Michael Hudson: US imperialism, Krugman, de-dollarization, socialism, Palestine, China.
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- čas přidán 7. 06. 2024
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In this video, we ask Prof. Hudson to explain why he claims that the World Bank is an arm of the US military. We asked him why he disagrees with Paul Krugman's claim that de-dollarisation is not in sight. Prof. Hudson also explains why capital markets are important to understand capitalism of the 21st century. We ask him what is missing from the Left, and what can enable a greater understanding of the economy. Finally, we end with his thoughts about US complicity in the current destruction in Gaza.
Our other video with Hudson: • Michael Hudson: Why th...
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#palestine #china #usforeignpolicy #uschina #europe #EU #NATO #dedollarization
00:00 Highlight & Introduction
00:57 The World Bank has always been an arm of US Military: A response
05:35 Impact of US agricultural policies on global markets and developing countries.
12:48Misunderstanding of money and balance of payments by Paul Krugman leads to flawed economic theories and discussions on de-dollarization.
18:09 US imperialism drives de-dollarization by imposing economic austerity on global countries through international monetary policies.
24:27 Impact of abandoning the gold standard on US military spending and global economy.
30:34 Neoliberalism profits from financializing assets, not producing goods/services, by privatizing infrastructure funded by loans.
37:22 Land rent and banking privileges in European economy explained by Marx in 19th century.
43:51 Impact of financial management on workers' wages and employment.
49:30 Federal Reserve increased interest rates to lower wages and unemployment, impacting banks and assets.
55:12 Challenges in modern industrialization and workforce training in a postindustrial economy.
1:00:43 China embraced Friedman's economic ideas to promote wealth creation and innovation, guiding beneficial enrichment.
1:06:43 Analysis of economic interests of left and right in imperialism, focusing on financial gain over social issues.
1:12:09 US manipulation in the Middle East through propaganda and military actions, controlling the region by supporting Israel.
Guys, we want to work full-time on this, but our financial woes keep us pushing away. If your wallet allows please drop us some support. We prefer the PayPal method since we don't lose half of the money, but you can also give us a super chat. If you are a large donor, we would obviously get in touch with you to give something back if we can. But if you can't no worries. Please subscribe, share, and like. That means a lot already.
a thought: if you had a seller for an item, say, a microphone, you could put an ad on ebay or somewhere where someone would donate $24.88 and to the seller, who ships the microphone to you. so you could have a merch thing where someone could buy you an office chair or a camera or whatever they liked.
no
Cargill: Our taxes, global destruction
Minnetonka-based Cargill is often noted as the world’s largest private corporation, with reported annual sales of over $50 billion and operations at any given time in an average of 70 countries. The “Lake Office” of Cargill is a 63-room replica of a French chateau; the chairman’s office is part of what was once the chateau’s master-bedroom suite.
A family empire, the Cargills and the MacMillans control about 85 percent of the stock. Not only the largest grain trader in the world, with over 20 percent of the market, Cargill dominates another 12 sectors, including destructive speculative finance, according to “Invisible Giant: Cargill and its Transnational Strategies,” by Brewster Kneen.
Taking advantage of the capitalist speculative collapse of 1873, Cargill quickly bought up grain elevators. After vast cooperation with the state-sponsored railroad robber barons, central grain terminals averaged extremely high annual returns on investments of 30 to 40 percent between 1883 and 1889. Cargill hired a Chase Bank vice president to secretly help the corporation through the Depression, writes Dan Morgan in “Merchants of Grain.”
“There are only a few processing firms,” and “these firms receive a disproportionate share of the economic benefits from the food system,” states William D. Heffernan, professor of rural sociology at the University of Missouri. Details of Cargill’s price manipulations at the expense of farmers worldwide was documented in the classic study, “Food First: Beyond the Myth of Scarcity” by Frances Moore Lappe and Joseph Collins. They report that Cargill has had a history of receiving elite government price information that should be told to U.S. farmers.
That secrecy, along with tax-subsidized market control, enables Cargill to buy from U.S. farmers at extremely low prices and then sell abroad to nations pressured under the same destructive elite corporate control. See the Institute for Food and Development Policy’s Web Site
Between 1985 and 1992, the legal entity called Cargill received $800.4 million in tax subsidies via the Export Enhancement Program, a continuation of the infamous “Food for Peace” policy, writes Kneen. Promoted by Hubert H. Humphrey and instituted as PL 480, food became a Cold War tool, i.e. “for Peace.” If we can induce people to “become dependent on us for food,” then “what is a more powerful weapon than food and fiber?” Humphrey declared, according to “Necessary Illusions: Thought Control in Democratic Societies” by Noam Chomsky.
Actually, most of the nation recipients of tax-subsidized Cargill food dumping were, and are, net exporters of food already - policies imposed by colonial trading patterns. The food (for Peace) has been bought cheaply by neocolonial regimes, and then sold at a huge discount on the local market - in Somalia, for example, at one-sixth of the local prices. Many examples of these misguided policies can be found in “Betraying the National Interest: How US Foreign AID Threatens Global Security by Undermining the Political and Economic Stability of the Third World,” by Frances Moore Lappe, et al.
Cargill’s undercutting wipes out the local farmers’ self-reliance, while the revenues (going to the elite) are tied to required purchases of U.S. weapons, writes Chomsky, citing “The Soft War” by Tom Barry, 1988. But the main beneficiary of “Food for Peace” has been Cargill. Keen writes, “From 1954 to 1963, just for storing and transporting P.L. 480 commodities, the heavily subsidized giant Cargill made $1 billion.”
Indian lawyer N.J. Nanjundaswamy reports that a Cargill motto is, “One who controls the seed, controls the farmer, and one who controls the food trade, controls the nation.” Yudof’s recently stated support of federal foreign policy Title XII is another public promotion of the University of Minnesota-Cargill partnership’s raiding of sustainable agricultural cultures.
Cargill is such a damaging threat that in Dec. 1992, 500,000 peasants marched against corporate-controlled trade, and the irate farmers ransacked Cargill’s operations. Fifty people were arrested at the partially completed - and subsequently destroyed - seed-processing plant in Bellary, India. In 1996, 1,000 Indian farmers gathered at Cargill’s office and destroyed Cargill’s records.
Cargill has been doing bio-piracy, stealing traditional products. For instance, it used Basmati, a rice from India, as its trade name, and the company continues to be one of the main promoters of corporate-driven intellectual property rights. The U.S. Trade Act, Special 301 Clause, allows the United States to take unilateral action against any country that does not open its market to U.S. corporations.
The United States, for example, has threatened to use trade sanctions against Thailand for its attempt to protect biodiversity. A bill that has been before parliament in India and promoted by Cargill, “takes away all the farmers’ rights, which they have enjoyed for generations - they will no longer be able to produce new varieties of seed or trade seed amongst themselves,” writes Nanjundaswamy.
The research center, Rural Advancement Foundation International, found that “fifteen African states, among them some of the poorest countries in the world, are under pressure to sign away the right of more than 20 million small-holder farmers to save and exchange crop seed. The decision to abandon Africa’s 12,000-year tradition of seed-saving will be finalized at a meeting in the Central African Republic. The 15 governments have been told to adopt draconian intellectual property legislation for plant varieties in order to conform to a provision in the World Trade Organization.”
Cargill, with extensive funding from the U.S. Agency for International Development, is also destroying the world’s largest wetland - the Pantanal, in South America - in order to dredge a channel that’s designed for convoys of up to 16 soybean- and soymeal-carrying barges, according to the Institute on Food and Development Policy.
Cargill has been on the Council of Economic Priorities’ list of worst environmental offenders. Mother Jones magazine and Earth Island Journal report that Cargill is responsible for 2,000 OSHA violations, a 40,000-gallon spill of phosphoric solution into Florida’s Alafia River, poor air pollution compliance and record-high releases of toxic waste.
With help from the Program on Corporations, Law and Democracy, states have recently begun to respond to citizen pressure and revoke corporate charters. The assets of Cargill should be revoked, allowing the citizens of the United States to give farmers the benefits of fair trade instead of Cargill’s secretive policy of tax-subsidized global destruction.
yes I have a distant relative who works for the World Bank - the corporate agriculture tied into Cargill.
The bangko sentralng pilipinas have been printing U.S.$ since 2014; Janet Yellen gave permission ❤(CEO Fed. Reserve Bank) therefore BSP is financing terrorism and wars since 2014 at the expense of CIA
I guess we the people are just going to let these dangerous men rule over us? I guess we aren't going to become aware of the political and economic scams that reduce our lives into poor creatures?
Oh, okay then we are f**ked. Get ready to whine and act confused. Get ready to wait for the good guy to show up. He won't .
Fantastic analysis. These are difficult concepts which he has mastered. He communicates them effectively. Long live Michael!
Best statement of the video.... The Germans think Americans will never cheat them. Nor bomb their pipeline. 😂😂😂
Like hell! They have been screwed over by the US for decades. That’s not what happened
I think they don’t trust and never did
Much respect for this show. No hatred, no petty point scoring, no jingoistic shortcuts, or unnecessary bias. Informed and very knowledgeable comments and questions from an intellectually superior host. Sooo cool that this is coming from the great India.
About Prof. Hudson, what can I say? I have a PhD in economics and have long been interested in these issues. But with Prof. Hudson, you always feel like a student again. It is a pleasure to experience that sensation of enjoying learning something new. Great interview.
Totally.
I only have a bachelors in economics. I feel like I’m receiving a post grad supplement like I should’ve done when I listen to him.
"Soooo cool this is coming from the great India".
Are you kidding me my friend?
India is the dirtiest country in the whole world. I wished India could fix the basic problems first.
"Soooo cool this is coming from the great India".
Are you kidding me my friend?
India is the dirtiest country in the whole world. I wished India could fix the basic problems first.
"Soooo cool this is coming from the great India".
Are you kidding me my friend?
India is the dirtiest country in the whole world. I wished India could fix the basic problems first.
Hudson is the most brilliantly honest economist on the planet!!!!!
Don't know if I'd go that far, but it's hard to think of anyone who stands convincingly above him in his field. The old bull for sure though 👌
He is not alone ... the interesting thing is that he and other rational economists are all singing the same tune.
This discussion is as valuable to me as all the years i spent in school. Really opened my eyes to the answers to questions that I've been searching. What an education Michael Hudson has given me in an hour. Thank you.
All of this is mute until we find out how successful the new BRICS is going to be.
Hear hear
What every thing we thought we know that is wrong
Dutch farmers and European farmers were up in arms about their traditional crops being sidelined.
Does this have anything to do with the world Bank.
Also I remember farmers in India having trouble growing traditional crops because of dictates from World bank and a
certain American billionaire.Is this true?
Yes
Michael Hudson is the greatest living economist.
Gotta love Prof Hudson's lack of filter when it comes to US Imperialism and the failures of the western left.
All of this is mute until we find out how successful the new BRICS is going to be.
BRICS isn't a socialist model in any conceivable way, not sure why it even matters so much to any of us @@dannysdailys
All of it is moot.
@@dannysdailys don't get your hopes up
@@dannysdailysthey were already bigger than G7 before the new members joined.
Venezuela having great chances to join soon which would basically result in a total energy dominance.
People in Europe and the USA need to wake up and stop with silly games like stealing frozen assets. Such action will only result in even more countries turning their back on the West
This is the second time I have listened to this interview. Michael Hudson's ability to provide a comprehensive narrative of the parasitic system predating on our labor is unique.
This is one of the very few Indian channels that’s not obsessed with hatred for China and Pakistan ! Happy to see cool calm intelligent frank conversations without the bias and hate ! Great channel keep up the unbiased reporting!
That’s very true, that’s why I did not hesitate to subscribe, the only Indian channel I subscribed. WION, et al are unfair.
i come here for india self righteous 😂
You mean not playing lap dog for the sahibs
Or Israel
But these kind of people are less than 5% in India and they have ZERO power. Most Indians are now very anti-china.
I love listening to Professor Hudson, as well as Sacks, Meersheimer, and others. No way will they get air time in mainstream media. On the other hand, there is a sadness in learning the true nature of my country; and realizing that our most trusted leaders lie to us daily.
John mearsheimer is a crook
@glennc2144
I think you mean Professor Sachs?
Thank you for interviewing Professor Hudson again! Such an honour taking the free lecture from such a true intellect!
Excellent education from Prof Hudson. Thank you.
Thank you Prof Michael Hudson for your clear thinking and straightforward explanation of the the politico-economic world we have enslaved ourselves to. We no longer have economies, we have banks like Citi and Barclays, HSBC and so on. Channelling monetary wealth at speed and covertly is the way we operate in 2024. I can vouch for Michael's commentary having worked for Citi throughout the 1980s in a representative offce and being on the inside of sovereign loans, corporate loans and treasury operations. It all ended badly for the country I lived in with austerity on the heels of privatisation and the slaughter of the trade unions and organised labour. Now it's merely financially driven economics, IP, IT and industrial dairy each with fancy marketing and dressing up the accounts. It's a scam on a national level, and easily maintained. A typical person still doesn't understand how it's operated. The scary thing is, they still don't want to know.
It depends on which countries they're from, those from the US n countries that have benefited immensely from a US imperialism will definitely don't want to khow, those who are victims will certainly want to know about this criminal system
@@yaoliang1580
I tried to tell the exact thing to people, and the people who really don't want to hear are the ones that have been in this country for the past 20-30 years from Central America. Cause they got it good now and they want it to stay this way.
Thank you for your integrity and courage to speak the truth.
This might be one of the best interviews I've seen in my life and I'm not sure I've ever learned as much in 75 min as I did watching this vid. Michael Hudson is peerless.
Best show of Michael Hudson
Brilliant Micheal Hudson.We need more economists like Micheal in the top jobs in europe.His summary of Gaza etc at the end is spot on.
Dr Hudson unleased and on fire in this interview!
Great discussion gentleman, covered many truths of imperialism.
Jai Hinduja. Finish them off.
Professor Michael Hudson is right about dedollarization of reserves. By dedollarizing reserves, you prevent the US from using dollar treasuries to finance its deficit in term of military spending to attack, regime change, color revolution Global South countries. When countries like China, Russia, Saudi Arabia, Japan stops buying treasuries it prevents US from financing its debt, deficits cheaply. It forces the Federal Reserve to buy the debt since the US private market can only absorb so much of treasury issuance without the rates going up drastically. When the Federal Reserve monetizes this treasurie issue, it causes the dollar to go down which prevents the predatory tactics of US using dollar to exploit Global South countries. Luke Gromen, an investment manager, has said the same thing. That's why they force Saudi Arabia to store their reserves in US assets like treasuries, US stocks because if Saudi Arabia tries to do otherwise, US will declare war on Saudi Arabia or try to regime change it like they did to Iran, Syria, Iraq, Libya.
I need this explained to me in simple terms. So when foreign countries try to get rid of US dollars.. ok wait. First examine why foreign countries have so much US dollars... Is it because they're selling shit that the US buys, and the US buys it in dollars? Ok, so that explains why these countries have so much dollars sitting around. Next question is: why do they need/want to get rid of these dollars? What is the US doing that's making holding US dollars dangerous?
Imperialism rejects Sovereignty and not only that, it seeks to redefine what sovereignty so that if any 'developing' nations still manage to plan some outside of the scrutiny of creditors, it still resembles or encapsulates western ideals to some degree (or leads the risk of, by extension of these relationships).
Monsanto for instance wants to be guaranteed the right to be first-dibs on any seed planted, so they can "vendor lock" in new crops and yields and continue financializing the process for years to come. Writing what I have learned from Super Imperialism. And, they lock dependency on imports for the supplies.
📝
Extremely good interview! I'm a huge fan of Micheal Hudson and I'm glad you have managed to get an interview with him. I'm a new subscriber! Keep up the good work!
Wow.... what an enlightening interview. Love the prof, and he is on a roll with clarity this time.....❤
This capitalism sounds like a racket!
It has been since it's adoption 400 years ago.
It is!
Try reading the WSWS site.
@@ppazpppaz8618 Sack of crap.
@@ppazpppaz8618 will do
Great discussion, thank you!
Completely agree with Michael’s assessment of Paul Krugman. These days reading his column is no different from reading the ideology refuse from the State Department.
This is my first time ever listening to him. Wow. Bomb after bomb full of knowledge. These past 2 years have made me do a deep dive on everything and I’ve learned about people like Colonel MacGregor, Jeffrey Sachs, Richard Wolf, Larry Wilkerson, Karen Kwiatkowski… but he might be my new favorite. Thank you for this wonderful interview! Going to check out more and you just earned a subscriber!
Every thing you said is my sentiments exactly! Trust me you are not alone 😊 just cannot believe anything you hear on western mainstream media !
Fully agree. I believe that these people represent, regardless of their ideologies, the realist wing of Western thinking. This brand of thinking was virtually absent in major debates in the past, but they are a necessary complement to understanding the world we are currently living in. In that sense, these commentators are like a breath of fresh air. They are pragmatic, eager to see the truth beyond their own niche, and aware of the need for peace and respect for self-determination. Their opinions are much needed today as we witness the material consequences of the wishful-thinking-based neoliberal order unfold.
I had always been suspicious of the World Bank's dealings. But Prof. Hudson's damning comments of the WB are the worst i have heard. And i can see why. I had just not been aware of their evil operations. An eye opener. Thanks.
Prof Hudson = the people’s champion!
Great talks, ❤ Prof. Michael Hudson.
Hi Michael Hudson I watch all your appearances.
I am not a Number !
@crispycritter9163 No, you're not, you are a person.
Good Initiative. Keep the work going
So good to hear sanity, humanity and real economic education from the people’s champion Prof Michael Hudson
As always thank you so much Professor Michael Hudson for the IQ boost.
Thanks! Excellent work!
Excellent interview.
Well done.
Thank you.
Mr. Hudson perfectly defines neo-liberalism!
USA promoted modi in India. Today we have slid from rank 50 to 111 in hunger index.
That's Indias fault for allowing USA to influence them. They idolize white people too much
india has no hungry mouth to fed
Bs.
Nice discussion. Completed the whole show, very insightful
thank you for this interview!!
We need michael Hudson to explain Chinese economy instead the economists from wall streets or the media
Thank You For Sharing This Food For Thought
Very great interview!! Keep it up.
Surprised that only 146 people watching a very important discussion. Is it because they already know what's being discussed or they just accept the status quo.
overworked trying to pay a mortgage? eat/work/sleep......research, what's that!
Views are now >17k. 📽️
We went from "dedolarization" and "multipolar world order" to "this is the problem China will face".
@@rekukuWhite people are eNOT Native to America. Stop the stupidity 😊
Alan Freeman:
Is war between China and USA inevitable? Who is threatening the world? Why the US's Decline is NOT China's fault.
czcams.com/video/STi5J6ppjvk/video.html
2023.04.16 (20:58) (Thinkers Forum)
☝️👍👌Must listen!
Rare info: Pointed out many historical inaccuracies and wrong analogies in Graham Alison's "Thucydides's Trap" argument on why the war between China and the US is inevitable.
Michael Hudson é sempre brilhante. É uma vergonha que os seus livros não sejam traduzidos para o português. Isso mostra o triste estado da indústria editorial em Portugal e no Brasil - preferem editar lixo ao invés de obras fundamentais como a sua.
Very good show, great questions, great answers.....great interview
Thank you
I enjoyed Michael's analysis and commentary. Thank you.
Awesome interview. Real valuable information.
This was an excellent interview! His description of the nuanced financial workings of the western financial system is a real eye opener, if you have a kid in high school, sit them down to watch this, they'll learn alot! I don't subscribe to left or right but I love the way he described the current political left wing...
Brilliant conversation, thanks!
Thanks a lot.
Excellent discussion. Thank you.
Excellent guest ! This guest made me subscribe to your channel!
An economist who uses common sense. ❤
Excellent Congratulations and thank you prof Hudson.
Fantastic interview! It untangled a lot for me
As bad as I know the US government to be I'm always shocked, listening to Hudson, that it is far worse than I can conceive of.
I'd rather be from America that whatever shlt-hole you are from...
It is a mighty Mafia, with an impunity and big deals, wordly deals, how bad can it be?
Ultimate true 💪👏👏👏👍🧠👏👏👏👍🧠mr. Michael Hudson
Thank you Professor Hudson for the enlightening talk.
THANK YOU SO MUCH
Thanks for having Prof Hudson on. He is so good at explaining reality.
The global south also depends heavily on the EU, with poor returns. The West is united against the global south.
For the last 70 yrs the west has protected sea trade, that is ending, good luck.
The West gets the more favorable side of trades. It's unequal (16x-48x times).
When New York City was a manufacturing center, it also had a strong union movement. By driving out manufacturing in NYC, the union movement was crushed.
I worked for a UNDP funded project which was executed by the IBRD when Robert McNamara was the head of the World Bank. I dont know the financial arrangements but I thought the project brought much development to my country. The team of advisers comprised experts in the field of agriculture including fisheries, regional development, land rehabilitation, land development, personnel development as well as infrastructure development. That project was carried out in the late 70s. I left before the project was completed and have live abroad many years now and no longer keep track of developments of that country but I believe it has brought great progress to that country. I wish this interview was made then but then there was no internet or computers in those days.
Prof. Hudson is one of the few economists I trust. Hudson does not subscribe to and will call out the American exceptionalism fallacy. He incorporates the US imperialist goals into his analysis. Excellent interview and upload.
Namaste, for this information and India's Yogis for their intelligent insights on the kind of world we live in, political Malice upon the human race.
Thanks!
Dear Fanny, thanks for the super chat, this really means a lot. You would know that we get only about 55% of super chats since CZcams takes the rest. We generally request bigger donations like this in PayPal. But obviously, some people prefer super chat, so no pressure, if that is the case. In any case, stay in touch. Solidarity.
Valeu!
Class is in session.
Man that was great. Brilliant Mr Hudson. This is a textbook discussion about everything. Never mind ELon Musk and the internet of everything, this is the bollocks here.
It's always a pleasure and a great education to hear Professor Michael Hudson, bravo! Please keep inviting him back 👍
The only other thinker in economics at the level of Dr Hudson is Dr Richard Werner, an expert on the banking system. 90% of Nobel Prize winners in economics serve the western financial establishment (Modigliani/Miller etc) - the recent exception being Angus Deaton.
You really need to check out “Steve Keen and Friends”
Awesome interview! Thank you!
There is the public in any country, ignorent, sleep walking, electing leaders blindly, unaware of the play book, who may even be serving the bigger game knowingly or not, played slowly to strip them of their assets, and increase their cost of living, education, healthcare costs slowly.
As staged over few decades, they do not see the steps coming their way. Actually they themselves reverentially invite the same robbers, coming with a smile and sweet words to their home for advice.
The interesting thing is the advisers employed may not see how they are being used as pawns in a much bigger game, they also may think they are helping these poverty stricken countries. The game is so widely laid, slowly operated unless you know it, you will not see it.
Unless the public world over is informed, by teaching basic economics of how money function, debt function, and credit function, the game will go on.
You're spot on!
The man is just great
Who the F is prof. hudson..?
He is powerfull, concise and true... thanks for the introduction..👍
Awesome! Quite interesting, I learned or confirmed what I already knew. I'm glad that it comes from some American voices at this moment in time.
Great interview 👍
World bank is more US Chamber of Commerce. Perhaps it should be called US Commerce Bank
He's a very good interviewer, and Michael is great as usual
Jaw-dropping. The more I learn, the lower my jaw drops.
Chanced upon this channel. Liked the discussion.
I really enjoy listening to Michael any time. One tiny little thing that always hurt my ears and I feel the urge to correct: the word 'left' needs to be abandoned. Any 'left', be it US,EU are hardcore oligarchy/fascist/monopolist/anti-labor. The word left only applies to a very small minority like communist parties etc..
Excellent discussion.
Good work!
Got to love another socialist/communist channel! Hello fellow comrade. From the US (imperial core) here.
"The Banks today aren't what they were in the 1960s." Ex-Wall Street Michael Hudson. Do watch this! 👍🤔(IDF/Gaza at 1:09:55 )
Excellent.
Michael Hudson, es un economista estadounidense, profesor de economía en la Universidad de Misuri en Kansas City e investigador en el Levy Economics Institute en el Bard College, exanalista de Wall Street, consultor político, comentarista y periodista.
Hi India & Global Left team & everyone
What an education. Thank you for introducing me to this gentleman, I'll need to listen to this again for it all to sink.
Love this man.
Great talk 👍
Now we need a plan to correct all the defective components of our present economic system.
Thankyou lads
workers have to pay for american power struggles as well. debtor countries become squeezed to follow the us policy because of high interest tates.this happened in 1980s.
37:00 capital - head or top, I am, tally. Capital is your brain, your muscles, what you produce. If you do not have capital, you do not have production. Currency is not capital. People getting the job done is.
Hudson enlightening prof extraordinaire