For America to come home and untangle itself from the Imperial Project, it will have to do more than not meddle in everyone else's affairs; it will have to learn to live within its means--what it earns from producing goods and services, not what it skims from global financialization.Extraction is a characteristic of empires. It's a raison d'être, although not the only one. Some are into wealth accumulation, and others into projection of power, some into both simultaneously. However, a particular characteristic of the Post WWII American empire is global financialization, a point that Michael Hudson has been making for some time.
Of Two Minds
Untangling America from the American Empire
Charles Hugh Smith
"For America to come home and untangle itself from the Imperial Project, it will have to do more than not meddle in everyone else's affairs; it will have to learn to live within its means--"
ReplyDeleteThis guy is just another dip shit...
Tom it is absurd to classify the current situation as an "empire" if Caesar thinks he's 'out of munnie!'
Here's how it works if you are running an empire:
"...when the taxes fell short, I gave out currency from my patrimony...."
http://classics.mit.edu/Augustus/deeds.html
(TIP: no mention of 'infrastructure projects' or 'wealth taxes' or any other weak shit to "get the munnie!")
Matt, he explains that "living within one's means" means actually producing rather than extracting rents and acquiring what others produce. When empires extract rents, it's a form of tribute that allows the empire to live off the means others produce.
ReplyDeleteThis is an issue with exports are a real cost and imports are real benefit. In running chronic trade deficits, the US is living off the production of others and financializing it.
This was what the British system that the US took over when it inherited the British Empire is about. It's what trade agreements are about, offshoring US jobs, etc.
What's good for American is not good for all Americans. only those that extract the rents.
Tom, I disagree (partially.) That's stuff that otherwise wouldn't be produced in the rest of world. It is due to idiotic design of e.g. the eurozone.
ReplyDeleteThat's true, Random.
ReplyDeleteThe policy used to be about importing natural resources and energy to the core and doing the manufacturing at the core and exporting it back to the periphery. That was the original British system.
The US shifted that to importing manufactured goods. This has enabled emerging countries to leapfrog in their development, and before long, they will be give the US a run for its money and the imperial game will be other, with the US falling back, hollowed out.
TPTB figure IBGUBG by then.
Tom everybody hates the 'trade deficits'.... so how can you say "we are running a trade deficit..."
ReplyDeleteThis is like saying: "The US is running a fiscal deficit..." its doing no such thing everybody wants to balance the budget...
Tom same with the reference to British "Empire"...
ReplyDeleteNo 'empire' under pound sterling either....
the emperor has to rely on his/her 'patrimony' for there to be an empire...
That whole British thing was a metal acquiring operation...
They were not seeking provision they were seeking silver/gold/coppers.... ie WEAK...