Basically, what he’s trying to do is blame China and blame foreigners for the fact that a lot of Americans are really hurting. They’re not doing better. They’re not earning enough to break even. They’re going further into debt. But Trump is really saying that it’s not our fault. It’s China’s fault. Don’t blame the financial mismanagement. Don’t blame the corporations. Blame China.
He pretends that they’ll pay instead of Americans. But when you levy a tariff, import prices are going to go up. Americans will pay more. The demands he’s making on China are nonsensical. No country is going to give away their autonomy and abolish their socialist economy and say, all right, we’re going to become an American satellite. We’re going to follow Thatcher and Reagan policies and let America buy our companies out and push us back into the 19th century Opium Wars.
The Opium Wars are over and so it’s now Trump’s trade war. So this is nonsense.What's going on now is that each side is playing a charade to convince that it is not to blame for the fallout from the faux trade war that is really a piece in the hybrid war that the US has directed at China, ultimately in the interest of regime change there.
Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism
Even He Can’t Get Away With It
Greg Wilpert interviews Michael Hudson, President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University
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On the weekend of July 19-21st, 2019, the University of Manitoba became the venue for the 14th Forum of the World Association for Political Economy (WAPE). This annual event represents a gathering of Marxist economists from around the globe, and aims to utilize current understandings on the subject to analyze and study the world economy, reveal its laws of development, and offer policies to promote economic and social progress on national and global levels.
One of the keynote speakers at this event was Michael Hudson. He had presented on his most recent paper, detailing how the world could defend itself from U.S. economic warfare.
2 comments:
They get to say it's capitalism where the most successful win in the market, but it's more like a game of monopoly where the winner gains the wealth to be able to gain more, and so on, until one person, or team, owns the lot.
Many of the families of the ruling elite made their fortunes out of the slave trade, but they don't need slaves anymore as they can just buy up everything of value in Africa instead, and make a fortune that way.
And with the money the elite accumulate they can go and buy up more of the world, and so on. So it's like whoever got in first is the winner, rather than the most talented.
The Western elite also have banks that can produce credit out of nothing, which should be a force for good, but it can also be used in a negative way.
It doesn't seem right that you can borrow money from a western bank which it invents, buy up a load of farmland in Africa with it, graze cattle on it for the American and European hamburger market, make a tidy profit, pay the loan back, and Africans are left with no productive land to farm on. This has been happening in Central and South American countries.
It looks like plain old capitalism on paper, but it's really imperialism.
So, if China became democratic and opened up its markets to the West, the elites would go in and buy everything up, and the Chinese people would be left with nothing. So how can they fully integrate with the Western system?
All capitalism leads to monopoly unless it is checked, but what Western country is going to stop western businesses from owning the world. Only non Western countries.
The type of globalism the elites want isn't really fair, can't really work, and is not based on merit.
So, if China became democratic and opened up its markets to the West, the elites would go in and buy everything up, and the Chinese people would be left with nothing. So how can they fully integrate with the Western system?
Not that China should open up its markets more, or that it shouldn't, but Western elites don't have enough economic power to do that. China could integrate fully whatever that means - and have integrated a lot already. They're not going to change their system that works well, in favor of a Great Leap Backwards to US feudalism that works worse. That's what pisses off our elites - they aren't the masters of the universe any more, less so with every passing year.
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