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Trump has promoted a number of plans to make America strong – at other countries’ expense. Given his “we win; you lose” motto, some of his plans would produce the opposite effect of what he imagines.
That would not be much of a change in U.S. policy. But I suggest that Hudson’s Law may be peaking under Trump: Every U.S. action attacking other countries tends to backfire and end up costing American policy at least twice as much.
We have seen it become normal for foreign countries to be the beneficiaries of U.S. policy aggression. This is most obviously the case for America’s trade sanctions against Russia. If the United States is not itself the loser (as in cutting the Nord Stream pipeline led to its soaring LNG exports), then its allies will bear the cost. The cost in a few years may be that the United States has lost Europe and NATO as a result of the pressure by European countries to declare their independence from U.S. policy.
To speed the parting European guest, NATO leaders are demanding sanctions against Russia and China, saying that “imports equal dependency.” What follows will be Russian and Chinese counter-sanctions blocking other raw-materials from sale to the EU.
In past shows we’ve discussed Trump’s plan to raise U.S. tariffs, and to use them much like imposing against countries that seek to act in ways that don’t dovetail into U.S. foreign policy. There is a lot of pushback on this proposal from vested Republican interests, and ultimately it is Congress that must approve his proposals. So Trump probably threatens too many vested interests to make this a big fight early on in his administration. He’ll be busy fighting to clean up the FBI, CIA and the military that have been opposing him since 2016.
Will Trump’s attempt to weaponize the dollar succeed any better than the U.S. trade sanctions?
The real wild card may turn out to be Trump’s threats weaponize the dollar. At least that foreign-policy sphere is more under control of his Executive Branch. Along with his drive to control the world’s oil trade and key media platforms, Trump wants to be able to hurt other countries. That is his idea of a negotiation and being transactional.
In the weekend edition of the Financial Times, Gillian Tett’s article on Trump’s proposed “Maganomics” quotes Stanford professor Matteo Maggiori pointing out that national power “touches not just goods, but money too. We estimate that the US geoeconomic power relies on financial services, while Chinese power relies on manufacturing.”[1]Gillian Tett, “That is Maganomics,” Financial Times, January 4, 2025.
So, along with aiming to control the world’s oil and LNG supply, Trump wants to base US power on its financial system. He recently threatened to punish BRICS countries to seek an alternative to the dollar.
That strategy is based on countries needing access to U.S. dollars and financial markets, just as they need oil and information technology under U.S. commercial control. The US tried blocking Russia and other countries from the SWIFT bank-clearing system, but as usually happens with sanctions, Russia and China have created their own fallback system, so that plan didn’t work.
The United States got the Bank of England to confiscate Venezuela’s gold supply and offer it to the right-wing opposition. That worked. And the EU and United States together confiscated Russia’s $300 billion of foreign dollar holdings. That worked, and the EU just gave the interest (about $50 billion that had accumulated) to Ukraine to help fight Russia.
But first, the United States seized all of Ukraine’s monetary reserves as safe keeping, ostensibly to help it pay back the debts it has been running up. I don’t think this gold will be made available for Ukraine’s rebuilding. It simply reflects a U.S. pattern of asset grabs. The U.S. military grabbed Libya’s gold supply when Gaddafi tried to use it to create an African gold-based alternative to the dollar for central banks to hold. And the US also grabbed Syria’s gold supply on its way out, leaving only the oil exports as a U.S. trophy of its conquest. It did the same with Afghanistan’s gold reserves on the way out. So obviously the United States anticipates gold returning to a major role in the world’s monetary system. (To add insult to injury, when U.S. officials finally gave back Iran money that it had seized from its reserves, it called this a gift and Congress attacked the act.)
The big question is how aggressive U.S. financial policy can work over the long run? Will it drive other countries away? Will it become as self-defeating as other U.S. international game-playing?
Let’s talk about how the world’s monetary system is likely to evolve in response to American attempt to gain financial control.
To me, any such attempt seems impossible to achieve. How can America or any other nation imagine that it can base its international power on finance alone? All countries can create finance and money. But not all countries can industrialize – or in the case of the United States and Germany, to re-industrialize.
The United States has deindustrialized, and its neoliberal privatization policies have loaded down the economy with an enormous overhead of debt service, health insurance costs and real estate costs. the FIRE sector (Finance, Insurance and Real Estates) has increased its share of reported GDP, but its income is not really for a “product” at all. It is a transfer payment from the production and consumption economy to the rentier sector. That makes America’s GDP much “emptier” than that of China and its socialized market economy. When the cost of credit and rents go up, so does GDP.
Money today is created on the computer. Any strong and self-sufficient nation or regional grouping can create its own money. They no longer need to base their money and debt on silver and gold bullion.
So I think that Trump is living in a past world – especially given the right-wing Republican “hard money” crowd pining for the old gold-exchange standard, insisting that government money creation is inherently inflationary (as if bank credit is not at all). I guess that’s what makes him a genius: He’s able to hold two opposing views at the same time, each with its own logic that contradicts his other view.
The United States was very strong in the bygone world when gold was the major asset of central banks. In the wake of World War II the U.S. Treasury was able to monopolize 80% of the monetary gold of the world’s central banks by 1950, when the Korean War broke out. Other countries needed dollars after World War II to buy U.S. exports, and to pay debts denominated in dollars, and they sold their gold to get these dollars.
But by 1971, U.S. foreign military spending had dissipated that control. The statistics that I compiled for Arthur Andersen in 1967 showed that the entire U.S. balance-of-payments deficit – the deficit that was draining U.S. gold – was U.S. military spending abroad. So the monetary reserves of central banks came to consist mainly of U.S. Treasury debt that they spent their dollar glut on. That was the change that my book Super Imperialism described in 1972. But U.S. attempts to weaponize finance has led countries not only to try to avoid holding more dollars, but to avoid leaving their gold in storage in the United States or Britain. Even Germany has asked for its gold reserves to be sent back to it from the New York Federal Reserve bank where much of Europe’s central bank gold holdings have been held since the 1930s saw a flood of flight capital to the United States as World War II was looming.
Like domestic currency, international money is debt, unless it is a pure asset such as gold. The US was able to replace gold with U.S. government and private debt largely because it provided a platform for international payments. That seemed to make it “as good as gold” for international reserves.
This does not look like it’s going to be a permanent state of international affairs. Anyone can create money. But how do you get it accepted? That’s the problem facing the United States today. As U.S. debt grows, how long can it get the dollars accepted by other economies if there’s no inherent need for other countries to use it to make payments on their own foreign trade, lending and investment?
Money is public debt. Whether it is issued in paper or electronically, it preserves its value ultimately by being accepted to be paid in taxes. But Trump and the Republicans want to cut taxes. If there’s no need to obtain dollars to pay taxes, why hold them?
The foreign debt tangle
One support for the dollar is the need for Global South and other debtor economies to obtain dollars to pay the foreign debts that they have run up. But how long can this last? Here’s the problem: If they pay the foreign debts that they have run up by following destructive IMF, World Bank and other Washington Consensus policies, they will not have money to invest in their own economic growth. Whose interests will they put first: those of U.S. bondholders and banks, or those of their own economy?
Stated another way: How long will debtor countries agree to remain in a system that had promised to help them grow, when all it has done is leave them further in debt and forced them to sell off mineral rights, infrastructure and public enterprise to raise the money to pay these debts in order to maintain their exchange rates? The system is rigged against them.
This problem is being exacerbated today by the dollar’s rising exchange rate against many other currencies. Trump’s ideas are very muddled in trying to confront this problem. On the one hand he has talked about wanting a lower exchange rate for the dollar. He believes that competitive devaluation would somehow be able to make U.S. exports more competitive. But the U.S. economy already is too de-industrialized under neoliberalism to rebuild its industrial power in the foreseeable future. So forcing the dollar lower is impractical as a means of spurring U.S. exports.
Trump has spoken about reducing interest rates to help fuel a stock and bond-market boom. For many countries – such as Canada – lowering interest rates leads to a capital outflow to foreign countries paying higher rates. But the U.S. economy is different. QE’s lowering of interest rates actually attracted foreign capital, thus raising the dollar’s exchange rate. Lowering U.S. interest rates after Paul Volcker’s interest-rate peak of 20% in 1980 led the biggest bond market rally in history, along with a booming stock market attracting international investors.
For starters, anticipation of Trump’s policies have been driving it way up. Just since last October the Canadian dollar’s exchange rate has depreciated so that the US dollar buys C$1.44 up from C$1.34. The price of a euro against the US dollar has fallen from $1.12 to $1.03. And the currencies of Global South countries are under heavy pressure as a result of trying to keep current on their US dollar bonds and other loans denominated in dollars.
So for better or worse, it looks like we’re in for a strong dollar this year. And Trump has made it clear that he wants to keep the dollar’s “exorbitant privilege” of being able to simply prin money, leaving other countries to keep their currencies from appreciating and hurting their exports by recycling their dollar inflows to keep buying US Treasury IOUs. But these IOUs are soaring as the budget deficit explodes.
A related problem is how long easy Federal Reserve credit can keep inflating stock and bond prices, given the rise in arrears and defaults. The largest threat is that of commercial real estate, whose schedule mortgage payments exceed current rental income as older buildings face rising vacancy rates. Take commercial real estate. 40% occupancy rates in old buildings. And they can’t be gentrified for residential use, because they don’t have open windows for fresh air, or good views—or neighborhood support. Like London’s financial City area, Wall Street and other U.S. financial centers in high-rise glass buildings no amenities, views, mixed-use neighborhoods, or fresh air from opening windows.
In the consumer sector, automobile loans, credit-card debt and student loans are falling deeper into arrears.
Something has to give. And this will affect not only U.S. financial markets, but the balance of payments as foreign capital flees to safety by leaving the United States. That would be the first time in more than a century when this flight to safety is away from the United States, not to it.
The U.S. economy has been re-designed to inflate financial gains, even while de-industrializing by outsourcing its labor force. So what seemed to be U.S. industrial has been replaced by financialized de-industrialization.
That means that the drive by BRICS to defend themselves collectively against U.S. hegemony implies really a fundamental broad and split in what is a desirable way to organize economies. opposing finance capitalism as predatory. Esp. as Trump is trying to push it, by imposing sanctions against countries moving away from dollars.
ADDENDUM:
Gillian Tett, “Dollar power means tariffs are not only game in town,” Financial Times, January 11-12, 2025, renews her commentary on weaponizing the dollar with a curious comment the Trump’s proposed Treasury Secretary “Bessent has also suggested that countries with military protection from America should be forced to buy more dollar debt, as a qui pro quo” by going to these countries ‘and say we have these 40- or 50-year military bonds [to buy],’ he said, citing Japan, Nato members and Saudi Arabia.’”
But surely such large purchase would bid up the price of the dollar, driving down the euro’s exchange rate and that of the yen. On the one handthe Trump administration wants a new version of the 1985 Plaza Accord that “bullied others into a revaluation,” but Trump has announced his aim both to lower the dollar’s exchange rate – as if this will make its industrial exports more competitive – and to demand that other countries buy more U.S. Treasury securities, bidding up the dollar.” As a Chinese proverb says, “He who tries to go two roads at once will get a broken hip joint.”
Notes
[1] Gillian Tett, “That is Maganomics,” Financial Times, January 4, 2025.
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The U.S dollar is the number one weapon against all others.
Paul Craig Roberts has described early in his working life how, when he asked his boss, do we get so many countries to work for us and against their best interests, his boss said we pay them, Paul thought he meant aid and subsidies and such things, his boss stopped him. No, he said, we give the leaders large bags of cash.
We have heard the stories of large pallets of America greenbacks sitting on the skirt of the runway in Afghanistan waiting to be picked up by the tribal leaders, this is how a gangster empire operates, that is why you cannot have just a few at the top… leadership models of the past are to easy to compromise by the dollar printing press.
This is also why war with Russia will continue and China will be next, the dollar must reign supreme in the gangster empire.
Maybe he is quietly doing the best possible thing for the American people (intentionally or through ignorance) and utterly destroying the Federal Reserve Note while there is a small, marginal chance that this country can rebuild itself without plummeting into a dark age that lasts a century.
This is a pretty good description of a house-of-cards built on a foundation of shifting sands. It’s a pretty good description of the entire “American” project. As a matter of Natural Fact it’s a damned good description of “civilization” itself…that Golden Idol before which bow all “self”- captivated peoples in the virtual world-o’-hurt where the make-believe of “money” reigns supreme.
The I Ching’s Hexagram 23, Falling Into Ruin, is perhaps the most telling of all regarding the condition our domesticated Human Relations’ Condition is in here near THE END of Days. In its essential nature “money” is toxic, corrosive, and addictive. All of these devastating properties are only intensified and accelerated in their effects when the damned stuff is “ weaponized,” as it is already to a great degree. Nor will its deployers be somehow exempted from those effects intended to damage only “others” designated arbitrarily as “The Enemy.”
The signature feature of any Fools’ Game, of course, is that any number can play. It’ll be interesting to see whether among the “civilized” there remain any with enough residual good sense to stay out of this one. What are the odds offered either way by the papered professional experts who opine with such confidence on other aspects of this grim “picture”?
“Something has to give”
It’s a safe bet I think that DJT has not read David Rogers Webb’s book; The Great Taking (free at thegreattaking.com). I have and it has altered fundamentally the way I view the global financial system (GFS) and in particular, the unpayable debt of the US. The GFS is, in effect, the greatest long con of all time. The “something” that will give is not something, it’s everything.
David’s thesis (first referenced here by Ellen Brown: https://www.unz.com/article/the-great-taking-how-they-plan-to-own-it-all) is essentially that the financial system we know and love has been designed both 1) with a planned limited lifespan and 2) with a spectacular outcome in mind when its purpose has been served. That purpose is to (legally) strip all collateral from everywhere in a cataclysmic collapse which leaves the few “protected” banks capitalized (the rest will be wiped out)- and their shareholders consequently the owners of pretty much everything. Those living wills make a whole lot more sense when the very outcome you seek to achieve is the orderly destruction of most banks.
The first quote from David’s book in Ellen’s article is a must read for those new to this theory. The exit strategy planned for the hyper-indebted US is nothing less than the controlled demolition, not only of the Dollar, but the whole monetary system with it. Who will be counting how many trillion of debt is wiped out when the entire edifice has simple gone?
Enter CBDC’s. The worldwide push to develop CBDC’s at the behest of the BIS is underway under the watchful eye of the Atlantic Council (wait who?) – yes, the Atlantic Council: https://www.atlanticcouncil.org/cbdctracker. Ah, but the BRICS are de-dollarizing I hear you say. Well oddly the Atlantic Council (above link) seems to see this as a feature and not a bug:
“All original BRICS member states—Brazil, Russia, India, China, and South Africa—are piloting a CBDC. Since last year, BRICS has actively promoted developing an alternate payments system to the dollar”
Radical thought: The usual suspects who control the central banking system are building a replacement CBDC-based global financial system not to continue neoliberal capitalism, but as the system to implement what WEF refers to as “Stakeholder Capitalism”. That’s techo-feudalism in plain language – the system post the Great Taking where a tiny number of trillionaires own everything and you own nothing (you will not be happy).
Of course big steal itself will almost certainly be perpetrated under cover of war plus, inevitably I guess, another plandemic. And if the WEF’s war games are anything to go by, just as COVID19 followed Event201, so Cyber Polygon will be followed by a very real cyber attack, blamed on the enemy du-jour. In the aftermath the anger at the monstrous theft will be off the charts. But when the old financial system has simply *gone* shoulders will be shrugged and those few of us without smart phones will be issued with one so we can download some CBDC good behavior tokens with which to purchase food. It’s as audacious as it is nuts, I’ll give them that.
Just a conspiracy theory? Well my own view is the theory which explains the largest number of observed facts is likely the right one. As some smart fellow once said “debts that can’t be paid, won’t be”. The alternative hypothesis, that there is simply no plan and the banking dynasties who’ve spent in some cases hundreds of years accumulating power, are simply waiting for the end – seems even more incredible.
a house-of-cards built on a foundation of shifting sands…As a matter of Natural Fact it’s a damned good description of “civilization” itself
You sound like you’ve lost hope in civilization. Is all civilization bad? Is civilization good up to a certain point, until “the make-believe of “money” reigns supreme”? Do you feel like a primitive state would be better, such as one might find within a remote tribe?
You also state:
In its essential nature “money” is toxic, corrosive, and addictive.
Does money have an essential nature? Is it not like any other tool, which has no innate moral quality, but only becomes either good or evil in the hands of man? Certainly, money can be toxic, corrosive, and addictive. And, the love of money is the root of all evil, as the Apostle Paul says. But, perhaps in a healthy civilization, it might be possible for money to serve a purpose that is more beneficial and less destructive.
The father of the modern world economic system is JM Keynes. America richly abuses this system and, in this regard, I agree wholeheartedly with your comment. But, while Keynes was an elitist technocrat who thought that regular people were too stupid to be involved in running a modern economy, the original system that he designed is much different from what we have today.
Gradually, over time, America has taken that original system and transformed it into a tool of unprecedented malice. Whole countries are enslaved in debt and betrayed by their own leaders, who seek selfish personal gain over the greater good.
The Americans have abused this system for a long time. It has been weaponized with success, to the extent that people like Trump believe that the US dollar is all-powerful and cannot be defeated. This delusion is reflected in Trump’s desire to simultaneously weaken and strengthen the dollar, while sanctioning his enemies and enriching his allies.
The world has tired of being pushed around by America and its weaponized dollar. The only reason that it remains is because there is no viable alternative, at the moment. America has divided the world, so individual countries can trade with partners using their national currencies. But, there is no international currency–like gold was, the dollar is, or the bancor that Keynes envisioned–that can be used by all countries.
Someday, the dollar may be replaced by some kind of global currency that can be used in international trade. All countries could have a say in its operation, rather than being dominated, abused, and weaponized by one country. It’s a good question if this new currency would be any better than the dollar, or if it would prove just as toxic, corrosive, and addicting as what it’s replacing.
I think in some years or a couple of decades from now the US will be viewed in Europe (except in the UK populated by subhuman Anglo slave race, Pakis and niggers) the way the USSR was viewed in Eastern Europe. America will be seen as an occupier. Today’s pro-American puppet regimes in Europe look somewhat stable now, but so did the Communist regimes back in the day.
How is the USD not already ‘weaponized’? — the US has long exploited/abused dollar hegemony in international trade, as well as the international financial transfer system, to impose sanctions — these sanctions are often described as ‘crippling’ — that sounds like ‘weaponization’ to me.
This Old Indian, along with surviving Free Wild Natural Peoples of every Kind everywhere, never did have any “hope in civilization.” Whatever it might be at-home, wherever if anywhere that might’ve been, “civilization” in every one of its several outbreaks here in the LivingLoving Arrangement of Earth and Sky, presents as a wasting disease.
As far as a “primitive state” goes, does it get anymore so than sticks-and-stones? Just because the “arrows” are now hypersonic missiles and the rocks are bunker-buster bombs, their essential nature remains what it has always been….as has their purpose which is as always to keep the world in fear. The make-believe of “morality” has nothing at-all to do with any of that, or with the essential nature of any other “tool.”
Here in Indian Country we don’t have the luxury of going by the make-believe of “philosophical” and other sorts of abstraction. We can only go by the actual observable effects anything has in and upon our Natural LivingLoving Arrangement. We see that “money,” when it shows up here poisons whatever it is mixed-in with. We see that it eats away at the Organic connections we have to each other and to the Whole LivingLoving Arrangement. We see that those using it become “dependent” on it, and make it the main focus of their misplaced precious attention, like any other addictive thing. Again, “morality” has nothing to do with it.
Finally, all the false hopes of all the “civilized” people there are or have ever been have not made and cannot make “healthy” something that is in its own essential nature, as revealed in its actual observable effects here, a wasting disease. Ask the ghost of Lou Gehrig
Anyhow, every “currency” exhibits these effects, go(l)d included. The damned stuff simply is what it is. So sorry, deejay, but things are what they do, and they do what they are here where we are actually living and breathing every Day. Wishful thinking won’t change that.
Thoughtful response. Thank you. It helped to clarify the first comment you posted
“The United States has deindustrialized, ;;;”
That was years ago. The US is now onshoring.
Example: The new Taiwanese Semiconductor Plant (TSMC) near Phoenix is producing the same leading edge 4 nanometer chips as they do in Taiwan in the 1,100 acre facility with the same quality as Taiwan.
https://www.voanews.com/a/taiwan-chipmaker-starts-making-4-nanometer-chips-in-us-official-says/7933080.html
Honda, Toyota, BMW, Mercedes, Nissan, Subaru, Volkswagen all have factories here.
So, please update your article. Yeah, the US is stupidly using its financial transaction system to hurt its enemies and it is stupid. James Rickards has written about that for years.
Oh, by the way the US didn’t steal Ukraine’s gold, it was shipped here by the Ukraine government in 2014 well before Zelensky and the Russian invasion. The Democrats started that war and its a boondoggle. The Democrats are the War Monger Party. Totally agree. Hope Trump stops it cold -immediatley on becoming president.
Onshoring (as I understand it) is when a local company ‘brings back’ production from offshore, or moves it within its own country. Not exactly what is going down with the TSMC Arizona plant. But perhaps the definition is more fluid.
However it is, TSMC is an interesting case. First, the plant exists because of an almost 7 billion USD federal subsidy. So the question becomes, at what point does the ‘host’ country (the US) begin to financially benefit from its ‘investment’? A corollary is how many of those dollars flow back to Taiwan?
Second, half the employees are from Taiwan. So it’s not as if it can even be called a ‘US’ facility, at least from a worker’s or management standpoint.
Third, and most important, US policymakers have been recently talking about a so-called ‘scorched earth’ policy for the day when China invades Taiwan. That is, destroying the island’s infrastructure to keep existing tech out of China’s grasp. Perhaps the Arizona TSMC arrangement is a precursor? A bet-hedge, as it were?
They are essentially robotic assembly facilities, with a majority of component parts not made in the US. This creates a big question mark for any Trump tariffs. That is, how imported parts will affect the amount of tariff on the final assembled product? No one knows yet, how that will be calculated.
All during the 1800s, there was intellectual debate in America on the best form of money and credit. Many of the topics considered are still with us today: whether to have a central bank lender of last resort; whether to limit fractional reserve lending at some level; whether to back paper currency with gold or silver; which banks might be authorized to lend into existence the legal tender, etc. Right at the outset of that century, the second national bank was not even incorporated, and it was gentile, almost a sole proprietorship.
How to make clarity now in the age of weirdness deep into WWIII, the endtime? Simplify money!
Money is about redistribution. Credit to the wisdom of Constant Walker, but he might mention potlatches, mumis, and San Bushmen bringing meat back to camp to establish authority. Money is good; it is necessary; it is essentially carbohydrate running up and down plants, built by the sun, water and CO2.
The various schools of money and credit tend to ignore the central issue of national authority, whose money is it anyway? This question was settled in the City of London in 1666 when jewish goldsmiths were handed seigneury of the currency. Now for a wrinkle. Whose money it is will be seen in seigneury more than in who issues. For example, Eurodollars are issued not by the Fed or domestic state and commercial banks. They are denominated in the jewish 1871/1913/1927 currency, the USI legal tender, that props up genocide in Gaza by the people who own it.
Seigneury of American currency was ceded/outsourced by Congress in 1913 for two decades, then made a permanent capitulation under the 1927 Mcfadden Act. Ironically Mcfadden was later poisoned, “thrown away like a Kleenex” for overcompensating with “antisemitism” his Roaring Twenties’ brain fart. The world wars predicted by Pike began soon after 1913. So did Balfour and the Bolshevik Revolution in Russia, which had been an American ally in the Civil War around the time of the sovereign Greenback. That the Greenback was succeeded by Presidential assassination, incorporation in Warshington DC (not even a state), and an attempt to rescind the Greenbacks at par for USI gold, was just a cohencidence but undoubtedly Pike’s letter predicting three world wars for satan, that appeared a few months after incorporation, was no joke.
Congress apparently has done no wrong except being bribed to serve the jews instead of serving a sovereign nation of the people. I think once you are talking about a corporation after 1871 you are no longer talking about real people. It’s all a mirage like the levitating capstone and “annuit coeptis” (God approves) on the legal tender notes; an Orwellian inversion of divine right. Constant Walker says all money is bad shit. I think that is true of counterfeit only. And we know, bad money drives out good, Gresham’s law. You would not repay your debts with anything of real value if you could do that with monopoly money you bought a billion dollars of on Ali Express for $3.95 shipping included. The DXY only tracks all the counterfeit currencies out there, owned by the usual suspects, not any nations anymore.
Excuse me Biden been President last 4 years he the 1 weaponizing dollar and failed miserably can u say BRICS u sound like just another liberal hack u can have America last we over that Barry Obama
10 year treasury is now at 4.78%
that means in 2025, 30% of Federal Revenues will be consumed by interest payments.
The Weaponization of the Dollar has backfired significantly; but the Hegemony still applies much pressure on Global Trade by their Sanctions.
The Weaponization used to work very effectively since until recently – the U$Dollar was the Global Currency of Energy. The PetroU$Dollar Scheme no longer controls the Hydrocarbon Energy Trade. BRICS+ Members China – the World’s Largest Importer of Hydrocarbons – paired with Major Hydrocarbon Exporters Saudi Arabia, Russia, and the United Arab Emirates – managed to bring about alternatives to settling Hydrocarbon Energy Trades with their Currencies, Major Currencies, Gold, and Barter – on various settlement platforms.
The BRICS+ and Affiliated Trade Blocks of the SCO/SilkRoad, OPEC+, and RCEP-Asia should prosper outside of the Energy Trade as Major Trading Block Currencies, Gold, and Barter replace the U$Dollar for trade settlements.
No requirements to buy+hold U$Treasuries for Settlements and Profitkeeping Investments.
A Brave New World…
lol like the shithead wannabe moralistic Piece of crap Republicans don’t support war as well.
Thank you. When the U.S. was the dominant auto manufacturer the great economic impact on employment was all the auto subcontractors and their subcontractors. As you noted, most the parts being assembled are imported. U.S. labor will never be competitive if we try to re-industrialize because of the huge burden of health care and housing costs. Also, we have lost a generation of industries that support manufacturing. A few years ago a friend was starting a business but could not find any tool and die companies who could meet his needs or had any extra capacities.
Your comment answers Hudson’s question: as long as America can continue to bribe their comprador elite. Stated more thoroughly, as long as the Americans can pay the comprador elite more than the Chinese can.
I appreciate your comment. This sophistic argument is always put forth by techno-capitalists seeking to profit regardless of the consequences – hey, I just put it out there, it’s up to you to use it for good! If a certain technology has a negative impact, it is undesirable and should be banned. Pretty simple, no need for moral essentiality hocus-pocus as Constant Walker said.
Well, sure. China also subsidizes key industrial sectors. Point is the US is showing intent to re-industrialize. Jury is out. But the this chip factor in Arizona is a positive indicator.
Regardless of nationality, they are under American control. Now that they are on US territory hard to see them charting an independent course.
Makes sense. Similar to Ukraine’s gold being moved to America prior to the war. An indicator?
I am skeptical of all the prophecies that the sanctions will undermine the role of the US dollar as a reserve currency. In recent years, sanctions have become ever more numerous and brazen.
Let me remind you that the US is confiscating part of Iraq’s oil revenues. They have to park it at the NY Fed and whenever Iraq comes up with stupid ideas, e.g. to sign new contracts with Iran, the US threatens to freeze these funds. The US has also brought the Russian Arctic LNG 2 terminal to a complete standstill. They have frozen the central bank reserves of Iran, Afghanistan and Russia. In earlier times, that would have been a declaration of war.
I could go on forever, but the point is that despite more and more and more sanctions, nothing is happening. The dollar’s share of global transactions has actually increased since 2022. The oh-so-great BRICS is unwilling or unable to do anything about it. The truth is, whether we like it or not: the US dollar is the one-eyed man among the blind. Thanks to the City of London, the Eurodollar system and the international system itself, it is almost impossible to replace the dollar. Will the dominance of the dollar end? It propably will at some time in the future, but not in the next 5-10 years. I’m too old and have read too many prophecies along these lines that never came true to still be fooled.
I.e. socialism?
Ukraine’s government was overthrown/disposed in 2014, and its constitution was re-written to accommodate the biggest land grab in modern history by Vangaurd, Blackrock, and Monsanto. At the same time Ukraine’s gold was relieved of its previous owners. Call it what you will, but people used to refer to it as piracy
Same Gillian that moderated the Victor Pinchuk event with Petraeus and Snyder show,?
Ostensibly. I don’t think America is able to ‘re-industrialize’. At least on the scale of pre-outsourcing days, and throughout the wide economy. But I’m not Criswell, and cannot predict the future. Your guess (or anyone else’s) is as good as mine.
Getting back to TSMC, the subsidies have to be managed carefully, and would seem to be more extensive than first mentioned. At least if the operation is expected to be profitable in any sense. In addition to the 7 billion dollar grant, the company is said to have been promised additional 4 or 5 billion dollar ‘below market’ loan guarantees. Plus, local and state tax subsidies. Concessions were necessary for the company to bite. Why? Read on…
TSMC faces a peculiar tax burden. The US doesn’t have a formal ‘tax treaty’ with Taiwan. What this means is that taxes on profits will be ‘double taxed, by both the US and Taiwan. Some in the financial press speculate this could decrease actual profits by 50%.
The reason is political. Because of the US governments formal adherence to a ‘One China’ policy, it cannot negotiate a bilateral treaty with Taiwan; the US does not formally recognize Taiwan as an independent country. Last I read, Congress is working on ways around this, but nothing has happened, and probably won’t until the new administration becomes settled.
From a management standpoint, another almost humorous quirk arising from the deal is that TSMC has been criticized for preferring Chinese (Taiwanese) employees over Americans. The company’s day to day management style hasn’t exactly been embraced by new American workers, who were expected by TSMC to work like their Taiwan counterparts. That is, long hours/do as you’re told/be productive at all times/don’t jump off the roof. American workers weren’t used to it, and unwilling to go along with that. My guess is that Rudy, the Union Steward, is actively signing workers up, in order to rectify the situation. LOL
I found this discussion both enlightening and depressing at the same time. The discussion is fair and accurate as far as it goes, but does not deal with an obvious anomaly of the highest order.
First, the three examples to follow are not anecdotal but rather typical of their loan-market-type.
The first is from the CBC (Canadian Broadcasting Corporation) website purportedly-advising Canadians on the high-cost of payday-loans (cbc.ca website, Payday Loans: Short-term money at a hefty price. October 4, 2006) (in material part):
but the interest-rate objectively defined by that transaction is just over 180,000% per-annum. It is a fairly simple calculation, and easily verifiable:
=(((1+(100/300))^(365/14))-1)
= 1807.54 or 180,754% per annum.
If a virus or price-inflation is growing / occurring at the rate of 33.3% every 14-days, then virtually no-educated-professional will have any problem determining that the annual-rate of growth / inflation is 180,754%. But throw a (credit-based) dollar-sign in front of the numbers and it is as if people’s brains short-out or cannot quite grasp the reality of it, and instead go into a combination of systemic-blindness and denial.
If price-inflation is occurring at a constant-rate of 100% per month, then something that costs $100 today will cost $200 one-month from now, $400 two-months from now, $800 three-months from now, and $409,600 one-year from now. The annual-rate (rate-per-annum) of inflation is literally 409,500% (409,600% – 100% original price / principal). If I were to respond to the reality of it with: “Yes but 100% times 12 is 1,200%, and there are in fact twelve months in a year,” then I would be sent back to junior-high-school for not paying attention and / or for not doing my homework.
It is just-plain-stupid, yet this flat-out-embarrassing logic-flaw (and cognitive bait-and-switch) has been engrained into the global-finance-system owned-and-operated by the same entrenched-financial-power that also gains the benefit of the deceit and deliberate mal-education of the masses.
Likewise in the U.S., as per the following (second) example. The article is legal-commentary from a lawyer and lawyers-website in the U.S. The state of our reality is reflected in the details and layered-complexity of his brief description of a consumer loan contract in the U.S. (in material part, emphasis added):
So what is wrong with the article?
While the amounts regardless define an egregiously-exploitive-transaction, the real-story is the prima facie innumeracy (mathematical-illiteracy) of the lawyer(s) and of the judge(s) / Courts.
The rate-of-interest defined by the terms of the loan is 93,368% per annum and not 838%.
=(((1+(60/200))^(365/14))-1)
= 933.6865 or 93,368.65% per-annum (to the same two decimal places).
If you had what the bankers call an effective / real-interest-rate daily-accrual savings-account, then it would have to pay interest at a rate-per-annum of 93,000% for $60 to accrue on a deposit of $200 over fourteen-days. (At a real 835% per-annum the bi-weekly payment would be about $18).
The lawyer / author is employing the so-called nominal method of interest calculation that is required by law in the U.S. under Regulation Z of the 1968 Truth in Lending Act, while being concurrently prohibited by law as both civil and criminal fraud in the U.K. under and since the U.K. Consumer Credit Act of 1974.
And in the third example, in an especially-telling-example dated July 1993, american express (U.K.) placed a 16-page advertising-supplement / insert in the U.K. edition of Esquire Magazine. In it, the company (management) set out to persuade readers that existing or potential U.K. amex-cardholders should use their amex-cards (or get one) rather than risk running up an overdraft at a U.K. bank. The insert claimed that U.K. banks were attempting to recover from disastrous losses in the then-recent housing-price-collapse, by milking their customer-overdraft-accounts.
The piece featured an example of a £200 overdraft for which a major U.K. bank had charged total interest / credit-charges of £118.90 for one month (59.45% per-month). Although the clear and stated purpose of the piece was to educate consumers as to the “astronomical effective interest rates” defined by short-period credit, it chose to state, claim, and (falsely) disclose / declare, in large-red-letters in the centre of the page (and throughout), that the effective annual rate is 713%, instead of the mathematically accurate and legally required 26,911%.
=(((1+(0.5945))^(365÷30.4))−1)
= 269.911 or 26,911% per-annum
Why would they do that?
Why would management (and their solicitors) at american express choose to deliberately lie and also violate the CCA, and the criminal-law, while also directly undermining their own thesis and message by understating the real-rate by a factor of 37-times?
It is just more relative damage-control, where violating the CCA is deemed a lesser-evil than exposing the public to the true-magnitude of the rates being exacted via seemingly small-amounts turned-over-quickly by the nominal financial-services industry.
And critically, this is not merely a massive and near-inconceivable financial-crime – it is sedition and treason – in-fact and in-law. amex U.K. and its management and solicitors weren’t just violating, but also deliberately and methodically undermining, the law (sedition) for the purpose of facilitating the ultimate-destruction of the U.K.’s real-economy, and as a subsidiary of a foreign-entity (treason).
So all the economic theory is pretty much meaningless in a world where the oligarch control structure can receive interest income at 93,000% per annum from debtors who are only paying 835% per annum. A world under the control of professional schizophrenics who genuinely believe whatever is necessary for the answer they need.
And critically, a world ever-increasingly comprised of masses of consumers whose inability to understand basic math would make an early 20th century high school student blush.
‘the US also grabbed Syria’s gold supply on its way out, leaving only the oil exports as a U.S. trophy of its conquest.’ — Dr Michael Hudson
This sentence is baffling in multiple ways. Its internal logic is defective: if the US grabbed gold AND oil, then why are ‘only’ the oil exports a trophy of conquest? Seized gold isn’t a trophy?
Second, ‘Syria’s gold supply’ is commonly understood to mean gold held by Syria’s central bank, in Damascus or in custody elsewhere. But that’s not what happened here:
https://www.dailysabah.com/syrian-crisis/2019/02/26/us-army-transported-50-tons-of-gold-from-syria-report-says
Strange sentences and glib misstatements do not give confidence in the content of this essay.
A more interesting question is how terrorist groups obtained and moved tens of tons of gold, an imposing logistical task.
Drill, baby drill? Until America becomes energy independent it goes nowhere and that she needs to drill every corner of America tells me something is indeed wrong?
Cant u people stop lying? One example:
https://www.reuters.com/markets/commodities/syria-retains-26-tons-gold-reserves-after-assads-fall-sources-2024-12-16/
US didnt steal Syria gold
Nothing like a good nuclear war to balance out all things naturally… let’s go for it, shall we?
Yes, U.S. foreign policy is a payola policy. Foreign aid is meant for the leadership, not the populous. We care not how murderous or uncivilized the top, U.S. policy is pragmatic.
I hope you’re correct but don’t underestimate and ‘Beware the Power of The Cabal’.
Weaponizing the dollar 💵 and ‘lawfare’ are all tools of the satanic, or at least
Godless, international Jew.
Unfortunately, we are all slaves to that pound of silver.
The only strong dollar is a dollar that is 100 cents for all which means that raw material producers, farmers and mining, are paid such that their dollar is a 100 cent dollar compared to manufacturing and service sectors.
Right now American Farmers are getting a 33.2 cent dollar:
Here is an important chart that shows America’s dollar decline relative to paying the farmer their due which smart people will understand correlates to America’s collapse, that is accompanied by a Letter to what was the first Trump Administration.
http://normeconomics.org/parity_table_45-16eb.pdf
A comment from Mr. Hudson would be appreciated!!!
Hence the first paragraph.
“Here in Indian Country…:”
I’m part Indian, but not enough to get any of that Federal “free money,” or free healthcare, or a free education. I have also spent many days over the years on Indian lands and around Indians in the Four Corners area and other parts of the American Southwest. What stands out is their US governmental dependence and that most of these Indians, though nice people, have long ago lost their warrior spirit. The never-surrender fighters were apparently all killed off.
Plenty of Indians, just like ghetto negros, would be extremely upset if their monthly Federal injection of “poisonous money” was ever cut off; like tens of millions of welfare blacks, browns, and whites, the Red Man is absolutely dependent upon that government check. I believe that most Indians, the ones without the support of a casino, would be up shit creek without the white man’s welfare because they have lost the ability to live frugally off the land. And what’s a Red Man gonna do when he needs to put a new engine in his truck, or a medical operation? Sell all his sheep? And then what is he going to eat?
I can understand where you’re coming from: your sense of loss is similar to my sense of losing a white, can-do, pull-your-own-weight America. The world you want and the world I want is gone for good, and there is nothing we can do about it now. All we can do at this point is to get our own house in order by preparing for the worst while hoping for the best.
December 17, 2024 Visualizing $102 Trillion of Global Debt in 2024
In 2024, global public debt is forecast to reach $102 trillion, with the U.S. and China largely contributing to rising levels of debt.
https://www.visualcapitalist.com/102-trillion-of-global-debt-in-2024/
Same seems to have happened to the “Fighting Irish”, who were vanquished and dominated in 10 years by Google and the Jewish Social Media, et al.
Here is a live link for clicking, and reading.
https://www.visualcapitalist.com/102-trillion-of-global-debt-in-2024/
The Dollar is still king, when it comes to traveling. Picking up another bank acct. in a country that is undervalued is a good ” just in case” stash.
Or take Highway Poupon One to the East. You know what I mean.
The Banksters of the kind that infest Wall Street,, have ALWAYS lusted after the resources of Russia/Ukraine. Wall Street financed the Bolshevik Revolution because they wanted Russian natural resources. Wall Street still wants those Russian resources today. Asset grabbing is what Wall street and its Monopolists have always done, often using the US War Machine as its Hammer.
Not only tribal leaders.
I’ve read, here and there, that not a few
Americans made off with a few bundles,
pallets of 100s, including L. Paul Bremer,
former God-King of Iraq.
So I’ve read.
5ds
…and
ask fishy individuals on Wall St if any wandering gold has been found.
5ds
That’s what happens when you have spent a lifetime listening to lying, duplicitous Jews while knowing they are lying duplicitous Jews. 🤪🤪🤪. Where are all these Jewish financial “geniuses”? The Jewish created central banking system that was suppose to PREVENT all of these problems? Oh right they are fucking the white world taxpayers while trying to control the entire world using the US as their bogeyman. The billionaire globalist Jews fuck the world while the Jews professors tell the class the “white people” are the worst evil ever!
A GDP that increases when Jewish usuary (debt) and enslavement (rent) INCREASES? Is that Free DUMB? That is our current Jew model for an economy? And BlackRock is buying up PRIVATE residential properties and boosting the rent?
When the US economy implodes, NEVER FORGET – the JEWs did it!! And what better man to BLAME as the scapegoat than Trump and his WHITE people!?!?
Why not just eliminate the corporate income tax, and transfer that to short term capital gains (1099-B)? It would be more effective than a “transaction tax,” IMO, and people, for whatever reason take nominal rates more seriously than real rates – and “no corporate income tax” is a good investment lure.
My pet peeve on “tax rates and inequality” is I concur with many who argue it, but when I get into the details, they just want to defend the government admin state. Same issue with the financial industry – “ELMINATE THE 1099!” It’s basic realistic thinking to maxmimize a group’s interest, and everything is a mess.
American and british criminality, viciousness and untrustworthiness will eventually come to its final end, as people increasingly understand that everything american and british say is a lie, that their words mean nothing and that as soon as they feel like it, they will rob cash, gold and other deposits in their reach. You shouldnt never trust anything this scum says and let them handle your deposits. The truth is that all the physical gold deposits that nations gave to american and british are gone and they are never going to return them back volunteerly.
True. All the Western Empires prospered by piracy, looting of other countries.
Let’s define what money is. If money is debt, then what type of debt do we have? We have interest-bearing debt represented by loans given out from banks. We have non-interest bearing debt of the sovereign, which is cash and cash equivalents generated by the US Mint. And we have real money, like gold and silver.
The durability of a debt-based monetary system is the ability to move from one to the other based on trust. If you don’t trust the banking system, then you can move away from interest-bearing debt provided by banks, to the non-interest bearing debt of the sovereign (cash.) If you don’t trust sovereign debt, then you can move to gold, foreign sovereign debt (cash), or bitcoin. As long as you can move easily between different forms of debt-based currency, you can then mitigate the effects of any one currency. Even everyone who works inside the BRICS system wants the option to move out of it when circumstances dictate, which is being able to go back to the dollar when necessary. Thus, it’s very hard to declare that the dollar is doomed when the new forms of debt have no track record.
Also, if debt is money, then debt expansion is just monetary expansion. Monetary expansion is just the supply and demand for money. So, if debt is expanding because people want more money, how does this indicate a problem? Other than inflation, what is the concern? Furthermore, inflation is of a certain type: there is a difference between inflation as a result of a decline in the monetary standard and inflation as a result of changes in supply and demand. Observing any price increases has to keep that distinction in mind, something the Federal Reserve refuses to do.
If we want to create monetary stability in the US dollar and strengthen it, then why not go back to a Bretton Woods style system? Just create a new gold standard based on the 30-year moving average for the dollar-price of gold. If gold is currently at $2700, and the 30-year moving average is anywhere below that say, 1700, then you cut taxes, regulations and interest rates until the dollar-price of gold drops to the 30-year moving average. Then declare that as the new gold standard and then use the Federal Reserve open market activities to maintain the money supply based on the gold signal. If gold rises above, say, 1700, restrict liquidity until it goes back down. If below, add liquidity until it rises back to 1700.
This solves your problem of an unstable monetary system and you don;t have to rely on manipulating interest or exchange rates.
I was in Dublin seven or eight years ago and saw some very tough-looking, scarred-up, Irish dudes, the rough, hardcore, brawling types. These guys looked like they’d gladly, in a heartbeat, punch the teeth down an uppity Muslim punk’s throat. I’ve lately been asking myself, “Where are these guys now?”
My guess is that the Irish brawling types are wary of getting the Irish version of the Derek Chauvin treatment: knock a Muzzies teeth down his throat and get 10 years behind bars. Nobody’s willing to pay that kind of price – a decade without women and freedom – for a simple punch up.
Jim Rickards says idea of dollar going dodo brings up the question of what the dollar is compared to in regards to other currencies and gold.
I say Federal Reserve Bank Chairman Jay Powell has only gone about a QUARTER VOLCKER of 5% federal funds rate or so, and that Powell has done that to keep the BIG FAT UGLY ASSET BUBBLES in stocks and bonds and real estate bubbling like a bastard.
Fed Chairman Jay Powell should use the six-ten-twenty federal funds rate hike system to implode the asset bubbles and extinguish inflation. Powell should hike to 6 percent federal funds rate and then pause for a day or so; after the slight pause Powell should raise to ten percent federal funds rate. Powell should then proceed to his bunker to escape the rage of the rancid rat billionaire scumbags and the greedy neoliberal globalizer White Upper Middle Class Snot Brats and the vicious, money-grubbing White geezers born before 1965 and then Powell should go FULL VOLCKER to TWENTY PERCENT FEDERAL FUNDS RATE.
The dollar will go up against other currencies when Federal Reserve Bank Chairman Powell goes FULL VOLCKER to TWENTY PERCENT federal funds rate.
FROGGY SAY DOLLAR GLOBAL RESERVE CURRENCY IS EXORBITANT PRIVILEGE
So-called “White privilege” is a propaganda scam designed to stop Whites from advancing and defending their interests as Whites and “White privilege” is a fake phony fraud.
“Dollar Privilege” is real and actionable and interference with it brings military death from above and gunboat diplomacy and sanctions to keep the delightful dollar as global reserve currency.
The globalized Federal Reserve Bank uses dollar swaps and bond buying and mass liquidity creation schemes and the electronic creation of dollars and other things to keep the dollar party going.
I would like to see the Federal Reserve Bank go FULL VOLCKER and raise the federal funds rate to twenty percent to extinguish inflation and to obliterate the asset bubbles in stocks, bonds and real estate.
At twenty percent federal funds rate, dollar denominated debt financing will bring on BELLY UP scenarios for many nations and it would prop up the dollar and the claims of ODIOUS DEBT will be made by new governments that repudiated the debt contracted by toppled governments.
Paul Craig Roberts has described early in his working life how, when he asked his boss, do we get so many countries to work for us and against their best interests, his boss said we pay them. They mean bribe.
RINOs?
‘Money is public debt. Whether it is issued in paper or electronically, it preserves its value ultimately by being accepted to be paid in taxes.’ — Dr Michael Hudson
More accurately, irredeemable currency is backed by public debt. Money traditionally is a unencumbered bearer asset such as gold or silver. Debt-backed scrip does not meet the strict definition of money.
As for legal tender ‘preserving its value,’ this is discredited MMT dogma. Throughout the Zimbabwean and Venezuelan hyperinflations, their fiat currencies remained legal tender for payment of taxes. This did not prevent 99.999% of their former value being vaporized.
A self-inflected wound to the dollar, not mentioned by Dr Hudson, is the theft of Russian foreign exchange assets by US and European central banks. Treasury Secretary Janet Yellen outright stole Russia’s USD deposits, and gave away their accumulated interest earnings to the sniveling Ukies.
Yellen’s grotesque conduct ended the post-WW II tradition of honor among thieves [central bankers], in which custody holdings were immune from politically-motivated seizures. Yellen’s dishonorable conduct was a knife in the kidney to the US dollar, which will bleed out gradually, then suddenly.
No foreign country, other than America’s occupied euro-peon and east Asian client states, can afford the unacceptable national security risk of having its USD forex reserves sanctioned or seized.
Idiot yenta Yellen might as well have announced: death to the dollar.
Follow your nose.
All right, but then what should be done as a means of spurring U.S. exports?
I am only an engineer, not an economist as you are, but as far as I know competitive devaluation is most likely to be achieved by restricting foreign purchase of U.S. assets (such as U.S. stocks and U.S. real estate), or by taxing foreign possession of U.S. assets, or both. Is this not precisely what the U.S. ought to do if the U.S. wishes to reïndustrialize?
You seem today to say that reïndustrialization is hard and, therefore, that the U.S. should not attempt it; yet it has hardly been your usual style to say such things in the past as far as I am aware. More likely, therefore, I have simply misunderstood you today. If I have, then would you tell me how I have misunderstood?
Hudson wrote his book, J is for Junk economics. This was to prevent mistranslations and people speaking past each other, like your attempt here. The economics profession is full of people passing new definitions, especially the gold “irredeemable crowd” who have imputed god-like powers to the yellow metal.
Public debt is just debt issued by the king. Talley sticks issued by the King (after the Jews were kicked out of England) became the fiat of the land. Why? Because the Jews were allowed to take their gold and silver with them. The debts to the Jews were canceled too. The loss of gold and silver caused the money supply to collapse, so instead the English used evidence of debt (sticks) as the money. As soon as the King required taxes in wood, they became the nation’s money. The sticks passed current because the population needed them to pay taxes.
The king issued his debt (Talley sticks) for Corvee labor, and then sticks passed current (to jump from transaction to transaction) by the public. The public had fiat faith in the sticks, as they were backed by law. All money in motion (passing current) is the prerogative of the king, whether it is gold or silver or wood sticks.
The law determines that money is a pay to the bearer upon demand, hence a bearer asset. Gold and silver passed current internationally by people accepting precious metals. Metal could be spirited out of the country and melted down, then re-minted. No such luck with wood talley sticks that could not be counterfeited, and hence were not “international money.”
All hyperinflations in the modern era are due to exchange rate difficulties, usually due to foreign debt payments. Zimbabwe is negroes thinking there is magic money tree, and abusing the law. This still doesn’t change the basic picture, that even gold must be monetized, or not – based on the law, and that all money is fiat, a legal abstraction. Most of the thousand years + monetary history of coins, is recalling them, then melting, then reissue. The king didcoin recall, and if you didn’t obey, then meet the men with guns. Law/force/money are all part of the same thing.
So what if he didn’t mention the grotesque Yenta? It was Jews who invented finance capitalism while on sojourn in Amsterdam, and they did it using their giant piles o gold won at usury on the trade routes. The Aiparu had been operating since at least the Bronze age, and Aiparu collected “tons” of the yellow metal by arbitraging gold and silver from east to west. The exchange rate was usually 3x, so this was the secret mechanism Jews used, and gold was their preferred money because they had plenty. The gold silver exchange rate facilitated usury, which the mercantile tribe, later in history, used to fund and invent finance capitalism -their scheme now running the west.
The death to the dollar is being done by sovereign countries, like China, who issue their legal debt free money, or new public debts in accordance with their national needs. China also is not finance capitalist, they are industrial capitalist. The two forms of capitalism are different money and a different world view. China is not a golem for the international creditor and finance class.
The dollar is really a federal reserve note, a fiat of the international corporate money trust, who has co-opted the U.S. government. Dollarized debts are on-sold into international markets. The west is a corporatocracy, especially with private finance and banking corporations at the head, and the corporate system operates by lying, by using a misidentification of money: The lie: that money in all its forms (including debts) is NOT the highest prerogative of the king. That they, the merchant gets to hypothecate all the money in their corporate banks.
This is why your attempt at redefining reality only abets the bad guys. International goldsters are Jew adjacent, and they must gas-light the public about reality to keep their usury schemes operating.
Modern Monetary Theory (MMT) has unfortunately become a general-purpose target of abuse by Republican congressmen who have no actual idea what MMT is, and also an excuse for profligacy by Democratic congressmen who also have no actual idea what MMT is. Nevertheless, if I understand, MMT and its predecessors teach that monetary deflation causes the unnecessary idling of otherwise useful tools, equipment, land, buildings and labor, which in turn causes further deflation and so on in a vicious cycle—in other words, an economic depression. If this is correct, then you don’t really want the price of gold to go down unless output of gold mines happens to be increasing bullion stock faster than the general economy is growing. In other words, you want gold to be a mere industrial commodity rather than to be money.
I get the appeal of gold money and gold-tethered money, but gold money and gold-tethered money are less appealing to persons that have had to live through one of the depressions such money inadvertently causes.
As far as I know, cutting taxes would decrease demand for dollars, thus raising the price of gold. I believe that to lower the price of gold (if this were one’s goal) one would raise taxes. Cutting interest rates would also raise the price of gold, at least in the short term, because cut rates enable persons that desire gold to borrow dollars to get it.
Adequate taxation, high interest rates, cheap assets and expensive labor should be the goals in my opinion. If trying to stabilize the price of gold interferes with these goals, then one should probably just let the price of gold float.
V K Ovelund writes:
competitive devaluation is most likely to be achieved by restricting foreign purchase of U.S. assets (such as U.S. stocks and U.S. real estate), or by taxing foreign possession of U.S. assets, or both.
Competitive devaluation would be achieved as you say, by making it undesirable for people to hold dollars or to invest in dollar-denominated assets. If people get rid of their dollars, in favor of other currencies, then there is a glut of dollars on the market and the value of each dollar goes down. Simple supply and demand.
Back in the days of the gold standard, a country could make its exports more desirable by devaluing its currency, just as you describe. Foreign currencies are stronger, compared to the devalued currency, so exports are cheaper and it should boost production (reindustrialization) in the country with the devalued money. Of course, it would simultaneously make imports more expensive in that country, perhaps reducing the overall standard of living.
In the present day, most countries can and do devalue their currencies to boost production and make their exports more desirable. But America is unable to do this.
How is the value of a unit of currency determined? The value used to be based on a certain amount of precious metal, such as Britain’s money is called pounds, a unit of weight.
But we don’t use precious metals as money anymore. Nowadays, the US dollar functions as gold by serving as the international currency, for use in trade between countries.
This has been called the exorbitant privilege, because America can just print dollars, and there should always be a demand for them. But on the flip side, it makes American exports less competitive.
Since the dollar is the defacto gold standard, the value of other currencies is largely determined by the value of the dollar. Consequently, other countries can devalue their currencies against the dollar. But, if America tries to devalue the dollar, the effect is negligible, because other currencies are pushed down at the same time.
Therefore, it was absolutely predictable that the dollar’s status as world reserve currency would lead to the deindustrialization of America. It was only a question of who would profit from the offshoring of industry.
Today, America’s main exports are movies and weapons, and it is going to be hard to reindustrialize.
I over-heard some students boisterously talking about this just this afternoon, on the bus. I didn’t know what to make of it, but some of the points they raised were along these lines:
Shocked, I tell you I was shocked by this! What are they teaching students these days? There weren’t any gold bugs around, there wasn’t any violence. I got off at a different stop.
I didn’t know what they meant by “deflationary distressed asset vultures” – is that gold bugs?
There are millions of very tough American men, granted, mostly invisible to most city dwellers. These men work in the oil patch, on the railroad, on the land — there are fishermen, firemen, landscapers, cattlemen, painters, men who build build high rises (tying rebar, riveting steel, smoothing concrete), men building houses, men who build roads, men working erecting windmills, men maintaining the power grid, men who work heaving trash bins into the backs of trucks, men who drive cross country rigs, men who work in sawmills, men who skid trees out of the forests — the list is long!
These are the men with the guns. Their patience is running out! Talk with them — rather than to them.
These are tough men with tender hearts. They can look after themselves, BUT these men for the most part love their wives, their mothers AND especially their children. The establishment knowingly lies to them. They no longer believe the enemy is folks in another country. These idiots addressing cameras rather than facing real people, speechifying about the Jews in Israel have no idea what they have let loose. Sit at a lunch counter at a truck stop, a place no actresses or actors ever stop.
These men are fed up with watching their kids watch the effete class denigrate the working man on TV. There are not enough soldiers in the U.S. to take these men out. Thousands of these men served and they learned discipline and command and are still in touch with the men they served with.
The establishment better think very carefully about the decisions they are making. These MEN are still loyal Americans. And much of the work they do requires smarts the elites just do not have. They know how to do almost everything the talking heads and the round table and board room table men and women, have no knowledge even exists outside their insulated bubbles.
This ignorance among elites about (real life) outside their bubbles is their Achilles heel. If push comes to shove, the passive superiority of these elites in the face of angry men, whose hands are calloused and whose guns are well oiled and who know how to use them, will most certainly look like the proverbial deer caught in the headlights.
One most certain thing — the elites will not be able to hide among the ranks of the common man. If these elites are so clever I’d suggest they retreat from their peculiar ambitions, ambitions most decent people find repulsive and restore American as it was before 1913 — for their own good.
You can get revenge.
I think Hudson is saying that Trump can’t have his cake and eat it too. That is, to maintain dollar hegemony a strong dollar is necessary. But a strong dollar is incompatible with re-industrialization. Hudson thinks re-industrialization is very difficult so he doesn’t believe it will be prioritized. Rather, the Trump team will focus on keeping the exorbitant privilege. This how he parses Trump’s contradictory statements.
Hudson is not against re-industrialization. But in his opinion, in addition to the normal extremely difficult process (eg. tariffs, capital restrictions, devaluation, building scale, tooling up), America would have to make huge structural changes. Mainly they would have to bring to heel their rentier class, particularly the financial industry.
Yanis Varoufakis considers the tech giants like Amazon, Google, Facebook to also be rent-extracting drags on the economy. So Hudson might want to expand his framework to include these.
Thank you for your interesting reply. You and the article’s author agree that it is going to be hard to reïndustrialize, yet from my perspective as a U.S. engineer, reïndustrialization does not look especially hard. It should be easier these days for the United States to increase her industrial output than it would be for overindustrialized China to increase hers. If you want to increase industrial output, you just do it. It’s called building stuff.
That’s what I do. I do it for a living, the pay is decent, the working conditions are comfortable, and the stress is moderately low. And I am hardly exceptional as American engineers go. (If some commenters—I do not mean, you—insist on believing that the United States today manufactures little but weapons, I do not mind, but those commenters happen to be mistaken. They just have not spent enough time in industrially active U.S. localities during the past 20 years, so they know no better. If all you see in your area is a ruinous plant built in the 1920s, where today the only person shuffling past the plant’s locked gate is a homeless negro drug addict, well, the problem there is your negro drug addict, not your manufacturing. The manufacturing has merely gone somewhere else in the U.S. where there are fewer negro drug addicts to infest it.)
From my perspective, the structural problem is that productive U.S. assets including manufacturing plants are sufficiently productive that they make attractive investments for foreigners. Consequently, foreigners have been buying productive U.S. assets up, including for example the once-U.S.-owned manufacturing plant in which I work—which incidentally means that when my diligent effort earns my employer a profit, this profit enriches a foreign country rather than my own. When the plant’s owner uses the profit to build himself a 10,000-square-foot new luxury home, foreign construction crews build that home in a foreign land, pave the smooth new streets that connect it, introduce the glittering shopping, gleaming hospitals, soaring airport terminals and other such amenities that serve it, and so on. To American patriots like you and me, such diligent American effort to enrich and modernize foreign countries is depressing.
Millions of fellow Americans can surely relate similar anecdotes.
So, yes, U.S. policy should seek to rechannel foreign-held U.S. dollars away from the purchase of U.S. stocks, bonds and real estate and toward the purchase of U.S. manufactured goods in my opinion. Wages up, interest rates up, P.E. ratios down, prices of everything else including stocks and real estate down: this is what one desires. (Low long-term interest rates are a terrible policy idea, for they imply low return on investment, which is to say, they imply low growth and, to add to the injury, make housing unaffordable by leaving too much room for home prices to rise. As the article’s author has elsewhere pointed out, a debt-driven economy is not what you want.) Increased foreign demand for U.S. manufactured goods (rather than for U.S. stocks, bonds and real estate) can be expected to drive the dollar-denominated price of U.S. manufactured goods up as far as I know, which leaves room for the dollar-denominated price of competing imports to rise, with the rise in import prices preferably captured by the U.S. Treasury in the form of tariffs.
But where prices are rising, the value of the dollar in which these prices are expressed is by definition falling; and where the rising prices are specifically the prices of imports and exports, then the value of the dollar is not only falling, but is specifically falling in relation to foreign currencies.
The only way I know that the value of the dollar could fail to fall in relation to foreign currencies in the scenario I outline would be if American exports were so highly demanded abroad that this demand bid the value of the dollar back up. That would be great, but I do not believe that it will happen anytime soon. If it does not happen but the rest of my scenario holds, this gives Donald Trump the weaker dollar he says he wants.
I’m shocked too! Clownworld requires clowns, and to become beclowned requires accepting obviously fake narratives.
Yes, gold is deflationary and using it causes “deflationary distressed assets.”
Silvio Gesell was the first to write about the mechanism. He used the example of a gold coin holder out-waiting a seller of perishable goods. The nature of the coin, being shiny and not rusting, could out-wait the rusting goods.
The perishable eggs, cheese, or whatever was “rusting” and going bad, while the coin was not. This mismatch in “time” allowed a usury exchange, and the perishable asset were under deflationary pressure.
The Jews finance capitalism scheme can be deflationary or inflationary depending on the knobs they turn. During the 20’s, private debts increased dramatically as people borrowed (hypothecated) new bank credit to gamble in wall street stock market. This then caused a push of finance paper asset prices, while simultaneously creating increasing private debts. The debts of course must be paid, and they demand back more in future (there is that time thing again) than the initial principle amount.
Eventually what cannot be paid will fail, and the stock market crashed. The great depression was the former private debts demanding to be paid, and the debts often were attached legally to land. So, the private bankers were grabbing the land as there was no “cash” to pay the debt claims.
People were under pressure to grab rapidly disappearing money, to pay their private debts. Why was the money disappearing? Because a hypothecation even is the manufacturing of new money at debt, and then when the money returns to the ledger (upon debt payment), it disappears.
What comes from nothing returns to nothing.
It is a sin to put the money power in private hands. After the Bank of England takeover in 1694, they needed to hide their crime against civilization. Today’s clown world is directly downstream of the BOE event in 1694.
Parliament burned, and you could say that was a warning to mankind. During the Talley stick era, debts were erased yearly at the big fairs, like Mayfair. They basically had a clean slate every year, and the stick money was not “counterfeit” nor was it allowed to be hypothecated in stock owned private banks, nor could the sticks be claimed by an international creditor.
https://en.wikipedia.org/wiki/Burning_of_Parliament
80% of farm production in the US is controlled by “farmers” with a median net worth of $3.6 million. The top 25% are worth $30 million+.
The typical American row crop farmer is an entitled, rich asshole who inherited his farm. He whines constantly about crop prices and input costs while receiving millions in government handouts. His insurance and loan rates are subsidized by the US tax payer, while he gets substantial breaks in property taxes. He has been historically bailed out of loans he took out on the purchase of overpriced farm land, while keeping the ground and defaulting on the loans. In many states, he is not required to pay overtime to his workers. He routinely misuses pesticides, polluting our ground water while accelerating the evolution of resistant pests. He no longer understands or cares about the farm standards of his predecessors who expertly used crop rotations to naturally control pests.
The hardworking poor American farmer is a myth. The largest farm landowner in the US is Bill Gates (he knows a good deal when he sees it).
The American farmer (I’m American) is going to get hit hard; it is already happening.
Clownworld is something like being a frog in water. We are the frogs and we think the water is normal. We think finance capitalism is normal. It is not.
American farmers will not understand the bigger geo-economic picture. Neither will Trump, who -as Hudson has pointed out -lacks the mental digits to deal with his (Trump’s) internal contradictions; those contradictions being ideas that cannot be true at the same time.
Its sad to look back on our history, but the founding fathers of America invented industrial capitalism and the sector approach to economy. Specifically, the event was around 1620 when Winthrop turned the mint into a state/colonial enterprise, and then started issuing Pine Tree Shillings. The shillings were basically Colonial script, and they channeled into industry, specifically the iron works (Saegus iron works if memory serves). This money circulated and everybody had to use it by law. They were desperate and didn’t have gold, or the little gold on hand would drain away to London, causing depression.
Hudson thinks it was the French Physiocrats who invented industrial capitalism; I disagree. But it doesn’t really matter. The Chinese are now using sovereign money via their state banks, and they are channeling state credit into industry in an identical fashion to Winthrop.
This industrial capitalism, state credit – or sovereign money, Chinese national socialism system (the money serves the nation and the commonwealth) has very few rents and sordid gain type usurious takings, ergo it is permanently efficient. This is why the American farmer is going to get blown out.
You can do a search for “farmer” at Kevin’s inside China Business you-tube site. I’m posting one link below:
Video Link
You might be right. It’s happened twice in recent history, during the depression (my great grandfather actually lost his farm because he couldn’t pay property taxes) and during the farm crisis in late 1970s early 1980s due to high interest rates and farmers borrowing at those high rates to purchase more farm ground. Farmers thought crop prices would keep rising forever.
But the general public and politicians had no stomach for broke farmers. Policies are now in place to protect row crop farmers from the brutally competitive commodity market. Row crop price floors are set every year to keep even the most incompetent farmer in business. Farm ground has appreciated. Good row crop ground is worth $10,000 + per acre. Many full time farmers own 1000s of acres, debt free. There are always guys dreaming of being a farmer who can never come up with the capital to actually own ground. If the farming market enters a down cycle, the farm owners will just step back and cash rent their ground to the wannabes who will obviously fail, sticking locally owned farm supply businesses (fuel, fertilizer, equipment dealers) with unpaid open accounts. The actual farm owners will be just fine (even though they will still whine that they are going broke while sitting on millions in land assets).
Probably not. A country making a serious attempt to re-industrialize would focus more on base inputs which are used to make other inputs which are used to make the consumer product. I guess this is what is meant by the supply chain. It’s clear why America would move TSMC into America – to prevent losing a key tech to China in case of a takeover of Taiwan. Auto industry is gaudy, symbolic. But neither indicate that America is able to carry out the the grinding, unglamourous, and politically difficult (e.g. driving up prices for consumers) policies that would be required to truly re-industrialize.
What do you think of Yanis Varoufakis’ characterization of the tech oligarchs as new feudal lords? His contention is that these companies by nature of owning the platform and the data constitute what is essentially digital land. As lords during the feudal ages were able to extract huge rents just because they owned the land, so are these new tech lords. Sure, the feudal lord has to defend the land, administer law and the digital lord has to maintain the platform, but these costs are not commensurate with the profits they gain. For example, Amazon, can make about 40% off of every item sold. This is extraction from both a) the smaller capitalists producing the product and b) the consumer.
So it can be considered a new form of rent-seeking. What makes this different from the previous capitalist world, is that these enterprises are not regular business but rather *essential* (i.e. all other capitalists must use them, similar to railroads or electricity before) and *tend to monopoly*. So this fits with Hudson’s framework in which essential industries which tend to monopoly should be owned by the state so that it can reduces costs for other capitalists and consumers to the amount needed for maintenance. Without the state doing this they exert a drag on the entire economy.
Sure, a tech lord might argue that they created the digital land, didn’t steal it. A counter might be that they should then be granted a reasonable prize, maybe determined by the amount ex-ante needed to incentivize the enterprise, but not such massive profits. Like an hacienda given to a conquistador. After all, someone was going to fill the online marketplace slot. Amazon maybe was marginally better or more connected than its rivals. Anyway these are just justifications. The main question is whether this system promotes or hinders economic dev.
There’s also the labor aspect of reindustrialization in America. Who is going to work in the factories? The social media generation? Many of them seem to be more interested in deviant lifestyles and government stimmies, compared to the factory workers prior to deindustrialization, who raised families.
Let’s say you pay an American worker $18/hour to assemble a product that is sold to the consumer for $500. The same product can be purchased from China for $200. So what if it’s cheap–you can buy two of them and still save $100 over buying American.
This problem is evident at slaughter houses and in food-processing plants, where scandals involving illegal alien workers are constantly being reported in the news.
There’s also the mechanics, the people who service the machines. Of course, they can be trained like the factory floor managers, but American high schools are not teaching these skills.
The labor issue is similar to problems within the supply chain. They can be solved, but it will take time, so the reindustrialization of America would take a concerted effort overs years.
BlackFlag writes:
What do you think of Yanis Varoufakis’ characterization of the tech oligarchs as new feudal lords?
It is an interesting question that you present in your comment. Hopefully, @ Mefobills will provide a response.
I would just offer another point to support the case that tech oligarchs are like feudal lords–their outsized power and influence.
Some of these tech billionaires have more money than they could spend in two lifetimes, even if they were to giveaway a million dollars each day. Often, they use this money to buy influence and power, or they invest in things like vaccines, which are of questionable benefit to the vast majority of people.
When Musk, Zuckerberg, and Bezos were safely in the leftist campaign, their power and influence was never a problem. But now that all three are aligning themselves, in varying degrees, to the Trump agenda, leftists are suddenly worried about billionaires. If the AFD wins in the German election, for instance, the results will be overturned; not for Russian influence, but for Musk’s influence.
This goes to show that tech billionaires are unelected decision-makers who can impact millions of lives, for better or for worse. In this sense, they are like feudal lords and members of the nobility, because they have access to the halls of power and the ear of the king.
In addition, feudal lords tended to extend down family lines, starting with a land grant given by the king, in return for loyalty or some favor. What have tech billionaires done that was so innovative to allow them to surpass their competition? Usually, not much.
Instead, like feudal lords, the US government chooses winners and losers, investing in certain companies, like Google, to create a monopoly. Have any big tech companies not been accused of having connections to the CIA?
https://www.unz.com/aanglin/in-israel-adl-chief-jonathan-greenblatt-appears-to-call-for-using-terrorism-to-murder-me-and-my-friends/#comment-6948698
No “civilization “ ever has left it even partially up to their “agricultural sector” whether sufficient food is delivered from The Country to The City. This one ain’t any different. The means and methods of implementing what is always essentially a form of serfdom do vary some in their details from one iteration of the wasting disease process to another. It’s guarandamnteed, though, that some systematic set-up will be put in-place and run with ruthless consistency….though not necessarily with much efficiency.
After-all, it isn’t called “agricolization” for the very good reason that it isn’t….even though The City is impossible without the capture of the farm. Jefferson’s “yeoman farmers and mechanics” have never really existed except in the fevered imaginations of some idealists.
I’ve commercial fished, logged, worked the oilfields, worked concrete, worked civil construction, tied rebar, etc. I know very well these hard-working, gun-owning, family men you speak of. If the sh*t ever hits the fan they won’t go down without putting up a very good fight. I hope that Trump turns things around, but I doubt he will. With Trump we’ll probably only get a four-year postponement until the inevitable explosion of mass, nation-wide, violence.
Americanized “Indians” are not at all immune from the toxic, corrosive, and addicting properties of “money.” No domesticated Human is. Us surviving Free Wild Natural Peoples of all Kinds, though, have a considerable inborn capacity for resisting the blandishments of both “money” itself and the virtual world-o’-hurt in which “money” holds sway.
Besides, we have not lost our Free Wild Natural LivingLoving Arrangement of Earth and Sky. We belong entirely to it. We continue to live and breathe within it every Day. So of-course do our “civilized” Human Relations. They are just misled to believe otherwise, and to act foolishly on that mistaken belief….much to their ongoing misery and confusion.
I too believe that Trump will only slow down the decline, not stay it or reverse it. That means the house will have to be torn down and rebuilt. There is too much existing termite damage to the posts and beams of the structure; the studs are wasted away and cannot be replaced. It’s like some of the machinery or other systems I’ve worked with. No matter what you try and do, they simply will not perform to the standard. Replacement is the only option.
Werpor’s points are always thoughtful and offering insight and depth and clarity.
Well said. Completely agree. Thanks.
I’m well aware that mega capital accumulation is the equal of power over people, government, culture, the academy, and even the method of the way people think.
I would like you to give me an overview of the characteristics of the Russian economy, and why it does not have the problems emanating from a privileged nouveau riche, mega rich extreme minority, and how the economy is directed and who and what are the objectives. Are they successful? What institutions are getting it right? Which are not so helpful?
Thanks. What could the West and Amurka learn from the government/economic structure/form of the Russian State. Is it similar to Singapore in a meaningful way?
PM
I agree, recent events seem to mark a turning point. In the 1750 – 2008 era, capital was hugely important but its forces seemed to have been more distributed (e.g. oil lobby) and more ashamed. In 2008 the American economy left the European one in the dust as American lords expanded their platforms, created a massive amount of digital land, and consolidated their monopolies. Now, wealth and power are more concentrated, and therefore more personal, and out in the open. The platform lords are well-known, barely attempt to conceal their political aims, and the masses barely even pretend to care. Quantity becomes its own quality. Our politics may even, occasionally, become merely arenas where personal feuds play out, say Musk vs Bezos.
Well, even if the govt didn’t, even if triumph was dependent on happenstance or a marginal edge in execution, the result is the same – massive personal concentration of wealth and power over the nation, derived from the nation.
As far links to the CIA, there is Palantir. Clearly Space X depends on the state more generally and all the companies have connections to the CIA. I would say it’s more accurate to say that the CIA works for the digital land lords.
It’s interesting how Varoufakis views the American-Chinese rivalry. Unlike political theorists, such as Mearsheimer, who view the conflict as mostly a security matter, Varoufakis holds that it is mostly economic. China is the only alternative to the American tech ecosystem; Europe has not one important platform and neither does the rest of the world. What’s at stake is whether we will end up with one or two tech ecosystems. The American platform lords seek to destroy the Chinese ecosystem in order to expand their domains into Chinese territory.
BlackFlag writes:
It’s interesting how Varoufakis views the American-Chinese rivalry…What’s at stake is whether we will end up with one or two tech ecosystems. The American platform lords seek to destroy the Chinese ecosystem in order to expand their domains into Chinese territory.
Thank you for sharing the recent work of Varoufakis. A decade ago, he had some prominence from his minotaur thesis, about how the dollar system forces nations to pay tribute, in a similar way to the Athenians sending youths to be devoured by the minotaur. He then did a brief stint as Greek finance minister, before being forced out, ostensibly because he disagreed with the IMF and World Bank. But I was unaware of his thoughts on the American and Chinese tech rivalry.
Is it possible for these tech fiefdoms to exist only in the online world? Absent some Matrix scenario, where humanity is living in pods, there must be some kind of real world power. The power, derived from their platforms and wielded by neo-feudal-tech oligarchs, is used to further goals that are not just online.
I’ve seen arguments put forth that Musk, Thiel, Bezos, and others are front-men for the military-industrial complex. Their goal is to reindustrialize the American defense industry, starting with the production of semiconductors. Tesla is basically a failed car company, which survives on tax credits, but its continued existence can be explained if the company is a cover, and its true purpose is to further these defensive goals.
This theory also explains the recent pivot by the neo-right tech lords towards Trump. They may be looking years into the future and reestablishing American industrial independence, in preparation for war with Iran and China.
The beneficiaries of the American empire are not going to sit idly by and watch the loss of their hegemony.
We are in 2025, and this is not happening. T Bonds are being renegotiated, and anyway, inflation is devaluing the dollar fast.
Well said!
As one of these working men with a gun or three I must perchance reply! See, we know the world is broken and as an avid Evangelical I know only the worship and deification of the jews can save us and lead to life everlasting.
All those evil elites will go to h-e double hockey sticks and be tormented for eternity while us jew suckers will get to live FOREVER up in jew heaven. It’s all as plain as day in the Bible! The important thing is to turn the other cheek and send $$$ to Israel and – if possible – go there and help on a kibbutz and volunteer; my congregation helped dig artillery emplacements that even now are raining 155mm salvation on all sorts of evil Palestinian children living on jew gas fields and jew canal rights-of-way. You too can do your part – assuming your soul means anything to you!
Now let us pray
“OH JEW GOD up in jew heaven Hollywood be thy name! Please accept the cut cock of my newborn instead of the usual burn the firstborn alive oh jew god you’re totally cool for sure not a blood-thirsty demon because how can our son murder hapless brown people in the desert for Israel and Exxon if we burned him alive? Oh jew god please guide our shells into the evil Palestinian hospitals whence they work against your death cult will by evilly trying to save the shredded bodies of your enemies! And jew god please kill all Amalek including my Amalek family and Amalek nation oh jew god please recognize my insanity and bloodlust is at least as nutty as yours, you sick fuck just like my fellow Evangelicals.
Amen
I think the online world is where the chokepoints can currently exist. It’s the limiting factor. Don’t know if it has to be that way. We can imagine it being land itself on which the online world is built. Maybe we can look at states as monopolizing the land, controlling it through force, etc. and the digital land being controlled by these tech lords. Analog land derived powers, like the American and Chinese states, are now being acted upon by the digital land derived powers. Currently, the latter type is more vigorous in America but in China the former still prevails. Who knows how it will play out.
I don’t buy it. The govt, including military depts like the DOD, seem pretty weak and I doubt they would have that kind of timeframe and scope. In America the state/bureaucracy is powerful in itself but it is mostly an apparatus through which various powers (e.g. finance, tech lords, the state itself) mediate and exert their influence. The nexus of that mediation is the establishment. That’s my impression; I don’t have anything conclusive.
US has a wealth distribution problem. American workers are actually underpaid relative to asset prices, but overpaid globally due to USD overvaluation.
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