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    In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has...
  • “The U.S. Federal Reserve sustained this triangular flow by holding down U.S. interest rates. This made it attractive for American investors to buy German municipal bonds and other high-yielding debts.”

    Now isn’t this factor alone driving stock valuation go up and up ? Values of money is driven down compared to inflation by same force as well robbing common people of their income and wages. Also seeking mor returns , the easy money is pouring into into newer and newer weird financial products

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  • “The U.S. Federal Reserve sustained this triangular flow by holding down U.S. interest rates. This made it attractive for American investors to buy German municipal bonds and other high-yielding debts.” That is a direct quote from the above article by Micheal Hudson, an honest economist I admire immensely.
    The USA is infested by a parasite that resides in its banking industry. Yes, Banking is a an industry but without chimneys that incinerates more than six million in 4 years. In 3rd world countries it consumes much more than that every year.
    It will now do the same in in the first world.
    Large sections of western society are now experiencing the effects of colonialism that was exported and will now be used against them and their offspring.
    People addicted to rentier income or free money are worse than heroin addicts.

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  • @joe webb
    there is fuzzy, and then there is very fuzzy, and then there is the fuzziness compounded many-fold. The latter is this article.

    Here from wiki: "...
    "... Marx believed that capitalism was inherently built upon practices of usury and thus inevitably leading to the separation of society into two classes: one composed of those who produce value and the other, which feeds upon the first one. In "Theories of Surplus Value" (written 1862-1863), he states "...that interest (in contrast to industrial profit) and rent (that is the form of landed property created by capitalist production itself) are superfetations (i.e., excessive accumulations) which are not essential to capitalist production and of which it can rid itself."

    Wiki goes on to identify "rentier" as used by Marx, to be the same thing as"capitalists."

    What the above quotation says is that capitalism CAN rid itself of genuine rent capital.

    First, the feudal rents that were extracted by landowners were NOT part of a free market system. Serfdom was only one part of unfree conditions. A general condition of anarchy in rules and laws by petty principalities characteristic of feudalism, both contained commerce and human beings. There was no freedom, political or economic.

    The conflation (collapsing) of rents and interest is a marxist error which expands into complete nonsense when a competitive economy has replaced feudal conditions. ON top of that, profits from a business, firm, or industrial enterprise are NOT rents.

    Any marxist is a fool to pretend otherwise, and is just another ideological (False consciousness ) fanatic.
    ------
    Not Surprising here that so many Unz Review folks fall into this marxist trap: intellectual and political, and economic.

    As for machinations of States with regard to national agendas, this is no surprise, and has nothing to do with capitalism, socialism, or whatever. It has to do with Politics, International, which then points to the urgencies of freeing ourselves from globalism, International Finance, and the EU, Nato , etc.

    International Capitalism of course is championed by the dominant powers of the time, what Anglo-European Liberals want. International Capitalism in the Chinese model could happen, in which capitalism would die and be replaced by Oriental Despotism. Another story.

    To claim as does Hudson, that all the spendthrift countries...like Greece, Italy, Spain, and the Latin American co-free spenders, and especially Ireland with its 92 national IQ, are Oppressed by Rentiers is crap.

    The stories of advanced Socialism in Greece and other countries... out of this world pensions, and welfarism...are true. These countries all have lower IQs, except maybe for Italy but which does have low IQ folks in the South of Rome area who correspondingly have their hands out for free money .

    To claim that money lent by countries and companies or even banks, who have collected money from people who actually work, and businesses that live in a competitive environment is absurd.

    Maybe the argument of Hudson can be extended to White Privilege, that all White money is the product of Exploitation and Rentier economic relations. Of course, besides the political ramifications of such idiocy, the economic results would be defaults on a massive scale from the Colored countries, the La Dolce countries, and lumpen elements in general. How about your mortgage payment too ? Black Lives Matter would like a piece of Hudson's action.

    Idiocy and ideological fanaticism here in Hudson.
    Joe Webb

    Joe, some edification in your case is necessary:

    You say..

    that interest (in contrast to industrial profit) and rent (that is the form of landed property created by capitalist production itself) are superfetations (i.e., excessive accumulations) which are not essential to capitalist production and of which it can rid itself.”

    Wiki goes on to identify “rentier” as used by Marx, to be the same thing as”capitalists.”

    The superfetations are those things not necessary for production. If those things “not necessary” are removed, then prices go down. That makes for better capitalism, not worse. Everybody can agree that lowest possible price is beneficial.

    Rents and rentier theory, as unearned income, got its impetus mostly in England during the beginning of industrial age. Land owners as descendants of Norman Conquests held most of the land. They would then charge high prices for their tenants, a process known as rent-racking. These land owners then extracted ‘rents’ from production, causing high overhead on labor. The landowners were parasites on production as they did not add any value. Landowners by causing high prices via rent racking were taking unearned income. Rentier now means stealing unearned income from producers.

    Usury is also stealing unearned income, a form of rents. Example of interest on money that became non usurious: Benjamin Franklin, of Philadelphia Colony, would issue money from state bank into colony to build the commons. This extra money issued would then be available for people to pay interest on their loans to the state bank. Channeling path of “extra money” would improve ports, bridges, etc., so people had productive means to pay back their loans. Interest in this case cycled beneficially as process was a virtuous cycle, hence non usurious.

    In Nazi Germany, Reinhardt (in charge of fiscal policy) would issue coupons (a form of money) which would allow people to take out loans to improve their houses, and said coupons effectively paid the interest. Equity in homes improved in a virtuous cycle.

    When finance capitalism is corrupting government to “untax” their gains, to then favor their accumulations of capital, that is a form of rents.

    Hudson is not confused….he is usually on-point.

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  • @RealLudwigVonMises
    So this is a very good article that I think has a lot of good stuff in it. However, I disagree that the development of the United States, Germany, or even places like Japan did not have modern macro-development based on public support of the economies. Anything which needed macro-support, mainly railroads or ports and such, have all almost been nationalized, don't exist, or are cartelized. Murray Rothbard goes into great detail about how particularly American train companies ran their routes horrendously and based on political favors. Now there are next to no commercially viable railroads in the United States which don't have express subsidies from the state. It's all backwards in that railroads grew as the economy grew and not the other way around with railroad's growing the economy.

    It’s all backwards in that railroads grew as the economy grew

    I invite you to study the Canadian national railroad. It was built with debt free money issued from Bank of Canada. Canada’s Minister of Finance would direct Bank of Canada to issue new money for infrastructure. During the period from 1938-1974 BOC was a crown bank, where all of its shares were owned by MOF. In other words, BOC “looked” like a corporation, but importantly was public owned.

    The Canadian railroad was built without the graft and corruption that was seen with privateer operations, especially that of U.S. experience.

    The commons are natural purview of Government. The Railroad opened up new land, which then causes a virtuous cycle of land improvement, and then new economic gains. All economy is birthed as land; because land/earth is the source of materials/energy used to make goods as prices, and life for humanity.

    Inelastic sectors of market do not follow supply/demand curves (the commons are inelastic). Rothbard and his ilk will conveniently ignore this reality. In other words, please don’t follow Austrian theory… people will get caught up in cul-de-sacs of bad thought, out of alignment with reality, and can never extricate themselves.

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  • Hudson say’s this:

    The nation suffered hyperinflation as the Reichsbank printed marks to throw onto the foreign exchange also were pushed into financial collapse.

    On May 26, 1922 a law passed establishing independence of Reichsbank, and withdrawing from Chancellor of the Reich any influence on conduct of the Banks Business as promulgated. Thus, total private control over German currency MUST be considered as a prime factor in Weimar hyperinflation.

    Hudson also knows that exchange rate pressures are the the dominant factor in hyperinflation in the modern era. (Hyperinflation in Rhodesia/Zimbabwe being an exception as blacks killed the white farmers, thus reducing goods and services output. African and black nations should not be included in datasets, as they are outliers.)

    The Reichsbank did not print bulk of money supply, it allowed speculators to issue bank money through the agency of shorting. In other words, shorting process involves the loaning of new marks into money supply. It was not the Reichsbank that was dominant issuer of new money, as alluded by Hudson’s above comment. Hudson is normally pretty good, but he is wrong on this issue.

    Limits were done during the Asian currency crises, to prevent this bear raid mechanism – and Hudson being as astute as he is should be aware of this recent history. Weimar germany did not limit this predatory shorting, as it was under “private” influence.

    In July 1922 the German mark fell to 300 marks/$1; in November 9000/1; by Jan 1923 49000/1; July 1923 1,100,000 to 1; 2.5 Trillion marks to $1 by Nov. 1923.

    During this Chaos, privately controlled Reichsbank enabled private banks in Hamburg, Bremen, and Kiel to issue money backed by gold and FX. In other words, FX in the form of dollars was the basis of new mark loans for the shorting process.

    The private Reichsbank could not keep up with printing (bank credit that goes off the ledger becomes paper notes), and authorized other private parties to print. Later in life, Schacht estimated that about 1/2 of the money supply was private credit from other than Reichsbank sources.

    It took Schachts invention of the Rentenmark to stabilize the currency. Also, the Reichsbank was un-privatized to combat the hyperinflation, especially by making Schacht commissioner of currency.

    The triangular flow DID cause exchange rate pressure, which then gave rise to bear raid speculation.

    The U.S. finance sector is guilty of being in the grips of “finance capitalism” a false identification of money as bank credit. The “international” money powers overtook and hosted the U.S. after 1912 election, an election that was rigged by the Morgan and hence Rothschild interests.

    And yes our parasitic ((friends)) are always involved in these sort of usurious rent schemes against mankind. The City of London was and is an epicenter of finance capitalism, and has always been against the industrial capitalism of Frederick List. Germany was targeted for destruction long before the hyperinflation.

    So, while the U.S. is guilty, it is also parastized by an alien element. A brain infected with a parasite is not fully guilty of its actions. Hudson knows full well that Peshine Smith’s industrial capitalism was along the same lines as List’s.

    Hudson, after all, wrote the book about “America’s protectionist takeoff 1815 -1914

    The U.S. was hosted in 1912, and that is the real story.

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  • So this is a very good article that I think has a lot of good stuff in it. However, I disagree that the development of the United States, Germany, or even places like Japan did not have modern macro-development based on public support of the economies. Anything which needed macro-support, mainly railroads or ports and such, have all almost been nationalized, don’t exist, or are cartelized. Murray Rothbard goes into great detail about how particularly American train companies ran their routes horrendously and based on political favors. Now there are next to no commercially viable railroads in the United States which don’t have express subsidies from the state. It’s all backwards in that railroads grew as the economy grew and not the other way around with railroad’s growing the economy.

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    • Replies: @MEFOBILLS

    It’s all backwards in that railroads grew as the economy grew
     
    I invite you to study the Canadian national railroad. It was built with debt free money issued from Bank of Canada. Canada's Minister of Finance would direct Bank of Canada to issue new money for infrastructure. During the period from 1938-1974 BOC was a crown bank, where all of its shares were owned by MOF. In other words, BOC "looked" like a corporation, but importantly was public owned.

    The Canadian railroad was built without the graft and corruption that was seen with privateer operations, especially that of U.S. experience.

    The commons are natural purview of Government. The Railroad opened up new land, which then causes a virtuous cycle of land improvement, and then new economic gains. All economy is birthed as land; because land/earth is the source of materials/energy used to make goods as prices, and life for humanity.

    Inelastic sectors of market do not follow supply/demand curves (the commons are inelastic). Rothbard and his ilk will conveniently ignore this reality. In other words, please don't follow Austrian theory... people will get caught up in cul-de-sacs of bad thought, out of alignment with reality, and can never extricate themselves.

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  • Anonymous • Disclaimer says:
    @H.S.
    Mr Hudson,

    ''The sums were so unpayably high that Germany was driven into austerity and collapse. The nation suffered hyperinflation as the Reichsbank printed marks to throw onto the foreign exchange also were pushed into financial collapse. The debt deflation was much like that of Third World debtors a generation ago, and today’s southern European PIIGS (Portugal, Ireland, Italy, Greece and Spain).''



    Will ''German imperialism'' also apply to Quebec resources (cheap labor, lands, water, minerals, uranium, military bases to continue the invasion of Eurasia), given that they are currently using Quebecers to ''establish liaisons'' between the US and Europe?

    Also, can't Quebec be used to establish a kind of ''peace platform'' between the Anglo-US world and Europe, e.g. to counter to counter the language barriers between both ''worlds''?

    Quebec, Canada is known for it’s FIRE sector and defense contractors – a great place for a “peace platform.” Quebec was also a newscycle comedy routine for fleeing-of-Trump Americans. They went right back into the same set up they left, proving you can’t just run away to Canada anymore.

    In Quebec, where the impetus (and funding) is as relentless as anywhere else in the US, the peace-focus will be on the man in the street and his victimhood assembled on the sand castles of prejudice. Pay no attention to the gore in the background. An insidious polycephaly that exists under your fingertips and is relentlessly shielded from your mind. You’ll never know any better and that is peace, doubleplus-good peace if you prefer.

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  • Mr Hudson,

    ”The sums were so unpayably high that Germany was driven into austerity and collapse. The nation suffered hyperinflation as the Reichsbank printed marks to throw onto the foreign exchange also were pushed into financial collapse. The debt deflation was much like that of Third World debtors a generation ago, and today’s southern European PIIGS (Portugal, Ireland, Italy, Greece and Spain).”

    Will ”German imperialism” also apply to Quebec resources (cheap labor, lands, water, minerals, uranium, military bases to continue the invasion of Eurasia), given that they are currently using Quebecers to ”establish liaisons” between the US and Europe?

    Also, can’t Quebec be used to establish a kind of ”peace platform” between the Anglo-US world and Europe, e.g. to counter to counter the language barriers between both ”worlds”?

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    • Replies: @Anonymous
    Quebec, Canada is known for it's FIRE sector and defense contractors - a great place for a "peace platform." Quebec was also a newscycle comedy routine for fleeing-of-Trump Americans. They went right back into the same set up they left, proving you can't just run away to Canada anymore.

    In Quebec, where the impetus (and funding) is as relentless as anywhere else in the US, the peace-focus will be on the man in the street and his victimhood assembled on the sand castles of prejudice. Pay no attention to the gore in the background. An insidious polycephaly that exists under your fingertips and is relentlessly shielded from your mind. You'll never know any better and that is peace, doubleplus-good peace if you prefer.

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  • @Michael Kenny
    Essentially, the anti-EU and anti-euro line that Professor Hudson has being pushing for years, which has now morphed into a pro-Putin line as the anti-EU faction in the US have sought to use Putin as a “useful idiot” to destroy the EU. Since nobody in Europe reads these articles, Ii doesn’t really matter and I certainly don’t see any EU leader following the advice of someone who has never concealed his hostility to the EU’s very existence: note the use of the racist slur “PIIGS” to refer to certain EU Member States. Thus, Professor Hudson is simply pushing the “let Putin win in Ukraine” line dressed up in fine-sounding economic jargon.

    If you want to drill deeper into the history of the formation of the EU, I suggest you read Joseph P. Farrell’s The Third Way, The Nazi International, European Union and Corporate Fascism.

    In it he traces what he asserts is the influence of the “Madrid Circular,” a document circulated in 1950 by the German Geopolitical Center in Madrid which outlines a plan to create what looks remarkably like what was actually created in the following decades: a cartelized EU industrial sector ruled by an unelected bureaucracy accompanied by an elected parliament with no actual power. The legal structures were anticipated by Germans in the 1940s who continued to hold high office after the war and sat at the table drafting the structure underpinning the EU.

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  • Very educational and astute article, Mr. Hudson (although I was aware of much, you make connections I did not know of). In particular, knew that Japan was making a lot o from Korean and Vietnam wars, (also the theft of any gold around in China, what was left after the rape of Korea, in many other places also under our occupation), but that is the past and fixed present, but ignored by USA

    Probably too late to expecting replies from this, and am not respcting economics as an academedic discipline, but you are a cut above.

    Four questions to you as an economist, and a joke, not against you, I think you willing on or two of interest.

    i. The international debt bubbles, isn’t the bursting inevitable?

    ii. Are cryypo-currency systems bubbles, like Tulipomania?

    As far as I can seeing, both rhetorical, in the case of the latter, perhas not.

    iii.If there is supposed to near-zero inflation in so many places for many years, how do so many places (London, NY, Sydney, many others in that world) make living impossibly expensive, rental a cruel joke, and to buying impossible? I am reading about it.

    iv. Again, if there is supposed to be near-zero inflation, why is my reading on govt. budgets and costs figures ramping through orders of magnitude since the low-inflation trend was to starting?

    Serious questions, Mr. Hudson, and not meant to be cheap.

    On my light but serious note, we count in ten to the fourth power. I was also learning ten to the third, for science and eng. as all do now. My overseas was billion is ten to the twelfth, as in all European systems.

    After the 2008 handouts to shitty capitalists, the actor Russel Crowe was to saying, Instead of that, why not give x dollars to everybody’.

    He was ridiculed for it, but except for USA people (who may be excused on this point, everyone to joining in the attack was just displaylng their own lack of knowledge.

    I was checking, Crowe was quite correct on the x, in x dollars, as long as one is to recall the true definition of ‘billion’ as ten to the twelfth.

    Shame on the many non-USA commentators who were dumping on him for that. He was recalling early education, they were not,

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  • @jacques sheete

    In fact, this is exactly how it was supposed to work.
    The wave of liberal democracies was precisely to overturn the monarchies, which were the last bulwark protecting the people from the full tyranny of the financiers, who were, by nature, one-world internationalists.
     
    I've long suspected as much.

    Same with nationalism...a great way to consolidate little states and other political entities so they could be controlled with bought and paid for stooges. The stooges could also initiate war for profits between the now much larger nations.

    Now that they've done their job and handed control over to the bankers, we hear talk of "independence" for every political group imaginable. Helps keep folks disunited and prevents governments from actually doing anything for the masses, as if they would in any case.

    The big money crowd knows how to manipulate and win either way. I wish I had some solutions to the problem, but the only hope for us peasants appears to be to stay out of any fights the money bag gangs start and hope they slit one another's throats instead and leave the rest of us in peace. I know, none of that is likely.

    but the only hope for us peasants appears to be to stay out of any fights

    Indeed. Every time I get riled up and want to stand up for justice I realize every side is corrupted and sit back down.

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  • Anonymous • Disclaimer says:
    @Joe Hide
    To Michael Hudson,
    Great article. Evidence based, factually argued, enjoyably readable.
    Replacements for the dollar dominated financial system are well into development. Digital dollars, credit cards, paypal, stock and currency exchange online platforms, and perhaps most intriguing... The exponential rise of Bitcoin and similar crypto-currencies.
    The internet is also exponentially exposing the screwing we peasants have been getting by the psychopath, narcissistic, hedonistic, predatory lenders and controllers.
    Next comes the widespread, easily usable, and inexpensive cell phone apps, social media exposures, alternative websites (like Unz.com), and other technologies that will quickly identify every lying, evil, jerk so they can be neutrilized / avoided

    Optimistic to be sure, but the designers of the internet intended the direction of the web to be something a bit more complicated than giving you the answer to anything.

    It’s a well worn cliche, but the griminess of Oceania’s telescreens is only one way to manage a state. Get rid of a negative perception and the flock will follow mostly in peace. You say we have social media revelations, cheap hand phones, apps, media objectivity and alternatives. Not necessarily.

    We have plenty of porn, things to buy, and no privacy – no real security in the sense that so-called authority has total awareness of everything about you, 24/7 public surveillance and open financial/health records.

    Social media is designed to use and influence you, not inform you. Listening devices for services as an appliance aren’t dramatically more intrusive than your daily posts on social media. We do have plenty of authors, including Hudson, who get a kind of truth to you. They might seem outrageous, they’ll call the whole thing a scam, but it won’t make a difference.

    Hudson included, why would you necessarily believe anything you read, knowing just a little of how and why it is produced?

    What’cha gonna do now? Run around the neighborhood and tell everyone to stop paying their usurious school loans? Do remember that the central theme is that resistance is useless because you don’t know any better and you should be afraid. Besides, it’s the thought of resistance that counts.

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  • Too late now! Note the date.:

    Let us make war against an intolerable political system and its parasitical membership…

    Let us make the greatest war of all upon those who now own and control $14,640,022,403.95 of gold, which rightfully belongs to the American people, but which is now owned and controlled by the money changers the administration has invited from Europe to preside over the destiny of America. It is time that the American people aroused themselves to the danger which is threatening our nation, not from without but from within and in the very heart of the Government.

    - Hon. J. Thorkelson, If We Must Fight Let Battle Be Here!, Social Justice , May 29, 1939, p. 18

    http://www.unz.org/Pub/SocialJustice-1939may29-00018

    It appears to me that the EU has been undermined from within, or better, the the EU was established to do the undermining…

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  • @SolontoCroesus

    ” The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions . . . This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system. . .
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era. ”
     
    China Pushing Billions Into Iranian Economy as Western Firms Stall
    https://www.usnews.com/news/world/articles/2017-11-30/china-pushing-billions-into-iranian-economy-as-western-firms-stall

    China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said. . . .

    Iranian officials say the deals are part of Beijing's $124 billion Belt and Road initiative, which aims to build new infrastructure - from highways and railways to ports and power plants - between China and Europe to pave the way for an expansion of trade.

    A source in China familiar with the CITIC credit line, which was agreed in September, called it "an agreement of strategic intent". The source declined to give details on projects to be financed, but Iranian media reports have said they would include water management, energy, environment and transport projects. . . .

    The Chinese funding, by far the largest statement of investment intent of any country in Iran, is in stark contrast with the drought facing Western investors since U.S. President Donald Trump disavowed the 2015 pact agreed by major powers, raising the threat sanctions could be reimposed.
     

    China Pushing Billions Into Iranian Economy as Western Firms Stall

    Hmmm, I wonder if that’s why Iran is an “existential threat” to Israel, the only entity in the world that counts, especially since the place was founded by “victims.” ;)

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  • @ThreeCranes
    Germany loans money back to the poorer nations who buy her exports just as China loans money to the United States (they purchase roughly a third of our Treasury bonds) so that Americans can continue to buy Chinese manufactured goods.

    The role to be played by the USA in the "new world order" is that of being the farmer to the world. The meticulous Asians will make stuff.

    The problem with this is that it is based on 19th century notions of manufacturing. Technique today is vastly more complicated than it was in the 1820's and a nation must do everything in its power to protect and nurture its manufacturing and scientific excellence. In the United States we have been giving this away to our competitors. We educate their children at our taxpayer's expense and they take the knowledge gained back to their native countries where, with state subsidies, they build factories that put Americans out of work. We fall further and further behind.

    Some good insights there!!

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  • @nsa
    Joonomics 101 needs to be studied by every student of the dismal science, including the eminent Professor Hudson. Joonomics 101, in its essence, describes the modern system of capital creation and allocation prevalent in North America. Jooies, lacking any sense of decency or civic responsibility, gain control of the financial system and its production of fiat money. Motivated by greed alone, the jooies then create a tsunami of fiat money and credit out of thin air and ladle it out to their jooie relatives and their jooie friends and any goy useful idiots needed to keep the jooies in control. The fiat money and credit is then used to buy real assets and various income generating investments. Eventually, some of the fiat money and credit trickles down to the masses of goy asses, who service their jooie masters with their labor and usurious debt repayment. Every university should include a Joonomics 101 course in their curriculum.........

    I think you nailed it.

    Those who control credit can make or break whole nations by manipulating their economies at will.

    It happened to Germany after WW1 and to the US (the Great Depression) and the recent housing bubble just to name a few “biggies.”

    The fiat money and credit is then used to buy real assets and various income generating investments.

    This is used to drive up prices and create a bubble. The credit is withdrawn, prices collapse, and the properties sold at fire sale prices. Farmers lose their farms, homeowners lose their houses, businesses go under…They sell in a buyer’s market (sorry for the understatement). And I’ve been told that debt is good…Paul Krugman sez so, and I’m an ignoramus!!!

    Another method used is exemplified by the experience of the Japanese in California at the outbreak of WW2…Their possessions were confiscated and you-know-who grabbed the bulk of it for pennies on the dollar. Adding insult and injury to both the general American taxpayer and the Japanese-American taxpayers, you can bet that any compensation received by the Japanese-Americans was paid for by other productive Americans aka, tax slaves, and was probably minimal and accompanied by relatively high “processing fees.”

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  • @nickels

    This is not how the Enlightenment was supposed to evolve
     
    In fact, this is exactly how it was supposed to work.
    The wave of liberal democracies was precisely to overturn the monarchies, which were the last bulwark protecting the people from the full tyranny of the financiers, who were, by nature, one-world internationalists.

    In fact, this is exactly how it was supposed to work.
    The wave of liberal democracies was precisely to overturn the monarchies, which were the last bulwark protecting the people from the full tyranny of the financiers, who were, by nature, one-world internationalists.

    I’ve long suspected as much.

    Same with nationalism…a great way to consolidate little states and other political entities so they could be controlled with bought and paid for stooges. The stooges could also initiate war for profits between the now much larger nations.

    Now that they’ve done their job and handed control over to the bankers, we hear talk of “independence” for every political group imaginable. Helps keep folks disunited and prevents governments from actually doing anything for the masses, as if they would in any case.

    The big money crowd knows how to manipulate and win either way. I wish I had some solutions to the problem, but the only hope for us peasants appears to be to stay out of any fights the money bag gangs start and hope they slit one another’s throats instead and leave the rest of us in peace. I know, none of that is likely.

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    • Replies: @nickels

    but the only hope for us peasants appears to be to stay out of any fights
     
    Indeed. Every time I get riled up and want to stand up for justice I realize every side is corrupted and sit back down.
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  • @jilles dykstra
    " The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions "

    In the whole article not a word about the euro, also an instrument of imperialism, that mainly benefits Germany, the country that has to maintain a high level of exports, in order to feed the Germans, and import raw materials for Germany's industries.

    Isolating China and Russia, with the other BRICS countries, S Africa, Brazil, India, dangerous game.
    This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system, the width differs.
    Four days for the trip.
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era.

    Edward Mead Earle, Ph.D., ‘Turkey, The Great Powers and The Bagdad Railway, A study in Imperialism’, 1923, 1924, New York

    ” The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions . . . This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system. . .
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era. ”

    China Pushing Billions Into Iranian Economy as Western Firms Stall

    https://www.usnews.com/news/world/articles/2017-11-30/china-pushing-billions-into-iranian-economy-as-western-firms-stall

    China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said. . . .

    Iranian officials say the deals are part of Beijing’s $124 billion Belt and Road initiative, which aims to build new infrastructure – from highways and railways to ports and power plants – between China and Europe to pave the way for an expansion of trade.

    A source in China familiar with the CITIC credit line, which was agreed in September, called it “an agreement of strategic intent”. The source declined to give details on projects to be financed, but Iranian media reports have said they would include water management, energy, environment and transport projects. . . .

    The Chinese funding, by far the largest statement of investment intent of any country in Iran, is in stark contrast with the drought facing Western investors since U.S. President Donald Trump disavowed the 2015 pact agreed by major powers, raising the threat sanctions could be reimposed.

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    • Replies: @jacques sheete

    China Pushing Billions Into Iranian Economy as Western Firms Stall
     
    Hmmm, I wonder if that's why Iran is an "existential threat" to Israel, the only entity in the world that counts, especially since the place was founded by "victims." ;)
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  • @jilles dykstra
    " The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions "

    In the whole article not a word about the euro, also an instrument of imperialism, that mainly benefits Germany, the country that has to maintain a high level of exports, in order to feed the Germans, and import raw materials for Germany's industries.

    Isolating China and Russia, with the other BRICS countries, S Africa, Brazil, India, dangerous game.
    This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system, the width differs.
    Four days for the trip.
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era.

    Edward Mead Earle, Ph.D., ‘Turkey, The Great Powers and The Bagdad Railway, A study in Imperialism’, 1923, 1924, New York

    Germany loans money back to the poorer nations who buy her exports just as China loans money to the United States (they purchase roughly a third of our Treasury bonds) so that Americans can continue to buy Chinese manufactured goods.

    The role to be played by the USA in the “new world order” is that of being the farmer to the world. The meticulous Asians will make stuff.

    The problem with this is that it is based on 19th century notions of manufacturing. Technique today is vastly more complicated than it was in the 1820′s and a nation must do everything in its power to protect and nurture its manufacturing and scientific excellence. In the United States we have been giving this away to our competitors. We educate their children at our taxpayer’s expense and they take the knowledge gained back to their native countries where, with state subsidies, they build factories that put Americans out of work. We fall further and further behind.

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    • Replies: @jacques sheete
    Some good insights there!!
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  • @Michael Kenny
    Essentially, the anti-EU and anti-euro line that Professor Hudson has being pushing for years, which has now morphed into a pro-Putin line as the anti-EU faction in the US have sought to use Putin as a “useful idiot” to destroy the EU. Since nobody in Europe reads these articles, Ii doesn’t really matter and I certainly don’t see any EU leader following the advice of someone who has never concealed his hostility to the EU’s very existence: note the use of the racist slur “PIIGS” to refer to certain EU Member States. Thus, Professor Hudson is simply pushing the “let Putin win in Ukraine” line dressed up in fine-sounding economic jargon.

    Indeed, Putin should be praised & supported.

    But where is the proof that ‘Russia & Trump colluded to get Trump elected’?
    You also ignore the overwhelming Crimean support for returning to Russia.

    And you won’t like this at all:

    Trump Declares “National Day for the Victims of Communism.”

    https://www.whitehouse.gov/the-press-office/2017/11/07/national-day-victims-communism

    hence, the Liars of the scamming “Holocau$t Industry” go crazy:

    https://www.salon.com/2017/11/07/trumps-national-day-for-the-victims-of-communism-is-opposite-of-holocaust-statement/

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  • Joonomics 101 needs to be studied by every student of the dismal science, including the eminent Professor Hudson. Joonomics 101, in its essence, describes the modern system of capital creation and allocation prevalent in North America. Jooies, lacking any sense of decency or civic responsibility, gain control of the financial system and its production of fiat money. Motivated by greed alone, the jooies then create a tsunami of fiat money and credit out of thin air and ladle it out to their jooie relatives and their jooie friends and any goy useful idiots needed to keep the jooies in control. The fiat money and credit is then used to buy real assets and various income generating investments. Eventually, some of the fiat money and credit trickles down to the masses of goy asses, who service their jooie masters with their labor and usurious debt repayment. Every university should include a Joonomics 101 course in their curriculum………

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    • Replies: @jacques sheete
    I think you nailed it.

    Those who control credit can make or break whole nations by manipulating their economies at will.

    It happened to Germany after WW1 and to the US (the Great Depression) and the recent housing bubble just to name a few "biggies."

    The fiat money and credit is then used to buy real assets and various income generating investments.
     
    This is used to drive up prices and create a bubble. The credit is withdrawn, prices collapse, and the properties sold at fire sale prices. Farmers lose their farms, homeowners lose their houses, businesses go under...They sell in a buyer's market (sorry for the understatement). And I've been told that debt is good...Paul Krugman sez so, and I'm an ignoramus!!!

    Another method used is exemplified by the experience of the Japanese in California at the outbreak of WW2...Their possessions were confiscated and you-know-who grabbed the bulk of it for pennies on the dollar. Adding insult and injury to both the general American taxpayer and the Japanese-American taxpayers, you can bet that any compensation received by the Japanese-Americans was paid for by other productive Americans aka, tax slaves, and was probably minimal and accompanied by relatively high "processing fees."
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  • there is fuzzy, and then there is very fuzzy, and then there is the fuzziness compounded many-fold. The latter is this article.

    Here from wiki: “…
    “… Marx believed that capitalism was inherently built upon practices of usury and thus inevitably leading to the separation of society into two classes: one composed of those who produce value and the other, which feeds upon the first one. In “Theories of Surplus Value” (written 1862-1863), he states “…that interest (in contrast to industrial profit) and rent (that is the form of landed property created by capitalist production itself) are superfetations (i.e., excessive accumulations) which are not essential to capitalist production and of which it can rid itself.”

    Wiki goes on to identify “rentier” as used by Marx, to be the same thing as”capitalists.”

    What the above quotation says is that capitalism CAN rid itself of genuine rent capital.

    First, the feudal rents that were extracted by landowners were NOT part of a free market system. Serfdom was only one part of unfree conditions. A general condition of anarchy in rules and laws by petty principalities characteristic of feudalism, both contained commerce and human beings. There was no freedom, political or economic.

    The conflation (collapsing) of rents and interest is a marxist error which expands into complete nonsense when a competitive economy has replaced feudal conditions. ON top of that, profits from a business, firm, or industrial enterprise are NOT rents.

    Any marxist is a fool to pretend otherwise, and is just another ideological (False consciousness ) fanatic.
    ——
    Not Surprising here that so many Unz Review folks fall into this marxist trap: intellectual and political, and economic.

    As for machinations of States with regard to national agendas, this is no surprise, and has nothing to do with capitalism, socialism, or whatever. It has to do with Politics, International, which then points to the urgencies of freeing ourselves from globalism, International Finance, and the EU, Nato , etc.

    International Capitalism of course is championed by the dominant powers of the time, what Anglo-European Liberals want. International Capitalism in the Chinese model could happen, in which capitalism would die and be replaced by Oriental Despotism. Another story.

    To claim as does Hudson, that all the spendthrift countries…like Greece, Italy, Spain, and the Latin American co-free spenders, and especially Ireland with its 92 national IQ, are Oppressed by Rentiers is crap.

    The stories of advanced Socialism in Greece and other countries… out of this world pensions, and welfarism…are true. These countries all have lower IQs, except maybe for Italy but which does have low IQ folks in the South of Rome area who correspondingly have their hands out for free money .

    To claim that money lent by countries and companies or even banks, who have collected money from people who actually work, and businesses that live in a competitive environment is absurd.

    Maybe the argument of Hudson can be extended to White Privilege, that all White money is the product of Exploitation and Rentier economic relations. Of course, besides the political ramifications of such idiocy, the economic results would be defaults on a massive scale from the Colored countries, the La Dolce countries, and lumpen elements in general. How about your mortgage payment too ? Black Lives Matter would like a piece of Hudson’s action.

    Idiocy and ideological fanaticism here in Hudson.
    Joe Webb

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    • Replies: @MEFOBILLS
    Joe, some edification in your case is necessary:

    You say..

    that interest (in contrast to industrial profit) and rent (that is the form of landed property created by capitalist production itself) are superfetations (i.e., excessive accumulations) which are not essential to capitalist production and of which it can rid itself.”

    Wiki goes on to identify “rentier” as used by Marx, to be the same thing as”capitalists.”
     
    The superfetations are those things not necessary for production. If those things "not necessary" are removed, then prices go down. That makes for better capitalism, not worse. Everybody can agree that lowest possible price is beneficial.

    Rents and rentier theory, as unearned income, got its impetus mostly in England during the beginning of industrial age. Land owners as descendants of Norman Conquests held most of the land. They would then charge high prices for their tenants, a process known as rent-racking. These land owners then extracted 'rents' from production, causing high overhead on labor. The landowners were parasites on production as they did not add any value. Landowners by causing high prices via rent racking were taking unearned income. Rentier now means stealing unearned income from producers.

    Usury is also stealing unearned income, a form of rents. Example of interest on money that became non usurious: Benjamin Franklin, of Philadelphia Colony, would issue money from state bank into colony to build the commons. This extra money issued would then be available for people to pay interest on their loans to the state bank. Channeling path of "extra money" would improve ports, bridges, etc., so people had productive means to pay back their loans. Interest in this case cycled beneficially as process was a virtuous cycle, hence non usurious.

    In Nazi Germany, Reinhardt (in charge of fiscal policy) would issue coupons (a form of money) which would allow people to take out loans to improve their houses, and said coupons effectively paid the interest. Equity in homes improved in a virtuous cycle.

    When finance capitalism is corrupting government to "untax" their gains, to then favor their accumulations of capital, that is a form of rents.

    Hudson is not confused....he is usually on-point.
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  • The real problem with this is that any form of monetary arrangement involves an implied trusteeship, with obligations on, as well as benefits for, the trustee.

    The US is so abusing its trusteeship through the continual use of an irresponsible sanctions regime that it risks a good portion of the world economy abandoning its system for someone else’s, which may be perceived to be run more responsibility.

    The disaster scenario would be the US having therefore in the future to access that other system to purchase oil or minerals, and having that system do to us what we previously did to them — sanction us out.

    The proper use by the US of its controlled system thus should be a defensive one — mainly to act so fairly to all players that it, not someone else, remains in control of the dominant worldwide exchange system. This sensible course of conduct, unfortunately, is not being pursued by the US.

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  • This is not how the Enlightenment was supposed to evolve

    In fact, this is exactly how it was supposed to work.
    The wave of liberal democracies was precisely to overturn the monarchies, which were the last bulwark protecting the people from the full tyranny of the financiers, who were, by nature, one-world internationalists.

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    • Replies: @jacques sheete

    In fact, this is exactly how it was supposed to work.
    The wave of liberal democracies was precisely to overturn the monarchies, which were the last bulwark protecting the people from the full tyranny of the financiers, who were, by nature, one-world internationalists.
     
    I've long suspected as much.

    Same with nationalism...a great way to consolidate little states and other political entities so they could be controlled with bought and paid for stooges. The stooges could also initiate war for profits between the now much larger nations.

    Now that they've done their job and handed control over to the bankers, we hear talk of "independence" for every political group imaginable. Helps keep folks disunited and prevents governments from actually doing anything for the masses, as if they would in any case.

    The big money crowd knows how to manipulate and win either way. I wish I had some solutions to the problem, but the only hope for us peasants appears to be to stay out of any fights the money bag gangs start and hope they slit one another's throats instead and leave the rest of us in peace. I know, none of that is likely.

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  • @Jake
    "After World War I the U.S. Government deviated from what had been traditional European policy – forgiving military support costs among the victors. U.S. officials demanded payment for the arms shipped to its Allies in the years before America entered the Great War in 1917. The Allies turned to Germany for reparations to pay these debts."

    The Yank banker, the Yankee Wall Street super rich, set off a process of greed that led to Hitler.

    But they didn't invent anything. They learned from their WASP forebears in the British Empire, whose banking back to Oliver Cromwell had become inextricably entangled with Jewish money and Jewish interests to the point that Jews per capita dominated it even at the height of the British Empire, when simpleton WASPs assume that WASPs truly ran everything, and that WASP power was for the good of even the poorest WASPs.

    said:
    “The Yank banker, the Yankee Wall Street super rich, set off a process of greed that led to Hitler.”

    If true, so what?

    That’s a classic example of ‘garbage in, garbage out’.

    http://www.codoh.com

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  • Anonymous • Disclaimer says:

    That sounds good but social media is the weapon of choice in the EU too. Lot’s of kids know and love Hudson. Any half capable writer who empathetically explains why you’re getting fucked is going to have some followers. Watering, nutrition, weeding. Before too long you’ll be on the Eurail to your destination.

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  • Since nobody in Europe reads these articles, Ii doesn’t really matter

    None of it rally matters anyway, no matter how valid. To paraphrase Thucydides, the money grubbers do what they want and the rest of us are forced to suck it up and limp along.

    and I certainly don’t see any EU leader following the advice

    I doubt that that’s Hudson’s intent in writing the article. I see it as his attempt to explain the situation to those of us who care about them even though our concern is pretty much useless.

    I do thank him for taking the time to pen this stuff which I consider worthwhile and high quality.

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  • Essentially, the anti-EU and anti-euro line that Professor Hudson has being pushing for years, which has now morphed into a pro-Putin line as the anti-EU faction in the US have sought to use Putin as a “useful idiot” to destroy the EU. Since nobody in Europe reads these articles, Ii doesn’t really matter and I certainly don’t see any EU leader following the advice of someone who has never concealed his hostility to the EU’s very existence: note the use of the racist slur “PIIGS” to refer to certain EU Member States. Thus, Professor Hudson is simply pushing the “let Putin win in Ukraine” line dressed up in fine-sounding economic jargon.

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    • Replies: @Wally
    Indeed, Putin should be praised & supported.

    But where is the proof that ‘Russia & Trump colluded to get Trump elected’?
    You also ignore the overwhelming Crimean support for returning to Russia.

    And you won’t like this at all:

    Trump Declares “National Day for the Victims of Communism.”
    https://www.whitehouse.gov/the-press-office/2017/11/07/national-day-victims-communism

    hence, the Liars of the scamming “Holocau$t Industry” go crazy:
    https://www.salon.com/2017/11/07/trumps-national-day-for-the-victims-of-communism-is-opposite-of-holocaust-statement/
    , @pogohere
    If you want to drill deeper into the history of the formation of the EU, I suggest you read Joseph P. Farrell's The Third Way, The Nazi International, European Union and Corporate Fascism.

    In it he traces what he asserts is the influence of the "Madrid Circular," a document circulated in 1950 by the German Geopolitical Center in Madrid which outlines a plan to create what looks remarkably like what was actually created in the following decades: a cartelized EU industrial sector ruled by an unelected bureaucracy accompanied by an elected parliament with no actual power. The legal structures were anticipated by Germans in the 1940s who continued to hold high office after the war and sat at the table drafting the structure underpinning the EU.
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  • The golden rule is one thing. The paper rule is something else.

    May you live in interesting times.

    The golden rule is for dreamers, unfortunately. Those who control paper money rule, and your wish has been granted; we live in times that are both interesting and fascinating, but are nevertheless the same old thing. Only the particular particulars have changed.

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  • @jilles dykstra
    " The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions "

    In the whole article not a word about the euro, also an instrument of imperialism, that mainly benefits Germany, the country that has to maintain a high level of exports, in order to feed the Germans, and import raw materials for Germany's industries.

    Isolating China and Russia, with the other BRICS countries, S Africa, Brazil, India, dangerous game.
    This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system, the width differs.
    Four days for the trip.
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era.

    Edward Mead Earle, Ph.D., ‘Turkey, The Great Powers and The Bagdad Railway, A study in Imperialism’, 1923, 1924, New York

    The Berlin Baghdad railway was an important cause for WWI.

    Bingo.

    Stopping it was a huge factor. There was no way the banksters of the world were going to let that go forward, nor were they going to let Germany and Russia link up in any other ways. They certainly were not about to allow any threats to the Suez Canal nor any chance to let the oil fields slip from their control either.

    The wars were also instigated to prevent either Germany or Russia having control of, and free access to warm water ports and the wars also were an excuse to steal vast amounts of wealth from both Germany and Russia through various means.

    All pious and pompous pretexts aside, economics was the motive for (the) war (s), and the issues are not settled to this day. I.e., it’s the same class of monstrously insatiable criminals who want everything for themselves who’re causing the major troubles of the day.

    Unfortunately, as long as we have SoB’s who’re eager to sacrifice our blood and treasure for their benfit, things will never change.

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  • @The Alarmist
    "Austerity" is such a misused word these days. What the Allies did to Germany after Versailles was austerity, and everyone paid dearly for it.

    What the IMF and the Western Banking Cartel do to third world countries is akin to a pusher hopping up addicts on debt and then taking it away while stripping them of their assets, pretty much hurting only the people of the third world country; certainly not the WBC, and almost certainly not the criminal elite who took the deal.

    The Austerity everyone complains about in the developed world these days is a joke, hardly austerity, for it has never meant more than doing a little less deficit-spending than in prior periods, e.g. UK Labour whining about "Austerity" is a joke, as the UK debt has done nothing but grow, which in terms understandable to simple folk like me means they are spending more than they can afford to carry.

    What the IMF and the Western Banking Cartel do to third world countries is akin to a pusher hopping up addicts on debt and then taking it away while stripping them of their assets, pretty much hurting only the people of the third world country; certainly not the WBC, and almost certainly not the criminal elite who took the deal.

    That’s true and the criminals do similar asset stripping to their own as well, through various means.

    It’s always the big criminals against the rest of us.

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  • to be honest, this way of running things only need to last for 10-20 more years before automation will replace 800 million jobs. then we will have a few trillionaire overlords :) unless true AI comes online. by that point nothing matters as we will become zoo animals.

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  • “Textbook trade theory depicts trade and investment as helping poorer countries catch up, compelling them to survive by becoming more democratic to overcome their vested interests and oligarchies along the lines pioneered by European and North American industrial economies.”

    I must be old; the economic textbooks I had did explain the benefits of freer trade among nations using Ricardo and Trade Indifference Curves, but didn’t prescribe any one political system being fostered by or even necessary for the benefits of international trade to be reaped.

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  • To Michael Hudson,
    Great article. Evidence based, factually argued, enjoyably readable.
    Replacements for the dollar dominated financial system are well into development. Digital dollars, credit cards, paypal, stock and currency exchange online platforms, and perhaps most intriguing… The exponential rise of Bitcoin and similar crypto-currencies.
    The internet is also exponentially exposing the screwing we peasants have been getting by the psychopath, narcissistic, hedonistic, predatory lenders and controllers.
    Next comes the widespread, easily usable, and inexpensive cell phone apps, social media exposures, alternative websites (like Unz.com), and other technologies that will quickly identify every lying, evil, jerk so they can be neutrilized / avoided

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    • Replies: @Anonymous
    Optimistic to be sure, but the designers of the internet intended the direction of the web to be something a bit more complicated than giving you the answer to anything.

    It's a well worn cliche, but the griminess of Oceania's telescreens is only one way to manage a state. Get rid of a negative perception and the flock will follow mostly in peace. You say we have social media revelations, cheap hand phones, apps, media objectivity and alternatives. Not necessarily.

    We have plenty of porn, things to buy, and no privacy - no real security in the sense that so-called authority has total awareness of everything about you, 24/7 public surveillance and open financial/health records.

    Social media is designed to use and influence you, not inform you. Listening devices for services as an appliance aren't dramatically more intrusive than your daily posts on social media. We do have plenty of authors, including Hudson, who get a kind of truth to you. They might seem outrageous, they'll call the whole thing a scam, but it won't make a difference.

    Hudson included, why would you necessarily believe anything you read, knowing just a little of how and why it is produced?

    What'cha gonna do now? Run around the neighborhood and tell everyone to stop paying their usurious school loans? Do remember that the central theme is that resistance is useless because you don't know any better and you should be afraid. Besides, it's the thought of resistance that counts.
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  • “After World War I the U.S. Government deviated from what had been traditional European policy – forgiving military support costs among the victors. U.S. officials demanded payment for the arms shipped to its Allies in the years before America entered the Great War in 1917. The Allies turned to Germany for reparations to pay these debts.”

    The Yank banker, the Yankee Wall Street super rich, set off a process of greed that led to Hitler.

    But they didn’t invent anything. They learned from their WASP forebears in the British Empire, whose banking back to Oliver Cromwell had become inextricably entangled with Jewish money and Jewish interests to the point that Jews per capita dominated it even at the height of the British Empire, when simpleton WASPs assume that WASPs truly ran everything, and that WASP power was for the good of even the poorest WASPs.

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    • Replies: @Wally
    said:
    "The Yank banker, the Yankee Wall Street super rich, set off a process of greed that led to Hitler."

    If true, so what?

    That's a classic example of 'garbage in, garbage out'.

    www.codoh.com
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  • The golden rule is one thing. The paper rule is something else.

    May you live in interesting times.

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  • The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions.

    US banking oligarchs will expend the last drop of our blood to prevent a such a linking, just as they were willing to sacrifice our blood and treasure in WW1 and 2, as is alluded to here.:

    Today’s global financial crisis can be traced back to World War I and its aftermath.

    Excellent.:

    The principle that needed to be voiced was the right of sovereign nations not to be forced to sacrifice their economic survival on the altar of inter-government and private debt demands…Without a global alternative to letting debt dynamics polarize societies and tear economies apart, monetary imperialism by creditor nations is inevitable.

    This is a gem of a summary.:

    The past century’s global fracture between creditor and debtor economies has interrupted what seemed to be Europe’s democratic destiny to empower governments to override financial and other rentier interests. Instead, the West is following U.S. diplomatic leadership back into the age when these interests ruled governments. This conflict between creditors and democracy, between oligarchy and economic growth (and indeed, survival) will remain the defining issue of our epoch over the next generation, and probably for the remainder of the 21st century.

    Instead, the West is following U.S. diplomatic leadership back into the age when these interests ruled governments.

    It’s important to note that such interests have ruled (owned, actually) imperial Britain for centuries and the US since its inception, and the anti-federalists knew it.

    Here is a revolution as radical as that which separated us from Great Britain.

    You will find all the strength of this country in the hands of your enemies…[ed comment: the money grubbers]

    Patrick Henry June 5 and 7, 1788―1788-1789 Petersburg, Virginia edition of the Debates and other Proceedings . . . Of the Virginia Convention of 1788

    The Constitution had been laid down under unacceptable auspices; its history had been that of a coup d’état.

    It had been drafted, in the first place, by men representing special economic interests. Four-fifths of them were public creditors, one-third were land speculators, and one-fifth represented interests in shipping, manufacturing, and merchandising. Most of them were lawyers. Not one of them represented the interest of production — Vilescit origine tali.

    - Albert Jay Nock [Excerpted from chapter 5 of Albert Jay Nock's Jefferson, published in 1926]

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  • This is not how the Enlightenment was supposed to evolve

    What I said, and beautifully put, the whole article.

    World War I may well have been an important way-point, but the miserable mercantile modus operandi was well established long before.

    An interesting A/B case:

    a) wiki/Anglo-Persian Oil Company “In 1901 William Knox D’Arcy, a millionaire London socialite, negotiated an oil concession with Mozaffar al-Din Shah Qajar of Persia. He financed this with capital he had made from his shares in the highly profitable Mount Morgan mine in Queensland, Australia. D’Arcy assumed exclusive rights to prospect for oil for 60 years in a vast tract of territory including most of Iran. In exchange the Shah received £20,000 (£2.0 million today),[1] an equal amount in shares of D’Arcy’s company, and a promise of 16% of future profits.”

    Note the 16% = ~1/6, the rest going off-shore.

    b) The Greens in Aus researched the resources sector in Aus, to find that it is 83% ‘owned’ by off-shore entities.

    Note that 83% = ~5/6, which goes off-shore. Coincidence?

    Then see what happened when the erstwhile APOC was nationalized; the US/UK perpetrated a coup against the democratically elected Mossadegh, eventual blow-back resulting in the 1979 revolution, basically taking Iran out of ‘the West.’

    Note that in Aus, the democratically elected so-called ‘leaders’ not only allow exactly this sort of economic rape, they actively assist it by, say, crippling the central bank and pleading for FDI = selling our, we the people’s interests, out. Those traitor-leaders are reversing ‘Enlightenment’ provisions, privatising whatever they can and, as Michael Hudson well points out the principles, running Aus into debt and austerity.

    We the people are powerless passengers, and to add insult to injury, the taxpayer-funded AusBC lies to us continually. Ho, hum; just like the mainly US/Z MSM and the BBC do – all corrupt and venal. Bah!

    Now, cue the trolls: “But Russia/China are worse!”

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  • Another excellent article.

    The U.S. response has been to extend the new Cold War into the financial sector, rewriting the rules of international finance to benefit the United States and its satellites – and to deter countries from seeking to break free from America’s financial free ride.

    Nah, the NY banksters wouldn’t dream of doing such a thing; would they? ;)

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  • ” The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions ”

    In the whole article not a word about the euro, also an instrument of imperialism, that mainly benefits Germany, the country that has to maintain a high level of exports, in order to feed the Germans, and import raw materials for Germany’s industries.

    Isolating China and Russia, with the other BRICS countries, S Africa, Brazil, India, dangerous game.
    This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system, the width differs.
    Four days for the trip.
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era.

    Edward Mead Earle, Ph.D., ‘Turkey, The Great Powers and The Bagdad Railway, A study in Imperialism’, 1923, 1924, New York

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    • Replies: @jacques sheete

    The Berlin Baghdad railway was an important cause for WWI.
     
    Bingo.


    Stopping it was a huge factor. There was no way the banksters of the world were going to let that go forward, nor were they going to let Germany and Russia link up in any other ways. They certainly were not about to allow any threats to the Suez Canal nor any chance to let the oil fields slip from their control either.

    The wars were also instigated to prevent either Germany or Russia having control of, and free access to warm water ports and the wars also were an excuse to steal vast amounts of wealth from both Germany and Russia through various means.

    All pious and pompous pretexts aside, economics was the motive for (the) war (s), and the issues are not settled to this day. I.e., it's the same class of monstrously insatiable criminals who want everything for themselves who're causing the major troubles of the day.

    Unfortunately, as long as we have SoB's who're eager to sacrifice our blood and treasure for their benfit, things will never change.
    , @ThreeCranes
    Germany loans money back to the poorer nations who buy her exports just as China loans money to the United States (they purchase roughly a third of our Treasury bonds) so that Americans can continue to buy Chinese manufactured goods.

    The role to be played by the USA in the "new world order" is that of being the farmer to the world. The meticulous Asians will make stuff.

    The problem with this is that it is based on 19th century notions of manufacturing. Technique today is vastly more complicated than it was in the 1820's and a nation must do everything in its power to protect and nurture its manufacturing and scientific excellence. In the United States we have been giving this away to our competitors. We educate their children at our taxpayer's expense and they take the knowledge gained back to their native countries where, with state subsidies, they build factories that put Americans out of work. We fall further and further behind.
    , @SolontoCroesus

    ” The immediate question facing Germany and the rest of Western Europe is how long they will sacrifice their trade and investment opportunities with Russia, Iran and other economies by adhering to U.S.-sponsored sanctions . . . This effort forced China and Russia to close cooperation, the economic expression of this is the Peking Petersburg railway, with a hub in Khazakstan, where the containers are lifted from the Chinese to the Russian system. . .
    The Berlin Baghdad railway was an important cause for WWI.
    Let us hope that history does not repeat itself in the nuclear era. ”
     
    China Pushing Billions Into Iranian Economy as Western Firms Stall
    https://www.usnews.com/news/world/articles/2017-11-30/china-pushing-billions-into-iranian-economy-as-western-firms-stall

    China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said. . . .

    Iranian officials say the deals are part of Beijing's $124 billion Belt and Road initiative, which aims to build new infrastructure - from highways and railways to ports and power plants - between China and Europe to pave the way for an expansion of trade.

    A source in China familiar with the CITIC credit line, which was agreed in September, called it "an agreement of strategic intent". The source declined to give details on projects to be financed, but Iranian media reports have said they would include water management, energy, environment and transport projects. . . .

    The Chinese funding, by far the largest statement of investment intent of any country in Iran, is in stark contrast with the drought facing Western investors since U.S. President Donald Trump disavowed the 2015 pact agreed by major powers, raising the threat sanctions could be reimposed.
     
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  • “Austerity” is such a misused word these days. What the Allies did to Germany after Versailles was austerity, and everyone paid dearly for it.

    What the IMF and the Western Banking Cartel do to third world countries is akin to a pusher hopping up addicts on debt and then taking it away while stripping them of their assets, pretty much hurting only the people of the third world country; certainly not the WBC, and almost certainly not the criminal elite who took the deal.

    The Austerity everyone complains about in the developed world these days is a joke, hardly austerity, for it has never meant more than doing a little less deficit-spending than in prior periods, e.g. UK Labour whining about “Austerity” is a joke, as the UK debt has done nothing but grow, which in terms understandable to simple folk like me means they are spending more than they can afford to carry.

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    • Replies: @jacques sheete

    What the IMF and the Western Banking Cartel do to third world countries is akin to a pusher hopping up addicts on debt and then taking it away while stripping them of their assets, pretty much hurting only the people of the third world country; certainly not the WBC, and almost certainly not the criminal elite who took the deal.
     
    That's true and the criminals do similar asset stripping to their own as well, through various means.

    It's always the big criminals against the rest of us.
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  • More like Dollar Supremacism

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  • While much of the world focused last week on whether or not the Federal Reserve was going to raise interest rates, or whether the Greek debt crisis would bring Europe to a crisis, the Permanent Court of Arbitration in The Hague awarded a $50 billion judgment to shareholders of the former oil company Yukos in...
  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • […] sincerely, he never became irritated or visibly annoyed. He calmly dealt with the crisis of the seized Russian property. His people would prefer if he were to thump his fist and seize French and Belgian assets. Instead, […]

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  • Report card on playground behavior:

    “Does not play well with other children.”

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  • One of the great ironies of American politics is that most politicians who talk about helping the middle class support policies that, by expanding the welfare-warfare state, are harmful to middle-class Americans. Eliminating the welfare-warfare state would benefit middle-class Americans by freeing them from exorbitant federal taxes, including the Federal Reserve’s inflation tax.Politicians serious about...
  • Anonymous • Disclaimer says:

    give credit to tribe who make all this immigration happen in spite of many white people not want more immigration. This tribe I speak of makes immigration happen over whole world except that tribe’s country. And if you ask why only white countries must accept more immigrants but not this other one country, they scream “holocaust” and call you racist

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  • @Auntie Analogue
    My dear Ron Paul, the Number One nemesis of the middle class is Perpetual Mass Third World Immigration (consisting of needless legal immigration, unchecked and incentivized illegal immigration, employer scamming and foreigner abuse of visa programs, and lucrative federally-underwritten refugee resettlement rackets), without which there would have been no 9-11 jihad attacks and no ever-metastasizing Police Surveillance Security State - and thus no TSA goon gropes of U.S. citizens.

    The Number Two nemesis of the middle class is the dismantling of trade protectionism tied to the substitution for it of the new religion of free trade that allowed U.S. firms to ship American industries and jobs to foreign powers, thus also creating a huge and still-growing trade imbalance and instigating massive federal borrowing from foreign powers to fund Perpetual War and the rampant growth of the welfare state made "necessary" by federal non-enforcement of immigration law that incentives evermore Perpetual Mass Third World Immigration.

    My dear Ron Paul, the Number One nemesis of the middle class is Perpetual Mass Third World Immigration (consisting of needless legal immigration, unchecked and incentivized illegal immigration,

    Thank you. I too am getting tired of any article on this topic that omits immigration from the discussion.

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  • @Max Payne

    No such plan exists anywhere on Earth.
     
    False. See: Denmark

    The people in the US who retired with inflated Social Security payouts in the 1980s thanks to Claude Pepper’s constant attempts to raid the SS surplus and jack up the payouts would probably apply as well but the systems itself is unsustainable as will Denmark’s be – especially once their deadbeat immigrants start feeding at the old age pension trough

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  • A large portion of our existing “elected” leadership are among the !% and most are in the top 5%. They suffer no hardships except having to mingle in incestuous fashion with federal revenue chasers (lawyers, lobbyists, ex-bureaucrats and politicians) all strategically located inside the DC beltway.

    It is no accident that the counties surrounding DC are each counted among the most wealthy counties in the USA. In fact, they constitute the top nine counties income-wise in the USA. This is no accident. By design, Congress and our Presidents have fashioned an ever more centralized government which has succeeded in collectivizing powers in DC as well as revenues that have been stolen from local citizens, counties, cities, states outside that devil’s den inside the beltway.

    Nothing good has come from this collectivization. Virtually all of the federal agencies are beset by rabid abuse of common sense fiscal controls. Scandal after scandal has emanated from DC and the likes of the Dept. of Education, Secret Service, the IRS, all of the welfare agencies, etc. are all failing to do their job. Instead of accomplishing goals they are busy writing new regulations to expand their powers. Our federal agencies are not held to account for use of funds or for performance but they are well trained to lie, obfuscate, divert and delay. AND, they abuse the hell out of whistle blowers.

    THE SOLUTION: Decentralize the whole federal system. Move agencies to the hinterland and those who work for these agencies as well. The fed can teleconference just like business and fed employees do not need to hold hands. Washington is awash in corruption, deceit and wealthy people, politicians and big business all trying to reach deeper into yours and mine pockets.

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  • @MarkinLA
    Politicians serious about helping middle-class Americans should allow individuals to opt out of Social Security and Medicare by not having to pay payroll taxes if they agree to never accept federal retirement or health care benefits. Individuals are quite capable of meeting their own unique retirement and health care needs if the government stops forcing them into one-size-fits-all plans.

    Sorry Ron but this just ain't so. Social Security wasn't created because the government decided that all those people in the Depression who were retiring thanks to all the savings they had in the banks and all their generous pensions needed a new tax to pay. It was created because people lost everything they had in the banks and they lost their pensions when they lost their jobs.

    If you can come up with a plan that allows everybody to have a decent retirement at some reasonable age, let me know. No such plan exists anywhere on Earth.

    No such plan exists anywhere on Earth.

    False. See: Denmark

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    • Replies: @MarkinLA
    The people in the US who retired with inflated Social Security payouts in the 1980s thanks to Claude Pepper's constant attempts to raid the SS surplus and jack up the payouts would probably apply as well but the systems itself is unsustainable as will Denmark's be - especially once their deadbeat immigrants start feeding at the old age pension trough
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  • Politicians serious about helping middle-class Americans should allow individuals to opt out of Social Security and Medicare by not having to pay payroll taxes if they agree to never accept federal retirement or health care benefits. Individuals are quite capable of meeting their own unique retirement and health care needs if the government stops forcing them into one-size-fits-all plans.

    Sorry Ron but this just ain’t so. Social Security wasn’t created because the government decided that all those people in the Depression who were retiring thanks to all the savings they had in the banks and all their generous pensions needed a new tax to pay. It was created because people lost everything they had in the banks and they lost their pensions when they lost their jobs.

    If you can come up with a plan that allows everybody to have a decent retirement at some reasonable age, let me know. No such plan exists anywhere on Earth.

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    • Replies: @Max Payne

    No such plan exists anywhere on Earth.
     
    False. See: Denmark
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  • Perhaps all points of merit. (Certainly more or less squares with my view.)

    But it’s just ridiculous to talk about declining middle class prospects (or the left’s “income inequality” theme) and not mention immigration.

    Mass immigration simply dwarfs everything else in Americans’ declining economic prospects. (The Federal Reserve and an expensive foreign war were around in the 60s when i was a kid–the middle class was booming.)

    America’s traditionally been a prosperous country because
    a) a high quality–genetically\culturally–population
    b) an abundance of land
    c) not an abundance of labor

    In other words the “human capital” was there to develop a prosperous nation. Land–and other resources–were available to exploit. The country wasn’t chock full of people, so labor was dear relative to opportunities … so wages were high.

    These advantageous have been intentionally pissed away this last 50 years. The US opened up to the world labor market … not exactly a shock that people with low to medium skills have seen their position slide. And even the high skilled face intense competition, plus much higher housing prices to find a suitable environment to raise a family.

    Anyone talking about these issues and not even mentioning immigration is simply not a serious person.

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  • My dear Ron Paul, the Number One nemesis of the middle class is Perpetual Mass Third World Immigration (consisting of needless legal immigration, unchecked and incentivized illegal immigration, employer scamming and foreigner abuse of visa programs, and lucrative federally-underwritten refugee resettlement rackets), without which there would have been no 9-11 jihad attacks and no ever-metastasizing Police Surveillance Security State – and thus no TSA goon gropes of U.S. citizens.

    The Number Two nemesis of the middle class is the dismantling of trade protectionism tied to the substitution for it of the new religion of free trade that allowed U.S. firms to ship American industries and jobs to foreign powers, thus also creating a huge and still-growing trade imbalance and instigating massive federal borrowing from foreign powers to fund Perpetual War and the rampant growth of the welfare state made “necessary” by federal non-enforcement of immigration law that incentives evermore Perpetual Mass Third World Immigration.

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    • Replies: @iSteveFan

    My dear Ron Paul, the Number One nemesis of the middle class is Perpetual Mass Third World Immigration (consisting of needless legal immigration, unchecked and incentivized illegal immigration,
     
    Thank you. I too am getting tired of any article on this topic that omits immigration from the discussion.
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  • The crisis that began seven years ago with easy lending and subprime mortgages, has entered its final phase, a currency war between the world’s leading economies each employing the same accommodative monetary policies that have intensified market volatility, increased deflationary pressures, and set the stage for another tumultuous crack-up. The rising dollar, which has soared...
  • Does this mean cheaper German cars, target rifles, and ammunition to me? If so, I am in.

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  • “The crisis that began seven years ago with easy lending and subprime mortgages…”

    Fair enough that the crisis began seven years ago, but the problem is rooted in human nature, it should be no surprise to anyone that understands people.

    Easy money has been the policy of the Democrat Party since William Jennings Bryan’s “Cross of Gold” speech wowed the convention. Nowadays Republicans are “all Keynesians”. Nixon could have cut things off if he had defended the dollar instead of closing the gold window, but he would have triggered a crisis then instead of now and insured that no Republican would be elected President for decades. Ditto for Reagan in the ’80s. Regardless, we’d have wound up in the same place.

    Everybody has a solution, none will work, but I can tell you what will happen. Democracy will end, not in name, but as a practical matter. We will be ruled by bureaucratic edict under emergency powers, and all the while our rulers will say they are “restoring America.” Then will come the wars and mega-death from bio weapons.

    The hope and goal of mankind should be that the major powers can avoid a total nuclear launch, then life will go on.

    Interesting times.

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  • Are you sure about this, Mike? We “end the Fed,” and all those open market and preferred dealer purchases of government bonds, securitized mortgages and student loans suddenly cease. A whole bunch of New Deal and Great Society programs come to an ugly, screeching halt as government bonds are priced by fundamentals and risk instead of a buyer of last resort.

    I mean, it sounds good to me but I’m surprised to hear this coming from you.

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  • But Fed Chairman Ben Bernanke chose to shrug off Stiglitz’s advice and support a policy that has widened inequality to levels not seen since the Gilded Age while having no noticeable impact on employment , productivity or growth. For all practical purposes, QE has been a total flop.

    What horseshit. All of the U.S. unemployment indices have fallen sharply in the past five years. You must think no one would bother to read this stupid screed. Well, you’re wrong. And I don’t write this as an Obama supporter. Facts are facts, and stupid zealots are you.

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  • Washington has shaped 2015 to be a year of conflict. The conflict could be intense. Washington is the cause of the conflict, which has been brewing for some time. Russia was too weak to do anything about it when the Clinton regime pushed NATO to Russia’s borders and illegally attacked Yugoslavia, breaking the country into...
  • @Renoman
    Nuclear war? Have you lost your minds? One Russian sub could drop 120 sizable bombs on the East coast cities in about 8 minutes and you think there would be anything left in the World to fight over let alone WIN!
    There will be no war with Russia because even the Neo con's are not that stupid.
    It's all about money and that's how it will be delt with, no one can challenge America so America will get it's way. Oil prices are being driven down because all these Junior oils are interfering with Big Oil's profits so Iran, Syria and Russia will get an ass kicking, the stock market will fall, Obama will get blamed, big money will swoop in for the bargains the American people will be none the wiser and the GOP will win the White House - Circle complete!

    Renoman, Thimking Big usually involves folks’ losing whatever mind they had to begin with…see Genesis and the Tree of Knowledge.

    Why/how will the stock market fall? With a rudimentary knowledge of matters economic, I see oil stocks as possibly being driven down, but maybe not since I don’t or we don’t know what their margins are here in the US. Even if they were driven down, they are a small part of the economy. The rest of the economy will benefit if not thrive cuz of cheap oil.

    I am not an Anglo/ Israeli/ European Union semi American Model enthusiast trying to kick Putin’s butt. I am pro-Russian more or less if for no other reason than Russia is White and we need it to succeed. I also think we need a White nationalist economic policy that includes all White countries and controls Capital so that it works for White people, first. If there is anything left over, a certain amount of exchange with the Dark world is ok as long as we keep our priorities straight.

    Right now, international capital is very destructive, arguably, of all economies. This is another story, but it is certain that Capital is letting us down in the US, and Europe, by not working for Productivity and robust spending by a well-paid work force, both working class and middle class. Consumer spending is key to a strong economy, etc. and we don’t have it.

    Too much Capital and not enough Wages is the fundamental economic problem.

    Joe Webb

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  • Nuclear war? Have you lost your minds? One Russian sub could drop 120 sizable bombs on the East coast cities in about 8 minutes and you think there would be anything left in the World to fight over let alone WIN!
    There will be no war with Russia because even the Neo con’s are not that stupid.
    It’s all about money and that’s how it will be delt with, no one can challenge America so America will get it’s way. Oil prices are being driven down because all these Junior oils are interfering with Big Oil’s profits so Iran, Syria and Russia will get an ass kicking, the stock market will fall, Obama will get blamed, big money will swoop in for the bargains the American people will be none the wiser and the GOP will win the White House – Circle complete!

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    • Replies: @Joe Webb
    Renoman, Thimking Big usually involves folks' losing whatever mind they had to begin with...see Genesis and the Tree of Knowledge.

    Why/how will the stock market fall? With a rudimentary knowledge of matters economic, I see oil stocks as possibly being driven down, but maybe not since I don't or we don't know what their margins are here in the US. Even if they were driven down, they are a small part of the economy. The rest of the economy will benefit if not thrive cuz of cheap oil.

    I am not an Anglo/ Israeli/ European Union semi American Model enthusiast trying to kick Putin's butt. I am pro-Russian more or less if for no other reason than Russia is White and we need it to succeed. I also think we need a White nationalist economic policy that includes all White countries and controls Capital so that it works for White people, first. If there is anything left over, a certain amount of exchange with the Dark world is ok as long as we keep our priorities straight.

    Right now, international capital is very destructive, arguably, of all economies. This is another story, but it is certain that Capital is letting us down in the US, and Europe, by not working for Productivity and robust spending by a well-paid work force, both working class and middle class. Consumer spending is key to a strong economy, etc. and we don't have it.

    Too much Capital and not enough Wages is the fundamental economic problem.

    Joe Webb
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  • Reading the “Larchmonter” piece I have to laugh. Remember the Glass Bead Game, from one of those Siddhartha type novels by Hesse , I think? The Glass Bead Game was never described but was the ultimate intellectual game of wits. The problem with any Intellectual Game is that you can go to the bank on the certainly of One Dimensionality of the Big Thinkers. In this case, the Saker, or Larchmonter or Whatever, is a true believer in Equality Forever. All the little pawns and other chess pieces can be moved around in his head like clockwork. The reality is that the races are very different and very unequal in both temperament and intelligence. Evolution has seen to that, just as God/Nature made sure of the babble of languages, to prevent Totalitarianism, or just plain boredom of Sameness, whichever model you can imagine, Anglo-Israeli-American, or Double Helix Eurasianism….you know like the madman, Dugin, the Russian Bolshevik Nationalist who also Thinks Big…Eurasianism.

    Maybe he actually wrote this screwball crazed bead-game.

    The Vinyard of the Saker ….this guy is a Russian communist and/or liberal symp…take your pick. He believes in racial equality and thus, rattling off basket-case countries like Pakistan, or the Philippines and just about all of the lower Asia, like India (average IQ at 82), as being packaged by the Double Helix for Prosperity and Peace Everlasting since the Evil Hegemon will be Finished and all will Live Happily Ever After….Woody Woodpecker here laughing like crazy.

    Then PCR goes off on one of his rants….Whoa there Paul! Do you know why people in Poland prefer Nato and the EU? Cuz they got a per capita GDP that is about 3 to 4 times higher than Ukraine, that is why. Of course The People are materialistic and greedy and do not know what’s good for them.

    Seems to me Russia and China went to war a while back. Then there is the growing, if not exploding , Race consciousness all over the planet. One can argue that war between China and USSR was only a bickering among Stalinists and Maoists..and that times have changed.

    As Disraeli said, Race is Everything. Well it may not be quite everything, but East is East and West is West, and the White man will never cozy up to the Chinese, except for a temporary alliance.

    Of course, Russian temperament…think Dostoyevski, or perhaps better, Solzhenitsyn, may be different enough from anglo-saxon temperament to present problems in an ultimately White World Alliance, but to think that Chinese and Whites, especially Russians, will ever cooperate is a pipe dream.

    The Pipe Dream displayed here by the Vinyard of the Saker….this guy loves MLK and all the Oppressed People of Color of the Earth…..is a great Theory….Kill the Yankee! Kill Anglo-Americanism!, but it is
    utopian thru its being very one-dimensional …all these People of Color are going to Stand Up to the Hegemon!

    Then PCR goes on and on about the Collapse of the Dollar, the US Economy, etc. You know the fable of the engineers who write learned technical reports on why the bumblebee cannot fly, but fly it does.

    Really now, there must be somebody out there who can do the political science of Global Realignment better than PCR.

    I may be just another dummie who does not understand What is Really Going On, but the news today, is that the US economy is heading into high gear for 2015. Of course there are problems; are there not always problems? Well not with the brave new world of Racial Equality in the Double Helix. The Future is Perfect, The Hegemon (read White Man really) is defeated, and the World is Saved, in the nick of time. Personally, I am glad we got ICBMs that can reach China… The Chinese are Very Difficult People. Think of it like this: China’s billion plus, imagine there were a billion Israelies.

    Joe Webb

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  • @War for Blair Mountain
    The outlook for the New Year?...Obviously, at any given moment throughout 2015-2017, the bored Homosexual Kenyan Foriegner Narcissist will make sure that we are wihtin 60 seconds of thermonuclear war with Conservative Orthodox Christian Russia...then he will pass the baton off to the psychopathically violent fat-ankled-hairy-testosterone-flushed-bulldyke Hillary who will keep the Human Species to within 60 seconds of permanent extinction during her(Hillary really deserves to be called an "it") alpha-bulldyke riegn of terror and destruction.

    Best description yet

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  • I do not agree with this Mr. Robert’s scenario of a thermonuclear war. I am one of the greatest fans of his and have not missed even one text he has written in the past several years.

    Also, I do not agree that a self-destructive manipulation of the financial market by the Chinese and Russians is a good and possible preventative solution. As the recent manipulation of Ruble shows, in an interconnected world there is only so much you can manipulate another country’s economy before the manipulation explodes in your face. Serial Manipulators, who have been manipulating just about every possible market in the West (real-estate, precious metals, options & futures and so on), cannot do the same to a large target such as Russia without the typical consequences of the one in a glass house throwing stones at others.

    Let me brave some of my own predictions for 2015, regardless that predicting future is not for serious people then for gipsy fortune-tellers at country fairs.

    1) A major attack on Eastern Ukraine by the Western Nazi Puppet Regime in spring,
    2) further drops in interest rates in most Western countries and currency wars (a race to the bottom),
    3) escalation of the simmering racial conflict in the US,
    4) escalation of the social conflict in the EU, due to the economic impact of the failed policies and Russia sanctions,
    5) increased spying and population repression by the totalitarian Western regimes,
    6) further division of the World into two blocks: the Anglo-Zionist Western Empire and the rest of the World assembled around the China-Russia continental base.

    As simple as that, no nuclear war, no financial Armageddon yet, just more of the same.

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  • The U.S. is indeed trying to topple Putin and replace him with a pliant puppet like we have in the Ukraine and Poland.

    We just can’t stop playing the master of the world.

    The question becomes are we prepared for the Russian pushback. Because so far it’s been a belligerent and insane American political elite doing all the pushing. Putin has been restrained in his actions, but he certainly has the ability to crush the EU and blow up the American banks if we push to far too hard.

    The thing the idiotic American elite(who happen to be failed lawyers who think BS and graft are substitutes for honest analysis and reflection) ignore – like most of the jingoistic FoxNews types, is as Mr. Roberts points out that our economy is a house of cards. It’s sick and weak despite all the happy talk from the TV stock pump monkeys taking up how awesome everything is.

    It wouldn’t take much for Putin to put us on our collective backsides. He doesn’t want to, he’s no war monger like Obama, the Clintons and Bushes are.

    I think he hopes we’ll slit our own throat before he has to respond and from the looks of it he may get his wish this new year.

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  • War for Blair Mountain [AKA "Bill Blizzard and his Men"] says:
    @Bobbala
    The US is fast running out of Christian populations to exterminate ... Serbia, Libya, Iraq, Iran, Sudan, Egypt ... soon Russia may be the only ones available.

    And this is what worries me…although, Pussy Riot…very good friends of the fat-ankled-hairy violent bulldyke…would be delighted by this(ultimate organism no doubt for these girls!!!).

    I strongly suspect that Notorious War Criminal Bill O’Rielly’s Irish Catholic audience is in solidarity with the violent bulldyke and her girlfriends’ Pussy Riot on the thermonuclear annihilation of Conservative Orthodox Christian Russia’s infant population, and the larger Conservative Orthodox Christian Russian Population. Western Christianity is a fraud…I write this as an ex-Catholic…although very much Irish!!!

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  • “Putin should have hung Mikheil Saakashvili, the American puppet installed as president of Georgia by the Washington-instigated “Rose Revolution”, and reincorporated Georgia into the Russian Federation.”

    This may be the most idiotic statement I’ve read this year! For all the author’s protests about hegemony and respecting the rights of nations, he either has no idea just how much the Georgian people bitterly resent the history of Russia’s ugly rule over their country, or does but is to hypocritical to care. He doesn’t know how life has improved dramatically for Georgians since the Rose Revolution took place.

    The author is subject to the fallacy that America is the only country capable of coercion, manipulation and oppression. After having just lived in the Caucasus for two years, I can say firsthand that the Russians have Americans beat on those measures.

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  • @bossel
    Ah, back to the nuclear war...
    What about ebola doomsday? Still nothing new on that front?
    Is West Africa already a US colony, as predicted here, IIRC?

    BTW: "the import-dependent Western world"
    Yeah, the West, a monolithic homogenous block...
    or not: e.g. Germany with the highest trade surplus in the world.

    & the PRC is pretty export-dependent. They would be quite stupid if they destroyed their export markets. Luckily the PRC's & Russias leaders are not quite as competent as the author.

    Germany is in trouble. It has lost Russian market.

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  • @War for Blair Mountain
    The outlook for the New Year?...Obviously, at any given moment throughout 2015-2017, the bored Homosexual Kenyan Foriegner Narcissist will make sure that we are wihtin 60 seconds of thermonuclear war with Conservative Orthodox Christian Russia...then he will pass the baton off to the psychopathically violent fat-ankled-hairy-testosterone-flushed-bulldyke Hillary who will keep the Human Species to within 60 seconds of permanent extinction during her(Hillary really deserves to be called an "it") alpha-bulldyke riegn of terror and destruction.

    The US is fast running out of Christian populations to exterminate … Serbia, Libya, Iraq, Iran, Sudan, Egypt … soon Russia may be the only ones available.

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    • Replies: @War for Blair Mountain
    And this is what worries me...although, Pussy Riot...very good friends of the fat-ankled-hairy violent bulldyke...would be delighted by this(ultimate organism no doubt for these girls!!!).

    I strongly suspect that Notorious War Criminal Bill O'Rielly's Irish Catholic audience is in solidarity with the violent bulldyke and her girlfriends' Pussy Riot on the thermonuclear annihilation of Conservative Orthodox Christian Russia's infant population, and the larger Conservative Orthodox Christian Russian Population. Western Christianity is a fraud...I write this as an ex-Catholic...although very much Irish!!!
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  • Ah, back to the nuclear war…
    What about ebola doomsday? Still nothing new on that front?
    Is West Africa already a US colony, as predicted here, IIRC?

    BTW: “the import-dependent Western world”
    Yeah, the West, a monolithic homogenous block…
    or not: e.g. Germany with the highest trade surplus in the world.

    & the PRC is pretty export-dependent. They would be quite stupid if they destroyed their export markets. Luckily the PRC’s & Russias leaders are not quite as competent as the author.

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    • Replies: @Anonymous
    Germany is in trouble. It has lost Russian market.
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  • War for Blair Mountain [AKA "Bill Blizzard and his Men"] says:

    The outlook for the New Year?…Obviously, at any given moment throughout 2015-2017, the bored Homosexual Kenyan Foriegner Narcissist will make sure that we are wihtin 60 seconds of thermonuclear war with Conservative Orthodox Christian Russia…then he will pass the baton off to the psychopathically violent fat-ankled-hairy-testosterone-flushed-bulldyke Hillary who will keep the Human Species to within 60 seconds of permanent extinction during her(Hillary really deserves to be called an “it”) alpha-bulldyke riegn of terror and destruction.

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    • Replies: @Bobbala
    The US is fast running out of Christian populations to exterminate ... Serbia, Libya, Iraq, Iran, Sudan, Egypt ... soon Russia may be the only ones available.
    , @Anonymous
    Best description yet
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  • I read the material on the link

    Its scary and it is doable. So why US media is not covering the possibility? They can see Hizbullah thug over the Mexican northern border about to invade US.They can see muslim spreading Sharaih behind the ever alert American’s back. They can imagine Saddam’s helicopter spreading germs and radioactive material all over US . But they cant see what could go wrong , and that something is not theirs to decide or figure out or prevent anymore .But they wont cover it. Have they been told not to? Or did they decide not to ? Often the criminals think alike knowing each other so well for so long that they dont need any mutual confirmation

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  • Anonymous • Disclaimer says:

    As the late Barton Biggs, renowned Wall Street prognosticator and former Global Strategist at Morgan Stanley, viewed the near economic future:

    In his book, Wealth, War and Wisdom, he wrote, “[A]ssume the possibility of a breakdown of the civilized infrastructure… Your safe haven must be self-sufficient and capable of growing some kind of food. It should be well-stocked with seed, fertilizer, canned food, wine, medicine, clothes, etc. Think Swiss Family Robinson.”

    http://en.m.wikipedia.org/wiki/Barton_Biggs

    What did he see from 1961 to 2008 that gave him such a dire outlook on the economy and finance? Read Michael Lewis for a hint.

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  • If there was a way the United States could achieve its long-term strategic objectives and, at the same time, avoid a war with Russia, it would so. Unfortunately, that is not an option, which is why there’s going to be a clash between the two nuclear-armed adversaries sometime in the near future. Let me explain:...
  • “Washington wants to preserve its position as the world’s only superpower by controlling China’s explosive growth.” Right, it does so by sending US investors there cargo-carriers.

    There is no argument here, just assertion. There is no way to control China’s growth from the US, except to stop US investment there, and China seems to have plenty of capital of its own…sovereign fund and all. You think the Repugnicans would allow cutting off the investment dollar flow to China?That would be the start of something we desperately need long term, a nationalist economics.

    The only virtue of this piece is the discussion of national debt, now up to 18 trillion with no end in sight and the ponzie economics of same, more or less. The Keynesian monetary position had two parts, print money in a downturn and burn it in an upturn. The latter never happens these days.

    So, one can only hold one’s breath.

    Then Whitney finishes with a standard Leftish Flair…the nukes will fly to defend the dollar…what hogwash. Propaganda.
    Joe webb

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  • http://www.theguardian.com/world/2014/nov/30/athens-1944-britains-dirty-secret

    60 yrs ago to stop socialism and communism Churchill sided with the local Greek Nazi resulting in deaths of the protesting youths by Brtish arms given to the Nazi.
    To stop Syria and Iran and to stop Morsi ,America like Churchill have entered into the contracts with the evil . Now the evil is a pain and it became a pain when IS almost ran over American vassal regime of Kurdistan. IS would possibly not been given so much bad publicity if it stayed on leash and carried out the contract killings( agreement with west and Saudi) within Syria , Shia Iraq,and Lebanon .

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  • The duration of relationship between the evils are shrinking rapidly . Al Quida took 20 years to strike back at the master. IS took less than 2 years .

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  • @Bliss
    Excellent, informative post.

    Don't necessarily agree with all of Whitney's points though, for example:

    The whole ISIS-thing is a big hoax to conceal what’s really going on, which is a global war for resources
     
    That doesn't make sense. ISIS wouldn't be executing brits and americans, and the US and Saudi Arabia wouldn't be bombing ISIS if that was the case. Saudi clerics have even passed fatwas (religious decrees) against ISIS.

    What happened was that the saudi/qatari/american instigated rebellion against the Assad regime in Syria was co-opted by ISIS which seems to be a creation of the defeated Baathists of Iraq. Note how ISIS is largely focused on fighting the old enemies of the iraqi Baathists: Kurds and Shiites.

    “ISIS wouldn’t be executing brits and americans” – well, if we can believe everything we see, which I am not 100% sure is the case

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  • Excellent, informative post.

    Don’t necessarily agree with all of Whitney’s points though, for example:

    The whole ISIS-thing is a big hoax to conceal what’s really going on, which is a global war for resources

    That doesn’t make sense. ISIS wouldn’t be executing brits and americans, and the US and Saudi Arabia wouldn’t be bombing ISIS if that was the case. Saudi clerics have even passed fatwas (religious decrees) against ISIS.

    What happened was that the saudi/qatari/american instigated rebellion against the Assad regime in Syria was co-opted by ISIS which seems to be a creation of the defeated Baathists of Iraq. Note how ISIS is largely focused on fighting the old enemies of the iraqi Baathists: Kurds and Shiites.

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    • Replies: @DCThrowback
    "ISIS wouldn’t be executing brits and americans" - well, if we can believe everything we see, which I am not 100% sure is the case
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  • Seems a strategic no-brainer that the United States should want Russia as an ally, not an enemy, if containing China is the goal that’s been chosen. We couldn’t have a more useful partner than Russia in that sense.

    A US-Russia partnership would also bring India on board. Make friends with Russia, India, and Japan, and China is contained.

    That of course all rests upon the assumption that the US should be pursuing an anti-China policy in the first place.

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  • That’s oil, folks.

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  • The United States failed operation in Syria, has led to an intensification of Washington’s proxy war in Ukraine. What the Obama administration hoped to achieve in Syria through its support of so called “moderate” Islamic militants was to topple the regime of Bashar al Ass
  • “The attack on the petrodollar recycling system is one of many asymmetrical strategies Moscow is presently employing to discourage US aggression, to defend its sovereignty, and to promote a multi-polar world order where the rule of law prevails.”

    What a steaming load of crap. The only thing the Tyrant Bear wants is to replace the U.S. at the top of the heap. Looks like they’ve found themselves another useful idiot towards that end.

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  • “As the primary suppliers of critical resources to Europe, Moscow and Tehran would grow stronger both economically and politically which would significantly undermine the influence of the US and its allies in the region, particularly Qatar and Israel. This is why opponents of the pipeline developed a plan to sabotage the project by fomenting a civil war in Syria.”

    Not unless within the next 30-50 years technological advancements make it economically viable for alternative fuels and electric batteries to replace petroleum. That is the equalizer you utterly failed to consider.

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  • The US government's decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward...
  • Anonymous • Disclaimer says:

    The US Dollar system is already brain-dead and only kept on life support by the US Fed cabal will CDS leveraged beyond any possibility of repayment EVER. Estimates of 1.6 quadrillion derivative leveraged monitized debt and growing daily. The house of cards is a mirage and the winds of change are blowing.

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  • The United States failed operation in Syria, has led to an intensification of Washington’s proxy war in Ukraine. What the Obama administration hoped to achieve in Syria through its support of so called “moderate” Islamic militants was to topple the regime of Bashar al Ass
  • @Jason
    Isn't it ultimately hard to undermine the dollar because no one trusts any other country/currency with vast amounts of wealth?

    Nobody wants their billions in Russian, Chinese, or even Euro currency. Really, nobody trusts any legal system much beyond the US and the UK (for large scale international issues).

    So, is the world really going to support other currencies for transactions on this scale?

    It’s kind of mysterious that the US and UK legal system are so widely trusted. The mortgage meltdown and subsequent failure to punish anyone represents a major failure of that system. Our enforcement regime is shot through with favoritism and corruption. It’s just that the anglophone media won’t report on this corruption in a systematic way. They’ll develop long-running storylines around “Russia is corrupt” but American corruption is reported as a bunch of mysterious one-off stories, when it is reported at all. Why does the world buy this rubbish?

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  • Other nations must stockpile dollars to purchase the energy that runs their machinery, heats their homes and fuels their vehicles.

    I’ve never understood this part of the argument. There is a liquid spot market for dollars. If I am country X, why do I have to stockpile dollars? Why can’t I just transact on the spot foreign exchange market as needed?

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  • Most people are worried about war, so war is mentioned often in this context of a confrontation between USUK and Russia. But Russia definitely does not want war and even the US does not want a war it would certainly lose. The US will attack Russia politically and socially, not with an army, not even a European army (if such thing exists). The US has been and will try even harder the same trick which worked in Ukraine – NGOs driven ‘rebellion’. The first step is to get Russia isolated economically through sanctions. When life gets worse in Russia, then use an army of NGOs and trained and armed agents to change government. This is to create a Russian Maidan.

    But Mike is right about how Russia defends itself. He just does not mention that one huge sale ($140B) of US Gov Bonds by an unknown party (Russia) in February this year. The USG covered it up with a purchase by “Belgium” of the same bonds with freshly printed US$. If China would do the same as Russia, the US$ would be done.

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  • @Jason
    Isn't it ultimately hard to undermine the dollar because no one trusts any other country/currency with vast amounts of wealth?

    Nobody wants their billions in Russian, Chinese, or even Euro currency. Really, nobody trusts any legal system much beyond the US and the UK (for large scale international issues).

    So, is the world really going to support other currencies for transactions on this scale?

    Jason, have you ever thought why does “nobody in the world trust any legal system much beyond the US and the UK?”. You should recognise how circular your thinking is: “The world trusts the US and the UK currency and legal system, therefore nobody trusts any legal system much beyond the US and the UK.”

    Of course, the world trusts these two less and less. It would take just one more crash like the one in 2008 and the US$ is done forever. The world used to trust the US$ and UK Pound when these countries had manufacturing and had colonies. But the world has changed, the colonies are not colonies any more, and it is now the former colonies (China) which manufacture. The US and the UK are the have beens, not the future powers. They are now trying to maintain their former position through manipulation and all kinds kinds of dirtiest tactics. Starting wars is the worst crime of all and their principal tool now. Can that “world” you mention then trust US and UK if they keep lying, scheming, killing, torturing, bombing, manipulating markets, ripping off domestic investors (e.g. bailing-in banksters with depositors’ money) and so on. The trust you mention is the residual trust from the past, not something deserved recently.

    In other words, write the same thing you just wrote 10 years from now and listen to the “world” laughing at you.

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  • Isn’t it ultimately hard to undermine the dollar because no one trusts any other country/currency with vast amounts of wealth?

    Nobody wants their billions in Russian, Chinese, or even Euro currency. Really, nobody trusts any legal system much beyond the US and the UK (for large scale international issues).

    So, is the world really going to support other currencies for transactions on this scale?

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    • Replies: @Kiza
    Jason, have you ever thought why does "nobody in the world trust any legal system much beyond the US and the UK?". You should recognise how circular your thinking is: "The world trusts the US and the UK currency and legal system, therefore nobody trusts any legal system much beyond the US and the UK."

    Of course, the world trusts these two less and less. It would take just one more crash like the one in 2008 and the US$ is done forever. The world used to trust the US$ and UK Pound when these countries had manufacturing and had colonies. But the world has changed, the colonies are not colonies any more, and it is now the former colonies (China) which manufacture. The US and the UK are the have beens, not the future powers. They are now trying to maintain their former position through manipulation and all kinds kinds of dirtiest tactics. Starting wars is the worst crime of all and their principal tool now. Can that "world" you mention then trust US and UK if they keep lying, scheming, killing, torturing, bombing, manipulating markets, ripping off domestic investors (e.g. bailing-in banksters with depositors' money) and so on. The trust you mention is the residual trust from the past, not something deserved recently.

    In other words, write the same thing you just wrote 10 years from now and listen to the "world" laughing at you.
    , @Bill
    It's kind of mysterious that the US and UK legal system are so widely trusted. The mortgage meltdown and subsequent failure to punish anyone represents a major failure of that system. Our enforcement regime is shot through with favoritism and corruption. It's just that the anglophone media won't report on this corruption in a systematic way. They'll develop long-running storylines around "Russia is corrupt" but American corruption is reported as a bunch of mysterious one-off stories, when it is reported at all. Why does the world buy this rubbish?
    ReplyAgree/Disagree/Etc.