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I appreciate Michael Hudson & the video, but lately, all this sanctions & money talk is becoming irrelevant. We had to sit & watch Ukraine’s fake game show host President making his rounds & then passing the hat around for days. The BIG story for today, as far as I’m concerned is the Yars Missile Drills on the back of the announcement of precision guided missles. How many times & ways can the media say “economic collapse”? And for how long?
USA sending arms to kill Russians, providing training on them and intelligence used to target them is all direct involvement.
US claiming they aren’t directly involved, that line of BS is going to end soon.
Anyone that can’t see that coming is a liar or a complete fool.
War is coming to the US at some point in the near future.
Completely agree — the USA is a direct participant cowardly standing back & letting the UKi’s die. Hopefully Russia has some boomerang surprises in mind for the USA. Like wiping out their illegal occupation of Syria by making it impossible to protect their bases. For Dogs sake do something to bloody their faces !
Methinks Michael’s predictions about the collapse of the US dollar as the world’s reserve currency are overly optimistic at this point. So ingrained and connected to the dollar is most of the world’s finance and trade that I think a major stock market crash (rather than a decoupling from the dollar by Russia, China and other Global South nations) will be the ultimate dollar downfall.
I might be wrong, of course.
Dr. Hudson, rightly, takes the long view of the US Dollar’s collapse. He always has. And when you look at longitudinal charts of the Dollar, it has a definite downward curve.
Now, with Russia and much of Eurasia (others) developing their own trading system, it’s inevitable that the US Dollar will begin to lose more of its edge.
Why? Well, because outside of the EU countries, including the UK, Canada, and Australia, we see the following changes in terms of cross currencies being used; more beneficial trade between the following nations, etc.:
Russia
Iran
Saudi Arabia
Portions of Latin Amerca
Much of Eurasia
The US $$ is a deathtrap, with its toxic “loans” in countries forced into poverty, lack of jobs, etc. Parts of Latin America, parts of Africa, and others know all too well, how the US Dollar has destroyed their nations.
Destroying and occupying countries with banks instead of tanks…
You might want to read “Confessions of an Economic Hit Man’ by John Perkins.
The IMF makes dollar based loans to the third world conditional upon being paid back using exports the US wishes to buy by lowering wages paid to their workforce
It is time for Michael Hudson to call the U$A as an “Invisible Private Plantation.” Michael has repeatedly referred to bank created credit as “private credit” and not as “PRIVATE MONEY.” We have consistently referred to it as private money.
Glad to see that the Credit union and banking trade groups in their joint letter to the chair and ranking member of the House Financial Services Committee using the term “PRIVATE MONEY.” Here is what they state…
“Today, we use both public and private money. Public money, which includes cash and accounts held directly at the Federal Reserve, makes up about 5% of money in developed economies. The other 95% is private money – funds held as a liability of a private institution like a bank or credit union that themselves have accounts at the central bank that settles transactions among those institutions. Private money is created through financial intermediation by banks and credit unions– the process in which financial institutions take deposits and lend out and invest those deposits. Private money is used by financial institutions to provide funding for businesses and consumers and thus supports economic growth.”
If majority (95%) of money is private money then U$A is not sovereign but an Invisible PRIVATE PLANTATION.
Here is that letter…
https://www.consumerbankers.com/sites/default/files/Joint%20Trades%20Hill%20Letter%20on%20CBDC.pdf
“The process in which financial institutions take deposits and lend out and invest those deposits. ”
Not true… No such thing happens.
Unless you are talking about the film a wonderful life. That no longer exists.
http://bilbo.economicoutlook.net/blog/?p=14620
“Private money is used by financial institutions to provide funding for businesses and consumers and thus supports economic growth.
Not any longer most of it is used for speculation. Not for productive reasons. which is the huge problem and Why China does it differently.
The notes you receive from a bank when you take out a loan still has made by the government written on them. The banks apply for a licence to issue state money. It’s not private money it is state money.
All money is issued by the state. Some directly some by the banks via loans.
Where did the private sector get the money from in the first place ? It is written on every bank note where it came from.
Why are banks special ?
https://www.crisesnotes.com/why-are-banks-special-monetary-policy/
Who creates bank-dollars?
https://neweconomicperspectives.org/2019/10/the-peoples-money-part-1.html#more-11600
@Max
98% of the US money supply is created by commercial banks like Wells Fargo, Citibank, Bank of America and JP Morgan ex nihilo (out of thin air) every time they make an interest bearing loan. As the principal of these loans is paid back to the bank by the borrower, the bank is legally obliged to delete it back out of existence, but they get to keep the interest, that also has to be created as debt. If the borrower cannot pay back the loan and files for bankruptcy, the bank must write it off, but has the right to foreclose on any collateral used to justify the loan.
The Federal Reserve is not a US government agency. According to Ben Bernanke it is an independent agency, which is a euphemism for privately owned, since agencies must always have a principal by definition. The illusion of state ownership is maintained by having the US President choose the Chairman of the Federal Reserve from a list of three candidates, who are in fact selected by the Federal Reserve itself, as in three card monty.
If the US Treasury created a truly sovereign currency on its computer as a series of digital data entries, there would be no US Treasury Debt of $39 trillion on which approximately $500 billion per year in interest payments have to be paid to private sector banks by US taxpayers and/or even more borrowing.
Paper Federal Reserve Notes are printed by an arm of the US Treasury, that constitute just 2% of the US money supply, and they are sold to the Federal Reserve at their printing cost. There is, however, some later adjustment by paying around $80 billion to the US Treasury for the privilege of seignorage.
Billy & Kapricorn4,
The crux of my comment as summarized in it was that “If majority (95%) of money is private money then U$A is not sovereign but an Invisible PRIVATE PLANTATION.”
Repeat, the U$A (U$ury $lavery Armament$) is an Invisible Private Plantation.
I wasn’t discussing anything further, the mechanism of money or classification of money. There will come a time when everything will be revealed to the world. Forces are at play that will expose reality.
“All money is issued by the state.” This is a false statement. Please don’t distort reality.
Anyone talking as if the U$A is a sovereign nation will be viewed as a propagandist of the Financial Empire. We’re living through an epoch in the history of humanity!
Reality trumps delusions!
@max
If you read my post more carefully, you will see that I agree with your position on currencies and debt.
I was merely adding more weight to your argument.
Billy sometimes makes some good comments, but tends not to define his terms accurately, by calling federal reserve notes, whether printed or digital, as state money, whereas in fact they are both privatized debt based money or currency, whichever word you wish to use. I cannot be bothered to quibble whether money is currency or vice versa :-)
“Give me control of a nation’s money supply and I care not who makes its laws.”
Meyer Amschel Rothschild
Responding to Bill Pilgram: I agree the dollar collapse is a far away illusion. I’m not suggesting that the Fed won’t collapse it again, like 1929 & come up with some new global Ponzi scheme. (CBDCs?) But the global dependency on the dollar global currency is still years away from being broke… it’s being chipped away, but would take a serious global catastrophe where nations were forced into a swap, or basket of currencies. Right now, I see nothing either. Unless XI & Putin have something hidden away, as for what they have exposed that’s an alternative, it’s just chips.
I had to stop watching I was laughing so hard at the Vegas dude who’s so clearly ignorant I’m surprised he was a commentator. The same might be said about the City of London Neoliberal. The Vegas dude is a Trumpist who believes the Outlaw US Empire was a net exporter of hydrocarbons and all would be fine if we just let Big Oil run rampant. The only one having an independent and fact-based POV is Hudson. The other two know very little about geopolitics and geoeconomics, probably watch too much Big Lie Media and do very little investigation of world history since WW2. And I’ll bet the national debt that neither has read anything written by Dr. Michael Hudson.
Was a gold bug it was so obvious.
Karlof1, I didn’t get that impression.
Mr Hudson saw the ramifications of sanctions boomerang effect on the west, and the world He saw the world slitting in two parts, which is exactly what I see will happen and the default coming by many countries, just like Srilanka today.
The trumpist makes perfect sense in that this green energy stuff and climate change can never work, when war and other nefarious things are running the world.After all it is oil that USA is running around the world looking for.
No one argued with his 10 dollar bread next year. No one had a positive outlook.
The neoliberal was very intelligent, but was wrong to say that Russia is 20 years behind. It is not that much and that was a direct result of the west moving in to Russia, taking their resources and crippling them with debt.
In many ways, the famine is a lie. It is promoted by the West to scare the third world to join them against Russia. Mali kicked out the French and scholz went in to keep colonialism alive and well. Restrict Russia with sanctions from exporting grain and then tell the world: ” look Russia is starving you!”. Makes perfect sense to idiots.
I stopped watching cross talk years ago, when they always had 1 loud mouth ignorant America on. The ones who believe they win debates by shouting, getting personal or flexing their body.
Bolton, Navarro and the whole pack of idiots. But the idiots are in power.
No one argued with the fact that Russia can and will sustain itself. If the west ever listened to the likes of Michael Hudson, we would not be in this complete mess.
The only problem with Hudson is his blind spot regarding wokeness and why working-class Americans hate it. Otherwise he’s pretty good.
Concur 1000%. More Hudson, less or no others. You cannot ignore the technical ramifications resulting from banning Russian crude oil and gas from Europe. Only Hudson and the Andre crew recognize it, unbelievably. WTF is the matter with these people? I’m an idiot and I see it. How is it they cannot?
Bono wants that gong, a knighthood, so he and Sir Bob Geldof can do Band Aid & Live Aid concerts to raise money for America & Europe’s starving.
Now what of the $100’s of millions raised for Africa? Well we’re still bombarded by requests to donate towards Water Projects, hell 30 years of raising money and nobody can run a pipe from a water source. The foreign mining companies in Africa can drill 2 miles under for a mineral/metal resource which requires thousands of gallons a day to extract but still no water for Africans to drink
UNICEF are asking for £27 to provide shelter to fleeing Ukrainians as well as £3 per month to feed the tens of thousands of malnourished disease plagued children of Yemen. Who would trust these blood suckers to get even 10% of the money to Yemen while the bulk would go to the British government to cover the costs of their weapon sales/aid to Ukraine. I say to UNICEF, f*ck-off and die, go ask the British government to stop selling weapons to Saudi that causes Yemen’s genocide.
We will have $10 loaf of bread at supermarkets the longer this war goes on. The US wants a “protracted” war as they keep saying. Well if they get what they want $10 a gallon gas and $10 bread is a guarantee. This all can be avoided if we end the Ukraine war NOW.
The guy in London is clueless as to the ramifications of the cutoff of Russian crude oil and technical impossiblities for refining the crude of other regions with current plants and refineries even if they can get it. LNG? Forget it, no terminals. More Hudson, less London.
Yes its ‘political economy’ versus ‘economics’ . It’s an old battle which has previously been fought between the Adam Smith, David Ricardo, John Stuart Mill and Marx and Engels in the first half of the 20th century and the Marginalists Carl Menger, Leon Walras, and William Stanley Jevons from 1870 and the marginalist revolution.
The marginalist revolution was essentially claptrap designed to lock in the advantages of established capitalism,
particularly finance, led in the main by the UK. However, in the United States and Germany the theory and practice of marginalism was given short shrift by Friedrich List and Alexander Hamilton who argued for a national system of national industrial growth and controlled foreign trade. This much is evident today with the emergence of the political economy of Michael Hudson and Sergei Glazyev. A battle of the systems.
The National System of Political Economy : Friedrich List : Free Download, Borrow, and Streaming : Internet Archive
https://archive.org/details/NationalSystemOfPoliticalEconomyFriedrichList/mode/2up
This little masterpiece is what Arthur Griffith (follower of Kossuth) told Irish nationalists in 1901 the British feared above anything else.
List impressed Hungarian freedom fighter Lajos Kossuth (1802-94), Romanian economist and politician Aurelian (1833-1909) and Russian statesman Sergei Witte (1849-1915).
Hungary and Russia today are not playing along to get along with British schemes.
{Who was that Las Vegas yoyo complaining about one world government socialism?}
Michael Hudson’s critique of ‘Financial Capitalism’ is well taken. Putin and Russia understand this well. “Western Civilization’ is an unstable equilibrium dependent on increasing consumption of cheap concentrated energy. On top of this hubris was placed ‘just-in-time’ supply chains vulnerable to the least interruption of social activity. Texas, the US home of energy production with 30% renewable electricity, couldn’t handle a snowstorm and cold temperatures. Instead Texass gouged consumers on energy spot markets.
Western economies produce services rather than industrial goods. US corporations betrayed their neighbours and fellow citizens by moving industrial and manufacturing jobs overseas. They have shattered society creating greedy Quislings willing to sacrifice the ineffable beauty of the world for a place in a reality show. Now China has Western developed tech and industrial economy. Now the supply chains constructed to maximize profits are collapsing under COVID, inflation, high energy prices, sanctions and warfare. Fuel, fertilizer and food are just the beginning. Computer chip suppliers are under intense pressure which impacts virtually all other industries.
Instead of making a resilient, adaptable, cohesive society, the oligarchs created an illusion of wealth based on financial manipulations. Rising stock prices aren’t used as wise investments in profitable companies, but as investments in management stock options. Obama reinflated the 2008 Great Mortgage Fraud bubble with ‘Quantitative Easing’ rather than penalize with the criminals responsible: Wall Street, banking, insurance, and real estate.
Thomas Mann (1875 – 1955): “War is a cowardly escape from the problems of peace.”
After WWII, US leadership kept a wartime economy rather than deal with shifting back to peaceful civilian production. They maintained the most destructive economic sector diverting investment away from valuable productive sectors. This was successful if all the US wants is more enemies.
I’m so glad CrossTalk is back & accessible for people in the US, Peter Lavelle’s show has been missed!
Appreciate you posting this discussion, many thanks!