thanks karl! where do you get the ''transcript'' of these nima videos??? i wish i knew, as i would much prefer the transcripts!!
hudson hits on a key point... if you've never read john perkins book 'confessions of an economic hit man' - there is no better place to start, in helping to understand that the imf and world bank are the mafia arm of wall st and the city of london... that is how they work.. you don't get the loans unless you offer all of your first born essentially... ,maybe you've read it... if so - others might benefit from reading it to get a more clear insight into how this big ponzi scheme called the imf works...
Yes, excellent book! One of Hudson’s contractual demands is for a transcript to be provided, and one usually appears within a week of the chat. This time it was two days, which was surprising. At Hudson’s site you can do a search for Nima and you’ll get all the page(s) that are results.
Thank you for the recommendation! I just downloaded a free PDF of the book. After reading the preface, I can't wait to learn more about this shadowy world of finance.
Thanks. I had a quick look at this and now I am pretty sure I watched "Zeitgeist: Addendum". I don't think I have ever watched "The Four Horsemen" - I have now added it to my (long) "to watch" list.
I am not worried about oil and natural gas reserves. Let that be.
Trump, howsomever, is between a rock and a hard place and I am not seeing him getting out of it. Putin is teaching not just the US but many across the world a lesson that will be interesting to watch. The ME will evolve into various matters unpleasant.
Inflation will turn into stagflation in a few years and I am buttoning up the hatches. Muddling through many countries are capable of. Germany will be interesting to watch. It seems to be slowly coming apart.
I can't see the EU surviving, and I wonder is some countries don't break down as happened in former Yugoslavia. It seems the west has covered up demographic problems via mass migration over the decades.
Me and my loved ones are in the middle of shit. The flushing toilet, called Germany, is tearing at us.
Yesterday I was with my relatives in a small village devastated by capitalism. All simple people who have worked hard all their lives. The people are exhausted and disillusioned, even depressed. Russia is the only country in the world that has the energy, the raw materials, the agricultural land, the morale, the culture, the technologies, etc. to exist self-sufficiently in an emergency, without having an economic relationship with other countries. In an emergency, mind you. China is dependent on Russia's capabilities. Not the other way around. Both leaders have chosen the only right path, that of close and peaceful cooperation. Something that makes them both more secure. Even if the BRICS break apart. However, I don't think that will happen.
The people in the USA and the satrap countries will experience a terrible collapse. This will kill countless people. It won't happen next Sunday or next year. But this ending is logical.
Our families certainly deserve to live in peace. I'm grateful that the Russian and Chinese governments are restrained and intelligent.
American here.
Our fraudulent government cares nothing for our views or lives. We needed to control them many years ago, before big tech, surveillance, etc. It's a fear thing. No affordabe housing, many left out of healthcare profiteering, rampant and increasing homelessness, hunger, dumbed down education over decades, etc. These elites are pure pucking crooks. Foolish, ignore-ant people "vote" for them.
The European vassals NEED to abandon the US control.
Regarding the "foreign debt problem" (which I think is the same as the "odious debt problem"), I am going to translate an article on this topic later next week, but first I need to finish at least a long one on the LIHOP of 7th October 2023 I have been working on and off over the Christmas holidays - coming soon, later today! Watch this space: https://geopolitiq.substack.com/
Exactly, odious debt is debt that shouldn't be paid. It's clear that the US and agents will change terms for any reason that keeps them in clover. Nationalising assets that were transferred to foreign financial interests is another. All these things will play out as the US becomes ever more obnoxious.
With Dr. Hudson's forecast the Dismal Science is living up to its name, but I cannot disagree with him. As a westerner, the *communal* wealth I've seen growing all my life appears to have reached its apogee. To be sure, there will probably be economic bubbles rising here and there: hi-tech, the stock market, etc. But they're not foundational economic drivers, rather they're skimming the foam off the top.
I guess I should've seen it coming. There is nowhere for western economies to go but down. There will be a veneer of prosperity but inexorably the people will feel less well-to-do. Wealth creation in the broad sense will shift to the Global South, plus Russia and China. For the West, a long twilight - if we're lucky.
If I don't know how to play chess, I slap the pieces. If my opponent is winning a race, I trip him. If the party doesn't sing the way I want, I fire the orchestra. If someone is more handsome than me, I spray him with napalm. When the spoiled son of a billionaire has more power than the school principal, chaos is guaranteed.
National interests, or vested interests, that is the question: whether 'tis nobler in the mind to suffer the slings and arrows of outrageous fortune hunters, or to take arms against a sea of economic troubles and by opposing the oligarchic elite, bend them or end them.
Thank you, Karl, for all you do. Always on the money. Actually, it was so good to have Dr Hudson given the floor on Nima’s channel in his own right this time. It was obvious he appreciated it. The usual format of the ‘two economists’, sharing with Dr Richard Wolff, has invariably ended up with Dr Wolff dominating, at least time-wise, which has been frustrating.
Watched Michael on Renegade just now. The USA wants to become the landlord monopoly class of the entire world. This clearly aligns with what IMF and the worldbank are doing. Giving countries a lot of money (that these country spent on infrastructure and such made by us companies) and in return these countries have to sell out their resources AND sovereignty.
In someway it is funny and sad: the usa becoming the landlord of countries while those countries pay the bill. That is the population is being taxed, the money goes to the usa to become an even bigger landlord. When will the majority become aware of this: working, paying taxes that allow them to become slaves of the system?
I share this view. Dr. Hudson has issues sometimes with his speech. However, he is great. Dr. Wolff is good at explaining for novices, but he does dominate.
Hudson’s stuttering and tip-of-the-tongue issues are age-related. He’s one of a rather select group of authoritative people who share their views in the 2011 documentary film “Four Horsemen,” which is just as relevant today as when it was filmed, https://www.rossashcroft.com/four-horsemen-1
Imagine a country with $37tril debt and the analysis is that this is as good as it gets is correct!
There is no more a good move for the empire to make for it has already weaponized everything in it's arsenal.
What the mafia controlled empire of lies doesn't understand that there are unintended consequences that come with chaos, war, debt, no matter the situation they believe without a doubt that they are accomplishing everything they seek, when the reality is the complete opposite.
China is actually showing the world the roadmap of the future as it forgives debt here and there and wants a win win situation for whatever country it is helping to develop. They don't ask for these
countries to sell their souls while the empire always does
While the BRICS+ might not have a goal, what they do have is not wanting to share a countries resources by having them be stolen. Therefore the only solution is for the BRICS+ to continue on
it's path. Sure the empire will fight back and there will be ups and downs but eventually the empire of lies will be defeated. I only hope I live to see it so that I'll know that my children have a chance
to live the good safe life.
Thanks for the article Karl, it's another good one
I believe that' the only way forward, a global debt holiday. There's absolutely no way america pays off $37 trill, especially when Trump gives the elites another $2tril more
What's left to be sold to Blackrock for pennies on the dollar?
These capitalists are all in it to strip the carcass clean. People actually voted for this insanity. It remains to be seen how tRump, Musk et al carry this out. 😳
Thank you for your summary of Hudson. I find him hard to read so I appreciate you making my life easier. Let me suggest a possible method for the RoW to employ to throw off the chains of the Empire of Chaos. That is the method Russia used: oppose the Empire of Chaos, thereby causing the Empire to break the chains itself through unilaterally imposing "sanctions from Hell." Without the sanctions from Hell, Putin may not have been able to create the powerful, independent nation that he did. Internal Western-oriented factions may have thwarted him. But after Russia was formally shunned by the Empire, Putin's job was easier. Other countries need to provoke the wrath of the Empire so that they may too be shunned and forced to create an independent, vibrant sovereign nation in control of their own destinies! As Br'er Rabbit once observed: "Don't throw me in that briar patch!"
Yes, I've user the Tar Baby and metaphor on many occasions. Putin, Lavrov, Medvedev, and others have actually thanked the West for the application of sanctions as they did a triple duty--forced Russia to become self-sufficient as you noted; showed the great duplicity of the Empire by breaking its own rules and basic means of power; and the blowback onto all those subscribing to the sanctions, ie. the West, who's decline is accelerating because of their own behavior.
Not every nation is self-sufficient in resources, in fact most aren't, especially when it comes to energy. Russia is somewhat unique in the sense that it can produce most of what it needs internally, and what it can't provide it can obtain from friendly neighbours such as China.
«Not every nation is self-sufficient in resources, in fact most aren't, especially when it comes to energy.»
Indeed, and food matters too, and those that are self-sufficient in food are often self-sufficient only because of imports of hydrocarbons to make synthetic fertilizer and to power agricultural machines.
The USA government control indirectly most exporters of energy and food or can "color revolution" them, and the USA navy controls directly all the sea routes over which most countries that depend on energy and good import them, and can "sanction" them, cutting off their energy imports and reducing them to famine.
No country that is dependent on the control of another for its energy and food supplies is independent and sovereign; independence and sovereignty are a matter of actual power, not of having big balls and making loud proclamations.
«Russia [...] what it can't provide it can obtain from friendly neighbours such as China.»
Unfortunately overland transport is usually reckoned to be 10 times more expensive than sea transport, and that is the main problem for eurasian trade.
"Unfortunately overland transport is usually reckoned to be 10 times more expensive than sea transport, and that is the main problem for eurasian trade."
There are two developments worth noting here. First is the opening up of the Arctic trade route made possible by Russian ice breakers. Second is electrification of the Central Asian interior - the New Silk Road as I like to call it. High speed rail powered by modular nuclear reactors will eventually connect all the major population centers, and unlike the Old Silk Road, it will be predominately a trade route between Central Asian neighbours, not Europe and the Far East.
Definitely true that ocean shipping is cheaper than land, but if you're Tajikistan or Uzbekistan, for example, your trade already travels by land since there's no waterways of any significance between China and the Caspian. Efficient high speed rail improves that situation, as does investment in manufacturing and heavy industry made possible by improved transportation links.
The population of Central Asia alone is about 120M. That's a lot of economic activity once the ball gets rolling.
Trump absolutely wants to keep the status quo, he's just trying to extract as much money as he can from the system. He wants hotels in Russia and China. Oh, he lies all if the time.
Yes, Trump is greedy for real estate values (doesn't want to suck at the MNIC tit as almost all politicians do)-which need low interest rates and no or little wars.
That's why his interests are the opposite of the neo con theology-More War, More War.
Nope I'm not. He has zero power over the blob/deep state. They want to conquer the world and I don't see anyone who can stop them😞 Remember this is about cheap energy the US economy, nor any other one, can survive without it. Germany is going down in flames right now because they're paying 4x more than they were.
When the current stock market bubble bursts it's going to be worse than the Great Depression. Yet that will not stop them. Remember we're not dealing with rational, intelligent people. We're dealing with white supremacist ideology.
No, just supremacist ideology. The ancien regime is based on a collection of megalomaniac values and addicted to pleonexia that have nothing to do with ethnicity.
I can absolutely see that but the US is operating on white supremacy and their "allies" in that region will be thrown under the bus as soon as they're not useful any more. I wonder if they realize that🤔
Look the Fed keeps dropping the short term rates but they have lost control of the long bonds, the 10 year which is the most traded bond in the world as it has gone from 3.75 to 4.6% as the short term has fallen.
The US has the highest interest rate of any Western country and its deficit is increasing at $1 trillion every 100 days.
When confidence in the Empire's currency is gone the Empire is gone: don't believe me-check on Rome in the 5th century; Portugal in the 16th century; Spain in the 17th century; France after 1815; the UK/pound after 1945.
Same thing is occurring in the US as we speak; you'll see.
I'm well aware that the US empire is collapsing. But it hasn't collapsed yet. Until then it will keep on trying to prevent the inevitable. Which makes it incredibly dangerous. Pretty sure we're on the same page though.
I question why he has hired the neocons as a majority. How does this benefit profiteers IF he actually opposes war? It's all a hindrance to the profiteering motive in a real estate focus.
Musk said essentially that we're America. We can do anything we want. They are all liars. We will see soon enough.
As many very knowledgeable people have noted, the problem’s systemic and also im/amoral. The film I linked and suggest spending 90 minutes to watch is prefaced by one of Frederic Bastiat’s most famous and truthful sayings about the combination of the systemic and the amoral/immoral. Both Trump and Musk have profited greatly from all that, and I very much doubt they’ll change it. Thus, the fact that the Empire’s position in optimal today as it will worsen daily.
"So the vested interests in many of the BRICS countries are not favoring the national interests. That’s the big conflict you have between the fact that these countries are bifurcated between a U.S.-centered elite and the country as a whole.
As Hudson rightly points out, the interests of the comprador elites in most of these BRICS nations is at odds with their national interests. This is especially true of Brazil, India and South Africa, in fact it's a mystery to me why these three were even included. What possible benefit does Russia or China gain from an association with such utterly corrupt entities? China, Russia and Iran as an economic block makes sense, as does inclusion of some former Soviet republics and possibly N Korea, but beyond that, what's the point if all you're doing is letting the foxes into the hen house plus loading yourself down with a lot of economic dead weight?
Not to put too fine a point on it, but India, Brazil and South Africa have proven themselves over decades to be corrupt, crime ridden rat holes with no real hope of social and economic improvement, regardless of who sponsors them. Permanent basket cases. Why take on that burden when you don't have to?
I suggest you reevaluate the relationship between Russia and India, which became extremely important from 2014 onward with the massive sanctions assault began. Also, BRICS began as RIC. Brazil indeed has proven to be problematic, but it did okay during the Bolsonaro years, so how to explain that? South Africa has fought very hard to rid itself of its Colonial past and still has work to do, but being in BRICS has clearly been an asset for it in that process. IMO, you'd get a much stronger reaction from Russian analysts than what I've written.
I understand the historic basis of Russia's relations with India, which go back to the USSR days. Big customer for Russian arms. I suppose the same reasoning applies to anyone else that joins the club - potential future arms sales. I did overlook that factor.
The question I have is simple: is the idea of a concert of sovereign nations actually workable without it becoming a political block similar to the EU/NATO? Seems unavoidable given the opposition, so is it really to Russia's (and China's) advantage to support such an arrangement, or are they better off simply establishing favourable bilateral relations with the various nations and leave it at that?
Together, Russia, China and Iran are strong enough to resist any encroachment on their mutual or individual interests. Add more nations to the mix and things get complicated. Better to keep it simple is my view of it, but fortunately I don't have to make those decisions.
I've written before that the Global Majority cannot avoid becoming a geopolitical bloc because of the nature of the global conflict, and I still have that POV. The SCO has the military component that BRICS lacks that's announced as anti-terrorism; but as we know, the Outlaw US Empire is the #1 terrorist nation and fields its own Terrorist Foreign Legion. Thus, SCO's military POV is anti-Empire. Recently, security issues have risen within BRICS, but the drive there is to implement China's Global Security Initiative (GSI) and Russia's Eurasian Security Structure both of which are based on the indivisibility of security concept. So, the SCO is aimed at confronting actions that continue destabilization along the arch of instability while BRICS seeks to gain global consensus for the hegemon-less GSI, for indivisibility of security on a global basis cannot happen with the existence of a hegemon.
Speaking of security issues, which position is easier to defend? A tight alliance of a few contiguous nations, or a loose alliance of many spread out all across the globe? Which situation is more robust when it comes to defending against state sponsored terrorists, 'colour revolutions' and NGO style interference?
There's a case for not putting all one's eggs in one basket, but there's an equally valid case for not having them spread out all across the planet. That was Britain's undoing and it will be the US's as well. Best not to follow their example. Keep it lean and mean (when necessary).
The Outlaw US Empire’s adopted the British Empire and its geopolitical strategy; so, if you study Mahan and Mackinder, you’ll learn the basics.
The quality of the states is what counts—political and economic stability—and those are the two attributes BRICS, SCO, ASEAN, EAEU, and the others are trying to instill.
Mackinder's Heartland theory is basically what I'm on about. It's at the center of the New Silk Road concept, which although acting as a potential bridge between Europe and the Far East, in actuality is a formula for the internal development of Mackinder's Heartland. You can already see the potential when you visit places like Astana, Tashkent or Samarkand. The tourist potential alone is worth billions.
In a sense this parallels America's version of 'splendid isolation' - protected by two great oceans and friendly neighbours to the north and south. In the Silk Road case, protected by vast land expanses inaccessible to naval power and constituting a continuum of shared vital interests, especially in energy development and heavy industry.
There's basically two separate issues here. First is how do you accommodate trade outside the dollar system, second is how do you coordinate economic policy within a much smaller, more contiguous block than in BRICS proper. The second to me seems like the best way forward. A kind of build it and they will come scenario rather than trying to cobble together something from a wide range of disparate elements with potentially conflicting interests.
Anyway, that would be my approach as Russian Foreign Minister:) Lay the foundation first before you start erecting elaborate structures. Once built you'll have a huge magnet that will draw in interested parties without even having to do a sales pitch, especially if what you have on offer is years ahead of the competition, which de facto it already is.
I'll be honest - I can barely contain my enthusiasm for what the region has to offer. I only wish I were younger and had more time to put my own efforts into the mix. I've been an investor for half my life and I can tell you, you only see opportunities like this once in a lifetime.
Just to be clear, the idea of a concert of sovereign nations cooperating in matters of mutual interest while upholding the principle of non-interference in each other's internal affairs is something that I definitely support. The problem as I see it is not in the concept itself but in the execution.
Let's not forget, Russia (as the USSR) has been down this road before:
Arguably, support for Comecon in addition to support for the weaker Soviet Republics, as well as foreign governments with communist or socialist ambitions undermined the USSR economically, which no doubt contributed to its eventual collapse. My concern is that by trying to be a friend to all, Russia may be overreaching in a similar fashion and with potentially similar results.
Look at the nations with observer status at the most recent BRICS conference for instance: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.
To my thinking only three of them make any sense from a Russian standpoint, Belarus, Kazakhstan and Uzbekistan. If the goal is to form some kind of currency union I don't see how that's even possible with that menagerie. Why should Thailand and Vietnam, with robust economies, join a currency union with basket cases like Nigeria or Cuba? Someone ultimately has to underwrite the deal, which effectively means Russia and China, and how do you enforce financial discipline on nations as corrupt as Brazil, India or South Africa, never mind the smaller basket cases.
I hate to be a wet blanket, but I just don't see it working. This is Aesop's fable about the man the boy and the donkey writ large. Much better to concentrate on nations with which you share borders, have historic ties, and at least have some cultural affinity for. Obviously talking about Central Asia extending to China and East Asia.
I keep hearing about the 'Global South' but most of the action right now is in the north. So let the Global South form its own alliance, following the example of Russia/China/Iran et al. No reason they can't learn from them and trade on favourable terms without needing them as benefactors.
Well, we don’t get much news about the Global South unless you look for it directly. The “currency union” idea was never going to work, but there are other methods to ease balance of payments imbalances, which is what Keynes and Hudson were/are all about in their suggestions. IMO, Russians learned a great deal from their earlier efforts. Let’s get the payment and messaging system working then move to the next step. Bretton Woods was easy for the US—it just imposed it on the few nations that existed then. Today’s world is many times more complex, so the new parallel systems will take longer to implement.
thanks karl! where do you get the ''transcript'' of these nima videos??? i wish i knew, as i would much prefer the transcripts!!
hudson hits on a key point... if you've never read john perkins book 'confessions of an economic hit man' - there is no better place to start, in helping to understand that the imf and world bank are the mafia arm of wall st and the city of london... that is how they work.. you don't get the loans unless you offer all of your first born essentially... ,maybe you've read it... if so - others might benefit from reading it to get a more clear insight into how this big ponzi scheme called the imf works...
Yes, excellent book! One of Hudson’s contractual demands is for a transcript to be provided, and one usually appears within a week of the chat. This time it was two days, which was surprising. At Hudson’s site you can do a search for Nima and you’ll get all the page(s) that are results.
I didn't know that. Thx.
Thank you for the recommendation! I just downloaded a free PDF of the book. After reading the preface, I can't wait to learn more about this shadowy world of finance.
I have not read the book, but I think I watched a video or movie based on it.
There are lengthy interviews with Perkins in "The Four Horsemen" documentary available on YouTube.
I think it's probably that one I watched, but I need to check.
He was prominent in a portion of "Zeitgeist: Addendum".
Thanks. I had a quick look at this and now I am pretty sure I watched "Zeitgeist: Addendum". I don't think I have ever watched "The Four Horsemen" - I have now added it to my (long) "to watch" list.
I read it years ago. These crapitalists have been engaged in predation for forever. Good book. 📖
Thanks, book has been ordered😀
I started my 'awakening' years ago reading the James Perkins book.
I am not worried about oil and natural gas reserves. Let that be.
Trump, howsomever, is between a rock and a hard place and I am not seeing him getting out of it. Putin is teaching not just the US but many across the world a lesson that will be interesting to watch. The ME will evolve into various matters unpleasant.
Inflation will turn into stagflation in a few years and I am buttoning up the hatches. Muddling through many countries are capable of. Germany will be interesting to watch. It seems to be slowly coming apart.
I can't see the EU surviving, and I wonder is some countries don't break down as happened in former Yugoslavia. It seems the west has covered up demographic problems via mass migration over the decades.
And blames everyone, except US wars of choice, for the mass migrations.
Me and my loved ones are in the middle of shit. The flushing toilet, called Germany, is tearing at us.
Yesterday I was with my relatives in a small village devastated by capitalism. All simple people who have worked hard all their lives. The people are exhausted and disillusioned, even depressed. Russia is the only country in the world that has the energy, the raw materials, the agricultural land, the morale, the culture, the technologies, etc. to exist self-sufficiently in an emergency, without having an economic relationship with other countries. In an emergency, mind you. China is dependent on Russia's capabilities. Not the other way around. Both leaders have chosen the only right path, that of close and peaceful cooperation. Something that makes them both more secure. Even if the BRICS break apart. However, I don't think that will happen.
The people in the USA and the satrap countries will experience a terrible collapse. This will kill countless people. It won't happen next Sunday or next year. But this ending is logical.
I worry for all of us.
Our families certainly deserve to live in peace. I'm grateful that the Russian and Chinese governments are restrained and intelligent.
American here.
Our fraudulent government cares nothing for our views or lives. We needed to control them many years ago, before big tech, surveillance, etc. It's a fear thing. No affordabe housing, many left out of healthcare profiteering, rampant and increasing homelessness, hunger, dumbed down education over decades, etc. These elites are pure pucking crooks. Foolish, ignore-ant people "vote" for them.
The European vassals NEED to abandon the US control.
Since you mentioned SCO and a "BRICS army", I thint you may want to read this short Al Mayadeen article, where - in essence - SCO Secretary General says that "it is difficult and probably wrong to compare NATO and the SCO": https://english.almayadeen.net/news/politics/comparing-sco-to-nato-is-wrong--sco-secretary-general
Regarding the "foreign debt problem" (which I think is the same as the "odious debt problem"), I am going to translate an article on this topic later next week, but first I need to finish at least a long one on the LIHOP of 7th October 2023 I have been working on and off over the Christmas holidays - coming soon, later today! Watch this space: https://geopolitiq.substack.com/
Exactly, odious debt is debt that shouldn't be paid. It's clear that the US and agents will change terms for any reason that keeps them in clover. Nationalising assets that were transferred to foreign financial interests is another. All these things will play out as the US becomes ever more obnoxious.
I'm sorry. The "representative republic" cares nothing for the views of we lowly citizens. It's a disgusting mess. ✌️
I hope you are right, Karl: we watch NATO slowly implode along with the EU.
With Dr. Hudson's forecast the Dismal Science is living up to its name, but I cannot disagree with him. As a westerner, the *communal* wealth I've seen growing all my life appears to have reached its apogee. To be sure, there will probably be economic bubbles rising here and there: hi-tech, the stock market, etc. But they're not foundational economic drivers, rather they're skimming the foam off the top.
I guess I should've seen it coming. There is nowhere for western economies to go but down. There will be a veneer of prosperity but inexorably the people will feel less well-to-do. Wealth creation in the broad sense will shift to the Global South, plus Russia and China. For the West, a long twilight - if we're lucky.
I worry for the innocents.
If I don't know how to play chess, I slap the pieces. If my opponent is winning a race, I trip him. If the party doesn't sing the way I want, I fire the orchestra. If someone is more handsome than me, I spray him with napalm. When the spoiled son of a billionaire has more power than the school principal, chaos is guaranteed.
Excellent analogy.
Well. More and more African countries seems to kick those parasites out. Why can’ they do the same in Asia?
Asia is an interesting case. Read this Global Times editorial to see an example, https://www.globaltimes.cn/page/202501/1326244.shtml
If I may adapt 'The Bard'.
National interests, or vested interests, that is the question: whether 'tis nobler in the mind to suffer the slings and arrows of outrageous fortune hunters, or to take arms against a sea of economic troubles and by opposing the oligarchic elite, bend them or end them.
Thank you, Karl, for all you do. Always on the money. Actually, it was so good to have Dr Hudson given the floor on Nima’s channel in his own right this time. It was obvious he appreciated it. The usual format of the ‘two economists’, sharing with Dr Richard Wolff, has invariably ended up with Dr Wolff dominating, at least time-wise, which has been frustrating.
Time sharing is always a problem as the Geopolitical Economic Hour with Hudson and Desai proved. I asked him about it. Here's a not so oldie--Hudson with Rosh Ashcroft, https://www.rt.com/shows/renegade-inc/552236-michael-hudson-sanctions-ukraine/
And here's another from nine years ago, https://michael-hudson.com/2016/12/innocuous-proclaimations/
Ever hear of a film "The Four Horsemen"? You can view it via this link, https://www.rossashcroft.com/four-horsemen-1
I was very saddened when he was forced to cease working with RT. All his programs were worthy, particularly those with Hudson.
Watched Michael on Renegade just now. The USA wants to become the landlord monopoly class of the entire world. This clearly aligns with what IMF and the worldbank are doing. Giving countries a lot of money (that these country spent on infrastructure and such made by us companies) and in return these countries have to sell out their resources AND sovereignty.
In someway it is funny and sad: the usa becoming the landlord of countries while those countries pay the bill. That is the population is being taxed, the money goes to the usa to become an even bigger landlord. When will the majority become aware of this: working, paying taxes that allow them to become slaves of the system?
More to read and watch😀
Need 2 lives to read all the information about the current conflicts.
Thanks fot sharing!
Hudson is one of the most prominent national intellectuals I read somewhere.
Awesome. I have some of his books. 📚
I share this view. Dr. Hudson has issues sometimes with his speech. However, he is great. Dr. Wolff is good at explaining for novices, but he does dominate.
Hudson’s stuttering and tip-of-the-tongue issues are age-related. He’s one of a rather select group of authoritative people who share their views in the 2011 documentary film “Four Horsemen,” which is just as relevant today as when it was filmed, https://www.rossashcroft.com/four-horsemen-1
Yes, noticed that too. Both are treasures.
Imagine a country with $37tril debt and the analysis is that this is as good as it gets is correct!
There is no more a good move for the empire to make for it has already weaponized everything in it's arsenal.
What the mafia controlled empire of lies doesn't understand that there are unintended consequences that come with chaos, war, debt, no matter the situation they believe without a doubt that they are accomplishing everything they seek, when the reality is the complete opposite.
China is actually showing the world the roadmap of the future as it forgives debt here and there and wants a win win situation for whatever country it is helping to develop. They don't ask for these
countries to sell their souls while the empire always does
While the BRICS+ might not have a goal, what they do have is not wanting to share a countries resources by having them be stolen. Therefore the only solution is for the BRICS+ to continue on
it's path. Sure the empire will fight back and there will be ups and downs but eventually the empire of lies will be defeated. I only hope I live to see it so that I'll know that my children have a chance
to live the good safe life.
Thanks for the article Karl, it's another good one
Russia is using debt forgiveness as a development tool with some of its regions and notes its success.
I believe that' the only way forward, a global debt holiday. There's absolutely no way america pays off $37 trill, especially when Trump gives the elites another $2tril more
What's left to be sold to Blackrock for pennies on the dollar?
It's important to recall that their wealth is the debt; cancel the debt and their wealth vanishes.
Debt is based on the dollar monopoly which is in the process of cannibalizing itself by it being weaponized.
Hence we have the chaos for without the empires brutality no one on planet earth would want to live within their rules based order
Time, they are a changing
These capitalists are all in it to strip the carcass clean. People actually voted for this insanity. It remains to be seen how tRump, Musk et al carry this out. 😳
Thank you for your summary of Hudson. I find him hard to read so I appreciate you making my life easier. Let me suggest a possible method for the RoW to employ to throw off the chains of the Empire of Chaos. That is the method Russia used: oppose the Empire of Chaos, thereby causing the Empire to break the chains itself through unilaterally imposing "sanctions from Hell." Without the sanctions from Hell, Putin may not have been able to create the powerful, independent nation that he did. Internal Western-oriented factions may have thwarted him. But after Russia was formally shunned by the Empire, Putin's job was easier. Other countries need to provoke the wrath of the Empire so that they may too be shunned and forced to create an independent, vibrant sovereign nation in control of their own destinies! As Br'er Rabbit once observed: "Don't throw me in that briar patch!"
Yes, I've user the Tar Baby and metaphor on many occasions. Putin, Lavrov, Medvedev, and others have actually thanked the West for the application of sanctions as they did a triple duty--forced Russia to become self-sufficient as you noted; showed the great duplicity of the Empire by breaking its own rules and basic means of power; and the blowback onto all those subscribing to the sanctions, ie. the West, who's decline is accelerating because of their own behavior.
Not every nation is self-sufficient in resources, in fact most aren't, especially when it comes to energy. Russia is somewhat unique in the sense that it can produce most of what it needs internally, and what it can't provide it can obtain from friendly neighbours such as China.
«Not every nation is self-sufficient in resources, in fact most aren't, especially when it comes to energy.»
Indeed, and food matters too, and those that are self-sufficient in food are often self-sufficient only because of imports of hydrocarbons to make synthetic fertilizer and to power agricultural machines.
The USA government control indirectly most exporters of energy and food or can "color revolution" them, and the USA navy controls directly all the sea routes over which most countries that depend on energy and good import them, and can "sanction" them, cutting off their energy imports and reducing them to famine.
No country that is dependent on the control of another for its energy and food supplies is independent and sovereign; independence and sovereignty are a matter of actual power, not of having big balls and making loud proclamations.
«Russia [...] what it can't provide it can obtain from friendly neighbours such as China.»
Unfortunately overland transport is usually reckoned to be 10 times more expensive than sea transport, and that is the main problem for eurasian trade.
"Unfortunately overland transport is usually reckoned to be 10 times more expensive than sea transport, and that is the main problem for eurasian trade."
There are two developments worth noting here. First is the opening up of the Arctic trade route made possible by Russian ice breakers. Second is electrification of the Central Asian interior - the New Silk Road as I like to call it. High speed rail powered by modular nuclear reactors will eventually connect all the major population centers, and unlike the Old Silk Road, it will be predominately a trade route between Central Asian neighbours, not Europe and the Far East.
Definitely true that ocean shipping is cheaper than land, but if you're Tajikistan or Uzbekistan, for example, your trade already travels by land since there's no waterways of any significance between China and the Caspian. Efficient high speed rail improves that situation, as does investment in manufacturing and heavy industry made possible by improved transportation links.
The population of Central Asia alone is about 120M. That's a lot of economic activity once the ball gets rolling.
Trump absolutely wants to keep the status quo, he's just trying to extract as much money as he can from the system. He wants hotels in Russia and China. Oh, he lies all if the time.
Yes, Trump is greedy for real estate values (doesn't want to suck at the MNIC tit as almost all politicians do)-which need low interest rates and no or little wars.
That's why his interests are the opposite of the neo con theology-More War, More War.
So I believe you are underestimating the man
Nope I'm not. He has zero power over the blob/deep state. They want to conquer the world and I don't see anyone who can stop them😞 Remember this is about cheap energy the US economy, nor any other one, can survive without it. Germany is going down in flames right now because they're paying 4x more than they were.
I disagree.
the US debt is an existential time bomb that's why the neo cons are so desperate- dedollarization and the debt that what will stop them.
Anyways, time will tell the tale
When the current stock market bubble bursts it's going to be worse than the Great Depression. Yet that will not stop them. Remember we're not dealing with rational, intelligent people. We're dealing with white supremacist ideology.
No, just supremacist ideology. The ancien regime is based on a collection of megalomaniac values and addicted to pleonexia that have nothing to do with ethnicity.
Making me look up words, Karl. 😆
I can absolutely see that but the US is operating on white supremacy and their "allies" in that region will be thrown under the bus as soon as they're not useful any more. I wonder if they realize that🤔
Again , I disagree.
Look the Fed keeps dropping the short term rates but they have lost control of the long bonds, the 10 year which is the most traded bond in the world as it has gone from 3.75 to 4.6% as the short term has fallen.
The US has the highest interest rate of any Western country and its deficit is increasing at $1 trillion every 100 days.
When confidence in the Empire's currency is gone the Empire is gone: don't believe me-check on Rome in the 5th century; Portugal in the 16th century; Spain in the 17th century; France after 1815; the UK/pound after 1945.
Same thing is occurring in the US as we speak; you'll see.
I'm well aware that the US empire is collapsing. But it hasn't collapsed yet. Until then it will keep on trying to prevent the inevitable. Which makes it incredibly dangerous. Pretty sure we're on the same page though.
I question why he has hired the neocons as a majority. How does this benefit profiteers IF he actually opposes war? It's all a hindrance to the profiteering motive in a real estate focus.
Musk said essentially that we're America. We can do anything we want. They are all liars. We will see soon enough.
As many very knowledgeable people have noted, the problem’s systemic and also im/amoral. The film I linked and suggest spending 90 minutes to watch is prefaced by one of Frederic Bastiat’s most famous and truthful sayings about the combination of the systemic and the amoral/immoral. Both Trump and Musk have profited greatly from all that, and I very much doubt they’ll change it. Thus, the fact that the Empire’s position in optimal today as it will worsen daily.
Fully agree. No reason to think these guys will change their MO ever.
*Of.
A very interesting discussion by Michael Hudson though as a Canadian I found some of his description of Canada rather amusing.
I just watched this a day or so ago.
"So the vested interests in many of the BRICS countries are not favoring the national interests. That’s the big conflict you have between the fact that these countries are bifurcated between a U.S.-centered elite and the country as a whole.
As Hudson rightly points out, the interests of the comprador elites in most of these BRICS nations is at odds with their national interests. This is especially true of Brazil, India and South Africa, in fact it's a mystery to me why these three were even included. What possible benefit does Russia or China gain from an association with such utterly corrupt entities? China, Russia and Iran as an economic block makes sense, as does inclusion of some former Soviet republics and possibly N Korea, but beyond that, what's the point if all you're doing is letting the foxes into the hen house plus loading yourself down with a lot of economic dead weight?
Not to put too fine a point on it, but India, Brazil and South Africa have proven themselves over decades to be corrupt, crime ridden rat holes with no real hope of social and economic improvement, regardless of who sponsors them. Permanent basket cases. Why take on that burden when you don't have to?
I suggest you reevaluate the relationship between Russia and India, which became extremely important from 2014 onward with the massive sanctions assault began. Also, BRICS began as RIC. Brazil indeed has proven to be problematic, but it did okay during the Bolsonaro years, so how to explain that? South Africa has fought very hard to rid itself of its Colonial past and still has work to do, but being in BRICS has clearly been an asset for it in that process. IMO, you'd get a much stronger reaction from Russian analysts than what I've written.
I understand the historic basis of Russia's relations with India, which go back to the USSR days. Big customer for Russian arms. I suppose the same reasoning applies to anyone else that joins the club - potential future arms sales. I did overlook that factor.
The question I have is simple: is the idea of a concert of sovereign nations actually workable without it becoming a political block similar to the EU/NATO? Seems unavoidable given the opposition, so is it really to Russia's (and China's) advantage to support such an arrangement, or are they better off simply establishing favourable bilateral relations with the various nations and leave it at that?
Together, Russia, China and Iran are strong enough to resist any encroachment on their mutual or individual interests. Add more nations to the mix and things get complicated. Better to keep it simple is my view of it, but fortunately I don't have to make those decisions.
Oil sales to India were the most recent key.
I've written before that the Global Majority cannot avoid becoming a geopolitical bloc because of the nature of the global conflict, and I still have that POV. The SCO has the military component that BRICS lacks that's announced as anti-terrorism; but as we know, the Outlaw US Empire is the #1 terrorist nation and fields its own Terrorist Foreign Legion. Thus, SCO's military POV is anti-Empire. Recently, security issues have risen within BRICS, but the drive there is to implement China's Global Security Initiative (GSI) and Russia's Eurasian Security Structure both of which are based on the indivisibility of security concept. So, the SCO is aimed at confronting actions that continue destabilization along the arch of instability while BRICS seeks to gain global consensus for the hegemon-less GSI, for indivisibility of security on a global basis cannot happen with the existence of a hegemon.
Speaking of security issues, which position is easier to defend? A tight alliance of a few contiguous nations, or a loose alliance of many spread out all across the globe? Which situation is more robust when it comes to defending against state sponsored terrorists, 'colour revolutions' and NGO style interference?
There's a case for not putting all one's eggs in one basket, but there's an equally valid case for not having them spread out all across the planet. That was Britain's undoing and it will be the US's as well. Best not to follow their example. Keep it lean and mean (when necessary).
The Outlaw US Empire’s adopted the British Empire and its geopolitical strategy; so, if you study Mahan and Mackinder, you’ll learn the basics.
The quality of the states is what counts—political and economic stability—and those are the two attributes BRICS, SCO, ASEAN, EAEU, and the others are trying to instill.
Mackinder's Heartland theory is basically what I'm on about. It's at the center of the New Silk Road concept, which although acting as a potential bridge between Europe and the Far East, in actuality is a formula for the internal development of Mackinder's Heartland. You can already see the potential when you visit places like Astana, Tashkent or Samarkand. The tourist potential alone is worth billions.
In a sense this parallels America's version of 'splendid isolation' - protected by two great oceans and friendly neighbours to the north and south. In the Silk Road case, protected by vast land expanses inaccessible to naval power and constituting a continuum of shared vital interests, especially in energy development and heavy industry.
There's basically two separate issues here. First is how do you accommodate trade outside the dollar system, second is how do you coordinate economic policy within a much smaller, more contiguous block than in BRICS proper. The second to me seems like the best way forward. A kind of build it and they will come scenario rather than trying to cobble together something from a wide range of disparate elements with potentially conflicting interests.
Anyway, that would be my approach as Russian Foreign Minister:) Lay the foundation first before you start erecting elaborate structures. Once built you'll have a huge magnet that will draw in interested parties without even having to do a sales pitch, especially if what you have on offer is years ahead of the competition, which de facto it already is.
I'll be honest - I can barely contain my enthusiasm for what the region has to offer. I only wish I were younger and had more time to put my own efforts into the mix. I've been an investor for half my life and I can tell you, you only see opportunities like this once in a lifetime.
Just to be clear, the idea of a concert of sovereign nations cooperating in matters of mutual interest while upholding the principle of non-interference in each other's internal affairs is something that I definitely support. The problem as I see it is not in the concept itself but in the execution.
Let's not forget, Russia (as the USSR) has been down this road before:
https://www.britannica.com/topic/Comecon
Arguably, support for Comecon in addition to support for the weaker Soviet Republics, as well as foreign governments with communist or socialist ambitions undermined the USSR economically, which no doubt contributed to its eventual collapse. My concern is that by trying to be a friend to all, Russia may be overreaching in a similar fashion and with potentially similar results.
Look at the nations with observer status at the most recent BRICS conference for instance: Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam.
To my thinking only three of them make any sense from a Russian standpoint, Belarus, Kazakhstan and Uzbekistan. If the goal is to form some kind of currency union I don't see how that's even possible with that menagerie. Why should Thailand and Vietnam, with robust economies, join a currency union with basket cases like Nigeria or Cuba? Someone ultimately has to underwrite the deal, which effectively means Russia and China, and how do you enforce financial discipline on nations as corrupt as Brazil, India or South Africa, never mind the smaller basket cases.
I hate to be a wet blanket, but I just don't see it working. This is Aesop's fable about the man the boy and the donkey writ large. Much better to concentrate on nations with which you share borders, have historic ties, and at least have some cultural affinity for. Obviously talking about Central Asia extending to China and East Asia.
I keep hearing about the 'Global South' but most of the action right now is in the north. So let the Global South form its own alliance, following the example of Russia/China/Iran et al. No reason they can't learn from them and trade on favourable terms without needing them as benefactors.
Well, we don’t get much news about the Global South unless you look for it directly. The “currency union” idea was never going to work, but there are other methods to ease balance of payments imbalances, which is what Keynes and Hudson were/are all about in their suggestions. IMO, Russians learned a great deal from their earlier efforts. Let’s get the payment and messaging system working then move to the next step. Bretton Woods was easy for the US—it just imposed it on the few nations that existed then. Today’s world is many times more complex, so the new parallel systems will take longer to implement.