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Peter Scott, RT anchor: Joining us now is Michael Hudson, economist and author of “Super-Imperialism” and the recently-published “Destiny of Civilization”. Welcome to the programme, Michael.
Michael Hudson: It’s good to be back.
PS: Let’s say all these European programmes like the REPOWER Programme come into effect, how do you expect the EU standing to be on the stage after that?
MH: Well, the EU standing will be squeezed economically. It was trying to be a powerhouse in the world economy but in the last month the euro has been declining steadily against the dollar and it’s on the way to one dollar per euro. That’s because it’s having to pay much foreign exchange for energy, for food, for weapons. It’s shrinking in terms of other economies.
PS: Where do you think the EU’s standing will be in relation to powerhouses such as China?
MH: Well, it’s obviously out of the game. Instead of putting its own interests first, it’s really putting the US interests first. It’s acting more like a satellite of the United States thank trying to its own destiny. The whole plan of the EU 20 years ago was to get rich by investing in Russia, investing in China and a mutual exchange. And now it’s decided to stop that. The US has absorbed Europe. The war in Ukraine is a war by the US primarily to pull Europe into the US orbit, prevent European transactions with Russia or China. So Western Europe is being left out, while Russia, China and Eurasia are going with the rest of Asia. Europe is simply going to be left behind. It’s losing its export markets, it’s being squeezed and -as you just mentioned- it’s pushed up the retirement age because it’s spending its budget on replenishing American military arms instead of investing in industry as it had been doing since 1945.
PS: You did indeed write that Europe has ceased to be an independent state. You’ve almost mentioned that the United States wanted to sever EU trade ties with Russia and China. How exactly did you get to that conclusion and do you think that this alleged US plan is succeeding?
MH: Well, I simply read the speeches of President Biden and his team. They’ve said that China is America’s number one enemy. If you’re going to call a country your number one existential enemy, you’re not going to be increasing your trade and mutual dependency with it. And it’s already insisted that its allies sanction -meaning boycott- Russian sports not only of oil and agriculture but of titanium, helium and all of the other exports that Russia has been making. Europe is been following US directions not to have contact with Russia and without contact with Russia it’s not going to have contact with China because China sees that Europe is going to do to it exactly what it’s been doing to Russia.
PS: Obviously as a result of this current situation, for many years now, Russia and China have been growing closer diplomatically and economically. How do you see a global shift in power evolving over the next 5, 10 years or so?
MH: The current war is dividing the world into two parts. There’s going to be a US dollar area of the US, Europe and its satellites. And there’ll be a multipolarity; there’ll be a group of Russia, China together and basically they will be making their proposal of a different way of organising the world economic affairs to Africa, Latin America and other Asian countries. And other Asian countries, Latin America and the global south will see that it can get a better deal with Russia and China than it can get with the United States.
PS: On the flip side of that coin, one could argue that the existing situation, world order, has only been cemented by this war. You see NATO more aligned than ever, you see Europe more aligned than ever. You see Finland and Sweden on the brink, perhaps, of joining NATO. What would your response to this be, Michael?
MH: This integration of Europe into the United States sphere is like the new Berlin Wall. It’s isolated the US from the whole rest of the world. So instead of a victory for the United States it’s self-isolated itself because US strategists have realised that they’re losing the economic war with China, Russia and the whole group of emerging nations. All they can try to do is hold on to Europe as their one source of income to exploit from Europe what it can no longer get from any other country.
PS: As well as being a war on the ground, this is obviously an economic war. You yourself have noted that Nord Stream 2 (the gas pipeline from Russia to Germany) was one of the first victims of this crisis. To what extent are we now seeing an international conflict for energy resources? We obviously have the EU now weaning itself off Russian energy, the US trying to fill that gap to a certain extent with LNG. Then we have Russia now selling oil to India and China.
MH: The important thing about Russian oil being sold to India is that they’re sold in roubles, they’re no longer in dollars. The entire oil trade is now de-dollarised. It will be in roubles, in Chinese Yuan and in other currencies. But the dollar will be left out. The whole idea of dollar diplomacy, of the dollar’s free ride and monetary imperialism has ended. Everyone thought it would take 10 years for Russia, China and other countries to break away. Yet the United States itself has broken away from the other countries by grabbing the foreign exchange reserves of Afghanistan, Venezuela and now Russia. Nobody is going to trust to transact oil, trade and invest in dollars anymore because the United States can simply grab whatever money they want from countries that don’t agree to turn over their economic surplus to American investors and American traders. The United States has isolated itself. It’s shot itself in the foot.
PS: Talking of currencies, Russia is currently the most sanctioned country in the world but the rouble has recovered to way before pre-war levels. To what extent do you think the sanctions imposed on Russia by western countries have negatively impacted the countries imposing them?
MH: It’s certainly been very positive for russia. The first sanctions were imposed on Russian agriculture like cheese from Lithuania. So now Russia produces its own cheese. When you sanction a country, you force that country to be more self-reliant on its own productions. President Putin has already said that now he’s going to be investing in import substitution. If he can’t buy imports from the United States now he’ll set up factories in Russia to produce themselves. There’s no reason Russia cannot do this and be its own industrial power. It doesn’t need the West. But the West still needs Russia. You mentioned Europe doing without Russian oil, and instead getting US liquefied natural gas. But it doesn’t have the ports to import that natural gas. It will have to spend $5 billion to build ports. It will take many years for this. What are Germany and Europe going to do for the next few years? Are they going to let their pipes freeze in their houses? So that their pipes break and flood the houses? Will the factories slow down? Already German fertiliser companies have closed down because they can’t get gas and it’s going to be years before they can get gas. Without fertiliser how are the Germans going to make their agricultural yields sustainable? Well, they won’t be. So Europe is going to increase its food deficit. It’s going to increase its energy deficit. It’s basically committing suicide on behalf of the Americans. I don’t know how long the political system of Europe can go along with leaders who represent America instead of their own national interests.
PS: As inflation and consumer prices keep rising in the US – Joe Biden maintains that it’s all Russia’s fault. Does it look like American taxpayers are buying that story, though?
MH: The press is very one-sided here. I think a lot of people are buying the story because Russia has not been very good on public relations here. The reality is, for instance, that in Ukrainian food exports, Ukraine cannot export its grain because Ukraine itself has mined the Black Sea. If you have mines that are going to block up ships in the Black Sea, that means insurance companies aren’t going to be willing to insure ships carrying the grain. All of this is blamed on Russia but Russia didn’t put the mines there – Ukraine did. But right now there is such a race hatred of Russians, that Americans are indeed buying it all and Russians are being blamed for everything. Such a thing happened when WW1 broke out. I live in Forest Hills in NYC and German families here had to change their name -away from a German name- and pretend to be Swedish or something else. Families like Donald Trump’s family had to pretend to be Swedish not German. There was such an anti-German family. Then you had the Japanese being interned in camps in WW2. So American society is a hate-filled society and the American empire is really an empire of hatred and antagonism. The way they look at the world is ‘Us vs. Them’ and Russia is the new ‘Them’.
PS: The seizing of Russian economic assets – hundreds of billions of dollars – in the West has certainly become a controversial precedent. Moscow has called it theft. What sort of impact has this situation had on the US economy and the dollar itself, as a global reserve currency?
MH: No impact at all on the US economy as such. If Russias loses the $300 billion that was stolen, it will be a great victory for Russia. That’s because what America has said is that no country’s savings in the United States are safe. Any country that denominated its trade in US dollars, any country that invests in the United States, if you don’t have your government follow American dictates, then we can simply grab your money -like we grabbed Russia’s money, Afghanistan’s money, Venezuela’s money. So the act against Russia has been essentially the US destroying foreign faith in the US economy and the safety of the US government. For the last 75 years, the US dollar and US Treasury Bills, loaned to the US government, bonds, have been the safest investment in the world. Now they’re the most risk investment. So what this means is that the American economy has decoupled itself from the Asian economy, from the Latin American and African economies. The Americans have decoupled and yet America is not self-sufficient. It relies on foreign countries, especially China and other Asian countries, for its industrial exports and it relies on Russia for much of its helium, titanium, iridium, palladium… all of these exports which it’s not going to be getting anymore. So America has basically committed trade suicide and economic suicide. Russia seems to have lost the $300 billion but on the other hand it now gets to compensate itself with all of the foreign investments that are in Russia, that it’s picking up, and its position in the world affairs as a trustworthy economy has gone way, way up relative to the United States.
PS: Russia, China and India are among the countries which are now calling for a new, multi-polar world order – without a strong reliance on the US and its allies. Does that seem like a realistic scenario to you?
MH: Well, the crisis is going to come this summer. Now that you have oil and food prices and shipping rates go way, you’re going to have Latin America, Africa and much of Asia have tremendous balance-of-payment deficit. These balance-of-trade deficits for oil, food and shipping are going to go hand-in-hand with huge foreign debts denominated in dollars for foreign bond holders and foreign banks. Something is going to give. What will probably give is massive debt defaults against American bondholders and against American banks. At this point, Russia, China and their allies can say, “We can create parallel institutions in the world. We can create our International Monetary Fund to give you credit. We can create our own World Bank to promote actual, positive developments and not dependency on the United States exporters. So the US policy has driven other countries into the Eurasian orbit of China, Russia, Iran will be joining, India will be along, Indonesia. All these countries now will have something that they never had before; they have their own critical mass. They can deal with each other and be self-sufficient. They don’t need the dollar anymore. That’s what makes today different from the 1970s when the third world countries and the non-aligned nations tried to create a new international economic order but couldn’t. They didn’t have enough scope in their economies. Now they have enough scope that they don’t need America. You’re going to find the rest of the world rushing away from the dollar area, leaving only Europe as part of the United States economy at great sacrifice of its own living standards.
PS: Which countries do you think are gaining the most from the ongoing political and economic turmoil?
MH: I don’t know if you can say win. I’d say Russia and China will be the big winners. Russia already is because the American sanctions against Russia have forced Russia to do something that it could have done half a century ago. It’s forced Russia to create its own consumer goods industry, its own industrial take off. Russia can now build its own plants, equipment and factories and hire its own labour to produce what it was buying from Europe before. So it won’t need Europe anymore. Europe has lost the Russian market. Without the Russian market, I don’t see where Europe can grow because the United States won’t let European goods into it. The United States is protectionist. Europe will be squeezed and ultimately it will end up moving into the Russian and Chinese orbits but it will take years of suffering before that occurs.
PS: There’s a lot of talk on Western unity but it’s clear that there’s an economic price for this. Will the pain see countries follow Hungary and Serbia and say, enough is enough, we’re done with this.
MH: Western unity is a one way unity. Western unity is the United States telling other countries, “Do what we tell you to.” If other countries don’t do what America tells it to, they’re treated like the enemy. Like Hungary has been treated as an enemy. There’s talk of how to punish Hungary. The Americans have no idea how to offer something to attract other countries to it. All the United States can do is, “We can bomb you if you don’t do what we say. We have nothing positive to offer you. We have no trade options to offer you. We have no investment to offer you that will not siphon off your income. All we can do is bomb you and threaten you and sanction you and try to hurt you.” That’s the only way the United States and now Europe can relate to the rest of the world. That’s a poisoned relating. It’s a way guaranteed to drive the rest of the world away.
PS: Looking to a time after the war. What do you think the relationship between the US and Russia, or the EU and Russia look like?
MH: Permanently hostile for 20 years until Europe collapses and until the United States goes into a long depression. There is no rapprochement. There will be no settlement because the United States industrial economy can only make military arms. The only thing the United States can offer other countries is bombers and military arms and weaponry. Not anything to raise the living standards. The situation in the United States will be one of increasing hostility towards the rest of the world. The great threat is that it will say, “Well, we’re just going to blow up the world.” The people who are in charge of US policy think that way, they’ve been thinking that way for 20 years. I’ve worked with these people before and they really are willing to blow up the world if they can’t turn the other world into dependencies. That’s a real danger for the rest of the world and it’s forcing it to withdraw from the US orbit. I think it was Henry Kissinger who said that, “To be an enemy of America can be dangerous, but. “To be an enemy of America can be dangerous, but to be a friend is fatal.” Well, the US friend who’s really in danger is Europe. The enemies are going to do OK because they’re at least friends with each other.
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Disagree.
Not true.
They can also make dildos.
Utter nonsense.
They make silicone women.
Now what will the Russians do, when these goodies disappear from the stores?
Energy / Resource Wars anyone? The Russian Federation spans 11 time zones and sits atop 1/4 to 1/3 of the world’s resources…..real stuff like iron, bauxite, oil, nat gas, gold, trees, grain, water, the arctic, etc……not crap annuities , reverse mortgages , scammy etfs, gypo payday loans, fiat frn asswipes, etc that can fit in a desk drawer or compuker memory. The Rooskies got it….the suicidal zionazi globohomo empire wants it. The pathetic groveling euroweanies are hopeless, figuring more bird killing windmills and a few solar panels will replace light sweet ural crude and bountiful nat gas.
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Pays well, probably. In $US , not rubles, most likely.
Might not the U.S. go into a depression, like, real soon, not in 20 years?
Why merely a “long” depression? Why not, like, forever? The U.S. becomes Brazil, and Brazil is here to stay, sorry.
“The situation in the United States will be one of increasing hostility towards the rest of the world. The great threat is that it will say, “Well, we’re just going to blow up the world.” The people who are in charge of US policy think that way, they’ve been thinking that way for 20 years. I’ve worked with these people before and they really are willing to blow up the world if they can’t turn the other world into dependencies.”
It’s called the “Samson Option” and ‘they’ have been thinking like that for a lot longer than 20 years….
Hudson writes:
Jewish usurers don’t like it when they don’t receive their interest payments, but even for them the Samson Option would be a little heavy handed. I would guess their retribution will be more along the lines of a monkey pox plandemic and then a mRNA monkey pox vaccine that will give the goyim the intelligence of a monkey.
Clearly this is what the Khazarians were up to in Ukraine, and likely Putin’s preemptive Barbarossa “Special Military Operation” wasn’t about untold thousands of tanks and airplanes poised on his border, but untold hundreds of bio-warfare drones waiting for the order to fly.
Hudson then writes:
What Russia might have to offer as an enticement to these collapsing countries could be wheat for bread and oil in exchange for other raw materials or even gold. After defaulting on their (((IMF))) debts, these countries are going to be very reluctant to simply replace one set of vampire Jewish bankers in the west of another set of vampire Jewish bankers in the east. This will also entail a revaluation of gold and other precious metals.
Normally I much prefer “words-in-a-row” text like this over videos, but RT’s transcript has so many spelling and grammatical errors I went looking for the video.
Video unavailable
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That was what I found at the youtube interview URL. Google doesn’t want people to see this. Which reminds me of a joke a person named William Gruff posted at the MOA site:
Since Google is preventing us from seeing Mr. Hudson’s Non-PC viewpoints about the harsh consequences of the War Against The Zees, I believe it’s fair to call Google Managers Not-Zees.
They’re doing their patriotic duty for the Apartheid state, an outfit which really, really, wants Russia to be destroyed.
Th US-led Super-Fascism will be defeated, just like all barbaric regimes before it.
Better hope we “win” because the Davos crowd and their bought and paid for politicians will have no problem with a Sampson Option. They have multi-generational lavish underground compounds to survive any threat to humanity. Destroying it and emerge to a fresh world without surplus 7 billion souls is probably the plan if smart money are so prepared for it and they “lose” to foreign elites and position as #1 global superpower.
Once that happens and they emerge to a new “garden of eden” all their seemingly intractable problems are solved. Homelessness, terrorism, global warming, debt time bombs, entitlement time bombs, etc etc. So I’m actually thinking they look forward to it.
I am still hoping (perhaps against hope) that France or Germany will elect a government that will put their own country and Europe first. Marine Le Pen may not have been ideal but she would have been an improvement.
I am not an economist and I don’t have the qualifications to counter anything Michael Hudson says but respected economists often disagree and I listen to one frequently that does not think the dollar will outperform the euro (as most others I hear believe). Although Europe has continuously done things hurtful to their own economies for years, he believes the US is worse off and its economy is a huge bubble waiting to burst. That may have begun. The US stock market has been declining for weeks. Of course, now that Europe has sanctioned Russia, that makes it all the more likely Mr. Hudson is correct but I don’t think it’s certain. The US stock markets exploded in value since the 2008 crisis and outperformed the rest of the world. Europe’s stock markets were left in the dust, so to speak by the American stock market but this was not due to a strong US economy but an economy juiced up on debt. I think its not clear yet what will happen comparing the US and European economies and if the US economy does worse and, or if the dollar falls in value, that could change everything. The idiots that run Europe might approach Russia and Russia might see it in their interest to give the morons (I’m thinking in particular of the Germans when I say that) another chance.
I’m presuming that CHN+RUS are going to offer so much more than what Murica+Vassals have taken to Nation-States around the World.
Murica did pile up an impressive “World Bazar Hegemony”; but the Zionist-Mason Plutarchy, Vassal Corporate-Oligarchy + Political Ochlarchy really didn’t plan ahead – thinking that they would eventually Subjugate and Run the Whole World under their Leadership.
UKRaine Theater are being fought. Figure POL may be one of the few Entities in Europe willing and able to engage in Armed Hostilities (Assymetrical – sending Bandera-Nazi Cells) against RUS. GBR are Stupid; but not Foolish Enough to try Messing with RUS-Trade Vessels on the High Seas.
IRN will be protected by CHN and PRK. ISR should try to obtain a Non-Aggression or Peace Treaty – because once CHN Assets, Workers, and Military Advisors become Victims of ISR Attacks – ISR will probably find themselves in Very Rude Awakenings for Years.
TWN/SouthCHN_Sea/Oceania/Chosin_Peninsula(KORvPKR) will most likely host Hostilities – with AUKUS being Parties to them.
I read The ruble was worth 139 when the war started and Today it is at 58 it keeps getting lower, Americans are complaining about gas and food prices, but the way the Ruble is falling it might go to ZERO, And if it goes much lower There Will be Riots all over Russia as the Russian people wont have money for food or anything else, The Ruble has been clobbered by Biden’s Sanctions.
While I greatly respect Michael Hudson’s work, I’m skeptical that de-industrializing the EU was a primary plan of the Western oligarchs. It looks more like an unexpected side effect of their bungling. And I doubt the Western oligarchs have the American people’s interests in mind much more than the European people’s interests.
Analysts on The Duran have pointed out that the Western oligarchs’ predictions that their sanctions would sink the ruble and collapse the Russian economy, which they made with great bragging fanfare, were disastrously wrong. And all their PR predictions and claims about the military conflict in Ukraine have also been disastrously wrong.
https://rumble.com/c/theduran
So it looks to me like the Western oligarchs badly overreached. They expected they could do a regime change in Russia and snatch its natural resources, as they have been doing around the world for a couple of centuries.
War Profiteers and Israel’s Bank
https://warprofiteerstory.blogspot.com/p/war-profiteers-and-israels-bank.html
But Russia was prepared. A best selling book called Currency Wars was published in 2007 which explained the history and strategy of the Western oligarchs, led by the Rothschild Bank.
Currency Wars by Song Hongbing
https://en.wikipedia.org/wiki/Currency_Wars
This was a best seller in China, then much of Asia and Eurasia. It alerted these countries to their target status in the plans of the Western oligarchs. Not wanting to suffer the debt slavery fate of the US and Europe, they starting putting up banking defenses. Suddenly China was no longer our best manufacturing friend, but our biggest threat, said our oligarchy media companies. (Michael Hudson has written informatively about this rift.)
This war against the Western banking oligarchy is the war Russia is fighting. In addition to controlling the money of its conquered states, this oligarchy also wants to essentially steal their natural resources. They were doing this to Russia during the Yeltsin years. They thought Putin would continue to go along, but he put a stop to it. Further, Putin’s PhD thesis in economics puts Russia’s natural resources at the center of a strategy to rebuild the Russian economy (after being looted by the Western oligarchs). Here’s a summary of Putin’s PhD thesis in economics.
Mineral and Raw Materials Resources and the Development Strategy for the Russian Economy
https://www.theatlantic.com/daily-dish/archive/2008/08/putins-thesis-raw-text/212739/
So Russia is fighting to protect its financial system and its natural resources against the predatory Western oligarchs. Other victims of this bankster gang around the world are glad to see somebody finally standing up to them. So they are refusing to join the banksters in attacking Russia. This is another disastrous, unplanned outcome for the Western oligarchs.
Since the Western oligarchs successfully engineered WWI and WWII at great benefit to themselves (and tragedy for everyone else), they appear to be planning a “knock over the chessboard” strategy by engineering WWIII. And while most analysts seem to think WWIII would be so insanely destructive that everyone in power will balk, they overlook that the Western oligarchs are Talmudic supremacists, and goyim lives to them are of no more significance than dodo birds. And if things look really bad, there’s the “Samson Option”.
On the other hand, if the Zionist oligarchy is flailing, and also being attacked on the Israel front,
“Silence is Zionism’s only defense”
https://mondoweiss.net/2022/05/silence-is-zionisms-only-defense/
then now is the time to attack, to turn on all the spotlights, and take them down with finality.
Does! (off-setting the dollar against the Euro). The next step, intermittent dealing and reeling to gnaw away at the India China Russia glue. Proxy set up of some Asian countries against China.
Possible blow back, the emergence of a new generation of politicians in Europe, the “old” ones publicly compromised, a new generation that is also more expensive. Should not be rocket science.
Loosing face, the quest for Europe turned out to be expensive: loss of influence on the Euro Asian continent East of the EU borders. A setback. Can be remedied as in “retract” and “rearm”, then “asymmetrically” redeploy.
In conclusion global policies of the Western Cabal, the Atlantic Alliance of mostly Jews at the commands is in for the short term only. Things can shatter in all directions, …but, for now, a winning hand. Hail to the good Jews and Ron!
Twenty years ago a euro was worth less than a dollar. If this occurs again Europe’s products will become more competitive. The long term plan of the EU still makes sense due to inherent geographic proximity. The current conflict situation is more likely to be temporary rather than protracted because Putin will surely not last much longer, as it becomes increasingly apparent – even within Russia – that his grandiose war ambitions have failed. China’s leaders may even find it advantageous to exploit the resulting weakness from Russia’s destructive war and the long-term burden of making reparations payments.
This is easier said than done because it takes years to attain such know-how. The fact is that almost all the top trade fairs, with associated product exhibitions and conferences, in key specialized industries, take place in Germany. This is where state-of-the-art developments are presented and supply deals are made. Much of the industrial automation machinery and mechanical precision equipment technology, including robots, conveyors, sensors, activators, controllers, along with corresponding software, come from western Europe. Companies from there will be able to maintain their competitive advantage in this field because utilizing the best equipment makes a big difference in a manufacturing setting, where failure and down-time can be costly. Meanwhile, much high-end technology labor (mainly men who do not want to get drafted into a senseless military adventure) has already been leaving Russia in the past few months.
China has been the biggest sex toys manufacturer since 2011:
http://en.people.cn/90001/90778/90860/7060276.html
Nordic countries seem to be the most enthusiastic consumers:
https://www.vouchercloud.com/resources/sex-toy-world-rankings
Seems recent chinese advances in A.I. also got channeled into the industry
https://nypost.com/2018/05/28/these-sex-robots-are-equipped-with-artificial-intelligence/#4
Good post, your share my sentiments exactly on my only critical opinion of the article. A complete, total and irreversible economic and societal collapse seems more appropriate than “long depression ”
Plato talks about a huge landmass beyond the western ocean called Atlantis. This Atlantis (USA) together with part of Europe that it controls (EU/NATO) engages in a world war with with Asia and the remaining part of Europe (Russia). After a bitter struggle Atlantis is engulfed in a huge conflagration and sinks beneath the waves heralding a new age of worldwide freedom and peace. Myth, allegory or prophesy?
They say that Elon Musk, who has never really worked in his entire life, earned 130 billion dollars in a year exploiting the work of others as when slavery. That will be the reason for the future economic war.
Enjoy their improved quality of life.
Video Link
Word for word what globohomo has been saying about Russia for the last generation. Word for word.
By May 15th 80% of them were back in Russia as shown by sim-card analysis.
https://vz.ru/news/2022/5/17/1158849.html
It was a short-lived tantrum.
There’s some holes in the transcript and some holes in the logic also.
Hudson is being a bit too jingoistic, or is it reverse jingoism, in his negative predictions of the $Dollar$ based world. I want a collapse, but of the Anglo-Judeo political empire not of the $Dollar$, for which I own.
Then again, if it’s the price to pay for destroying Judaic hagemony, so be it.
Existentially though, it’s not a final solution. That might take a ‘Revelation’.
“MH: Well, I simply read the speeches of President Biden and his team. They’ve said that China is America’s number one enemy. If you’re going to call a country your number one existential enemy, you’re not going to be increasing your trade and mutual dependency with it.”
China is the existential enemy of America and we must take it down. And in its demise, we could bring back all of the manufacturing jobs we shipped off to the Yellow peril plus we would be setting East Turkmenistan and Tibet free rich in natural resources.
You have it backwards. The lower the Ruble goes, the more it is worth compared to the Dollar. The Ruble is the best performing currency this year.
If the dollar to ruble ratio was 1:139 and now it’s at 1:58 would mean that one dollar was fetching 139 rubles when the war started but now a dollar can only bring 58 rubles, which means that the ruble has gained in value against the dollar.
“Jewish usurers don’t like it when they don’t receive their interest payments, but even for them the Samson Option would be a little heavy handed. I would guess their retribution will be more along the lines of a monkey pox plandemic and then a mRNA monkey pox vaccine that will give the goyim the intelligence of a monkey.”
Sadly, from what I see around me on a daily basis, I am concerned someone may have released a highly transmissible, intelligence-lowering, symptomless monkey pox virus decades ago…….. with no vaccine required. 😉
The ongoing economic war against the Historic Native Born White American Working Class includes very very nasty policies such as the H1B…L1B Visa Program…..
How will German companies “maintain their competitive advantage” if they don’t have enough reliable steady energy supply to run their factories, laboratories, even universities?
I don’t want a USD collapse either. But it should be obvious that it doesn’t matter what we want. Hudson’s view of the likely US future seems appropriately pessimistic.
You got the currency relationship backwards … as for riots, they’re another USA growth industry.
Pretty frightening statement, and we all know it’s so true.
Nicely done by Michael Hudson. Nothing like a touch of humor in a bitter situation. My country has ceased to follow an intelligent and (mostly) moral path since November 22, 1963.
I do not portray pre 11/22/1963 America as in any measure, perfect, or non-imperialist (more than 100 military invasions of Latin America, holding of several Nations in colonial slavery (Puerto Rico, Cuba until Fidel, Mexico most of the time, Nicaragua until Sandino), – you get the point.
Our Republic was destroyed, along with our last Constitutional President. The solution, the Cure, is Political. With a Restoration, we may rejoin Russia, and the rest of the world, as a positive partner in enjoying our lives – on the only Home/Planet we have.
Dr. Peter J. Antonsen – nom de guerre, Durruti
The current conflict situation is more likely to be temporary rather than protracted because Putin will surely not last much longer, as it becomes increasingly apparent – even within Russia – that his grandiose war ambitions have failed. — Been_there_done_that
Your assumption is followed by your conclusion… how quaint. Have any objective sources which support your assumption? (Western media is not an objective source.)
My point was that building “plants, equipment, and factories” is significantly more difficult than expanding or intensifying cheese production, a process that goes back seven thousand years and predates crude beer brewing (without hops) by roughly three thousand years. In other words, make more cheese, no big deal, build modern factories, not so fast.
Furthermore, my stated presumption was that the current situation “is more likely to be temporary rather than protracted“. Liquefied natural gas can be imported from alternative sources in Norway, Algeria, and Qatar.
Lastly, if necessary, Germany has coal resources and can import even higher grade coal from Silesia in Poland, which can be used to produce more convenient forms of liquid fuel, utilizing proven technologies. Germany introduced one such method a hundred years ago.
Coal Liquefaction – Wikipedia
https://en.wikipedia.org/wiki/Coal_liquefaction
Mehool Bhai,
American Bulwark Bhai, do not forget South Mongolia (Chinese call it Inner Mongolia), colonised by Chinese. See what the Mongol freedom fighter says in interview “Chinese are the most racist people in the World” in below video.
Video Link
How China Colonized Half of Mongolia
Video Link
China Doesn’t Want You To Know About This Place
Chinese Imperialism is not good, bhai.
Mehool Bhai, Mumbai
It’s hard to call China an existential enemy when the only threat it poses is our own weakness. China didn’t force us to offshore our manufacturing, and they didn’t force us to become addicted to cheap consumer goods.
Likewise, they’re not really a military threat except that we’re forcing them to be one… because we’re no longer good at manufacturing anything except enemies and the weapons to fight them. Just because a country has military might doesn’t make them an existential enemy. If that’s the case then the US is the existential enemy of the entire world.
The US could invest in its own resources and manufacturing tomorrow; like Russia, we are one of the few countries with the inhetent ability to be self-sufficient and a net exporter. Unlike Russia, we have neither the external pressure to force us to do so, nor a populace willing to do the hard work… yet.
The old man of Europe is Europe. This is what happens when a society stops valuing families and children.
All that European knowhow will take a while to run down, it’s true. But you can’t expect to remain technologically dominant if you’re not generating excess wealth. Excess wealth enables R&D and capital investment. High cost energy will ruin standards of living and wealth generation. Europe is playing a very dangerous game between green energy and no Russian energy. Their relative decline is already baked into the cake due to energy costs. The issue is whether they can pull out of this slow motion tailspin they are in. Or will they make it worse. I predict the latter because they appear to be completely brainwashed. Like the US.
Those who excel in this field tend to have superior visuo-spatial intelligence, get university degrees in electrical and mechanical engineering, also chemical and industrial engineering, maintain a tradition of proficiency in metal processing techniques, innovative design, and a dedication to precision and quality production. These are different types of people than those who control financial resources, whose relative influence in society would diminish somewhat if industrial technology and capitalism were to play a more significant role in US society, as used to be the case more than a century ago.
Undoubtedly true.
And undoubtedly vital that we understand:
It remains a good idea, a necessary curative direction for our Nation, to restore our manufacturing sector.
How true about US now being the Empire of Hate. Just look at our media. Nothing but hate. Hate for the other half of the country, hate for (most of) the world. Hate is all we have left.
I blame the media. War sells news, and they’ve been trying to manufacture wars, both internal and external, for a century, fomenting hatred between groups and between nations. The same group who owns both our liberal and conservative media have nothing but hatred for the world, for they themselves have been hated for 2,000 years, but are too dishonest to acknowledge their own culpability, everything is always someone else’s fault; they’re God’s Chosen to lead the world down the abyss.
Unfortunately Russia and China still need the West for technology. They still can’t make their own semi-conductors. There’s only one company in the world that makes chip making machines, it is located in the Netherlands and Trump banned them from selling these machines to China. Russia and China still depend on TSMC to make all their chips. And as we know, chips now power and run the world. Both also depend on the West to make their better quality cars, airplanes, and pharmaceuticals, which are patented by the West. SE Asia ships partially assembled goods to China for final assembly before they are shipped to the US. All of Asia still depends heavily on US consumers. A complete decoupling cannot happen for at least another decade. China is not ready either technologically or economically to lead the world.
The Euro top tier of power soldiers are not brainwashed, they are soaped with individual wealth, the promise of individual career and the anxiety of being dumped if they do not comply with the message.
They keep their eyeballs focused on the tip of their shiny shoes (easy for a short legged Ursula, and short everything Macron). The Euro elites see their retirement sundown in a condo on the East Coast of continent US, if not London in the worst of cases. They know their “portfolio” embedded in dollars on the shores of Panama. They balkanize Western Europe with zeal and commitment. And it is oligarchic, generational. N’est ce pas grandma Merkel?
This is what happens when GlobalHomoZioBIGsRxMIC3BLM PIGs (Peepooz in Govmint) stockpile baby formula, foods, medicines and essentials in military bunkers for the Great Reset and you’re not invited even though you paid for it.
Peepooz need to realize they’ve been betrayed, they’re going to kill us and then erase history again.
CQ, Time Traveler, Plain White Rapper
What is so frightening about that. What is a world for, if the Jewish Cabal cannot dominate the Goy? Imperial Planet, featuring “Atlantic oligarchs”. The wind might blow out of any direction but the slightly caramelized whiff of “Holocaust” is always there. Sing canary sing.
We lived prosperous lives before chip, computers, synthetic pharmaceuticals and biotechnology.
Humans are anolog creatures being forced into a digital existence.
Count me in with the people who are absolutely astonished that Germany folded to the U.S. request (demand) to cut ties with Russia. I’m an ocean away from Germany but it sure looks like economic suicide from here. Hudson mentioned 20 years to rapprochement with Russia. I think the upcoming cold German homes and loss of jobs will put more realistic politicians in power within 5 years.
Who is this “they” that says the things you say they say?
That’s one way to look at it.
Another is:
In conclusion global policies of the masters of world finance are for long term.
The key objective is retaining their power in a changed world.
The method is careful dismantling of the current financial system and gradual introduction of the new one. The Reset/Agenda 2030/whatever name could be popular at the moment.
With that replacement comes the change of economy, society etc. especially in the West.
How will that system look like: austerity and tight social control of the lower strata of society (say, 80%). Opposite of that for the higher 20 % in increased order of magnitude going up.
So far the execution of that plan has been going surprisingly well.
Actually all the Dildos in the U.S are made in China.
Monetary policy extremism that benefits the billionaires and the top ten percent loot holders is an ongoing war against the regular people who get hammered with monetary policy-induced inflation in housing, food, fuel, and much else besides.
Billionaire Jeff Bezos and his Swamp City DC Post and Amazon must be financially liquidated.
Bezos orders twat Fed Chairman Powell to immediately go to the Swamp City DC compound mansion bunker of Bezos and Powell rushes right over to his master’s lair.
Powell and Bernanke and Yellen and the Fed have made Musk and Bezos the beneficiaries of the massive asset bubble in stocks and bonds and real estate.
Now Powell is talking about a so-called “neutral” federal funds rate when Yellen was still using “normal” for the Fed funds rate level.
The Federal Reserve Bank must go to 6 percent federal funds rate and then to ten and then drink a few beers and then go to 20 percent federal funds rate and then head for the bunker because the party’s over…Bezos has had some asset bubble fun but here comes the sun.
In the meantime, related IMHO, election result in Australia.
Left side of The Uniparty: 72 seats. Prime minister.
Right side of The Uniparty: 53 seats.
Little part of The Uniparty: 4 seats.
Now… https://www.unitedaustraliaparty.org.au/, described by TPTBs/MSM as right-wing party with ideology: Libertarianism, Right-wing populism, Australian nationalism, Anti-lockdown politics got zero seats. ZERO.
Explanations:
Rigged/stolen elections. Feels good.
Australians are dumb/sheep/whatever. Feels good for everyone save Aussies.
Something else; similar to Macron’s victory in France. Doesn’t feel good so won’t be stated here.
Going forward:
Feeling good approach: we need to keep educating people.
Not feeling good approach: no comment. Doesn’t feel good; it’s weekend after all.
All good.
The idiots that run Europe are elected by the idiots that live in Europe. They cannot approach Russia with a bunch of peacock feathers in their arses.
Personally I don’t have any real feelings toward China, but I think the China debate is the debate regardless of the outcome with Russia. We can complain about Chinese censorship, but I believe censorship will just get worse here. The Constitution has failed to stop the inevitable rise of absolute power. All the great crimes 2008 financial crisis, 9/11, covid, and more just pass through the system while the nation turns into lunatics over the powerless not falling completely in line on top of even being unable to provide the most basic humane responses to the minor transgressions.
They took this site down with Elon Musk, GM, Coursera and many more names in the economics department listed.
https://www.sem.tsinghua.edu.cn/en/aboutsem/advMem.html
Rockefeller Family in China
China Censorship
https://www.theepochtimes.com/chinese-leader-xi-jinping-lays-out-plan-to-control-the-global-internet-leaked-documents_3791944.html
Hottest May on record in Spain. Temperatures ten to fifteen Celsius above normal. Like India, hottest March, April. probably May, too, on record, yet the poisonous denialist cretins still spew their omnicidal poison. But relax-you WON! That’s all that matters to poison toads, is it not. Just keep an eye out for the pitchfork brigade-you know how unforgiving humans can be, particularly when their children are dying.
Nobody is ‘here to stay’. With ecological collapse running away, we have until 2050, possibly much, much, earlier before it all goes to the shit.
A real Yankee Doodle MORON.
I am sorry that I had left out Inner Mongolia but to rectify the mistake, I am also going to include the Manchuria too.
Based on American sizes because China would come up short…
That is what I’m hoping for.
You are probably right.
When Hudson says that Americans are buying the “blame Russia” story, he is 100% wrong…I’m an American living outside the New York–DC, NYT-WaPo axis and I don’t know a single American who buys that story…most are not even aware of it..They blame Biden, and Democrat politicians aren’t even trying to defend him….Hudson needs to get out more and meet some real American people…
The Zionist mafia is indeed doing it’s best to sabotage our information sources at Google and YouTube.
But a collection of videos and discussions from RT are still available here.
https://rumble.com/c/RTNews
And RT’s livestream is available here.
https://www.rt.com/on-air/
It did (the plan’s execution). Agreed that there is a strategy, a long term strategy. The only strategy that has consistency to it. There seems to be no other alternative homogeneous power play anywhere on the planet ready to compete. Or is there? Who is ready to compete with The Dream-machine Cabal in matters of finance, economics, military, media, polities at once? That is what it will take, and it is no pity.
Admittedly you were right in your assertions on the larger global context. Ukraine is a side-show, the quest was always about Western Europe, and the game change tactics were improvised on the go. A dogged move of our friends.
New York Post headline:
BROOKLYN MAN CRUSHED BY CHINESE SEX ROBOT MALFUNCTION
Secretary of State Anthony Blinken announced he will make an emergency trip to China this week to threaten rough sanctions for this attack on America. He also announced a $5 Billion program to stimulate the American sex robot industry. Analysts estimate most of this money will go to Israeli subcontractors spun off from intelligence tech Unit 8200.
https://www.nypost.com/sex_robot_crushes_man/fctional_link.html
Very well put. I would only add that a key step has to be freeing ourselves from the grip of the banking mafia that has captured our country.
In what way is China the existential enemy of the US? China has never had a history of waging war against any country that is not immediately bordering them. It is the US/UK that’s been doing this for the past few hundred years. The Chinese government already has 1.4 billion mouths to feed/clothe/house, they don’t need or want more. Stop buying into the CIA/MIC fearmongering and hatemongering. If you hate them so much, take all your money out of 401K since all these funds invest in companies that do business in China (either manufacturing there or selling there), and invest only in companies that do not do any business with China. Put your money where your mouth is, otherwise you’re just a hypocrite useful idiot for the Ziocon/MIC filth who want to bankrupt the US by making enemies out of everyone.
Yep.
I don’t see anybody/anyone/anything.
Unfortunately.
So…how a little guy, in the West, is going to cope with what’s coming?
For Putintards it’s easy: they’ll just emigrate to Russia.
For the rest, well, could be tricky.
Possible options:
-go “preper/self-sufficient” way. I can see a “little” problem there, but, then, that’s the part of the fun, I guess, for those people. Or so they believe.
-go for “reprogramming”. For those reading this and thinking I am exaggerating, well, you are WRONG. Trained medical practitioners in those areas of human psychology offer, where I live, such services.
Sounds crazy?
A guy I know had a chat with his GP, a nice fellow; they touched on a couple of topics most people here in this online pub find disagreeable. GP offered the guy to see a psychologist (or it was psychiatrist). Anyway, he went to see the “psych”, assuming (wrongly) that he’d give him some (mental) exercises. Like some meditation drills, whatever.
Nope.
The “psych” straight away suggested to “reprogram” the guy (used THAT word, apparently) so those things wouldn’t bother him anymore. You know, he sees two guys deep kissing at a beach, and it doesn’t bother him. Etc.
-try to live as dissident of old. Not easy with social media etc.
-…..that’s pretty much it I am afraid.
If we liken the US to a bus with a crazy driver – the Zionist banking mafia – then if we can remove the crazy driver there would be hope of getting the bus back on a sane course.
This would require a forceful intervention. Letting “things” take their course, as if this is all just some process of Nature, is not necessary and is a huge mistake. We need politicians and press with spine, arrests, and trials. We need a public outcry and revolt.
https://news.yahoo.com/record-breaking-cold-brazil-threatens-185343414.html
… so they need more resources/space?
I am all for a total decoupling from China, take back all our manufacturing, stop all investments in (and from) China, stop selling all our products to them including movies and tech, stop buying any products from them including TikTok, cut them off all access to our internet, stop all further immigration or even tourist/student/business visits from China and repatriate all current/former Chinese nationals and their anchor babies back to China, but to see them as enemy #1 that we need to go to war with is just lunacy. America needs another war like we need a hole in the head. Cut them off all access to our products and country, then live and let live.
Just Paper and digital blips there is no real accounting
https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp
Durruti, Kennedy stole the 1960 election, so how come you worship the guy’s memory? In his personal life he was a complete skank. In his political life he was Joe Biden circa 1960.
NASCAR supports Ukraine with bullets. How much more ah myrrh ican can you get?
This must be a good WAR! Like the Iraq WAR!
https://freerangeamerican.us/ukraine-ammunition/
During a recent Fox News interview, AMMO, Inc. board member and Hall of Fame NASCAR team owner Richard Childress said he is leading the donation effort after being inspired by Zelenskyy’s video. (Dale Earnhardt Sr. drove Childress’ No. 3 Chevy for most of his career.) Childress reportedly reached out to AMMO, Inc. Chairman and CEO Fred Wagenhals to get the ball rolling.
https://www.axios.com/2022/04/07/50-million-bullets-pentagon-ukraine-aid
Must be traditional that Democrat Administrations take us/US into WORLD WARS….
Wil (send your) son WW1
Ruse a velt WW2
Buy dem Bullets fellow puppet like above WW3?
A brilliant morsel of satire. “Lower than zero”. Bravo Maestro!
The US-EU relationship seems like a murder-suicide pact.
If you can prove your allegation, this forum is the place.
1. The 1960 election was the last legitimate & UNSTOLLEN National election our country enjoyed. There were cheats & irregularities by BOTH Kennedy & Nixon supporters; but on the large, the election was fair, and arrived at a just verdict.
2. You are also aware that President John F. Kennedy was assassinated??? You fail to mention that important piece of American History. Gee! An assassination! Might that be important? Additionally, JFK’s brother was assassinated. Coincidence? Kennedy served honorably in WW II. And you? The “skank” wrote a great book, Profiles in Courage, have you read it?
3. We are slaves in an occupied Nation, with its citizens taking injections of they know not what, and are now being led toward WW III, with the recent passage of $40 Billion to the arms manufacturers, and more to come. Our Congress regularly declare allegiance to a Foreign Power (72 went on the last trip) to genuflect before the ‘Wailing Wall.’ Our industry has been exported. Snowden is in exile & Assange under arrest. A Foreign agency AIPAC, controls our government, from local, to state, to DC.
Did you actually read my comment? Did you miss this part?
JFK was no saint. But none of this would have happened under his Presidency. I prefer a “skank” to a bunch or cowardly zionist Puppets, any day of the week.
As you tend to say: “yep”. Reprogram (for sullen happiness), or be outcast exempt of a like-minded community. Too hard for almost anybody. “Own nothing and be happy”, “fight wars (against your same down-trodden Sucker Guild), devour youtube ,”info-tainment” and the images above the unz.com (for intellectuals) narratives. Not in this encompassing group, sad but dead in the water. Two enemies, the rock and the hard place, and a freight train running on inertia above.
It takes a different kind of software between the ears to enjoy the above outcast, dissident mode of functional living. Great times ahead, Taliban country for now.
Epoch Times, it’s a certified anti-China propaganda news outlet but don’t let that stop you if it makes you sleep better at night.
If we are going down that route then why not just hand the USA back to the Native Indians since it was Native Land prior to 1776.
Now that you mention it …
https://www.zerohedge.com/medical/american-exceptionalism-sagging-us-mens-Penises-are-only-59th-biggest-world
Nothing to write home about either; at least you still beat Japan and, yes,
China – by a pubic hair´s breadth 😀
I prefer real estate around the New York City… it is a much better choice.
I would not have resorted to a proxy war against Russia using the Ukraine (that is a Jewish thing in part to right alleged wrongs of the Tsarist past and the perpetual need to fill the Tribal coffers) but it would have been better to straighten out China using Taiwan, Tibet or East Turkmenistan.
P. S. No war is good but there will be one with China sooner or later and the future of America depends on winning it now before it’s too late.
Now THAT’s living in the past. Big impressive New York City, wow! What a great place to invest going forward. You go do that while we invest — then live — outside this garbage country.
The Davos crowd probably is stupid enough to think they can avoid the consequences of their “Sampson Option”. Of course the flaw in their thinking is that, in fact, they will never be able to emerge from their lavish underground compounds, much less to a “fresh new world.”
The best case scenario for them is they will have to choose between their compounds, as long as those remain viable, or the hell scape the earth has become. The Davos crowd really should use some of their endless funds to hire honest physicists/logistics experts to explain the realities to them.
That is so funny 🤣
It must be my myopia … I am afraid I don’t have the nerve to invest in, say, Chengdu tech sector.
Not an original idea but the Redman doesn’t want it back … all the buffaloes are gone.
While it’s not totally clear to me as to who sits atop the wests power pyramid, suffice it to say they control the banking / financial cartel and through that influence, the governments of the west. Looking at the power structure of the financial industry , entertainment/ news media and the US government , It seems unarguable that they are predominantly, ethnically, Jewish .
I am also uncertain as to the control of China. Are they exclusively acting in their own National interests or are they in thrall to the selfsame western powers?
The unbelievable levels of currency created by nation states has “ afforded” the power brokers the ability to “ buy” anything and anyone. Decoupling our currencies from real assets/ real productive work allows for unimaginable sloshing of influence peddling… after all it’s just Monopoly money and we can always print more.. right?!
I do not buy into the reality of the con that it’s the sovereign nation states acting in legion or independently.
The same invisible hand is active in China as in the US and Europe. The instantaneous alignment in the worlds Covid response should have made that clear to all.
What we are seeing is the purposeful destruction of the west now that it’s lackey citizens are functionally bankrupt, economically and spiritually.
They can’t pay their debts via the promised govt entitlement programs, they can’t grow the economy via bubble blowing anymore and they’ve hollowed out the USA pretty effectively over the past 50 years. There’s essentially been zero investment in the USA infrastructure and one only need look at the roads, bridges, wastewater systems, power grid etc to see that.
No, I’m more of a believer that the humongous tick is detaching itself from the cancer ridden western host and merely reattaching on China and the east.
All of the chaos to date is merely to divert attention and to facilitate this power shift.
I still wonder why Russia and China are still pushing the biosecurity state, along with vaccines and lockdowns.
So many people assume that Russia stopped that but no.
https://edwardslavsquat.substack.com/
But there’s Russia/Chinafanboys like matt ehret and pepe Escobar that act like there’s no con-vid bs or in Matt’s case, he defends the China lockdowns on some bullshit idea of genetic weapons lol
We know that con-vid was just a scam https://drsambailey.com/covid-19/why-nobody-can-find-a-virus/
And they won’t need to raise the retirement age as they are lowering the life expectancy.
The problem is indeed rentier capitalism, which still exists in Russia and China too with their bullshit markets.
Making money on money is legalized gambling with other people’s money
Thanks for your thoughtful comment.
If you haven’t seen it, some history of our banking mafia is here:
War Profiteers and Israel’s Bank
https://warprofiteerstory.blogspot.com/p/war-profiteers-and-israels-bank.html
A more general look at the cultural control and influence of the tribe is here:
When Victims Rule
https://whenvictimsrule.blogspot.com
It seems to me the tick’s plan was to switch hosts, but China became aware of the plan and put up defenses. So now the tick is stuck on a host it largely destroyed, and is floundering to find a solution. Tipping over the chessboard may look like its best bet.
On Friday, Germany and Italy both told companies that they could open up rubles accounts in order to purchase Russian gas, in line with President Vladimir Putin’s request.
Russia’s request has companies opening up two accounts at Gazprombank; one in euros or U.S. dollars and another in rubles. Buyers would deposit the payment into one account in U.S. dollars or euros, and then it is automatically converted to rubles without the involvement of the Bank of Russia.
As of last week, 20 companies in the EU had opened accounts at Gazprombank, while another 14 had asked for the necessary paperwork to open up accounts. Germany’s VNG had already opened up an account with Gazprombank.
According to Reuters, the EU has so far given out contradictory information, one version in writing on how to buy gas from Russia without violating sanctions, and a contrary version in a closed-door meeting that cautioned EU members not to open ruble accounts with Gazprombank.
https://oilprice.com/Latest-Energy-News/World-News/EU-Gives-OK-To-Pay-For-Russian-Gas-In-Rubles.html
Longer the war grinds on ,longer will take dollar to recover from the threat the Rouble poses to the US curremcy and further Rouble move from being a local Russian or barter currency towards being a global one. The example will not be lost on Brazil ,India,and Indonesia or China. Thier currencies will compete in the international market . Who knwos petrol based Arab countries might decide to have a common currency .
The world might revert to the pre 16 th century where currencies of the nin Euroepan countries carried weigts in the inetrnatioanl markets.
The island nations harboring the illgotten steals from India Pakistan Sri Lanka Nigeria or Greece or Egypt will be starved because the beatings Dollar or Euro woukd take .
Meanwhile NYTimes without calculating the full impact of the French robbery of Haiti has divulged the Euroepan MO in the colonial period.
Commnets section show the disgust , surprise ,lack of kwnoledge and disbelief at the extent of the thuggery and at the US role in perpetuating the crisis
for the Wall Street.
That only expsoes the hollowness of our edcuation , points to the absence of understanding of the ways exploitaion were carried out by banks,newfangled fianancial phrases and by political polmemics of abstarct ideas .
Britain executed same deviosu plans by taxation, ownership of currency , by distorting currency,convertibility,and by bank rules in Indian subcontiennt .
Haiti ‘s relevance will resonate furthest from its shore .The game and Mo arent over . To a latge extent Fed still does same against American and to a large extent those stealing perfected by France agisnt Haiti continue in Sub Saharn Africa .
https://www.nytimes.com/2022/05/20/world/french-banks-haiti-cic.html
https://www.jstor.org/stable/4410779?seq=4 salt taxation in India
https://www.jstor.org/stable/24481887 (questionable conclusion,dismisisng whats self evdient , and poor expalantion )
https://www.globalresearch.ca/reset-serves-people/5780842
https://www.business-standard.com/article/economy-policy/explained-why-poorer-nations-can-t-just-print-more-money-and-become-rich-118121900185_1.html- is s hatchet job that tries to present the helplessness and the poverty of the 3 rd world nations through the lenses that the IMF and WB would heartly endorse and Fed would now wish it were still true .
What what what??? France is stealing what?
Even during the French Empire, France lost money on it’s African colonies. French colonization cost more than it yielded 2 years out of 3. 2.1 % of French GDP was spent on an average in French colonies each year during about a century…
That is 3 times more than the OECD recommendation established in 1969 for ODA (0,7% of GDP).
That is overall the equivalent of 7 European Recovery Program (“Marshall Plan” as they say in France) that was GIVEN, not lent, to the colonies by France.
This is a proven fact by French historians(cf Jacques Marseille and Daniel Lefeuvre works).
And what about soldiers of French colonies during WW1 and WW2 ? Historian Marc Michel showed that soldiers of French colonies during WW1 and WW2 didn’t suffer more % losses than French soldiers. They rather suffered a little less losses.
Now aftergranting them independence, there is this idiotic rumour going around in black Africa of a “colonial tax” being “levied by France on its black African colonies and thus evul YT lootin us super talented darkies and keepin uz down” Total B.S.
What we do know is that there are 14 countries in Africa that use currencies (the West African franc and the Central African franc) backed by the treasury of France. Twelve of these countries are former colonies of France and two later adopted the CFA – both currencies share the same acronym. These currencies have always been at a pegged exchange rate, first with the franc, then with the euro. They both share the same value, but are not transferable (you can’t spend one inside the area of the other currency).
The countries that use the CFA currencies are required to maintain a 20 billion dollar balance in France to act as a reserve to stabilize the currency. Basically France holds 50% of their cash reserves on their behalf (not 65%, let alone 85%), i.e. about $20 billion. For a humongous economy like France, it’s a very small sum. The French state cannot access these funds. They still belongs to the countries that have deposited them. They can withdraw them should they decide to spend some of their reserves. Whatever interest is made is redistributed to them. The reserves aren’t converted into French francs. They stay in CFA francs. Since the French franc does not exist, even as an accounting unit, it can not devalue. The CFA franc exchange rate is fixed to the euro.
The arrangement is voluntary. Every CFA franc member is free to withdraw from it (& withdraw their money). The countries that operate with these currencies are free to leave the arrangement at any time. Mali left the currency and later rejoined. One former Portuguese colony and one former Spanish colony have opted into the system, without having previous ties to France. So none are forced to hand over money to France.
The reserve is not a tax. It is a reserve of funds. It does not need to be paid annually. The money earns a small (0.75% IIRC) but positive annual interest. Comparable or better than many central banks today. In other words, the Banque de France withholds a large portion of the member countries’ reserves. Calling that a tax and unfair spoliation takes a rather one-sided view: Through this system, the Banque de France, backed by the French state, effectively plays the role of externalised Central Bank to the CFA-zone member countries.
What that means is that not only do the French do much of the work (including artificially maintaining a currency – the franc – which isn’t in circulation anymore, because this is what has been agreed upon the CFA would be indexed on), it also means that, should any of the CFA African countries experience a financial crisis, government shutdown or anything else that would normally affect the currency, the Banque de France is on the hook for them (yet while having very little control over what these states actually do – pretty similar to the Euro only if the zone was almost entirely made up of extreme Greeces).
Now, all the CFA states have a track-record of unreliable economic figures and bad book-keeping (meaning finding out what is actually going on is very difficult), over-spending, corruption and high reliance on natural resource exports (subject to significant price variations). Furthermore, the independence of their institutions such as the central bank is not guaranteed (quite the opposite). So the question is not so much whether there will be crises the Banque de France will have to pay and use the reserves for – rather when and how often they happen. The withheld reserves therefore can be seen as a combination of a management fee and an insurance premium.
Is it a good system? Debatable, and be it just because of these kinds of red-herring discussions, I would want to say no. Plus, it may indeed be time for the former colonies to cut these kinds of ties with the former coloniser. But it is in no way a “tax for the benefits of slavery and colonisation”. Nor is the fact that many of the banks (including private ones) in the area invest most of their capital in French Treasury bonds, instead of their own economies.
The rumour of the “colonial tax” has its origin in the monetary spaces that France created in Africa in order to guarantee some economical stability in these regions. While there is a lot of valid criticism towards these monetary zones, some people have recently been playing on the ignorance of the masses on these issues to give a very deformed view and claim something like “former French colonies have to pay 50% of their GDP to France as a colonial-tax”. A pity that there is no international treaty nor any sort of bookkeeping that substantiate this.
A quick internet search reveals several, almost identical articles repeating the accusation of a colonial tax, but none are sourced. Africa today is often very vocal about exploitation by non-African countries, and yet this ‘colonial tax’ is only discussed in variations of a single article.
Even the anti-colonial pro-African, French leftist press has largely debunked this colonial tax rumour :
http://www.lemonde.fr/les-decodeurs/article/2017/02/22/confusions-autour-d-un-impot-colonial-et-du-franc-cfa_5083833_4355770.html
http://www.liberation.fr/desintox/2017/02/22/non-les-pays-africains-ne-versent-pas-un-impot-colonial-a-la-france_1550206
So the answer is no, there is no such thing as a colonial tax. There are, however, a lot of people that claim the opposite, some of whom with very sinister motivations.
The closest money transfer actually gets to a colonial tax is that many African government leaders sponsor candidates and parties in political elections in France, hoping they will support their interests. As an example, in early 2012 Mediapart revealed that a huge chunk of money from Nicolas Sarkozy’s election campaign came from Kadafi But that is obviously not a tax either – first of all, not only is it not mandated by law, it is actively against it; The money goes to political parties, not the state. And the purpose of these “donations” by African countries is to butter French politicians up so they will increase development aid payments to the dictators’ states, which only makes sense if they get more out of it than they pay in. So French tax payer money is being looted by African leaders via corruption.
Actually Europe has contributed huge sums to African development. It probably exceeds US$1 trillion. Other estimates are lower. Today, France is the prime lender and biggest development aid provider to most of its former colonies. PART of the problem is that European devotion to socialism meant that post-colonial African leaders pursued big-government socialist policies and EU aid also reinforces African socialism mired in corruption and low productivity . Meaning that all the European aid went into an African black hole of wealth destroying socialist policies. (The same economic socialist policies that destroyed the Soviet Union and is drowning Europe in an ocean of debt).
Evul Brutish exploiting poor Indians with salt. What is ignored is that land taxes under British Rule was far far lower than earlier Mughal, Maratha or Sikh rule. While earlier Indian governments took 25% to 50% and many a times left farmers in subsistence level, British land taxes ranged from 5% to 15% and the British encouraged development of private property among farmers. That is why the British Empire which was larger than Aurangzeb’s Empire collected far lower land taxes at a time when the Government of India (British Raj or earlier Company Saheb) had far greater expenses on modernization such as modren postal system, electrification, modern dams etc… which earlier governments did not have.
Salt tax has been common in history and was a major tax in the Roman Empire and China. Even the Ottoman Empire had salt tax. The tuz resmi was a tax on salt in the Ottoman Empire. Tuz resmi was usually arranged through the muqata’ah system; the government would grant a salt-producing resource to a contractor or tax-farmer, who would then be obliged to return a proportion of salt production (or the cash equivalent) to government coffers. There was usually a separate muqata’ah for each salt-mine. During the Tanzimat reforms, the Ottoman government took over complete control of salt production, and prices were fixed; in 1879, the salt industry was given to bankers as collateral against government borrowing, and then in 1881 it was made part of the Regie Company which gave all salt revenues to the Public Debt Commission – in an attempt to help pay off the Ottoman government’s foreign debts. In the face of this government control of salt production (and of salt prices), smuggling became a problem. In the later 19th century, Ottoman government revenue from tuz resmi (salt tax) was typically 70-80 million kurus per year; by 1912 revenue had risen to 130,476,788 kurus – much higher than other tariffs such as the muskirat resmi (spirits tax) or the damga resmi (stamp duty), although taxes on land and crops continued to return more revenue.
The salt tax originated in China, in 300BC and became the main source of financing the Great Wall. The Salt Industry Commission was an organization created in 758, during the decline of Tang dynasty China, used to raise tax revenue from the state monopoly of the salt trade, or salt gabelle. Salt tax has played a large role in Chinese history and their economic development, as salt is considered an essential commodity, it is also one of their largest sources of government revenue . The tax revenue funded the development of the Great Wall, along with funding the Chinese army and several other government development projects. Private salt trafficking was very common in china as monopoly salt was more expensive and lower quality. Following the An Lushan Rebellion (756-763) revenues from the land tax began to fall. The equal-field system that sustained the land tax was undermined by the aristocracy and Buddhist monasteries acquiring large tracts of land, decreasing the amount of land which was taxable. To compensate the state found a new mechanism for the taxation of salt. In 758, Chancellor Liu Yan created a Salt and Iron Commission. Liu had already proved his worth by using impressed labor to dredge the long silted-over canal connecting the Huai and Yellow rivers; this project lowered transport costs, relieved food shortages, and increased tax revenues with little government investment. The Huai river ran through Northern Jiangsu, the location of coastal salt marshes which were the major source of salt. Liu realized that if the government could control these areas, it could sell the salt at a monopoly price to merchants, who would pass the price difference on to their customers. This monopoly price was an indirect tax which was reliably collected in advance without having to control the areas where the salt was consumed. The commission formed to oversee the new scheme was headed by the salt commissioner (yantie shi), a financial specialist, which was uncharacteristic of the Tang unspecialized political administration. Salt was to be sold only at regional offices by licensed producers, and then only to licensed merchants at marked up prices. The distribution by merchants ensured the effects of the policy penetrated into areas where the central government had limited authority. The merchants then passed on the high cost of salt to consumers. Peasants were most affected as they spent a higher percentage of their incomes on basic food goods. By 779 AD, taxation of salt quickly accounted for over half of government revenues.
Disagree. Dildos and silicon women or sex dolls are all made in China.
As it has been shown that salt tax was a common method of taxtion in history throughout the World and that the Government of India in the British Empire have very low land taxes and needed other revenue to run the Government as well as modernization schemes.
As Sir John Strachey writes in his book “India Its Administration And Progress”, the tax was very low and most people in India were not even aware of it. The Government of India (British Raj) always had in its mond to avoid making it a burden on the poor of India. Taxing and not taxing of salt made ZERO difference in consumption, which shows that it had very little to no impact on people’s finances, including the poor, in India.
Sir John Strachey writes
“The measures that have been described had as their ultimate object much more than the removal of the Inland Customs Line, and the equalisation of the duties upon salt. That object was explained by myself in 1877, in the Legislative Council, on behalf of the Government of India, to be that of giving to the people throughout India the means of obtaining an unlimited supply of salt at the cheapest possible cost ; I said that the interests of the people and of the public revenue were identical, and that the only just and wise system was to levy a low rate of duty on an unrestricted consumption.
The temptation is great in times of financial pressure to have recourse to the expedient of increasing the duty on salt. The vast majority of the people on whom the tax falls are probably unaware of the existence of the tax. The masses remain unmoved and silent, while the small and wealthier minority, who alone can make their voices heard, give loud approval to measures which impose no appreciable obligation upon themselves. No efforts should be spared to reduce to the utmost the price of salt throughout India, and thereby to stimulate consumption. Nor is this policy desirable merely for the reason, essentially important as this is, that the cost to the poor of one of the necessaries of life should not needlessly be enhanced, but because it will certainly, from a purely financial point of view be advantageous.
The duty on salt is the only obligatory tax which falls upon the masses of the population, and although they are very poor it is not a serious burden. It is equivalent to an annual tax of about four pence per head.
In the existing conditions of India a moderate tax upon salt is open in principle to little objection. The reasons for this conclusion were summed up by the Duke of Argyll, when Secretary of State for India, in a passage which I cannot do better than quote : —
“ On all grounds of general principles, salt is a perfectly legitimate subject of taxation. It is impossible in any country to reach the masses of the population by direct taxes. If they are to contribute at all to the expenditure of the State, it must be through taxes levied upon some articles of universal consumption. If such taxes are fairly adjusted, a revenue can thus be raised, not only with less consciousness on the part of the people, but with less real hardship upon them than in any other way whatever. There is no other article in India answering this description upon which any tax is levied. It appears to be the only one which, at present, in that country can occupy the place which is held in our own financial system by the great articles of consumption from which a large part of the imperial revenue is derived. I am of opinion, therefore, that the salt tax in India must continue to be regarded as a legitimate and important branch of the public revenue. It is the duty, however, of the Government to see that such taxes are not so heavy as to bear unjustly on the poor by amounting to a very large percentage upon their necessary expenditure. The best test whether an indirect tax is open to this objection is to be found in its effect upon consumption.”
I share your concerns about these satanic monsters who view humanity with hatred and contempt. Let’s hope that there are some among them who realize the insanity of this Death Cult. Russia needs to target their underground bunkers and let them know they are targeted as a reverse Sampson Option. My sense that such unimaginable evil will not prevail and truth and humanity will triumph once again after we emerge from this very dark period in world history.
Thank you for the reply and associated links. There looks to be a great deal of information to puruse.
Credit is a critical and necessary element in an economy. To be durable, the creditor must have sufficient assets to absorb defaults.
The receiver of the credit must themselves have sufficient assets to pay back the loan , with interest.
As the extension of credit is a defacto expansion in the money supply, the creditors must be regulated to insure that they maintain sufficient assets / capital so as to limit the money supply and with it , Inflation.
When credit is extended to those that lack the ability to pay it back, sustained debt results on an individual basis and is transferred to others through inflation. Uncredit worthy people bid up prices on assets resulting in bubbles ( I.e. assets whose underlying “ price” is bid up well beyond its inherent “ value” because there are more bidders than there should be.
This debt literally drains the lifeblood from society.
Households went from surviving comfortably but not extravagantly on one income, to believing they could afford a more extravagant house , car, vacation, etc.
Next , it requires both parents to work to service the debt… there goes the family unit with a stay at home mom. Now the kids and their upbringing suffers as does the husband/wife dynamic.
Society as a whole, shifts due to the availability of easy credit:
Grandparents can go into a retirement home… who needs the presence of grandparents.
Vacations become extravagant affairs. So do weddings , etc. My grandparents honeymoon was a trip by bus to Cleveland from Buffalo. Now we have indoctrinated people to believe they “ need” a $65,000 wedding with a 2 week honeymoon in Greece.
We hire people to cook our everyday food, mow our yards and walk our dogs. We can’t fix our cars, appliances nor do we talk to our neighbors.
We call it a “ service” economy.
The ponzi scheme works until the credit spigot is pinched off. Then the whole thing collapses and along with it, the Potemkin society we “ built”.
A truly free market could probably heal this by forcing the creditors to absorb the losses. No doubt painful, but lesson teaching.
“Healing” what should be a default through currency creation / more debt creation merely pushes evermore of the “ money” to a select few creditors that in fact should be bankrupt ( and they know it). Because they are extremely wealthy and powerful, they will do everything in their power to avoid bankruptcy through continued money and credit creation.
Even if it means WW 3. Which is where we’re heading.
Members of the “ Tribe” as you referred to them , co-opted the American Protestant through their influence of the creation of a “ teaching Bible” in the late 1800’s that was not grounded in biblical teachings but rather supported the idea that Christians are Biblically bound to support Zionism. This and continued leveraged victimization by the Jewish community of the Holocaust and they have made themselves socially and politically, untouchable.
History is replete with Holocausts… Armenia, Rwanda, Ireland during the potato famine, China under Mao, Russia under Stalin…. All horrific and horrible beyond imagining, but somehow the Jewish Holocaust trumps all.
The Tick had found its ideal host. With the creation of the Federal Reserve, control of the banking system and credit in general. These folks wormed there way into organized crime ( Myer Lansky et al), controlled the media, and ultimately the government , elected , via the rig and the unelected deep state. They even “ control” the Christians . Just look at the level of support in the Christian community for Israel.
They’ve passed laws that make any criticism of their actions illegal. All but one member of Congress recently voted for a special and privileged status for being Jewish.
There is no question of there influence in The Ukraine as well. The Nazi Azov batallion is the creation of a Jewish oligarch.
These folks truly are the driving force for the anti-white movement and the destruction of traditional values historically manifested by white america.
Soros, Zuckerberg, Garland, Gates, nearly the entire Justice department, Kushner, Zelensky, Rothschild, Pfizer, the deputy director of the CIA, ….
I live in Pennsylvania where 0.08 percent of its citizens are Jewish, but the Governor, Lt. Governor, Attorney General are all Jewish. The election process is corrupt as hell and the politicians are so crooked, we have to screw them into the ground when they die.
I truly am not a bigot, and I take every person, one at a time based on the content of their character. Dr Zelensky is Jewish and everything I’ve seen suggests he is a fine and noble man. So it’s not all Jewish people.
But there is clearly a confederation of select Jewish people that appear to want to destroy America .
We tend to agree with you, “pyrrhus.”
First & foremost, millions of average citizens are having to pay exorbitant costs for: “health” insurance, auto/home insurance, exorbitant costs for cellular usage & other tech ware. The cost of food is skyrocketing, and/or you can’t find certain food in the grocery stores. Home heating costs have skyrocketed, along with other utility services. Good paying jobs are a rarity with most trying to survive on part-time, low wages.
We keep showing the facts & figures to our Europeans and they don’t believe us. Their tech services are a fraction of what ours are. Ditto with their health insurance.
MUCH of the problem here is that we are bludgeoned by what Hudson calls, The Monopolists: Grocery-chains, clothing. Insurance/Medical/Utility Corporations are bleeding us dry.
“Russia Invades Ukraine’
https://www.blackrock.com/corporate/insights/blackrock-investment-institute/publications/russia-ukraine-invasion-2022
Feb 24, 2022 BlackRock Investment Institute
“The key macro impact from this event, in our view, is fast-rising energy prices. This will exacerbate supply-driven inflation – while delaying and raising its peak. We think central banks will need to normalize policy to pre-Covid settings to curb inflation, and they will find it tough to respond to any slowdown in growth: policy rates are headed higher.
Central banks ultimately won’t go beyond normalization to rein in inflation, in our view, because of high costs to growth and employment. In other words, we think central banks will live with inflation. They may face less political pressure to contain inflation as the conflict becomes an easy culprit for higher prices. We believe this will allow central banks move more cautiously as they raise rates, especially the European Central Bank. Our conclusion: The invasion has reduced the risk that policymakers slam on the brakes – or that markets think they will.”
https://www.blackrock.com/ca/investors/en/market-insights/conflict-ukraine-russia-resilience
“When I’m feeling worried about the world and its market impact, I can often depend on my colleague Mark Peterson, Director of Investment Strategy and Education at BlackRock, to provide some perspective in his popular publication Student of the Market:”
“Stocks amid geopolitical turmoil’
Note:
https://empireandeconomics.com/2020/04/24/exposing-blackrock-whos-afraid-of-laurence-fink-and-his-overpowering-institution/
“Owning it All”
Specifically, BlackRock is one of the top shareholders in all major U.S. banks, including JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo.
“In terms of America’s most profitable and recognizable corporations, BlackRock is a top shareholder of Walmart, General Electric, General Motors, Ford, AT&T, Verizon, Google, Apple, Exxon Mobil and Chevron.
BlackRock’s other large holdings include Microsoft, Johnson & Johnson, Amazon, Facebook, Berkshire Hathaway, Gilead Sciences, Pfizer, Procter & Gamble, Merck, Intel, Coca-Cola, Walt Disney Company, Home Depot, Philip Morris, VISA, McDonald’s, Cisco Systems, PepsiCo, IBM, Oracle, Comcast, Lockheed Martin, MasterCard, Starbucks, Boeing and ConocoPhillips, along with thousands of other, smaller brands.”
“From this point onward, stocks will experience a rolling, downward correction. Whatever Chairman Jerome Powell and his colleagues do now, their actions are unlikely to make much difference. If the Fed hikes interest rates, markets will collapse. If the Fed suppresses interest rates as they have to date, inflation will exacerbate leading to demand destruction. Inflation is not the only or even the core problem. The far more dangerous outcome is deflation; a collapse of asset prices that are artificially inflated in value. Today, the two most important assets propping up the global economy are mortgage bonds and treasuries; both are in danger as yields rise.
Either way, the end result is the same: serious economic crisis at home and abroad in Europe. The crisis will affect all assets and all markets. It will also widen the gap between Washington’s wish list for conflict overseas and the needs of American citizens at home.’ by Douglas Macgregor | May 23, 2022 https://libertarianinstitute.org/articles/30-years-with-no-strategy-brought-us-the-war-in-ukraine/
Hudson seems to be a very astute person. He has a grasp on reality. The picture which he draws makes it very difficult to be positive , both on the “home ” front, and on the world front. I think the facts are clear to see, humans have a very short view of world history. The extreme greed of the elite groups on this planet blinds them, and I dont think they realize their leaders are totally incompa
tant. Remember the old story of the lemmings ?? Were the lead lemmings any smarter than the followers? Ahhhhh, no. They all went right over the cliff. Which leads me to this : how close are we to the cliff? Do any of you have a parachute?? I suggest you find one
You blame the media–who owns and controls the media?
That is why it is properly known as anthropogenic climate destabilisation, ie the relative stability of the Holocene that allowed civilization to grow, is gone, for at least a few tens of millennia. Thus the increase in EXTREMES of weather and climate, which will grow worse, with catastrophic exacerbations like ice-sheet collapse in the Antarctic, submarine methane clathrate eruptions and the collapse, slow or sudden, of the AMOC. I hate to tell you, but it is complex, multi-variant and UNSTOPPABLE, no matter what we do now.
What a racist thug like bulwark means by ‘existential enemy’ is that the mere existence of the Chinese and Chinese civilization is an affront to Yankee Exceptionalism and ‘Manifest Destiny’.Defeating China (now impossibl)is not enough-they must be exterminated for existing differently from the White, Western, Judeo-Christian perfection of the USA. Even worse, they have proven better at everything but genocide, destruction and theft than the Yanks. Hence the reliance on genocidal methods like bio-warfare by the USA.
Evil, lying, racist, sepoy-what about Kashmir, you murderous thug? PS I see a few places in India have passed the 30 degrees Celsius wet-bulb temperature lately, the extent of human survivability. I suggest heading north. Australia will be uninhabitable, too, soon. Poor old sepoys-can’t buy a trick.
Tibetians Xinjiangenese Inner Monglians or HKer dont want anymore than the Hawains PeurtoRucans,Guamese,or New Mexcian want their own lands back . Native Indians really want the entire north .
America is the last hope for the swarthy Hungarians,Poles, pro NATO Russians -Ukis ,Checks ,Cuban refugees ,Colombian cartels and Brazilian overlords . The whiteness -they think can save them from oblivion of worthlessness .Color is the new Jesus – the Savior . They are like expatriate Pakistani laborers in the Saudi sand dune who think they are part of royal because of same religion .
American overlords produced by Pentagon and Wall Street have reached Zelensky moment .
But it cant compromise and thus rescue the entire ward under its wing .They will find safe location offered ironically by the new hegemon China . White race will become the mongol of yesterday or the Inca of tomorrow or of the S African farmers of today .
People will visit the Buckingham palace or White House or Louvre museum or the Vatican the way people visit Guatemala pyramid, and the burial sites of the Native Americans. or the sacred tree of the aboriginal.
(a)Muslim rulers imposed 2-5 % tax n salt while EIC imposed 50 % tax Monopoly by EIC raised the price by 100 % .Salt adulteration started and became endemic by 1840 ( This turned out to be something new- a new type of social problems not seen before )
A custom barrier was tried for years made of straws , shrubs, hedges, concretes, and bolstered by ditches ponds, canals and trees that ran across 2500 miles from north west to south east coast and manned by 13000 people to stop delivery and sales outside designated areas .Those who were caught were fined at the rate of the 7-8 month’s worth of salaries or jailed when fines were not paid .
(b) National income was 1.76 and per capita income was 1.23 between 1860 to 1885 it slowly decreased to 1.01 and 0.46 respectively between 1885 and 1900 , increased to 1.14 and 1.00 between 1900-1914 . National income and per capita income went down to 1.14 and 0.06 respectively between 1914 and 1947
(c) By the end of the 19th century a larger proportion of India’s population (perhaps more than three-fourths) depended directly on agriculture for support than at the century’s start, A result of dislocation of the local industrial bases , destruction of craftsmanships and cottage industries from import of finished products and taxation on Indian export . Total effect was speeded up by the the introduction railways .
-1 Salt Starvation in British India: Consequences of High Salt Taxation in Bengal Presidency, 1765 to 1878
Roy Moxham
Economic and Political Weekly
Vol. 36, No. 25 (Jun. 23-29, 2001), pp. 2270-2274
2 https://www.britannica.com/event/British-raj
3 The Economic History of India 1857-2010 Trinthankar Roy a somewhat Raj apologists who wonders why the i agricultural share of the employment- economy was getting bigger but the income was not rising .
Not just debt (stock market reference) – but juiced also by low interest rates and tax concessions.
” There’s only one company in the world that makes chip making machines, it is located in the Netherlands”
Not true… Only true for machines that can make chips below 28nm. The vast majority of the chips in the world sold are 28nm and above. Mobile phones and laptops are what needs those smaller chips – but not the vast majority of devices that have chips.
It’s interesting that both in Russia and in America, the primary economic problem is the influence of oligarchs. Russia has Sergei Glazyev, who knows exactly what should be done, and has for 30 years, but Russia (Putin) will just not listen to him. When you read the damage that Glazyev estimates has been done by the Russian Central Bank and its President Nabiullina (working for the oligarchs) it is staggering.
http://johnhelmer.net/the-oligarchs-play-their-cards-thats-the-loyalty-card-the-get-out-of-jail-free-card-the-rewards-redemption-card/#more-68759
How much does the Sri Lankan curruent crisis owe to the demonized ‘ debt trap’ to the Chinese financing? Is India doing now a better job ?
Sri Lanka, through repeated cycles of borrowing since 2007, has piled up $11.8 billion worth of debt through sovereign bonds (ISB), which makes up the largest part – or 36.4% – of its external debt.
The Asian Development Bank (ADB) is in second place with a 14.3% share, having lent $4.6 billion. Japan is at 10.9% and China at 10.8%, with each having lent about $3.5 billion each.
https://www.reuters.com/markets/rates-bonds/sri-lanka-edge-debt-burden-mounts-2022-01-17/
I have a 50-50% view of the Debt trap claims because there is both Chinese propaganda which is very good in putting a perfect face of China as well as strong anti-Chinese propaganda led by the West and India. So my opinion is mixed. And as the commentator said, that only 10 percent odd of Sri Lanka’s debt was to the Chinese.
India? As in India’s role in Sri Lanka. Indian role in Sri Lanka has been shady but it has also been at times beneficial. That is how India’s role has been in its neighbourhood. India can act like a bully and may uses sneaky methods to gain its ends (the small countries bordering India are not totally innocent too) but at times, India also gives a genuine hand of help. India has provided Sri Lanka credit line of more then 2 billion. But the nationalist minded public opinion of India is anti- helping Sri Lanka as they have become close to China and according to them jeopardized the security of their country.
Sri Lanka or Nepal or Bangladesh etc.. are sovereign countries and can have their close ties with China just like how Japan or India or Australia can build their relationships with the USA as sovereign countries. But such sovereign actions by Japan, Australia or India makes the Chinese nationalists angry, similar sovereign actions by Sri Lanka, Bangladesh, Nepal etc… makes Indian nationalists angry too.
Also countries like Sri Lanka (Bangladesh) try to play off China and India against each other. If they are not happy with India they go to China and then show their deal with China to get a better deal with India and vice versa. just like during the Cold War, weaker smaller countries (Egypt for example) played this game by playing the Americans and Soviets against each other.
Total Lies, handlooms increased 4 folds during British period and power looms increased 10 folds. India became a major exporter of cloth after 1880, far higher than any in its entire history with the coming of British technology to India.
70 percent of Indian GDp was sucked up the the Mughal court, one of the biggest suck of wealth ever known. basically what is a palace economy.
Tirthankar Roy is a truth sayer and a not a Raj apologist. The explanation is very simple, the Indian population was going through a Malthusian population growth due to which even if the economy was growing, it did not show in the per capita income. This ended in the 1960s.
As usual, *most* US commoners pay very little attention to how the world is fracturing into a mult-polar world. Some, not many, have only the vaguest idea in *how* this change is altering their lives.
All they recognize is that food, insurance, energy, credit card interests, rent have risen to unfathomable amounts. ADD those burdens to the nearly $14 Billion debt they’re in, and it’s pretty certain that the current 40 MILLION Impoverished Americans will have new ranks of millions who are losing everything. Like………in a couple months, or more.
Such is the brutal nature of US Capitalism and having to live under its hugely predatory manacles.
Petermx notes: an “economist believes the US is worse off and its economy is a huge bubble waiting to burst.
Your economist is correct. We live in the US and over the years we have witnessed what the Big Corporations, Big Banks, Monopolists….etc. have done. They’ve thrown away millions of jobs. In doing so, all those jobs have been picked up in 3d World nations, China, etc. It’s been a huge saving of labor costs for The Super Wealthy. With very few good paying, full time work, Americans have had to rely on credit card purchase, loans for cars, with NOW very few mortgage loans because about 60% of adult citizens can no longer afford buying a home. Latest figures show US citizens are in debt to the tune of $14 Billion.
We also have nearly 40 MILLION citizens in abject poverty while the ranks are growing every day.
So, yes, multiple millions of average citizens are in serious financial conditions.
“The US stock market has been declining for weeks.”
What’s happened here is primarily losses in stocks and bonds. Hudson briefly notes that non-western nations are NOT buying bonds while selling their treasury bills as fast as possible. This has greatly impacted “the stock market” but it actually reveals how the World is fracturing into a “Multi-Polar World.” Meaning, Dr. Hudson is, once again correct.
The US stock markets exploded in value since the 2008 crisis and outperformed the rest of the world. Europe’s stock markets were left in the dust…
Please understand: The US Financial Market is directly tied to the UK/EU financial market. Meaning, the Super Wealthy in both the US, EU, Uk continue to make Billions.
The reason why the US Financial System “exploded in value” (2009-2019) was because The FED/EU/UK Central Banks started giving out ***FREE*** money to their class of people: the Multi-billionaires in the US/UK/EU. But all that free money stopped in 2019, and then came Covid.
You can’t put Humpty Dumpty back together again. Never.