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How the US Makes Countries Pay for Its Wars
Economist Michael Hudson explains how American imperialism has created a global free lunch, where the US makes foreign countries pay for its wars, and even their own military occupation. Max Blumenthal and Ben Norton discuss the economics of Washington’s empire, the role of the IMF and World Bank, attempts to create alternative financial systems like... Read More
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Is the planet under the spell of a pair of black swans – a Wall Street meltdown, caused by an alleged oil war between Russia and the House of Saud, plus the uncontrolled spread of Covid-19 – leading to an all-out “cross-asset pandemonium” as billed by Nomura? Or, as German analyst Peter Spengler suggests, whatever... Read More
The main problem with the US economy is that globalism has been deconstructing it. The offshoring of US jobs has reduced US manufacturing and industrial capability and associated innovation, research, development, supply chains, consumer purchasing power, and tax base of state and local governments. Corporations have increased short-term profits at the expense of these long-term... Read More
U.S. Navy photo by Mass Communication Specialist 2nd Class John Philip Wagner, Jr./Released
Sooner or later the US “maximum pressure” on Iran would inevitably be met by “maximum counter-pressure”. Sparks are ominously bound to fly. For the past few days, intelligence circles across Eurasia had been prodding Tehran to consider a quite straightforward scenario. There would be no need to shut down the Strait of Hormuz if Quds... Read More
The political and media coverup of the genocide of the Greek Nation began yesterday (August 20) with European Union and other political statements announcing that the Greek Crisis is over. What they mean is that Greece is over, dead, and done with. It has been exploited to the limit, and the carcas has been thrown... Read More
The recently elected neoliberal government of Mauricio Macri has decided to seek a $50 billion IMF credit line, which will only enable more capital flight for the upper class and greater unpayable debt for the rest of the population, says the economist Michael Hudson. SHARMINI PERIES: It’s The Real News Network. I’m Sharmini Peries, coming... Read More
This is the lecture I would have given if I had been able to accept the invitation to address the St. Petersburg Economic Conference in Russia this weekend. Executive Summary: From the standpoint of Russia’s dilemma, this is an important column. Putin’s partial impotence via-a-vis Washington is due to the grip that neoliberal economics exercises... Read More
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Introduction Every day and throughout the world we read and hear of turmoil, of threats, violence, divisions, wars for peace and peace for wars, freedom as oppression and oppression as freedom. In a world where words have lost their meanings and meanings have no words, how do we go about understanding turmoil? Surely, economies rise... Read More
World War II resulted in Europe being conquered, not by Berlin but by Washington. The conquest was certain but not all at once. Washington’s conquest of Europe resulted from the Marshall Plan, from fears of Stalin’s Red Army that caused Europe to rely on Washington’s protection and to subordinate Europe’s militaries to Washington in NATO,... Read More
justice
And also deaf, dumb and stupid in the Southern District of Manhattan
There is easy money to be made in Manhattan. If you want some big bucks, you can claim you have been wronged by a foreign country or a rich man who lives overseas. You can sue him in New York because the United States claims de facto jurisdiction over the entire world due to the... Read More
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Where Do We Go From Here?
The major financial problem tearing economies apart over the past century has lain more with official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to 1929-31, when it became apparent that the volume of official inter-government debts could not be paid. The Versailles Treaty had imposed... Read More
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Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was... Read More
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The Saker Interviews Michael Hudson
Cross-posted from The Saker The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a “technical default”. Is... Read More
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Introduction: A recent article by Jorge Elbaum, the former executive director of DAIA (Delegation for Argentine Jewish Associations), the principle Argentine Jewish umbrella groups, published in the Buenos Aires daily Pagina 12, provides a detailed account of the damaging linksbetween the State of Israel, US Wall Street speculators and local Argentine Zionists in government and... Read More
Even facing what under any circumstances is a perfect storm; President Putin delivered an extremely measured performance at his annual press conference and Q&A marathon. The perfect storm evolves in two fronts; an overt economic war – as in siege by sanctions – and a concerted, covert, shadow attack to the heart of the Russian... Read More
US-Saudi Subterfuge Send Stocks and Credit Reeling
U.S. powerbrokers have put the country at risk of another financial crisis to intensify their economic war on Moscow and to move ahead with their plan to “pivot to Asia”. Here’s what’s happening: Washington has persuaded the Saudis to flood the market with oil to push down prices, decimate Russia’s economy, and reduce Moscow’s resistance... Read More
On occasion a reader will ask if I can give readers some good news. The answer is: not unless I lie to you like “your” government and the mainstream media do. If you want faked “good news,” you need to retreat into The Matrix. In exchange for less stress and worry, you will be led... Read More
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The Cold War made a lot of money for the military/security complex for four decades dating from Churchill’s March 5, 1946 speech in Fulton, Missouri declaring a Soviet “Iron Curtain” until Reagan and Gorbachev ended the Cold War in the late 1980s. During the Cold War Americans heard endlessly about “the Captive Nations.” The Captive... Read More
US President Barack Obama's State of the Union (SOTU) address was a somewhat surrealist spectacle. Way beyond avalanches of PR spin, the US government for a long time has not exactly done wonders for the public good. So as it advertises itself in front of a dysfunctional US Congress dismissed as repellent by an overwhelming... Read More
... if the enemy wins, even the dead won't be safe. And this enemy has not stopped winning. - Walter Benjamin, On the concept of History The Indignados International rules. The torch has been passed from Cairo's Tahrir Square (the Arab Spring) to Madrid's Puerta del Sol (the Spanish Spring), on to New York's Liberty... Read More
FLORENCE - It all began as an extended meditation on the reach of Liquid War. There's no place like Italy to observe the terminal decline of the West in all its ragged, glittery splendor. Sublime art, dizzying architecture, impeccable gastronomy and all those selected bottles of Brunello - that certainly helps. Plus there's the tickling... Read More
WASHINGTON - Before this - thankfully - last United States presidential debate, Republican candidate Senator John McCain had promised "I'll whip [Barack] Obama's you-know-what". Well, he whipped nothing. He told Americans he was not President George W Bush. And then he presented himself as Joe the Plumber - a new working class heir to vice... Read More
WASHINGTON and SAO PAULO - The George W Bush administration's US$700 billion no-accountability scheme, globally, informally dubbed "cash for trash", is making all the headlines. Simultaneously, there's the small matter of the United Nations General Assembly sanctioning the troubled birth of a new, multipolar world. As a 21st-century counterpart to the Dadaist Manifesto, this chain... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
How America was neoconned into World War IV
The “war hero” candidate buried information about POWs left behind in Vietnam.