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[unable to retrieve full-text content]IMF showdown with China in Morocco, October 12, 2023 This year’s annual IMF/World Bank meetings in Morocco are the most explicitly confrontational yet by US/NATO diplomacy toward China and its fellow BRICS+ allies. It is not really rivalry, because US neoliberal financial policy is so different from the aims that the BRICS+ countries have been Continue Reading The post Twice as Important first appeared on Michael Hudson.

[unable to retrieve full-text content]This first week of October has seen U.S. interest rates soar to the 5% level on long-term Treasury bonds. That has made long-term Treasuries one of most attractive investment vehicles in the world, or even the most attractive. One obvious result is that countries aiming to dedollarize their central-bank reserves would make an untimely decision Continue Reading The post A BRICS+ Bank: How would it really function? first appeared on Michael Hudson.

[unable to retrieve full-text content]A recent presentation to the Global University of Sustainability. Photo by Jason Leung on Unsplash The post The Financial Upsweep first appeared on Michael Hudson.

[unable to retrieve full-text content]Economic Logic has been Replaced by National Security Overrides The July NATO summit in Vilnius had the feeling of a funeral, as if they had just lost a family member – Ukraine. To clear away NATO’s failure to drive Russia out of Ukraine and move NATO right up to the Russian border, its members tried Continue Reading The post The Looming War Against China first appeared on Michael Hudson.

[unable to retrieve full-text content]The United States’ Financial Quandary: ZIRP’s only Exit path is a Crash Abstract Interest-bearing debt grows exponentially, in an upsweep. The non-financial economy of production and consumption grows more slowly as income is diverted to carry the debt overhead. A crash occurs when a large part of the economy cannot pay its scheduled debt service. Continue Reading The post ZIRP’s only Exit path is a Crash first appeared on Michael...

[unable to retrieve full-text content]Its role always has been anti-democratic. Vested interests create “checks and balances” primarily to make political systems non-responsive to demands for social reform. Historically, therefore, the checks are politically unbalanced in practice. Instead of producing a happy medium, their effect often has been to check the power of the people to assert their interests at Continue Reading The post Should there really be a Supreme...

[unable to retrieve full-text content]Herodotus (History, Book 1.53) tells the story of Croesus, king of Lydia c. 585-546 BC in what is now Western Turkey and the Ionian shore of the Mediterranean. Croesus conquered Ephesus, Miletus and neighboring Greek-speaking realms, obtaining tribute and booty that made him one of the richest rulers of his time. But these victories and Continue Reading The post America has Just Destroyed a Great Empire first appeared on Michael Hudson.

[unable to retrieve full-text content]“Origins of debt: Michael Hudson reveals how financial oligarchies in Greece & Rome shaped our world,” Ben Norton, Geopolitical Economy Report, May 25, 2023.  BEN NORTON: Hi, everyone. I’m Ben Norton of Geopolitical Economy Report, and today I have the great pleasure of speaking with a friend of the show, the economist Michael Hudson, and Continue Reading The post The Arc of Time: Pro-Creditor History first appeared on...

[unable to retrieve full-text content]Pepe Escobar: “US Empire of Debt Headed for Collapse,” Sputnik International, May 15, 2023. Prof. Michael Hudson’s new book, “The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point” is a seminal event in this Year of Living Dangerously when, to paraphrase Gramsci, the old geopolitical and geoeconomic order is dying and the Continue Reading The post Pepe Escobar’s review of The...

[unable to retrieve full-text content]BEN NORTON: Hi, everyone. I’m Ben Norton, and this is the Geopolitical Economy Report. Today, I have the pleasure of being joined by Michael Hudson, the brilliant economist and author of many books. Michael is also the co-host of a program here, Geopolitical Economy Hour, that he does every two weeks with friend of the Continue Reading The post The Hard Iron Financial Fist first appeared on Michael Hudson.