor.

Ben Norton 1:26:55

Great, and if anyone wants to support the work we do here at Moderate Rebels, you can go over to Patreon, patreon.com/moderaterebels.

And I would also highly recommend checking out Michael Hudson’s website; that is Michael-Hudson.com. I would definitely never call myself anywhere near an economics specialist; I focus much more on politics. So I always find that such a valuable resource. I’m constantly going to read it. Because what’s good is that Professor Hudson has not only his articles, but he also has transcripts of all of the interviews that he does.

And we will have a full transcript of this interview that he’s going to post over at Michael-Hudson.com.

Thanks so much for joining us. And we will see you all next time. If you want to submit questions like we did in this broadcast, go to patreon.com/moderaterebels. And we’ll see you all next time. Thanks.

(Republished from The Grayzone by permission of author or representative)
 
• Category: Economics • Tags: China, Cryptocurrency, Dollar, Iran, Joe Biden, Venezuela 
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  1. Unfortunately, Russian public health means giving you an aspirin if you have a problem, but at least it is not privatized.

    Same as Brazil, it seems. So, suppose you have two sick persons. Instead of treating one and neglecting the other, and as a result having a balance of 50% success, you will have two dead in the end, thus a balance of 0% success. Taken to the limit, you would kill the whole country. That’s why half-baked socialism does not work and is in fact the worst of worlds. This situation was the idea behind a famous cartoon where two guys need to climb a wall and two situations are depicted: in Capitalism, you give a long ladder to one of the guys and only he climbs the wall, whereas in Socialism you give one small ladder to each of the guys and neither is able to climb the wall.

    This situation is also addressed admirably in a passage of the famous novel Quincas Borba by Machado de Assis, a passage which ends with the famous quote: “To the victor, the potatoes.”

  2. So we actually believe chinas propaganda about their lockdowns? They don’t work, period.

    • Agree: Alfred
    • Replies: @GomezAdddams
  3. TG says:

    Much that is excellent here, as usual.

    Minor quibble: “The land tax is by far the best way of keeping housing prices down,” Um, I disagree. The best way to keep housing prices down is to not force the population up. Certainly flooding a country with new people boosts housing costs, no matter what the tax structure. It’s hard to beat supply and demand.

    And yes, we do seem to be heading back to feudalism. I have always found it odd that the ultimate paradise of classical purist libertarians was feudal Europe. No governments, just private landowners, and pure market forces. Landowners are free to offer wages barely above subsistence, and the peasantry is free to either accept this offer, or starve, as everything is privately owned. And the landowners can similarly demand that the peasants convert to some other religion, or shave their heads, really anything at all. After all, it’s private property, and the landowner has total freedom!

    But I do also suggest you not ignore demographics. Why is the major push of the rentier class always to force the population upwards? They are amoral but not stupid. History suggests that in a tight labor market, ultimately only chattel slavery can keep real wages down. Remember how the Black Death, by producing a real labor ‘shortage,’ radically cut the legs off the rentier class? And post Black Death polcies aimed at crippling worker’s rights failed, because supply and demand.

    Ask the ghost of Ma Yinchu.

    • Agree: Sarah, Old and Grumpy
    • Replies: @mindblower
  4. Well finance capitalism, such as we have in the US, doesn’t live in the long run; its timeframe is short term, one quarter at most, three months.

    They are not concerned with making the economy richer; they’re not concerned with making their labor force happier, better paid, or with a better standard of living, or even getting long-term pensions, which have been replaced by defined contribution plans instead of defined benefit plans. It’s basically an exploitative system.

    I think that Professor Hudson and Mr Blumenthal make some really excellent points, and financial-ization, in-lieu of honest production, substituted as the driver of the entire economy, is at the center of what is a deliberately constructed mal-adjustment. Once the so-called markets are entire fictions in which the risk component is entirely removed, as is now the case, you have devolved into a packing plant kill-floor, not an arbiter of legitimate valuation.

    That said, the mal-adjustment actually does not centrally rest on a foundation of financial-ized risk-free gambling, and/or rentier housing speculation – no viable nation can exist as a wealthy entity in which the national employment market has been sold out by the speculator class. It is only viable to engage in (successful) rentier speculation in an environment in which the working population has both –
    1) too little income to broadly afford to purchase a residence, and
    2) in which teeming masses still create a desperate demand for constricted housing supply.

    So, the real defining issue, outstripping finance domination or baronial housing speculators is actually the median earning power of the typical worker in service sector jobs. In an environment in which the typical American worker can earn a sufficient income to service family expenses, can save for the future, and can provide for at least adequate housing, the presence / lack-off speculation in corrupted markets or housing is – to most – largely a non-event, outside of regulator or policy circles.

    In the hysteria over Covid related Unemployment, what is completely ignored, is the reality that the only sectors of the ‘economy’ allegedly lacking in workers, almost entirely consist of food service and low-end retail.

    In the case of the former, what is also ignored is that the restaurant and fast food ‘industry’ in much of urban America has not relied on American workers for decades. The second factor in this sector is that the defining reliance on an imported, 3rd world workforce paid 9 – 10 bucks an hour, runs on a business model that no adult or family can financially sustain themselves on in a 1st world nation, without also tapping into state welfare programs (also a key component of the fast food franchise ‘business model’).

    The third factor in the ‘service’ sector is that many positions may be classified as “Jobs”, however they are in fact part-time or on-call, and cannot sustain a worker, let alone a family. The entire, massive, Food Service sector accounts for only 4% of total US workforce payroll costs, because it consists of part-time, no benefits, and low wages.

    “Crucially, because of low average hours and low hourly pay, the accommodations and food service sector—as large as it is in employment terms (more than 14 million workers pre-COVID)—accounts for barely 4% of all labor costs in the U.S. economy currently.”

    If someone earns 10 bucks an hour at a fast food franchise, and gets even full-time hours – for the time being – that $1,600 gross ends up around $1,300 net monthly, even in middle America an average mortgage or rental cost of 900-1000 a month will largely consume this salary, not to mention monthly utilities, fuel, car insurance, health care costs, food, children’s expenses etc..

    Meaning that much of the US job market consist of positions that no adult can survive upon. But we can take some comfort in that the Chamber of Commerce got its Trillion in PPP..

    Well of course Stephanie and me, and the rest of the University of Missouri at Kansas City staff, Randy Ray, and the others, we all wanted – our whole idea of printing money to finance deficits was to spend it into the economy, to create a full-employment economy..

    Our idea was not to create money to give it to create a stock and bond bubble.

    Take a drive over to Westport across from the Old Westport Pioneer wagon monument.. The entire median was turned into a homeless encampment, covered with tents on my recent visit to the area. Considering the comparatively lower cost of living in the KC area compared to the coastal US, and the fate awaiting these people in another 5 months when winter weather returns, this is not a tangential issue, its critical mass.

    • Agree: Sarah
  5. That’s why half-baked socialism does not work and is in fact the worst of worlds. This situation was the idea behind a famous cartoon where two guys need to climb a wall and two situations are depicted: in Capitalism, you give a long ladder to one of the guys and only he climbs the wall, whereas in Socialism you give one small ladder to each of the guys and neither is able to climb the wall.

    So, in full-baked socialism you lower the wall so that both the socialists get over the wall, while one of the capitalists without a ladder is still stranded. Oh, I get it, he will then use the other guy’s ladder (clever capitalist). But in the meantime, the two socialists, not being that dumb themselves, climbed another lower wall with their two shorter ladders. On the other hand, the two capitalists can each climb a higher wall albeit in succession. But then they have only climbed twice while the socialists have climbed four times with their double ladders in the same time. But the capitalists can both climb, one behind the other! But then their ladder will have to be twice as strong – assuming all climbers weight the same – is that likely with socialist slobs? So, it depends on whether the capitalists’ walls are more or less than double the height of the socialists’ walls, the weight of the climbers, and the strength of the ladders, as to which system is best in aggregate. Well, I don’t have the answer to that, but I am sure that the capitalists and socialists will never agree about who will ultimately scale most total height, or which system will produce most human happiness. (Spoiler: start the Africa Europe comparison again, or whichever hand picked examples and criteria to “prove” which is best.)

    “To the victor, the potatoes.”

    Charming, if you are the victor. So, in a competitive system we improve the race at the expense of the losers falling out the bottom; in a cooperative system, we maintain most of the race, but at the expense of potential winners frolicking on Mars, ever closer to God. Depending on which side one perceives one’s bread to be buttered, one supports the one or the other as the sacred natural truth, best for all – or at least for us.

    • Replies: @mindblower
    , @Anonymous
  6. Jluker says:

    Very interesting. The most interesting was this statement, ” Once you get $100 billion, your IQ drops 30%. And so he’s suffered from that. You want to just sort of belong. You’re not the same person anymore. And once you inherit money, right there, your IQ goes down 20%. So now he’s operating with 50% of an IQ.” It really is true. The rich are morons. But they are evil. That is the basis of everything they do. The question I have is the state governments. They are the real power, not the corporate deuce bags in D.C.

    • Agree: Sarah
    • Replies: @Anonymous
  7. anon[389] • Disclaimer says:

    successfully disrupted this massive EU-Chinese trade deal by weaponizing human rights allegations, talking about the treatment of the Uighurs in Xinjian

  8. Franz says:

    But what are you going to do? Oh, well, OxyContin I guess is the alternative.

    Nope! Per order of the CDC, doctors no longer prescribe them unless you’re dying of cancer.

    Apart from that, the housing bubble could pop easy if Biden takes a page out of the Trudeau book. By this I mean Elliot Trudeau, the old man, not the current PM of Canada.

    In the 7os, Trudeau confiscated all foreign housing in Canada, they were mostly American rentiers seeking a few bucks from up north and a place to go during hunting season. It was a nuisance Canada did not need, and he ended it. Good for him: A nation belongs to those who live in it, not part-time sportsmen with more money than brains.

    All over the Rust Belt the Chinese have been buying up houses and renting them, making a killing by not being too picky about who they rent to. As ever, Americans put up with the stench and clean up the mess.

    Confiscate! And sell them to Americans, as often as possible to young Americans just starting out, at a nominal rate so they can live without pouring half their income in some insane mortgage fees.

    Along with that: It’s about time to realize Washington, no matter who/what’s in power, has no intention of controlling our borders. Citizen action of some kind is needed. It’s going to take some creative thinking to do it without a war, but it’s got to happen. Everything else is detail.

    • Agree: TheTrumanShow
    • Replies: @sally
  9. @TG

    Super great video explaining what is going on with the world economy gold bitcoin etc.
    The only thing they miss is the J word. Virtually all the actors for the empire they talk about the bank owners etc.,) are either Jews or married to Jews, half Jews etc. A glaring wilful blindness. The racist supremacist global Jewish Slave empire dictatorship

  10. @Dumb4asterisks

    The Zio victors in the corrupt criminal Zio system are not superior. They are the parasites, expert liars, fraudsters, criminals, murderers, rapists, deviants, They create nothing no wealth nothing only death. Maybe they can be thought of as a very infectious and lethal virus. If the virus Zio empire wins all life on earth will be destroyed. How superior is that?

  11. Great article.

    It would be best to abolish property taxes on primary residencies, though.

  12. “…with the government and elected officials not having any role to play except to decide whether they want to vote for the Democratic or Republican sponsors and backers of the rentier interests.”

    Why are the congress and all government jobs not outsourced to Asia and political parties banned in the US?

    That would prevent another January 6th Capitol attack and the Wall Street won’t have to finance any clowns every 2, 4 or 6 years!

  13. “…..Nobody knows whether they’re going to go back to offices or not; they probably won’t be able to go anywhere near the levels that they were before this fall, because the schools and the offices don’t have the ventilation systems to stop aerosol transmission. They don’t have fans; most of them don’t have windows….”

    So, you mean that after spending $2trillion in Afghanistan for 20 years, killing 100s of thousands of Afghans and 3000+ US service men so that the “Afghan girls can go to school”, the US schools have no fans or windows?

    Which type of schools were they building in Afghanistan?

    • Replies: @Alden
  14. IronForge says:

    Great Discussion.

    Pretty much summarized as the Rentier-Banker Hegemony’s Privateering Economy versus Government/Public/Blended Vested Economies.

    The “Choke Points” involve the Ownership of:
    A) Fiat Currency generation/administration
    A1) Precious Metal Ownership
    A2) Trade Settlement Exchange and Currencies
    B) Credit Markets
    C) Energy Resources
    D) Agricultural/Timber Resources
    E) Mineral/Metal Resources
    F) University/Vocational Education
    G) Industrial Capabilities
    H) Military Industrial Complex
    I) Military Operations

  15. GMC says:
    @Brás Cubas

    Well, I disagree with the aspirin part B C – we get the real deal – Acetyisalicylic acid. lol And when I caught covid flu virus, the pensioner { free of charge} Doctor from out nearby hospital, made after hours visit to see me and many others, that thought they had it. I was down for a week before the wife called him in. He brought his black bag, he did a thorough check and confirmed the flu virus nailed me. He didn’t subscribe ” aspirin” , but he did write out a substantial list of a strong anti biotic, a steroid kicker that were to be injected in the buttocks twice a day for a week. He also subscribed vitamins, steroid med for my nebulizer { a touch of pneumonia medicine} and a couple other help full items. All of this was found at the pharmacy in the big town, down the road. I did later go to the hospital for a chest X ray and things looked good. At no time did I think I was going to die – it was a different flu as the other times – altho. In all – less than 200 bucks, incl a tip. My SputnikV , if I were to want it , will also be – free. Spacibo

    • Replies: @Brás Cubas
  16. This whole article is about selling books written by Mr Hudson

    He’s been blathering away like this for decades,now he informs us he’s ensconced in the communist Chinese education system,well that shouldn’t surprise anybody since he grew up surrounded by Trotsky and communists types,he’s actually Trotsky godson!

    he’s basically made money though,out of the system he thinks will fail,total hypocrite in my book,and his communist leanings put him very much in the category of unreliable expert since he’s so biased against America and capitalism,just another washed out old daft Marxist economist

  17. Fred777 says:

    “It’s obvious that the United States economy is going to be in real trouble. Once the Covid crisis stops uniting the country in a feeling that we’re all in this together”

    This Covid Karen actually thinks the “pandemic” united the country.

  18. onebornfree says: • Website

    “and what bigger monopoly can you have than a monopoly over health care? ”

    Well duh!, how about a monopoly on money creation, such as enjoyed by the fake private corporation, the Federal Reserve?

    “Regards” onebornfree

    • Replies: @Mefobills
  19. onebornfree says: • Website
    @alwayswrite

    “This whole article is about selling books written by Mr Hudson. He’s been blathering away like this for decades,now he informs us he’s ensconced in the communist Chinese education system,well that shouldn’t surprise anybody since he grew up surrounded by Trotsky and communists types”

    Well, a “communist”s gotta make a profit, don’t ya know? 😎

    Regards,onebornfree

    • Replies: @Mefobills
    , @GomezAdddams
  20. “Because the Democrats are an arm of the Republican Party. Their role is to protect the Republican Party from left-wing criticism.”

    I was trying to make my way through the 12,000 words and when I hit this (above) concluded that it was written in some kind of code that I had no access to.

    • Replies: @obwandiyag
  21. @alwayswrite

    USA is technically bankrupt.

  22. @alwayswrite

    There is a lot of white noise what Huston is saying but he did explain (at least to me) that why China’s economy is booming, and US economy is doomed.
    That is good enough to me.
    (They are booth Capitalistic systems, But Chinese system is very close to German system under Hitler.)

  23. Mefobills says:

    Maybe what we were taught in publik skoool was an untruth?

    Inserting NSDAP Germany, International Capital, and Private Banking Corporations into Hudson’s comments.

    Of course, Hudson cannot touch the third rail.

    And if there is another successful economy, whether it is NSDAP GERMANY China, or Russia, or Iran, or Venezuela – if there’s any other economy that retains a strong state power, strong regulatory power, progressive taxation, preventing a landlord class from somehow increasing housing costs, privatizing medical and health insurance, so instead of making it a public right – well, if we can prevent that from occurring anywhere, then people will really believe there is no alternative but to let our takeover that reverses the entire last two centuries of free market economics, and now the economy has to be free for the (((international finance))) to take over 1% to take over government enterprise, to privatize every part of government, including government itself, including the central banks especially, and including the health system, the educational system – all running either for profit or at a cost that has to be paid by PRIVATE BANK CORPORATIONS credit creation, and essentially recreate the economy of the 13th century.

    • Replies: @profnasty
  24. Mefobills says:
    @onebornfree

    now he informs us he’s ensconced in the communist Chinese education system,well that shouldn’t surprise anybody since he grew up surrounded by Trotsky and communists types”

    Lolbertarian personality defective blames the son for the sins of the father?

    Hudson has analyzed almost every economy in history (except a few that he cannot touch due to the third rail.)

    Well, a “communist”s gotta make a profit, don’t ya know?

    China is no longer communist, and anybody who maintains that line is living under a rock.

    China has a communist government, but most certainly does not have a communist type command – driven economy.

    China’s economy is a MIXED economy, where government intervenes into inelastic sectors, and also injects state capital into the commons and industry.

    Mixed economies are the only type shown by history to work.

    Did you not even read or watch the pod-cast, where Hudson explains this mode of economy (industrial capitalism) is EXACTLY how the U.S. got rich? China has even taken it one step further by doing ad-hoc activities, where the government intervenes on an ad-hoc basis as the Chinese economy develops.

    Lolbertarians are apologists for (((finance))) capitalism.

    • Agree: GeeBee
    • Replies: @BlackFlag
  25. Mefobills says:
    @onebornfree

    Well duh!, how about a monopoly on money creation, such as enjoyed by the fake private corporation, the Federal Reserve?

    Virtually all of the money supply (97% or so) is created by the private banking system.

    The FED came along in 1912 as a way to tie the private banks together through the reserve loops, into what was called a money trust.

    This was entirely a “private” and free market affair, where there was supposed to be a more “flexible” money system. Prior to the FED, the reserve loops of the private banking system was quasi controlled by Treasury. Treasury could set the reserve ratios to then control private credit emission.

    The FED is the tail of the dog, not the dog. The FED provides reserves post facto to the overall system. Any bank can find reserves at any time by going to the FED discount window.

    Lolbertarians cannot have it both ways. You cannot applaud free markets and demonize government at every turn, while simultaneously demonizing private banking corporations (such as the FED) which are shielded by free market theology.

    The FED must be good because it is a creation of the free market.

    • Replies: @onebornfree
  26. anon[240] • Disclaimer says:
    @Trial by Wombat

    If someone earns 10 bucks an hour at a fast food franchise, and gets even full-time hours – for the time being – that $1,600 gross ends up around $1,300 net monthly, even in middle America an average mortgage or rental cost of 900-1000 a month will largely consume this salary, not to mention monthly utilities, fuel, car insurance, health care costs, food, children’s expenses etc..

    the math looks about right

    1 BDRM apt here in Sacramento is $900+ per month, while back around 2000 i could rent a 2 BDRM for just over $300 per month

    this is what unlimited 3rd world immigration gets you, low wages and high rental prices

  27. Anonymous[369] • Disclaimer says:
    @Jluker

    Greed, lust, and the rest of the vices most pernicious effect is that it clouds judgment. As St. Augustine said, “Man has as many masters as he has vices.”

  28. Anonymous[412] • Disclaimer says:
    @Dumb4asterisks

    As German economist Heinrich Pesch, S.J., said [paraphrase]: “Socialism is the pus that forms when the body gets sick from capitalism.”

  29. profnasty says:

    “Recreate the economy of the 13th century.”
    I’ve been saying all along, we don’t live under ‘moguls’, we live under Mongols. These are the physical descendents of Ghengis Khan.
    Look at Stephen Seagal’s new wife. He is self declared Mongolian. He’s not kidding. Also, see the face of Col. Edward House.
    Happy to say,. “I told you so.”

  30. Mefobills says:

    Below quote is a little annoying, but clown world in general is annoying.

    Quote from Hudson:

    China does not want a rentier class to do what they have done in the United States and make America into a centrally planned economy. We’re now more of a centrally planned economy than Nazi Germany was. But the centrally planned economy is in Wall Street, in the financial system, not the government.

    NSDAP (nazi) economists were ejecting rentiers and usurers, which is why their economy took off. It is also the main reason (((finance international))) maneuvered to attack Germany in two world wars.

    But, no economist can touch the third rail and call out the Jew – as it is out of bounds. Instead, the economist has to demonize central planning as NAZI, when China is doing exactly the same thing.

    The line of influence for both NSDAP economy and China is industrial capitalism, which was invented in the American Colonies, especially Mass. Bay. The American System of Economy that grew out of the Colonial experience beget National Socialism of Germany, Fascism of Italy, and now “Industrial Socialism” of China, or whatever you want to call it. Some are calling China Industrial Socialist, as they have run out of “isms.” Objectively China is a fascist country, and the wrong side won in WW2.

    All of these “isms” have one thing in common, and that is STATE CREDIT, which CHANNELS (meaning it is directed/aimed) at industry and the commons. This then improves the general welfare, which is what the founders intended for Americans. The general welfare clause is no accident, in that the colonials already had experience with industrial capitalism, and were in conflict with finance capitalism of London; hence the revolutionary war.

    • Thanks: GeeBee, HeebHunter
  31. profnasty says:
    @Mefobills

    I chose to think of the 13th as the time of a predatious Mongol empire. (In comparison to US empire). Feudal Europe was a collection of smaller kingdoms. Ghengis Khan was the big dog.
    I suppose Hudson was thinking “Europe”. Europe was prostrate before the Khan.

    • Replies: @Mefobills
    , @Johnny Johnny
  32. bayviking says:

    90% of corporate income in the United States is spent on share buybacks and dividend payouts, not on investing in new production. So nobody’s really expecting new private investment to occur in the United States, that is private capital investment in means of production.

    So Biden says, if the private sector won’t do it, then the government can do it. But his idea of the government doing it is to give government money to private companies that will build industrialization. To essentially replicate the military-industrial complex into an enormous public-private partnership, to build very, very high-cost infrastructure that will make it almost impossible for Americans to have any trade competitiveness with other countries.

    Well if you’re going to create a high-cost rentier economy, that is post-industrialized like that, what do you do? You say it’s not our fault, foreigners are doing it to us; it’s all China’s fault – as if China had something to do with American de-industrialization. China’s trying to avoid the rentier policies, avoid the financialization, avoid the privatization that has made America so high cost and so ineffective.

  33. Mefobills says:
    @profnasty

    I chose to think of the 13th as the time of a predatious Mongol empire.

    Yes, I wonder about that quote too.

    The fourth crusades were 1202, which was the 13’th century.

    The fourth crusades released tons of metal money that had been consecrated to the vaults in Byzantium.

    The Bezant (gold coin) pretty much set the gold price in Europe, as the gold/silver flow was interdicted at the Bosporus crossing. The Christians of the West were Jealous of Eastern Orthodox Christians, as being able to set the gold price was the superior position.

    There were two actors at this crossing, the former Roman Empire (now Byzantium) which began to move east when it adopted precious metal money, and the Jews who took usury on the gold/silver exchange rate with caravan travel.

    The Haibaru Caravaneers were moving metal money along with spices on the caravan routes, and were arbitraging the exchange rate differences in metal price between east and west.

    Byzantium consecrated gold to the vaults in the preceding centuries, which helped insure the “dark ages” which were the greatest depression.

    The dark ages were over after the tons of gold were liberated from the vaults.

    Hudson would be more accurate if he said 12’th century.

    Vasco De-Gama’s discovery of the southern route in 1497 is another big-bang event in history. This route destroyed the Jewish Overland Caravan trade, and especially upset their usury takings on metal exchange rates. The secret arbitrage mechanism passed to the Portuguese, who offloaded spices and metal money in the port of Amsterdamn.

    In the years between 1497 and 1694 (Bank of England), Jews invented finance capitalism in order to recover their lost money power and usury takings.

  34. Economics is important but secondary to tribal supremacism of Jews.

    After all, if the military-industrial-complex really ruled everything and wanted more wars for profits and power, why doesn’t the US go after Israel? Israel can be charged with crimes against humanity and it could be bombed and invaded(in the name of protecting Palestinians), and it’d be great for the war industry and it’d be fun for imperialists who just love to play the game. We can’t even imagine such a thing.

    Foreign policy is directed less by profits than tribal interests. Most of these wars are ‘wars for Israel’, and US deems as ‘the enemy’ any nation/people hated by Jews. So, Hudson’s emphasis on economics misses the point.

    Also, leftism, in promoting mass-migration and immigration, makes the problem worse. Palestine-Israel problem wouldn’t exist if Palestine differ suffer the Great Replacement via mass Jewish Immigration. More diversity means more division.

    If you want to know what’s happening in the West, just ask one question:
    “What do Jews want?” That explains things 90% of the time.

    1. Jews want ‘gay marriage’. Check.
    2. Jews want tranny craziness. Check.
    3. Jews want Great Replacement of whites. Check.
    4. Jews want election fraud and rigging in their favor. Check.
    5. Jews want interrracist propaganda and ACOWW or Afro-Colonization-of-White-Wombs. Check.
    6. Jews want white goyim to kill and die in Wars for Israel. Check.
    7. Jews want white working class to die of opioids. Check.
    8. Jews want to rob us via Wall Street and Las Vegas. Check.
    9. Jews want goyim to become idiot potheads. Check.
    10. Jews want Censchwarzhip to shut down BDS & free speech among goyim. Check.
    11. Jews want US whore politicians to favor Jewish supremacism over justice for Palestinians. Check.
    12. Jews want to f*** Trump in the ass and have him beg to suck their d***. Check.

    We can go on and on. If Jews want it, they get it. Jews lead, goyim follow. Jews demand, goyim deliver.

    • Agree: Robert Dolan
    • Troll: bayviking
    • Replies: @Alden
  35. Alden says:
    @Trial by Wombat

    Great wonderful post. Wages and just as important job security in America is at a stage that a single adult with no dependents cannot support him her self with a one bedroom apartment utilities food and transport to work.

    I don’t accept college part time instructors professors whatever they call themselves as tenants. When a unionized college janitor applies; he she’s accepted with joy. Because I know only unionized workers have first the income and second the job security and stability to pay the rent and utilities.

    Econ 101 aka Beggar thy Workers. Well, what about the car dealers, car repair real estate and mortgage companies landlords retail stores gas stations and all the sectors that need well paid workers to survive. Are we supposed to close up shop and disappear?

    Hudson’s lying false ridiculous communist propaganda about 50,000 NYC tenants facing eviction in August because not one of them :

    1worked
    2got unemployment insurance
    3 got welfare
    4got disability
    5retired at 62 for social security and pension if any

    since first week of March 2020 is ludicrous and just plain false.

    He mentioned free health care in Russia. It’s not. It’s pay as you go and has been since the Soviets set up the system. Pay the clerks cash to get admitted. Pay the whoever cash to find a bed for you. Pay cash for sheets gown and blankets. Pay cash to the Dr. Pay cash to the X-ray tech and the nurse who gives you medicine.

    The entire science? mythology? Whatever economics is needs to be abolished. I don’t believe any economist in the world back to Adam Smith has ever worked for wages and spent the wages for necessities of life, owned the smallest business or made a living catering to people’s needs such as selling and repairing cars or renting homes, or selling food.

    Hudson isn’t on the side of the workers He’s on the side of the big state that rules everything. And f***s everything up.

    I favor highly paid unionized ordinary workers. Why? Because I’m a landlord and I need a critical mass of well paid people in stable jobs to fill my buildings and pay my rents. And that means unions and little immigration.

    Were I a car dealer, or owned a retail store above Walmart level, I’d want the same thing. A critical mass of customers in not just well paid but stable jobs and that means labor unions.

    And if it ever gets to the point the only people who can afford my rents are section 8 scum where I’d be monitored by section 8 even scummier government housing workers, I’ll sell the buildings to the next sucker down the line.

    I honestly think that the average high school kid with a 16 hour a week minimum wage job knows more about economics than any economist from cutthroat cannibal capitalist to pure visionary unobtainable communist does.

    • Replies: @onebornfree
  36. Mefobills says:
    @Trial by Wombat

    and the fate awaiting these people in another 5 months when winter weather returns, this is not a tangential issue, its critical mass.

    The supposedly ebil Hitler did not tolerate German citizens being ejected to the streets to freeze to death. National Socialist policies included improving the housing stock and labor conditions (General Welfare) of the population.

    From Tedore, Hitler’s Revolution:

    Two days after becoming chancellor, Hitler outlined his economic program in a national radio address: “Within four years, the German farmer must be rescued from poverty. Within four years, unemployment must be finally overcome.” The government enacted laws based on the strategy conceived by Fritz Reinhardt, a state secretary in the Reich’s Ministry of Finance. This unassuming, pragmatic economist introduced a national program to create jobs on the premise that it is better to pay people to work than to award them jobless benefits.

    [MORE]

    The Labor Procurement Law of June 1, 1933, allotted RM 1 billion to finance construction projects nationwide. It focused on repair or remodeling of public buildings, business structures, residential housing and farms, construction of subdivisions and farming communities, regulating waterways, and building gas and electrical works. Men who had been out of work the longest or who were fathers of large families received preference in hiring. None were allowed to work more than 40
    hours per week. The law stipulated that German construction materials be used.

    Also passed that summer, the Building Repair Law provided an additional RM 500 million for smaller individual projects. Home owners received a grant covering 20 percent of the cost of each project, including repairs and additions. Owners of commercial establishments became eligible for grants for conducting renovations, plus for installing elevators or ventilation systems. Renters could apply for grants to upgrade apartments. Under the law’s provisions, property owners receiving grants borrowed the balance of new construction costs from local banks or savings & loans.

    The government provided borrowers coupons to reimburse them for the interest on the loans. The Tax Relief Law of September 21, 1933, offered income and corporate tax credits for repairs. The regime covered nearly 40 percent of the cost for each renovation. The Company Refinancing Law, legislated the same day, converted short term loans into long term ones with lower interest. The law reduced the previous seven percent interest rate to four (and ultimately to three) percent. This did not hamper finance companies, since it prevented defaults on loans. The refinancing law released businesses from the obligation to pay their portion of unemployment benefits to former associates. The resulting available capital enabled them to re-hire employees and expand production.

    The Labor Procurement Law provided newlyweds loans of RM 1,000 at one percent monthly interest. The loans came in the form of coupons to buy furniture, household appliances and clothing. To be eligible, the bride had to have been employed for at least six months during the previous two years, and had to agree to leave her job. Returning women to the home vacated positions in commerce and industry, creating openings for unemployed men. For each child born to a couple, the government reduced the loan by 25 percent and deferred payments on the balance for one year. For larger families, upon birth of the fourth child, the state forgave the loan. It financed the program by imposing surtaxes on single men and women. By June 1936, the government from the work force after September 1933. The increase in newlyweds created a corresponding need for additional housing. More tradesmen found work in new home construction. In the furniture industry, manufacture increased by 50 percent during 1933. Factories producing stoves and other kitchen appliances could not keep pace with consumer demand. The state imposed no property tax on young couples purchasing small single family homes. As Reinhardt predicted, reduced payments in jobless benefits and increased revenue through corporate, income and sales taxes largely offset the enormous cost of the program to reduce unemployment and revive the economy.

    He stated in Bremen on October 16, 1933, “In the first five months of the present fiscal year, expenditures and income of the Reich have balanced out.

    • Replies: @GeeBee
  37. Thomasina says:
    @Trial by Wombat

    The Chamber of Commerce wields a lot of power, unfortunately. They are gung-ho on bringing in low-wage Third-World immigrants so they can, as you say, pay them less and have an on-call work force. The immigrants make it by living 8 to 10 people to a house and using state benefits, free education, free medical in most cases. The American taxpayers end up picking up the tab and, to boot, their children get a dumbed-down education because of all the English-as-a-second-language students in their classes.

    But the franchise owners become wealthier and that’s all that matters to the Chamber of Commerce. You’re right, it’s a business model.

    There’s also corporations like Blackrock and the like who went around buying up as many houses as they could get their hands on (directly from the banks) during the Great Recession. They need renters for their houses, and the immigrants fit this bill. They also want their investment houses to increase in price, and the immigrants provide a constant demand, keeping prices and rents up. This no doubt was planned well ahead of time too, with the complicity of the government. “We’re buying the houses, and you provide the immigrants.” Another business model.

    Covid and the rushed-through vaccinations – another business model. Global warming – another business model. Refugee resettlement – another business model.

    “Once the so-called markets are entire fictions in which the risk component is entirely removed…”

    Bingo. There is no risk at all at the present moment. The corporations know this, and the politicians have enabled it. The Federal Reserve are purposely suppressing interest rates. Greenspan held them too low for too long in the early 2000’s, then Bernanke, Yellen and Powell have followed his lead. This practice, along with increasing the demand side with new immigrants, has created the problem we’re in. Cheap money in the hands of the elite (who are the first ones to get the money) never goes well for ordinary citizens.

    Just another business model.

    • Agree: Alden
  38. Alden says:
    @Priss Factor

    You forget that jews want Whites to be unemployed and unable to make a living. Jews did that 55 years ago. Unlimited non White immigrants entitled to affirmative action benefits and affirmative action itself or the no Whites need apply act. Plus numerous toxic outgrowths of affirmative action such as no business loans licenses tax write offs set asides or any benefits to White owned businesses.

    The only thing that matters is affirmative action discrimination against Whites. When one race jews made the laws preventing another race, Whites from making a living, it was all over. Who cares about the sex lives and perversions of complete strangers? Whites should worry about affirmative action a slow genocide by making it impossible for Whites to reproduce.

  39. Alden says:
    @Nostradamus

    Every windowless building in America has a ventilation air conditioning system. The HVAC systems are installed when the buildings are built.

    Lots of ignorance and lies in every Hudson article. Lack of HVAC is just one and so typical. The sealed windowed office and commercial buildings and the windowless school buildings were all products of the 1970s gas shortages and inflation. Heat does leak out from both the glass and around window frames. So the solution was to build with either no windows or sealed not open able windows. To avoid suffocation of the inmates, ventilation systems that blew fresh air into rooms and sucked the air out of rooms was required in all these buildings. If Hudson every worked in an office he would know this. As every one who works in those buildings is tortured by cold wind blowing in their necks hands waist knees and feet from the blowers. Blowers in the ceilings to blow freezing air on your head, blowers every few feet on the walls and blowers on the floor to blow freezing air on your feet.

    I usually don’t read his garbage articles. Too many lies such as the one about windowless buildings that lack HVAC. Or 50,000 New Yorkers had no income since March 2020 to pay rent.

    • Replies: @Mefobills
  40. @Trial by Wombat

    The minimum wage and fast food worker argument is fake already – give it up. You can make $20+ per hour driving Uber, $50k out of high school in blue collar jobs, $30 per hour mowing lawns, or of course join the military. All of these you can do concurrently.

    Homelessness is not an economic issue, it is a sin or moral issue, very often due to the homeless themselves. Pride goeth before a fall.

    • Agree: Ed Case
    • Replies: @Mulga Mumblebrain
  41. @Brás Cubas

    Actually the real version is that you give a long ladder to one man, who climbs the wall, then pulls up the ladder leaving one hundred others at the bottom. THAT is capitalism-the sheer hatred of others turned into a blood-sucking cult.

    • Thanks: Nancy
    • Replies: @redmudhooch
  42. @profnasty

    Apparently life in 13th C Europe was pretty good, and the feudal economy with the Church as the organization providing charity wasn’t a bad life at all according to E. Michael Jones. The average serf only worked about half the year.

  43. BlackFlag says:
    @Mefobills

    How can this state industrial economy stay that way? Didn’t the US have that before it went untrammeled capitalist? China keeps billionaires like Jack Ma under control but the US government used to be able to do that as well. It seems like eventually money will concentrate and take over the state.
    Is there a long term plan?

    • Replies: @Mefobills
    , @Chris Moore
  44. sally says:
    @Franz

    its going to take more than some creative thinking, as The TrumanShow says, but first we need to finish the research..

    The nation state is an armed human control system. It has franchised into 256 different franchisees. and the sum of the people content in the franchises is 8 billion, the number of people in the world.

    Instead of operating with a common goal to make life better for all of mankind, the nation state prison operates to make life better for the guards and life worse for the incarcerated. Inside of the nation state the contained humanity is differentiated by and between themselves, and between the nation states they are differentiated by and between the nation states. Humanity would be homogenous if there were no nation states. Like a game the differentiated and partitioned masses are pitted against one another, killing off both of the combatants.

    The problem is how to stop the differentiation and manipulation between and within the nation states.

    • Replies: @Mulga Mumblebrain
  45. @sally

    You should study the Chinese civilizational and political alternative-harmony within the State, and between States. The opposite of ‘Exceptionalism’ and dominance.

  46. @Johnny Johnny

    Nassty, vicious, misanthropic bulldust.

  47. Mefobills says:
    @BlackFlag

    How can this state industrial economy stay that way? Didn’t the US have that before it went untrammeled capitalist?

    The U.S. government was usurped with assassinations and various ruses by the usury crowd, who in turn are often sociopaths.

    You combine sociopathy with money sickness, and you get a potent combination. There is no loss of wants with money. People that are sick with it, cannot get enough, the world is not enough.

    The only way out, is to prevent these kinds of people from getting into power. There are many examples in history with long lasting governments that did exactly that:

    Hudson explains that releasing debts is one important way to prevent civilizations from polarizing. His book and forgive them their debts, is very important, which is why I’m beating him over the head about NSDAP economy, because he cannot continue to avoid the truth about the world wars, which were defining events of our time.

    Lee Kuan-Yew’s Singapore is a good template on how to do it. You pay your politicians a lot, and I mean a lot of money. They (political leaders) are not allowed to become involved in the economy; meaning they cannot own stocks or speculate on property. They cannot use inside information to self aggrandize. Hitler prevented German politicians from becoming “capitalists” as it was a conflict of interest. There is to be no hidden string pullers operating politicians as puppets, as said politicians cannot be influenced.

    China’s communist elite are high IQ individuals for the most part, and are groomed for governance. Putin came out of a special directorate under Andropov, where he (Putin) was selected and groomed to run cities.

    Benjamin Franklin screwed up, thinking his Junto mechanism would prevail in the Americas, but he never codified it in law.

    I’ve been pointing out how China went after Jack Ma. Hudson has noticed as well. Any civilization that wants to survive, has to put their foot in the ass of the Jack Ma’s of the world, who get froggy and want to take over. They have a sickness.

    In the ancient near east, it was the god-kings that did the ass kicking, and debt releases.

    • Thanks: BlackFlag, profnasty
    • Replies: @showmethereal
  48. Mefobills says:
    @Alden

    I usually don’t read his garbage articles. Too many lies

    So, you are proud to be ignorant?

    The point about the buildings, is there is no new “state credit” being made available to update the buildings with HEPA filters, or perhaps UV lamps.

    In other words, finance capitalism cannot work to upgrade industry and the commons, because there is no quick profit.

    Above, I quote Tedor on Reinhardt’s plan, which was industrial capitalism in action:

    Owners of commercial establishments became eligible for grants for conducting renovations, plus for installing elevators or ventilation systems. Renters could apply for grants to upgrade apartments. Under the law’s provisions, property owners receiving grants borrowed the balance of new construction costs from local banks or savings & loans.

    The government provided borrowers coupons to reimburse them for the interest on the loans. The Tax Relief Law of September 21, 1933, offered income and corporate tax credits for repairs.

    Giving coupons to reimburse for interest on loans is a form of non-usury economy.

    This form of economy was strangled in the crib.

  49. @Mulga Mumblebrain

    Actually the real version is that you give a long ladder to one man, who climbs the wall, then pulls up the ladder leaving one hundred others at the bottom. THAT is capitalism-the sheer hatred of others turned into a blood-sucking cult.

    But he will offer to sell you the shitty ladder he was given by the “government”, at an inflated price you can’t afford because you work at the ladder factory that pays a shit wage. So you have to put it on your “credit card” at 20% or so interest that you also can’t afford so you have to get a payday loan at 400% interest to make that months payment. Then you have to get a title pawn on your shitty car at 200% interest to pay the next months bill. Then when you are about to lose your car because theres no way you can pay all that back working at the shitty ladder factory and all.

    Next thing you know the wifes trying to sell pics of her asshole on Onlyfans to help out, but no ones interested because shes a legit heifer, because shes been fed the equivalent of animal feed her whole miserable life like most ‘Mericans, plus you work at the shitty ladder factory.

    Hello poorhouse and meth! Anybody got any Brawndo they can spare?

    Good talk, Someone should have mentioned that that brief “golden age” economy we had was only possible because of da bloodthirsty commies, the Soviet Union and China. The capitalists were deathly afraid of a communist revolution here in ‘Merica. The middle class that once was would have never existed if not for the communist agitation here at home. When commies were actually commies not CIA psyoped Radlib larpers with gender confusions and mental illnesses. Fact! Haha

  50. @Stephen Paul Foster

    You are fucking cretinous moronic idiot if you can’t understand that.

  51. GeeBee says:
    @Mefobills

    Surely, anyone reading your excellent chronology and details of National Socialist Germany must come to understand that it is ever more certain that the whole animating force behind WWII was that of a regime change operation, carried out by the Zio-hegemony in order to eradicate this shining example to the world of what a true people’s government could achieve, because it of course would have spelt the end for the (((Financial International))).

    The scale of the tragedy visited upon the world in 1945 is enough to make strong men weep and all good men to cry out for vengeance.

    • Replies: @Mefobills
  52. onebornfree says: • Website
    @Alden

    “Hudson isn’t on the side of the workers He’s on the side of the big state that rules everything. And f***s everything up.”

    “Everything government touches turns to crap” Ringo Starr

    “The kind of man who wants the government to adopt and enforce his ideas is always the kind of man whose ideas are idiotic” H.L.Mencken

    “Government is a disease masquerading as its own cure” Robert LeFevere

    “Government doesn’t work” Harry Browne
    https://wiki.mises.org/wiki/Why_Government_Doesn%27t_Work

    Regards, onebornfree

    • Replies: @Mefobills
  53. Mefobills says:
    @onebornfree

    “Government doesn’t work” Harry Browne

    And yet, there are many examples in history, where it does work. I have even given you many examples, and you persist like some sort of autist who cannot learn. On this very thread is a discussion about Reinhardt’s economy, which demonstrably did work.

    Implied in Harry Browne’s analysis is that “no government” is the ideal condition for man, but that state is anarchy. You are for anarchy?

    George Washington said that government is like “fire,” but he was never for anarchy. Lolbertarianism is un-american.

    Harry Browne is full of crap.

    Nobody cares about your regards – you hold yourself in high esteem and are a personality defective who is lacking in empathy.

    • Agree: GeeBee
  54. Mefobills says:
    @GeeBee

    Surely, anyone reading your excellent chronology and details of National Socialist Germany must come to understand that it is ever more certain that the whole animating force behind WWII was that of a regime change operation,

    Well of course it was a regime change operation, but a large segment of the population has been programmed to think otherwise.

    There is only a small segment of the population that will come to realization about National Socialism.

    Yuri Bezmenov called it a state of demoralization. A person who is demoralized is stuck and cannot move, even when presented with a mountain of facts.

    As Bezmenov said, it is only when a rifle butt is crashing their balls, will they begin to accept.

    This demoralization status is due to myelin sheathing of the brain, and weak individuals are unable to reprogram themselves. Their brain revolts because it is “fixed in place” by the sheathing.

    You see this demoralization state in action with one-born free dumb. Obviously, he can never come to understand, but he is a useful foil to reach someone young, who is not already demoralized.

    It takes generations, where demoralized people have to die off before new truths can gain a foot-hold.

    The only way to accelerate the un-demoralization process, is by using concentration camps. As we have discussed before, concentration camps are kinder and gentler than using a rifle butt to crash their balls. Germany, prior to NSDAP was demoralized due to privation visited by war and then the hyperinflation.

    Somebody like yourself, or Ron Unz, or Hudson, who is willing to challenge themselves – is more of a rarity than the norm.

    • Thanks: GeeBee, Nancy
    • Replies: @CMC
  55. @GMC

    Well, then it’s a lot better than Brazil. Michael Hudson’s description is a little misleading.

    • Replies: @GMC
  56. onebornfree says: • Website
    @Mefobills

    “The FED must be good because it is a creation of the free market.”

    Yeah, “right! “🤪

    It’s a quasi [i.e. fake] private corporation with a government enforced monopoly [granted via the Federal Reserve Act , 1913] , on the creation of its, what is now totally fake, “money”. End of story.

    https://en.m.wikipedia.org/wiki/Federal_Reserve_Act

    Anyone who honestly believes that the governments “legally” enforced Federal Reserve monopoly power to create “money” at will was/is somehow a creation of and an example of “the free market “, is not playing with a full deck of cards- a trait that you yourself have exhibited time and time again in countless comments at Unz.com

    My advice: stop worshiping governments, government “solutions” [to anything]Hitler, and related, and grow a brain- its not too late-or is it? 😎.

    “Regards”, onebornfree

    • Replies: @Mefobills
  57. Mefobills says:
    @onebornfree

    Anyone who honestly believes that the governments “legally” enforced Federal Reserve monopoly power to create “money” at will was/is somehow a creation of and an example of “the free market “, is not playing with a full deck of cards-

    You are a practical retard who doesn’t understand how the banking system works, nor do you understand how the Federal Reserve came to be.

    It was PRIVATE ACTORS who maneuvered for the Aldrich amendment, which in turn was the forerunner to the Federal Reserve Act.

    The ACT was shoved up Americas ass by maneuvering through a false election in 1912… funded by PRIVATE ACTORS, to then split the ticket, to get rid of Taft.

    Then the act was passed by dubious means on Christmas eve, when the American people were not looking.

    Woodrow Wilson was compromised by guess (((who)))?

    Your Lolbertarianism has no answers for actual actual observable reality, yet you continue to bleet out your nonsense rather than update your brain. You cling to provable falsehoods rather than adjust.

    • Replies: @Chris Moore
    , @onebornfree
  58. Nancy says:

    For yet more factual history of capitalism, ‘free trade’, etc see Ha-Joon Chang’s “Bad Samaritans” – short read : )

  59. Chris Moore says: • Website
    @Mefobills

    It was PRIVATE ACTORS who maneuvered for the Aldrich amendment, which in turn was the forerunner to the Federal Reserve Act

    Do Zionists (both racial and/or ideological) control the private Federal Reserve and hence the “money” utility? Does that explain America’s geopolitical aggression, for both Israel and the money monopoly, which like a Ponzi scheme, must grow in perpetuity or collapse?

    • Replies: @Mefobills
  60. onebornfree says: • Website
    @Mefobills

    “You are a practical retard who doesn’t understand how the banking system works, nor do you understand how the Federal Reserve came to be.

    It was PRIVATE ACTORS who maneuvered for the Aldrich amendment, which in turn was the forerunner to the Federal Reserve Act.

    The ACT was shoved up Americas ass by maneuvering through a false election in 1912… funded by PRIVATE ACTORS, to then split the ticket, to get rid of Taft.

    Then the act was passed by dubious means on Christmas eve, when the American people were not looking.”

    I already knew all of that, you assumptive little twerp!

    It’s irrelevant. It does NOT change the bald fact that the Fed is a fully government protected money fake money producing monopoly, you frickin’ Hitler apologist idiot. Always has been, always will be. No free open competition against it allowed – although hopefully, freely competing cryptos of one type or another, having possibly found a way around it all, will ultimately end up completely destroying it , its system, and its various offspring around the world.

    And by the way, your hero Hitler was largely funded by Rockefeller and associates, [ the same force that ultimately- compromised Wilson, I’m guessing, without researching ], but I’m sure you already knew about your hero’s Rockefeller connection , right?

    Anyway, Sieg Heil and tschüss, my German National Socialist, “government knows best” idiot “friend”, and, by the way: mo’ gubmint, mo’ gubmint, mo’ gubmint![German national socialist style, of course! “You know it makes sense” 🤣 ].

    “Regards” onebornfree

    • Replies: @Mefobills
  61. Mefobills says:
    @onebornfree

    It’s irrelevant. It does NOT change the bald fact that the Fed is a fully government protected money fake money producing monopoly, you frickin’ Hitler apologist idiot.

    You are holding false notions in your noggin that won’t be dislodged. This is what I mean by demoralization. That is why you are a useful idiot and a foil for me.

    The order of operations matter; cause and effect matter. You and others like you would have been cheering on the Federal reserve act in 1912, because it was “private banking” taking over the government, because you know– government is evil.

    Hitler wasn’t funded by Rockefeller, yet another false notion rattling around in the space between your ears.

    The National Socialists funded themselves with their own money, including the instrument called the MEFOBILL. The NSDAP party was funded in the beginning with small donations as it was an organic movement.

    Morgan and Rothschild were behind the election of 1912. Rockefeller is one of the main supporters of Mises propaganda, who you so much like to quote.

    Also, calling me a Hitler apologist is an honorific. Thank you.

    • Replies: @GeeBee
  62. Chris Moore says: • Website
    @BlackFlag

    How can this state industrial economy stay that way? Didn’t the US have that before it went untrammeled capitalist? China keeps billionaires like Jack Ma under control but the US government used to be able to do that as well. It seems like eventually money will concentrate and take over the state.

    The US was infiltrated and corrupted by Zionists and Judeofacists over the course of many decades. Why do you think it (the rackets) have declared war against the founding white stock of the country and is demonizing them as “racist” in the corrupt MSM, the corrupt political class, and corrupt academia? Because the populist “Nazis” are on the right track as to who and what has hollowed out the nation’s economy and is destroying the Constitution. They’re basically sending a warning not to mess with their murderous sociopath/satanic racket and Ponzi scheme being enforced internationally and increasingly domestically at the point of a gun, or they’ll unleash the hordes.

    The entire corrupt “elite” and propaganda class has come to be dependant upon the Zionist Ponzi scheme and is addicted to their “free money” (line of credit) backed only by the remaining earning power and GDP of the American people.

    The parasite gets angry and murderous when it senses its source of opulent existence is in danger of being cut off, and is additionally in danger of being exposed for what it is.

  63. GeeBee says:
    @Mefobills

    Also, calling me a Hitler apologist is an honorific. Thank you.

    Me too please! One-born-free-dumb is almost too good to be true: he can be depended upon to trot out, right on cue, exactly the prompt that we need to illustrate the facts that matter. Slowly, I feel, we are making progress. The greatest stumbling block is the sheer magnitude of the lies that have been told about the Great War for Regime Change, which saw a man of the stature of Adolf Hitler vanquished by a coalition of the grasping, thieving, swindling scamsters and evil parasites that infest and rule today’s world. These lies have been endlessly shored up by relentless propaganda these eighty-years, so much so that ‘The People’ have truly been bamboozled, bludgeoned and brainwashed into acquiescing to the idea that National Socialism is/was evil and that Finance Capitalist Neo-Liberalism – that’s ‘freedom and democracy’ to the Lolbertarians, or in other words agreeing to have your pockets picked throughout your life – is the sine qua non of healthy societies.

    You and I and a burgeoning cohort of the enlightened know that this is not merely a travesty of the truth, but is diametrically opposite to it. One-born-free-dumb is an excellent tool in our task to increase the ranks of the cognoscenti!

  64. Mefobills says:

    Demoralization is a serious condition, and Lolbertarianism grabs young people, while they are still impressionable, and then leads them off a cliff. Later in life, they malfunction because they don’t have the necessary understanding required to navigate life. They actually demonize the very things things that can make civilization healthy. They cannot make course corrections due to demoralization.

    Concepts like Oligarchy, Rents, Unearned Income, Usury, and Sordid Gain are not part of the Lolbertarian curriculum, so there is no understanding that bad actors can and do emerge out of the population. Somehow the average person in the population is a perfectly reasonable actor, and only government is bad. It is a weird dialectic if you stop to examine it, and young people can get caught up in these sort of false dialectics.

    Germany was in a Thucydides Trap. In 1834, the Zollverein came into existence, merging the Bavaria–Württemberg Customs Union, the Prussia–Hesse-Darmstadt Customs Union and the Thuringian Customs and Commerce Union into a single customs union. As we have discussed before Frederick List popularized and transmitted the American System to the Customs Union, which became Germany. In 1819, List established an association of merchants and industrialists in Frankfurt am Main, the Handelsund Gewerbsverein, and advocated for the abolition of internal German customs barriers.

    High external tariffs and low internal tariffs are a signal feature of Industrial Capitalism. The post- revolutionary war America used high external tariffs to then allow nascent industry to develop. Lolbertariansim, Ne0-Liberalism, and other junk economics has no concepts for dealing with these realities.

    The Thucydides’ Trap (description from Wiki), is a term popularized by American political scientist Graham T. Allison to describe an apparent tendency towards war when an emerging power threatens to displace an existing great power as a regional or international hegemon.

    This emerging nascent power, the industrial capitalist “Customs Union” uses industrial capitalism to out-compete finance capital. Germany out-competes with high quality goods production and does so without exploiting colonies for raw materials and cheap labor.

    By 1871, when the German State emerged out of the Customs Union, the world powers began to conspire because they felt threatened. You can see echoes of the trap today, as Globo-Homo is threatened by the industrial capitalism of China.

    China has nukes and is building alliances, and will bust out of the trap. For non-demoralized people, they can easily go back and look at maps from 1871 on, and notice that Germany was a tiny little country surrounded on all sides by world powers.

    This idea that a tiny little country, which barely came into existence, was threatening to take over the world, was projection on the part of the finance capitalist west, especially projection from the minds of the tiny elite operating the levers of finance in London and Wall Street. Their fears of losing their “capital” power position over labor and their colonies, was magnified through the (((owned))) press. Once falsehoods are bleeted out in the press, and then become lodged in the brains of the populace, falsehoods become legend. Harboring false legends as truth is part of the demoralization process. For example, one born free dumb actually thinks calling me a Hitler lover is an epithet; but I don’t harbor easily disprovable false legends in my mind. (At least I try to scrub my mind of things that fail examination.)

    The Jew did indeed invent finance capitalism, and most assuredly was part of the coterie of finance elite warmongers agitating for war from finance centers in London and Wall Street.

    Lolbertarianism, neo-liberalism and other false doctrines abound; and these ideologies act to divert people into cul-de-sacs, where they are trapped, to then become demoralized.

    When demoralized they shill for their jailer, a Stockholm Syndrome. Clown-world depends on false narrative taking root and demoralizing the people. Oligarchs can then pick the pockets of their demoralized population, while maintaining a virtual cloak of invisibility.

    • Agree: GomezAdddams
    • Thanks: GeeBee
  65. Mefobills says:
    @Chris Moore

    Do Zionists (both racial and/or ideological) control the private Federal Reserve and hence the “money” utility? Does that explain America’s geopolitical aggression, for both Israel and the money monopoly, which like a Ponzi scheme, must grow in perpetuity or collapse?

    Yes and no. Zionism is part of finance capitalism, especially after Zion became funded by Rothschild. Finance Capitalism predates Zionism, and was invented in the years between 1492 and 1694.

    Herzyl always assumed that the “top jews” in finance centers would remain in place, while the rest of the lumpenproletariat Jews would find their way to new Zion, wherever new zion is located. In turns out that the finance capitalist money manipulators think of themselves as god, so they wanted Palestine.

    The Jewish religion, or rather Talmudism, is self worship as god’s special peoples. God’s special helpers can make no human mistakes.

    The Ponzi scheme is reflected in the way that debt instruments work. Since finance capital comes into being with some sort of debt instrument, especially speculative debts, then the world must be harvested to pay for exponential claims. The debt instrument clocks over like a machine with mathematical precision making claims that are outside of nature.

    I use the analogy that modern humans are walking inside of a funnel, which opens exponentially. It has a shape like a Bussard Ram Jet, trying to scoop up all sorts of matter, to then monetize the world into a money price.

    Our (((friends))) benefit from their invention of finance capitalism, but it has metastasized to include much of the human population, who actually believe that the world must be converted to money prices; that humanity never had volunteer economies in the past, and that humans are only work units as labor to covert the earth.

    The tally stick system of England in the upper middle ages did not have a Bussard ram jet profile overlaid onto the population. The population was not made to run on a treadmill, to then transfer their life energy to the top of the pyramid, where parasitic elites reside.

    The King issued his talleys as a sign of debt to the population, and then the population used them as money. They could not be counterfeited, and were good for taxes.

    Corvee labor to the palace was the reason for the debt relation between the King and the population.

    Also, private debts within the population were not allowed to metastasize, as said private debts were cancelled yearly at the great fairs – such as Mayfair. Hudson talks about jubilee in the ancient near east, and how the west was a diversion in history as the West did not release debts. This beneficial English system requires more study, especially how it was tragically overturned. Overturned by (((who))) you might be able to guess?

    Under Talley system, the English people had life and were not exploited by invisible pick-pocket hands.

    If you ask the average person what usury is, they will give you an answer that is incorrect. Usury is a power relation, where sordid gain is taken on the weaker party by the stronger party.

    The King had made a fair deal with the population, he received corvee labor and services needed to run the palace, while the population was protected from external threats. General Welfare was given to the population, and their private debts never mounted in an exponential function.

    • Replies: @GeeBee
  66. Chris Moore says: • Website

    This demoralization status is due to myelin sheathing of the brain, and weak individuals are unable to reprogram themselves. Their brain revolts because it is “fixed in place” by the sheathing.

    Presumably the WW2 anti-Hitler, anti-Nazi and Holocaust propaganda is the “sheathing” that’s been constructed by the conspirators, but what role does the Bible’s 6-thousand-year-old-earth paradigm play in all if this? It seems to me there’s this notion in the Judeo-Christian-Islamic tradition that “the Hebrews/Jews were always there, have always been, and will always be.”

    Since Jews are at the center of the conspiracy to enslave and, if they see fit, murder a large percentage of the human race using the economic and consequential military mechanisms you’ve described (some out of inherited sociopathy, others out of brainwashing/dogma/propaganda that leads to sociopathy by forced adherence to a verifiable false 6-thousand-year-old-earth “truth” who then have the requisite lack of conscience to lead the conspiracy) it seems to me the Zionist “religion” (which even corrupt Wahhabi Muslims now buy into) is at the center of the conspiracy.

    It’s not the Bible, per se, that’s the problem, but the messianic Chosen Race brainwashing, which if the WW2 narrative is to be believed, a variation of which Hitler used with his Master Race brainwashing.

    The (now Zionist) Anglo-elites, too, adopted a similar, messianic “chosen/master race” paradigm at the height of the British Empire.

    • Replies: @Mefobills
  67. Mefobills says:
    @Chris Moore

    but what role does the Bible’s 6-thousand-year-old-earth paradigm play in all if this? It seems to me there’s this notion in the Judeo-Christian-Islamic tradition that “the Hebrews/Jews were always there, have always been, and will always be.”

    It has more to do with man’s nature. Thorstein Vleben took aim at the Leisure Class, which had both conspicuous consumption and leisure.

    The idea is for certain warped humans to engage in conspicuous leisure, to openly display one’s wealth and status, as productive work signified the absence of pecuniary strength and was seen as a mark of weakness.

    For thousands of years, the Haibaru Caravaneers took easy rents and usury on their caravan routes, effectively becoming the leisure class of that day. Being both mobile and a merchant class, they had envy and jealousy against the city-states.

    There were/are religions that don’t promote leisure and conspicuous consumption among the leadership, where the priesthood was involved in civilizational planning, like when to plant crops and to help solve conflicts.

    Hudson’s book “and forgive them their debts” is very important, as it resurrects Jesus real teachings, especially what the word “sin” means. (It doesn’t mean sexual sin.) If you look at the Cover art, Jesus is whipping the money changers. Also, if you examine real Christianity, it takes aim at the leisure class, including a priesthood such as the Pharisees, who were intending to make themselves perpetual creditors, to then take “leisure” as unearned income on the backs of their debtors.

    Creditor religions which aim to take leisure in the form of rents and usury on whole populations, evolved over thousands of years. Jews are an evolutionary creation as they evolved as outcasts between the city states, where they found succor in entrepot cities (lawless type cities between the city states).

    Mecca and Medina were entrepot cities on the caravan routes, and as such Islam is also a creation of the Haibaru “merchant” dynamic. Jews were shutting out Arabs such as Mohammed from making reasonable gains as a merchant, due to Jewish secret arbitrage mechanism between gold and silver.

    At the time of Jesus, civilization had polarized into an oligarchy of creditors, and rank and file Jews thought it was the end times.

    • Replies: @Chris Moore
  68. Chris Moore says: • Website
    @Mefobills

    Creditor religions which aim to take leisure in the form of rents and usury on whole populations, evolved over thousands of years. Jews are an evolutionary creation as they evolved as outcasts between the city states, where they found succor in entrepot cities (lawless type cities between the city states).

    Ok. So international Zionism is today a “creditor relgion.” All international Zionists (both ideological and racial) and Jew-lackeys (those following the neocon/neolib paradigm as well as freewheeling leftists) are practicing entrepot creditor religion, which explains both Israel’s refusal to draw borders and the Globalist open borders agenda.

    Ancient entrepot cities also explain the anarchist vision for lawlessness, and the neolib/neocon contempt for the Constitution and the rule of law.

    Basically, what we have is an “elite” of lawless, anarchist “kikes” and “gyps” masquerading as grounded, Chosen royalty.

    • Replies: @Mefobills
  69. Mefobills says:
    @Chris Moore

    That’s a pretty good summation.

    The City-States coalesced around farming and barley culture. They then invented money (barley weights) and did long range trading with gold by weight.

    Within the city states, there was god-kings and attempts at civilization, especially since civilization was new. With barley farming, people wanted to settle down, get drunk and screw. It was better than being a hunter gatherer.

    The powers given to the Temples and Merchants is covered in Hudson’s book.

    Basically, the city-states created the Jew, as a class of people given certain power, especially to take gold profits on their merchant/trading gambles.

  70. CMC says:
    @Mefobills

    This demoralization status is due to myelin sheathing of the brain, and weak individuals are unable to reprogram themselves. Their brain revolts because it is “fixed in place” by the sheathing.

    I wonder if learning a new language helps strengthen or develop an ability to self re-program? Didn’t that used to be a requirement for a B.A or B.S degree?

    • Replies: @Mefobills
    , @GeeBee
  71. GeeBee says:
    @Mefobills

    Brilliant and informative. That book of yours…

  72. GMC says:
    @Brás Cubas

    Thanks for your reply – Too bad brazil has so many problems, when I think of South America , it’s Brazil first, the Rain Forest and the Amazon, with it’s wild terrain etc. It all depends on the sincerity and a nationalistic government and putting the country and citizens first – I guess.

  73. Mefobills says:
    @CMC

    I wonder if learning a new language helps strengthen or develop an ability to self re-program? Didn’t that used to be a requirement for a B.A or B.S degree?

    Good question.

    It is many times harder to unlearn something than to learn it. Everybody has experienced this I’m sure.

    Overcoming bad older information with updated new information takes a lot of mental work. Maybe brains that have new language learners are more plastic, and able to write and rewrite easier?

    The reason concentration camps work is due to an emotional shock, with people being taken out of their familiar environments. If there were a way to avoid concentration camps, and to overcome propaganda, I’m all for it.

    Unfortunately, the human animal evolved a brain which gives first information priority. First information creates mental pathways that become reinforced with myelin sheathing.

    This is important because propaganda works under this first information principle. For example, almost immediately after 911 there was narrative ready to go. Humanity can be programmed by watching an event on teevee, while simultaneously being given narrative, and this then creates first pathways.

    If narrative is reinforced continuously, say by an owned megaphone press, then the pathways are strengthened. False flags are characterized by a staged event with impossibly quick narrative.

    If we have as Chris Moore suggests – an “elite” of lawless, anarchist “kikes” and “gyps” masquerading as grounded, Chosen royalty, then said elites must continuously gas-light the population.

    I’m always surprised by how little pushback I get from UNZ readers when I announce that I am pro-fascist. I would expect normies to have a strong negative reaction based on their programming. Western narrative is that fascism is evil.

    But, since there is little push back, I conclude that Unz readers are self-selected types who for the most part are able to reprogram themselves, and/or have inherently flexible brains.

    • Replies: @Chris Moore
    , @vox4non
  74. GeeBee says:
    @CMC

    I must say that I smiled when I read your comment. It is unusual for someone to learn a new language once youth is passed, but I learned Italian, starting about twelve years ago, when I was already well into my fifties. Not long afterwards, I became ‘red-pilled’ and my worldview was turned upside down.

    Be very careful, those of you who no longer young, but who are considering adding a new language to your repertoire!

  75. Chris Moore says: • Website
    @Mefobills

    Unfortunately, the human animal evolved a brain which gives first information priority. First information creates mental pathways that become reinforced with myelin sheathing. This is important because propaganda works under this first information principle. For example, almost immediately after 911 there was narrative ready to go. Humanity can be programmed by watching an event on teevee, while simultaneously being given narrative, and this then creates first pathways. If narrative is reinforced continuously, say by an owned megaphone press, then the pathways are strengthened. False flags are characterized by a staged event with impossibly quick narrative.

    Trauma, too, is crucial to this brainwashing process. One could argue that’s one reason the Jews traumatize their male babies with rabbinical circumcision and then have the rabbis suck them off. One could also argue that’s why top Jews instigated the world wars — to traumatize masses of people and then “reprogram” them with the Zionist narrative.

    Let’s just say the Catholics used the maxim “Give us a child until he’s seven, and we’ll have him for life.” Christianity was traditionally (and I would argue, honorably) anti-Semitic. So top Jews would need trauma to break the minds of Christians and then re-program them with Zionism.

    The reason concentration camps work is due to an emotional shock, with people being taken out of their familiar environments. If there were a way to avoid concentration camps, and to overcome propaganda, I’m all for it.

    Top Jews came up with a way: mass wars, mass trauma, then mass media brainwashing. The ((commies)) also used concentration camps in Bolshevik Russia and made anti-Semitism a hate crime, hence Christians could be sent there for re-education as good little Jew-lackeys, or simply liquidated.

    The deeper we go down the rabbit hole, the more obvious it becomes that the control pathology is the problem. And yet, if you don’t program people in Judeophobia, they go from the frying pan into the fire, and burn society and civilization down with them. And I suppose, in theory, only the Jews are left standing. Of course, because they’re living a Big Lie in a highly-defended, traumatized, brainwashed bubble and hence have no means of attaining rational inputs and logical truths, they’ll burn too.

    • Agree: Mefobills
  76. Mefobills says:

    The deeper we go down the rabbit hole, the more obvious it becomes that the control pathology is the problem.

    The control pathologies are funded by usury flows gained from finance capital. So, it is a self reinforcing cycle.

    This is why they react so violently to any sort of “sovereign” money system, as it breaks the usury funding cycle.

  77. @onebornfree

    The USA economy is ” Bugled “===

  78. @anon

    Sad but true…
    I actually saw a video of an interview one of those people on Twitter posted with the main Imam in Xinjiang. His father was the previous Imam and was hacked to death by extremists coming out of the mosque – because he refused to sanction their extremist and separatist views. He rightly pointed out he would never be asked to do an interview on western media – simply because he agrees with the crackdown against extremists.

    In any event – that deal with Europe is no ice and i’m not really sure what the Europeans expect.

    • Replies: @Mulga Mumblebrain
  79. @Mefobills

    “Lee Kuan-Yew’s Singapore is a good template on how to do it. You pay your politicians a lot, and I mean a lot of money. They (political leaders) are not allowed to become involved in the economy; meaning they cannot own stocks or speculate on property.”

    Yeah I wouldn’t even use the term “politicians” – they don’t do much “politicking” at all. LOL. That’s part of the success of Singapore.

    • Replies: @Smith
  80. @showmethereal

    The completely falsely accuse China of genocide is a diabolical Evil, a de facto declaration of war and aggressive intent. But the manner in which the entire Western political and media establishments have gone along with easily refutable lies is yet more proof of the utter perfidy of the West. Ten minutes investigation tells you the truth, that there is NO ‘genocide’ in Xinjiang, so these evil swine are either ignorant buffoons, or Group-thinking racist thugs of the very worst type. And deviation is almost completely absent, as usual.

    • Agree: showmethereal
  81. vox4non says:
    @Mefobills

    To quote Bertrand Russell: “Too little liberty brings stagnation, and too much brings chaos.”

    It’s all about balance and pragmatism. Too many are blinded by dogma and fail to see how rigid their thinking has become. They become closed to things that can work and instead insist on how things should work. The extreme liberals, libertarians, democrats, conservatives (or whatever they call themselves etc.) remind me of those communist apparatchiks who think that diktats can overcome physical laws.

    For me, Cicero’s maxim “Salus populi suprema lex esto” applies (L: the good of the people is the greatest law).

  82. Smith says:
    @showmethereal

    Singapore is just another neoliberal shithole with negative birthrate, and doesn’t even produce anything, but a financial trade hub. It basically serves as the USA base in SEA.

    Meanwhile, look at how migrant workers are treated there:
    https://newnaratif.com/research/myths-and-facts-migrant-workers-in-singapore/

    Is this Lee Kuan Jew’s success?

    Good thing that the Worker’s Party is growing in Singapore: https://en.wikipedia.org/wiki/Workers%27_Party_(Singapore)

    Singapore will have peace and actual prosperity when the comprador class is kicked out.

  83. @Brás Cubas

    “USA to run a 6 Trillion spending package today and this 6 Trillion will later be followed by 1.5 Trillion deficits for the next decade. Looks very promising Gomez” and Paul Bearer know his stats…

  84. @Fidelios Automata

    Lockdowns China 89,000 infected –4,632 fatalities. USA not locking down =until too late 600,000 fatalities and 33 million infected ( this later could cause trouble) –Canada 1.5 Million infected and 25,000 fatatities —-Brazil no lockdown and NOW India –played a game of war and then Modi re-election with huge crowds and religious festivals packed tight and the farmers on Huge strike ( and deservedly so) and Now India—yesterday 243,000 additional infections and the pyres can not keep up with the Grim Reapers demands—-last note –China’s economy now has been in full gear since last summer —

  85. @alwayswrite

    China —the Communist Party upper guard –the top 4 million –majority are Engineering grads–they are in the Party to perform –meet targets and get things accomplished. China graduates 40 million this year from University and majority are in STEM – Science Technology Engineering Mathematics —the future looks good for them based on logic and talent. Read China Daily or get CGTN –gives good insight into the true China –not murdoch or tumer’s conjured opinions……..

  86. GeeBee says:

    It strikes me that ‘Super-Imperialism’ – and contemporary USA in general – is nothing more nor less than that which Robert E Lee predicted over 150 years ago. I only recently saw a quote of his in which he said (in reply to a letter from Lord Acton, in December 1866): “The consolidation of the states into one vast empire, sure to be aggressive abroad and despotic at home, will be the certain precursor of ruin which has overwhelmed all that preceded it.”

    An example, surely, of quite remarkable prescience.

  87. TheAmerican elite, as represented by Congress, have lost the ability to act in their own best interest when those interests require restraint. Too many vested interests have short term interests which clash with the necessary reforms which should ensure the survival of their system. Rome fell for this reason.

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