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The End of Western Civilization
Why it lacks resilience, and What will take its place
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Paper presented on July 11, 2022 to The Ninth South-South Forum on Sustainability.

THE COLLAPSE OF MODERN CIVILIZATION AND THE FUTURE OF HUMANITY.

The greatest challenge facing societies has always been how to conduct trade and credit without letting merchants and creditors make money by exploiting their customers and debtors. All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious. The moral values of most societies opposed selfishness, above all in the form of avarice and wealth addiction, which the Greeks called philarguria – love of money, silver-mania. Individuals and families indulging in conspicuous consumption tended to be ostracized, because it was recognized that wealth often was obtained at the expense of others, especially the weak.

The Greek concept of hubris involved egotistic behavior causing injury to others. Avarice and greed were to be punished by the justice goddess Nemesis, who had many Near Eastern antecedents, such as Nanshe of Lagash in Sumer, protecting the weak against the powerful, the debtor against the creditor.

That protection is what rulers were expected to provide in serving the gods. That is why rulers were imbued with enough power to protect the population from being reduced to debt dependency and clientage. Chieftains, kings and temples were in charge of allocating credit and crop-land to enable smallholders to serve in the army and provide corvée labor. Rulers who behaved selfishly were liable to be unseated, or their subjects might run away, or support rebel leaders or foreign attackers promising to cancel debts and redistribute land more equitably.

The most basic function of Near Eastern kingship was to proclaim “economic order,” misharum and andurarum clean slate debt cancellations, echoed in Judaism’s Jubilee Year. There was no “democracy” in the sense of citizens electing their leaders and administrators, but “divine kingship” was obliged to achieve the implicit economic aim of democracy: “protecting the weak from the powerful.”

Royal power was backed by temples and ethical or religious systems. The major religions that emerged in the mid-first millennium BC, those of Buddha, Lao-Tzu and Zoroaster, held that personal drives should be subordinate to the promotion of overall welfare and mutual aid.

What did not seem likely 2500 years ago was that a warlord aristocracy would conquer the Western world. In creating what became the Roman Empire, an oligarchy took control of the land and, in due course, the political system. It abolished royal or civic authority, shifted the fiscal burden onto the lower classes, and ran the population and industry into debt.

This was done on a purely opportunistic basis. There was no attempt to defend this ideologically. There was no hint of an archaic Milton Friedman emerging to popularize a radical new moral order celebrating avarice by claiming that greed is what drives economies forward, not backward, convincing society to leave the distribution of land and money to “the market” controlled by private corporations and money-lenders instead of communalistic regulation by palace rulers and temples – or by extension, today’s socialism. Palaces, temples and civic governments were creditors. They were not forced to borrow to function, and so were not subjected to the policy demands of a private creditor class.

But running the population, industry and even governments into debt to an oligarchic elite is precisely what has occurred in the West, which is now trying to impose the modern variant of this debt-based economic regime – U.S.-centered neoliberal finance capitalism – on the entire world. That is what today’s New Cold War is all about.

By the traditional morality of early societies, the West – starting in classical Greece and Italy around the 8th century BC – was barbarian. The West was indeed on the periphery of the ancient world when Syrian and Phoenician traders brought the idea of interest-bearing debt from the Near East to societies that had no royal tradition of periodic debt cancellations. The absence of a strong palace power and temple administration enabled creditor oligarchies to emerge throughout the Mediterranean world.

Greece ended up being conquered first by oligarchic Sparta, then by Macedonia and finally by Rome. It is the latter’s avaricious pro-creditor legal system that has shaped subsequent Western civilization. Today, a financialized system of oligarchic control whose roots lead back to Rome is being supported and indeed imposed by U.S. New Cold War diplomacy, military force and economic sanctions on countries seeking to resist it.

Classical antiquity’s oligarchic takeover

In order to understand how Western Civilization developed in a way that contained the fatal seeds of its own economic polarization, decline and fall, it is necessary to recognize that when classical Greece and Rome appear in the historical record a Dark Age had disrupted economic life from the Near East to the eastern Mediterranean from 1200 to about 750 BC. Climate change apparently caused severe depopulation, ending Greece’s Linear B palace economies, and life reverted to the local level during this period.

Some families created mafia-like autocracies by monopolizing the land and tying labor to it by various forms of coercive clientage and debt. Above all was the problem of interest-bearing debt that the Near Eastern traders had brought to the Aegean and Mediterranean lands – without the corresponding check of royal debt cancellations.

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Out of this situation Greek reformer-“tyrants” arose in the 7th and 6th centuries BC from Sparta to Corinth, Athens and Greek islands. The Cypselid dynasty in Corinth and similar new leaders in other cities are reported to have cancelled the debts that held clients in bondage on the land, redistributed this land to the citizenry, and undertaken public infrastructure spending to build up commerce, opening the way for civic development and the rudiments of democracy. Sparta enacted austere “Lycurgan” reforms against conspicuous consumption and luxury. The poetry of Archilochus on the island of Paros and Solon of Athens denounced the drive for personal wealth as addictive, leading to hubris injuring others – to be punished by the justice goddess Nemesis. The spirit was similar to Babylonian, Judaic and other moral religions.

Rome had a legendary seven kings (753-509 BC), who are said to have attracted immigrants and prevented an oligarchy from exploiting them. But wealthy families overthrew the last king. There was no religious leader to check their power, as the leading aristocratic families controlled the priesthood. There were no leaders who combined domestic economic reform with a religious school, and there was no Western tradition of debt cancellations such as Jesus would advocate in trying to restore the Jubilee Year to Judaic practice. There were many Stoic philosophers, and religious amphictyonic sites such as Delphi and Delos expressed a religion of personal morality to avoid hubris.

Rome’s aristocrats created an anti-democratic constitution and Senate, and laws that made debt bondage – and the consequent loss of land – irreversible. Although the “politically correct” ethic was to avoid engaging in commerce and moneylending, this ethic did not prevent an oligarchy from emerging to take over the land and reduce much of the population to bondage. By the 2nd century BC Rome conquered the entire Mediterranean region and Asia Minor, and the largest corporations were the publican tax collectors, who are reported to have looted Rome’s provinces.

There always have been ways for the wealthy to act sanctimoniously in harmony with altruistic ethics eschewing commercial greed while enriching themselves. Western antiquity’s wealthy were able to come to terms with such ethics by avoiding direct lending and trading themselves, assigning this “dirty work” to their slaves or freemen, and by spending the revenue from such activities on conspicuous philanthropy (which became an expected show in Rome’s election campaigns). And after Christianity became the Roman religion in the 4th century AD, money was able to buy absolution by suitably generous donations to the Church.

Rome’s legacy and the West’s financial imperialism

What distinguishes Western economies from earlier Near Eastern and most Asian societies is the absence of debt relief to restore economy-wide balance. Every Western nation has inherited from Rome the pro-creditor sanctity of debt principles that prioritize the claims of creditors and legitimize the permanent transfer to creditors of the property of defaulting debtors. From ancient Rome to Habsburg Spain, imperial Britain and the United States, Western oligarchies have appropriated the income and land of debtors, while shifting taxes off themselves onto labor and industry. This has caused domestic austerity and led oligarchies to seek prosperity through foreign conquest, to gain from foreigners what is not being produced by domestic economies driven into debt and subject to pro-creditor legal principles transferring land and other property to a rentier class.

Spain in the 16th century looted vast shiploads of silver and gold from the New World, but this wealth flowed through its hands, dissipated on war instead of being invested in domestic industry. Left with a steeply unequal and polarized economy deeply in debt, the Habsburgs lost their former possession, the Dutch Republic, which thrived as the less oligarchic society and one deriving more power as a creditor than as a debtor.

Britain followed a similar rise and fall. World War I left it with heavy arms debts owed to its own former colony, the United States. Imposing anti-labor austerity at home in seeking to pay these debts, Britain’s sterling area subsequently became a satellite of the U.S. dollar under the terms of American Lend-Lease in World War II and the 1946 British Loan. The neoliberal policies of Margaret Thatcher and Tony Blair sharply increased the cost of living by privatizing and monopolizing public housing and infrastructure, wiping out Britain’s former industrial competitiveness by raising the cost of living and hence wage levels.

The United States has followed a similar trajectory of imperial overreaching at the cost of its domestic economy. Its overseas military spending from 1950 onwards forced the dollar off gold in 1971. That shift had the unanticipated benefit of ushering in a “dollar standard” that has enabled the U.S. economy and its military diplomacy to get a free ride from the rest of the world, by running up dollar debt to other nation’s central banks without any practical constraint.

The financial colonization of the post-Soviet Union in the 1990s by the “shock therapy” of privatization giveaways, followed by China’s admission to the World Trade Organization in 2001 – with the expectation that China would, like Yeltsin’s Russia, become a U.S. financial colony – led America’s economy to deindustrialize by shifting employment to Asia. Trying to force submission to U.S. control by inaugurating today’s New Cold War has led Russia, China and other countries to break away from the dollarized trade and investment system, leaving the United States and NATO Europe to suffer austerity and deepening wealth inequality as debt ratios are soaring for individuals, corporations and government bodies.

It was only a decade ago that Senator John McCain and President Barack Obama characterized Russia as merely a gas station with atom bombs. That could now just as well be said of the United States, basing its world economic power on control of the West’s oil trade, while its main export surpluses are agricultural crops and arms. The combination of financial debt leveraging and privatization has made America a high-cost economy, losing its former industrial leadership, much like Britain did. The United States is now attempting to live mainly off financial gains (interest, profits on foreign investment and central bank credit creation to inflate capital gains) instead of creating wealth through its own labor and industry. Its Western allies seek to do the same. They euphemize this U.S.-dominated system as “globalization,” but it is simply a financial form of colonialism – backed with the usual military threat of force and covert “regime change” to prevent countries from withdrawing from the system.

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This U.S. and NATO-based imperial system seeks to indebt weaker countries and force them to turn control over their policies to the International Monetary Fund and World Bank. Obeying the neoliberal anti-labor “advice” of these institutions leads to a debt crisis that forces the debtor country’s foreign-exchange rate to depreciate. The IMF then “rescues” them from insolvency on the “conditionality” that they sell off the public domain and shift taxes off the wealthy (especially foreign investors) onto labor.

Oligarchy and debt are the defining characteristics of Western economies. America’s foreign military spending and nearly constant wars have left its own Treasury deeply indebted to foreign governments and their central banks. The United States is thus following the same path by which Spain’s imperialism left the Habsburg dynasty in debt to European bankers, and Britain’s participation in two world wars in hope of maintaining its dominant world position left it in debt and ended its former industrial advantage. America’s rising foreign debt has been sustained by its “key currency” privilege of issuing its own dollar-debt under the “dollar standard” without other countries having any reasonable expectation of ever being paid – except in yet more “paper dollars.”

This monetary affluence has enabled Wall Street’s managerial elite to increase America’s rentier overhead by financialization and privatization, increasing the cost of living and doing business, much as occurred in Britain under the neoliberal policies of Margaret Thatcher and Tony Blair. Industrial companies have responded by shifting their factories to low-wage economies to maximize profits. But as America deindustrializes with rising import dependency on Asia, U.S. diplomacy is pursuing a New Cold War that is driving the world’s most productive economies to decouple from the U.S. economic orbit.

Rising debt destroys economies when it is not being used to finance new capital investment in means of production. Most Western credit today is created to inflate stock, bond and real estate prices, not to restore industrial ability. As a result of this debt-without-production approach, the U.S. domestic economy has been overwhelmed by debt owed to its own financial oligarchy. Despite America’s economy’s free lunch in the form of the continued run-up of its official debt to foreign central banks – with no visible prospect of either its international or domestic debt being paid – its debt continues to expand and the economy has become even more debt-leveraged. America has polarized with extreme wealth concentrated at the top while most of the economy is driven deeply into debt.

The failure of oligarchic democracies to protect the indebted population at large

What has made the Western economies oligarchic is their failure to protect the citizenry from being driven into dependency on a creditor property-owning class. These economies have retained Rome’s creditor-based laws of debt, most notably the priority of creditor claims over the property of debtors. The creditor One Percent has become a politically powerful oligarchy despite nominal democratic political reforms expanding voting rights. Government regulatory agencies have been captured and taxing power has been made regressive, leaving economic control and planning in the hands of a rentier elite.

Rome never was a democracy. And in any case, Aristotle recognized democracies as evolving more or less naturally into oligarchies – which claim to be democratic for public-relations purposes while pretending that their increasingly top-heavy concentration of wealth is all for the best. Today’s trickle-down rhetoric depicts banks and financial managers as steering savings in the most efficient way to produce prosperity for the entire economy, not just for themselves.

President Biden and his State Department neoliberals accuse China and any other country seeking to maintain its economic independence and self-reliance of being “autocratic.” Their rhetorical sleight of hand juxtaposes democracy to autocracy. What they call “autocracy” is a government strong enough to prevent a Western-oriented financial oligarchy from indebting the population to itself – and then prying away its land and other property into its own hands and those of its American and other foreign backers.

The Orwellian Doublethink of calling oligarchies “democracies” is followed by defining a free market as one that is free for financial rent-seeking. U.S.-backed diplomacy has indebted countries, forcing them to sell control of their public infrastructure and turn their economy’s “commanding heights” into opportunities to extract monopoly rent.

This autocracy vs. democracy rhetoric is similar to the rhetoric that Greek and Roman oligarchies used when they accused democratic reformers of seeking “tyranny” (in Greece) or “kingship” (in Rome). It was the Greek “tyrants” who overthrow mafia-like autocracies in the 7th and 6th centuries BC, paving the way for the economic and proto-democratic takeoffs of Sparta, Corinth and Athens. And it was Rome’s kings who built up their city-state by offering self-support land tenure for citizens. That policy attracted immigrants from neighboring Italian city-states whose populations were being forced into debt bondage.

The problem is that Western democracies have not proved adept at preventing oligarchies from emerging and polarizing the distribution of income and wealth. Ever since Rome, oligarchic “democracies” have not protected their citizens from creditors seeking to appropriate land, its rental yield and the public domain for themselves.

If we ask just who today is enacting and enforcing policies that seek to check oligarchy in order to protect the livelihood of citizens, the answer is that this is done by socialist states. Only a strong state has the power to check a financial and rent-seeking oligarchy. The Chinese embassy in America demonstrated this in its reply to President Biden’s description of China as an autocracy:

Clinging to a Cold War mentality and the hegemon’s logic, the US pursues bloc politics, concocts the “democracy versus authoritarianism” narrative … and ramps up bilateral military alliances, in a clear attempt at countering China.

Guided by a people-centered philosophy, since the day when it was founded … the Party has been working tirelessly for the interest of the people, and has dedicated itself to realizing people’s aspirations for a better life. China has been advancing whole-process people’s democracy, promoting legal safeguard for human rights, and upholding social equity and justice. The Chinese people now enjoy fuller and more extensive and comprehensive democratic rights.[1]Reality Check: Falsehoods in US Perceptions of China, June 19, 2022.

http://us.china-embassy.gov.cn/eng/zmgx/zxxx/202206...7.htm.

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Nearly all early non-Western societies had protections against the emergence of mercantile and rentier oligarchies. That is why it is so important to recognize that what has become Western civilization represents a break from the Near East, South and East Asia. Each of these regions had its own system of public administration to save its social balance from commercial and monetary wealth that threatened to destroy economic balance if left unchecked. But the West’s economic character was shaped by rentier oligarchies. Rome’s Republic enriched its oligarchy by stripping the wealth of the regions it conquered, leaving them impoverished. That remains the extractive strategy of subsequent European colonialism and, most recently, U.S.-centered neoliberal globalization. The aim always has been to “free” oligarchies from constraints on their self-seeking.

The great question is, “freedom” and “liberty” for whom? Classical political economy defined a free market as one free from unearned income, headed by land rent and other natural-resource rent, monopoly rent, financial interest and related creditor privileges. But by the end of the 19th century the rentier oligarchy sponsored a fiscal and ideological counter-revolution, re-defining a free market as one free for rentiers to extract economic rent – unearned income.

This rejection of the classical critique of rentier income has been accompanied by re-defining “democracy” to require having a “free market” of the anti-classical oligarchic rentier variety. Instead of the government being the economic regulator in the public interest, public regulation of credit and monopolies is dismantled. That lets companies charge whatever they want for the credit they supply and the products they sell. Privatizing the privilege of creating credit-money lets the financial sector take over the role of allocating property ownership.

The result has been to centralize economic planning in Wall Street, the City of London, the Paris Bourse and other imperial financial centers. That is what today’s New Cold War is all about: protecting this system of U.S.-centered neoliberal financial capitalism, by wrecking or isolating the alternative systems of China, Russia and their allies, while seeking to further financialize the former colonialist system sponsoring creditor power instead of protecting debtors, imposing debt-ridden austerity instead of growth, and making the loss of property through foreclosure or forced sale irreversible.

Is Western civilization a long detour from where antiquity seemed to be headed?

What is so important in Rome’s economic polarization and collapse that resulted from the dynamics of interest-bearing debt in the rapacious hands of its creditor class is how radically its oligarchic pro-creditor legal system differed from the laws of earlier societies that checked creditors and the proliferation of debt. The rise of a creditor oligarchy that used its wealth to monopolize the land and take over the government and courts (not hesitating to use force and targeted political assassination against would-be reformers) had been prevented for thousands of years throughout the Near East and other Asian lands. But the Aegean and Mediterranean periphery lacked the economic checks and balances that had provided resilience elsewhere in the Near East. What has distinguished the West from the outset has been its lack of a government strong enough to check the emergence and dominance of a creditor oligarchy.

All ancient economies operated on credit, running up crop debts during the agricultural year. Warfare, droughts or floods, disease and other disruptions often prevented the accrual of debts from being paid. But Near Eastern rulers cancelled debts under these conditions. That saved their citizen-soldiers and corvée-workers from losing their self-support land to creditors, who were recognized as being a potential rival power to the palace. By the mid-first millennium BC debt bondage had shrunk to only a marginal phenomenon in Babylonia, Persia and other Near Eastern realms. But Greece and Rome were in the midst of a half-millennium of popular revolts demanding debt cancellation and liberty from debt bondage and loss of self-support land.

It was only Roman kings and Greek tyrants who, for a while, were able to protect their subjects from debt bondage. But they ultimately lost to warlord creditor oligarchies. The lesson of history is thus that a strong government regulatory power is required to prevent oligarchies from emerging and using creditor claims and land grabbing to turn the citizenry into debtors, renters, clients and ultimately serfs.

The rise of creditor control over modern governments

Palaces and temples throughout the ancient world were creditors. Only in the West did a private creditor class emerge. A millennium after the fall of Rome, a new banking class obliged medieval kingdoms to run into debt. International banking families used their creditor power to gain control of public monopolies and natural resources, much as creditors had gained control of individual land in classical antiquity.

World War I saw the Western economies reach an unprecedented crisis as a result of Inter-Ally debts and German reparations. Trade broke down and the Western economies fell into depression. What pulled them out was World War II, and this time no reparations were imposed after the war ended. In place of war debts, England simply was obliged to open up its Sterling Area to U.S. exporters and refrain from reviving its industrial markets by devaluing sterling, under the terms of Lend-Lease and the 1946 British Loan as noted above.

The West emerged from World War II relatively free of private debt – and thoroughly under U.S. dominance. But since 1945 the volume of debt has expanded exponentially, reaching crisis proportions in 2008 as the junk-mortgage bubble, massive bank fraud and financial debt pyramiding exploded, overburdening the U.S. as well as the European and Global South economies.

The U.S. Federal Reserve Bank monetized \$8 trillion to save the financial elite’s holdings of stocks, bonds and packaged real estate mortgages instead of rescuing the victims of junk mortgages and over-indebted foreign countries. The European Central Bank did much the same thing to save the wealthiest Europeans from losing the market value of their financial wealth.

But it was too late to save the U.S. and European economies. The long post-1945 debt buildup has run its course. The U.S. economy has been deindustrialized, its infrastructure is collapsing and its population is so deeply indebted that little disposable income is left to support living standards. Much as occurred with Rome’s Empire, the American response is to try to maintain the prosperity of its own financial elite by exploiting foreign countries. That is aim of today’s New Cold War diplomacy. It involves extracting economic tribute by pushing foreign economies further into dollarized debt, to be paid by imposing depression and austerity on themselves.

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This subjugation is depicted by mainstream economists as a law of nature and hence as an inevitable form of equilibrium, in which each nation’s economy receives “what it is worth.” Today’s mainstream economic models are based on the unrealistic assumption that all debts can be paid, without polarizing income and wealth. All economic problems are assumed to be self-curing by “the magic of the marketplace,” without any need for civic authority to intervene. Government regulation is deemed inefficient and ineffective, and hence unnecessary. That leaves creditors, land-grabbers and privatizers with a free hand to deprive others of their freedom. This is depicted as the ultimate destiny of today’s globalization, and of history itself.

The end of history? Or just of the West’s financialization and privatization?

The neoliberal pretense is that privatizing the public domain and letting the financial sector take over economic and social planning in targeted countries will bring mutually beneficial prosperity. That is supposed to make foreign submission to the U.S.-centered world order voluntary. But the actual effect of neoliberal policy has been to polarize Global South economies and subject them to debt-ridden austerity.

American neoliberalism claims that America’s privatization, financialization and shift of economic planning from government to Wall Street and other financial centers is the result of a Darwinian victory achieving such perfection that it is “the end of history.” It is as if the rest of the world has no alternative but to accept U.S. control of the global (that is, neo-colonial) financial system, trade and social organization. And just to make sure, U.S. diplomacy seeks to back its financial and diplomatic control by military force.

The irony is that U.S. diplomacy itself has helped accelerate an international response to neoliberalism by forcing together governments strong enough to pick up the long trend of history that sees governments empowered to prevent corrosive oligarchic dynamics from derailing the progress of civilization.

The 21st century began with American neoliberals imagining that their debt-leveraged financialization and privatization would cap the long upsweep of human history as the legacy of classical Greece and Rome. The neoliberal view of ancient history echoes that of antiquity’s oligarchies, denigrating Rome’s kings and Greece’s reformer-tyrants as threatening too strong a public intervention when they aimed at keeping citizens free of debt bondage and securing self-support land tenure. What is viewed as the decisive takeoff point is the oligarchy’s “security of contracts” giving creditors the right to expropriate debtors. This indeed has remained a defining characteristic of Western legal systems for the past two thousand years.

A real end of history would mean that reform stops in every country. That dream seemed close when U.S. neoliberals were given a free hand to reshape Russia and other post-Soviet states after the Soviet Union dissolved itself in 1991, starting with shock therapy privatizing natural resources and other public assets in the hands of Western-oriented kleptocrats registering public wealth in their own names – and cashing out by selling their takings to U.S. and other Western investors.

The end of the Soviet Union’s history was supposed to consolidate America’s End of History by showing how futile it would be for nations to try to create an alternative economic order based on public control of money and banking, public health, free education and other subsidies of basic needs, free from debt financing. China’s admission into the World Trade Organization in 2001 was viewed as confirming Margaret Thatcher’s claim that There Is No Alternative (TINA) to the new neoliberal order sponsored by U.S. diplomacy.

There is an economic alternative, of course. Looking over the sweep of ancient history, we can see that the main objective of ancient rulers from Babylonia to South Asia and East Asia was to prevent a mercantile and creditor oligarchy from reducing the population at large to clientage, debt bondage and serfdom. If the non-U.S. Eurasian world now follows this basic aim, it would be restoring the flow of history to its pre-Western course. That would not be the end of history, but it would return to the non-Western world’s basic ideals of economic balance, justice and equity.

Today, China, India, Iran and other Eurasian economies have taken the first step as a precondition for a multipolar world, by rejecting America’s insistence that they join the U.S. trade and financial sanctions against Russia. These countries realize that if the United States could destroy Russia’s economy and replace its government with U.S.-oriented Yeltsin-like proxies, the remaining countries of Eurasia would be next in line.

The only possible way for history really to end would be for the American military to destroy every nation seeking an alternative to neoliberal privatization and financialization. U.S. diplomacy insists that history must not take any path that would not culminate in its own financial empire ruling through client oligarchies. American diplomats hope that their military threats and support of proxy armies will force other countries to submit to neoliberal demands – to avoid being bombed, or suffering “color revolutions,” political assassinations and army takeovers, Pinochet-style. But the only real way to bring history to an end is by atomic war to end human life on this planet.

The New Cold War is dividing the world into two contrasting economic systems

NATO’s proxy war in Ukraine against Russia is the catalyst fracturing the world into two opposing spheres with incompatible economic philosophies. China, the country growing most rapidly, treats money and credit as a public utility allocated by government instead of letting the monopoly privilege of credit creation be privatized by banks, leading to them displacing government as economic and social planner. That monetary independence, relying on its own domestic money creation instead of borrowing U.S. electronic dollars, and denominating foreign trade and investment in its own currency instead of in dollars, is seen as an existential threat to America’s control of the global economy.

U.S. neoliberal doctrine calls for history to end by “freeing” the wealthy classes from a government strong enough to prevent the polarization of wealth, and ultimate decline and fall. Imposing trade and financial sanctions against Russia, Iran, Venezuela and other countries that resist U.S. diplomacy, and ultimately military confrontation, is how America intends to “spread democracy” by NATO from Ukraine to the China Seas.

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The West, in its U.S. neoliberal iteration, seems to be repeating the pattern of Rome’s decline and fall. Concentrating wealth in the hands of the One Percent has always been the trajectory of Western civilization. It is a result of classical antiquity having taken a wrong track when Greece and Rome allowed the inexorable growth of debt, leading to the expropriation of much of the citizenry and reducing it to bondage to a land-owning creditor oligarchy. That is the dynamic built into the DNA of what is called the West and its “security of contracts” without any government oversight in the public interest. By stripping away prosperity at home, this dynamic requires a constant reaching out to extract an economic affluence (literally a “flowing in”) at the expense of colonies or debtor countries.

The United States through its New Cold War is aiming at securing precisely such economic tribute from other countries. The coming conflict may last for perhaps twenty years and will determine what kind of political and economic system the world will have. At issue is more than just U.S. hegemony and its dollarized control of international finance and money creation. Politically at issue is the idea of “democracy” that has become a euphemism for an aggressive financial oligarchy seeking to impose itself globally by predatory financial, economic and political control backed by military force.

As I have sought to emphasize, oligarchic control of government has been a major distinguishing feature of Western civilization ever since classical antiquity. And the key to this control has been opposition to strong government – that is, civil government strong enough to prevent a creditor oligarchy from emerging and monopolizing control of land and wealth, making itself into a hereditary aristocracy, a rentier class living off land rents, interest and monopoly privileges that reduce the population at large to austerity.

The unipolar U.S.-centered order hoping to “end history” reflected a basic economic and political dynamic that has been a characteristic of Western civilization ever since classical Greece and Rome set off along a different track from the Near Eastern matrix in the first millennium BC.

To save themselves from being swept into the whirlpool of economic destruction now engulfing the West, countries in the world’s rapidly growing Eurasian core are developing new economic institutions based on an alternative social and economic philosophy. With China being the largest and fastest growing economy in the region, its socialist policies are likely to be influential in shaping this emerging non-Western financial and trading system.

Instead of the West’s privatization of basic economic infrastructure to create private fortunes through monopoly rent extraction, China keeps this infrastructure in public hands. Its great advantage over the West is that it treats money and credit as a public utility, to be allocated by government instead of letting private banks create credit, with debt mounting up without expanding production to raise living standards. China also is keeping health and education, transportation and communications in public hands, to be provided as basic human rights.

China’s socialist policy is in many ways a return to basic ideas of resilience that characterized most civilization before classical Greece and Rome. It has created a state strong enough to resist the emergence of a financial oligarchy gaining control of the land and rent-yielding assets. In contrast, today’s Western economies are repeating precisely that oligarchic drive that polarized and destroyed the economies of classical Greece and Rome, with the United States serving as the modern analogue for Rome.

Notes

[1] Reality Check: Falsehoods in US Perceptions of China, June 19, 2022.

http://us.china-embassy.gov.cn/eng/zmgx/zxxx/202206/t20220619_10706097.htm.

 
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  1. The problem for civilization isn’t debt. Sure, economic crises leads to social upheaval and chaos, but they don’t break a civilization. The Great Depression didn’t destroy US civilization. The Great Leap Forward didn’t break China. They caused great duress or even killed a lot of people, but the civilization still held.

    Economic woes can be fixed and overcome. It’s like storm clouds aren’t forever.

    What will destroy Western Civilization isn’t economic issues but demographic, cultural, and spiritual ones. White Nakba will replace the very core population of the West. Whites should be up in arms, but the CULTURE is rotten to the core and makes whites care more about the rainbow homo anus than their racial survival. Indeed, many whites believe nothing is more evil than ‘racism’ and white identity.

    The culture is this way because of the new ‘gods’ that spiritualize Jews, blacks, and homos as the holy trinity of the West. This is especially dangerous because the three groups, while talented in certain aspects, are the most destructive. Jews are high-IQ and creative but also pathological in their supremacism and contempt for goyim. George Soros is a perfect embodiment of this evil side of Jewishness. Sure, there are righteous Jews like Brother Nathanael, but the power is with the Evil Jews, just like power was with Evil Germans in the Nazi period.

    Blacks thrill a lot of whites with music and sports, in which they have real talent, but they are the most savage race and anti-civilizational. That whites revere this most savage of races as bigger than jesus will be their own downfall. Blacks are also dangerous cuz black men, with more muscle and bigger dongs, have the power to pussify white males who are now totally cucked and wussified as white women submit to using their white wombs to produce black babies. Worse than abortion is snuffing out possible-white-babies to produce black babies in white wombs.

    The third destroyer of the West will be Homos-gone-wild. Homosexual energies, if contained and properly channeled, can lead to inspiration and creativity, but letting homos run wild in culture is like releasing a bull in a china shop. Homos with neurotic narcissism and pathological vanity cannot stop when it comes to making everyone suck their thing and bend over to take it up the ass.
    Homos don’t care how much society is degraded as long as THEY get what they demand with the New Normal.

    The Jew-Negro-Homo trinity that whites have submitted to will be the real end of Western Civilization. Economics is about material reality and can be fixed. But when the very hearts and minds of the West have been rotted to worship most the most destructive forces in society, it spells not just an economic downturn but fall of civilization.

  2. anon[364] • Disclaimer says:

    I was born in 1950. Although my existence may be meaningless, it conincides perfectly with a major change in human history, and I can at least say that I’m a witness to it with some limited understanding of how and why it’s unfolding. If I can stay alive for another 2 or 3 decades I might be around for America from exactly zenith to nadir in its entirety.

    • Replies: @Ramstein
    , @JR Foley
    , @SteveK9
  3. Richard B says:

    The greatest challenge facing societies has always been how to conduct trade and credit without letting merchants and creditors make money by exploiting their customers and debtors.

    Leave it to an economist to see everything in life in terms of money. No. The greatest challenge to any society has always been how to manage itself well enough to 1. Stay Alive! and 2. Enhance The Quality Of Life! Any society’s economy is a by-product of that.

    All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious.

    What activity isn’t capable of becoming an addiction for human beings?

    The moral values of most societies opposed selfishness, above all in the form of avarice and wealth addiction, which the Greeks called philarguria – love of money, silver-mania.

    Is Hudson an economist or a moralist? An economist would commit himself to making analytical statements. But all we get in the first paragraph are value statements.

    Individuals and families indulging in conspicuous consumption tended to be ostracized, because it was recognized that wealth often was obtained at the expense of others, especially the weak.

    Nothing is ever done without it being done at the expense of someone else. And anyone who doesn’t acknowledge this hasn’t taken the first step in being honest with themselves. Nietzsche

    It looks like what Nietzsche said about women applies to a lot of economists. They’re not even shallow.

  4. Dr. Rock says:

    Goddamn!
    What a great article!
    Cheers!

  5. Franz says:

    The “history that ended” is the idea that We The People ever had any say over the political and economic decisions made by the US Government.

    When, in 1886, SCOTUS decided the 14th Amendment applied to corporations, they also greased the skids for the very real in-flowing of humans to the country. No real nation ever granted rights to interlopers. Border-jumpers were thrown back out immediately.

    With corporations wanting cheap labor we could no longer behave as a real country. Globalism is a word for what the corporations want. Free movement of labor, for them, free looting of existing resources, for them.

    For us? Any complaints are Communism. Such a deal.

    • Agree: Ann Nonny Mouse, Fred777
    • Replies: @profnasty
  6. Dr. Rock says:
    @Priss Factor

    Well, when you’re right, you’re right!

    My only hope, or, perhaps, stated better, Our Only Hope, is that the trends you describe, ebb, and recede.
    Culture and society does have a pendulum effect, and since we are clearly in the heights of “peak stupid”, there is a chance it reverses.
    Why?
    Because it’s all falsehoods.
    Blacks are, well, everything that blacks are, and they are also, nothing that they aren’t. That’s immutable, and it cannot remain hidden, or glossed over forever.
    Likewise, the homo worship is an immoral, anti-human trip to nowhere.
    People are always subject to their times, and we are in dark ones for sure. But I leave room for the possibility that society will eventually change directions.
    It HAS happened before, countless times, and although we live in what we refer to as the modern era, it can happen again. We like to tell ourselves that the human timeline is one of endless progress, but that just isn’t true. Morals change, ethos evolve, and the definition of right and wrong can change too.
    It’s depressing, because we are living in such a shitty moment, and we have yet to see the trend lines, bend in the direction of our choosing, and there is a decent chance that many, if not most, of us will not live to see our culture emerge from the darkness into the Light, but it may still happen.
    Negros are self-destructive, insolent, ignorant, anti-intellectual, instinct driven animals, and worshipped or not, they will self immolate eventually. Hell, they do it everyday. (as an aside, I can’t wait to see what AI eventually has to say about it, because that shit is gonna make Hitler and the Klan seem like girl scouts!)
    Also, this homosexual garbage is so incredibly anti-human nature, that it simply cannot last. Mankind has seen societies consumed with debauchery in the past, and they also crumble, because at their root, they are morally corrupt, and a house of stone cannot be built on that foundation of sand.

    Lately, I often think of the men that lived in the middle of great empires… as slaves. In the height of Rome, you could be born, live, and die as a slave, with never a glimmer of hope. You could have marched in Napoleon’s army, to be one of the 30,000 that died in a single battle. You could have been sent to the Gulag’s at 20, and spent the rest of your life, starving, working, freezing, and dying… with never a moment of anything but despair…

    But those moments were fleeting, in the long lens of history, each one cast aside to the dustbin of history, and though men lived during them, never thinking they would ever end, they all did.

    Hence, this moment too WILL END! Eventually, they all do. Only in 100, 500, or 1,000 years will we know the truth about this time, and how/when it ends, but it will end.

    All that we can do, is endeavor to steer the arch in our preferred direction, and hope that history blesses us with eventual success.

    I did not live under Caesar, nor serve under Napoleon, nor die in one of Stalin’s gulags, but I live NOW, today, and I will fight with all of my might, to see the future that I want, and I don’t care if that means eliminating half the planet. One thing is for sure, I will die one day, but until that day, I will fight, and strive, and make war on my enemies!

    And if we have to trade, man for man, one life for another, I’ll give mine, as tribute to my goals, whether I live to see them or not, and unless my enemy has the same convictions, he will lose!

    Cheers!

    • Thanks: Kali, Nancy
  7. Thanks for a great article, Michael Hudson!

    How long will it be before the USA adopts a Chinese Socialist system of government, with everyone free of debt, no camping in the streets, higher education for all?

    I think only the Disunited States of America, with government regulation of businesses, will ever reach such heights.

    In the meantime the USA will give trillions to its oligarchs to arm Ukraine. Nice that they have their priorities right!

    • Agree: JR Foley
    • Replies: @JR Foley
  8. Rubicon says:

    We appreciate the fact that Dr. Hudson was addressing a formal gathering.

    However, when he’s next interviewed, it would be great if he could explain how the US
    set up “Foreign Aid” to impoverished nations. (In reality, that “aid” increased the US Hegemony.”

    Another thing he could be asked is about the US “balance of payments system.”

    Another measure that greatly increased the growing power of the US in becoming “Hegemonic.”

    • Replies: @Ann Nonny Mouse
  9. Right_On says:

    The idea of periodical debt relief might be a good ‘un if everyone knew in advance the rules of the game. To cancel already existing debts in today’s chaotic financial situation would be grossly unjust to savers and creditors (they’re not all selfish bastards). And – to add insult to injury – they’d see insolvent spendthrifts dancing in the streets.

    • Agree: HdC, Liza, JM, David Homer
    • Replies: @TKK
    , @JM
  10. bert33 says:

    Russia is leading the wy in working on something new and as a result the US will have fewer foreign ‘friends’, but hey, with friends like these, who needs enemies? lol

  11. anon[364] • Disclaimer says:

    I don’t think that Mr. Hudson is holding up periodic debt cancellation as a preferred way to keep economies stable. He’s merely saying that in times when things get way out of whack, past rulers were wise to do something about it. That something may not have involved mathematical sophistication, but the lesson is that a civilization can’t just let its economy crumble…..the piper must be paid somehow.
    We are, I think, coming to grips in some circles with the problems of the eurodollar system and its runaway debt and realization has set in that we’re in serious trouble. New systems will be set up, and it won’t be an easy transition. The problem of how to keep money’s supply and stability where it needs to be is not straightforward.
    I don’t think, as someone suggested, that Hudson is moralizing. The fact that runaway debt creation and rentier class oligarchy becomes damaging is simply a fact of human economies. Observing it has everything to do with problem identification in pursuit of solutions and nothing to do with finger wagging.

    • Agree: Ann Nonny Mouse
    • Replies: @Mefobills
  12. This is great, but one problem exists with all these historical excursions: we happen to know the end. Rome and then warlord states of the Western Europe were consistently winning over every kind of other known society: middle Eastern, Amerindian, EastIndian or trad Chinese, northern FinnoUgrics etc.

    So, the morale is that the serfdom and slavery for all, works better than being nice and forgiving debt to make your compatriots happier. Being a slave driving oligarchy may well lead to problems down the road, but you only need to do better than the competition for today, because apre nous le deluge.

    • Replies: @Mefobills
    , @René Fries
    , @Rich
  13. Avianthro says:

    Friedman is 100% correct: Greed is what drives economic growth, but greed is just the negative-emotion-loaded term the less affluent (lower social economic status, SES) use to attack the more. If we unpack the emotional content from the word “greed”, it reduces to the basic life instinct to seek ever higher power, power as the ability to control and utilize energy and resources. This drive is the very essence of life. You cannot extinguish it without destroying what life is.

    Now, as Hudson explains so eloquently, we could, and have in the past perhaps, had sets of rules, and mechanisms for their enforcement, to keep the power drive in check, but these rules were only for the purpose of maintaining social-organism-internal harmony, efficiency of function in order that the social organism would endure and be able to seek higher power. (Yes, the other basic drive of life is to endure-survive, but even a rock may be said to have some sort of will to survive, and so it’s not a distinguishing mark of life.) So, supposing that we could “tame” greed internally, and that’s never been an easy feat to achieve or especially to maintain since the life drive never gives up, we still face the other major problem which leads to civilizational collapse: exhaustion of resources needed to maintain the society’s economy, its technological+resource paradigm. In fact, the better we may do at maintaining internal harmony and hence maximizing the fitness of the social organism, the more voracious it is likely to become of its TRP-essential resources. Human individuals are greedy and so are the social organizations they form, and we are for sure social animals, like ants.

    So…although it is desirable, at least most of us lower-SES folks would like to have it (Those with lower SES always want higher or they want to bring down the lower…That’s human instinct, natural reaction to SES deltas.), to design a governmental-economic system that prevents excessive internal power gradients and thereby keeps us SES-driven members of the social organism from becoming too envious of each other and attacking each other, and I’m all onboard with Hudson’s ideas. He’s done the research and makes a good case for the rules he proposes…Still, we also must have rules that keep us from becoming excessively powerful over nature (non-human parts thereof), that keep our social organism’s power drive from leading it to self-destruction. Rules, like rules that an aerodynamic engineer must follow in designing an airplane, are needed human-to-human AND human-to-earth. Without both, the airplane of civilization cannot fly stably or indefinitely. Now, the problem then becomes quite clear: How can we self-regulate, hold in check, our social organism’s desire to be God? When a social organism reaches the scale of a state-nation, it has become a godlike power., and may be able to restrain its members, control its internal realm, but the only way to control the organism itself is by another equally or more godlike power. Societies however all are competing, or forming alliances to compete with others, in the pursuit of more power and so it is not possible for them to be controlled as a whole. It is therefore only when a society has reached its TRP limits and become incapable of developing a next-TRP to enable higher power, that we can have a sustainable civilization evolve. That is the “hand of God”.

    Can we even expect to enact Hudson’s proposals? (I’m all for it, like the other relatively low SES folk, and unlike those now the elites.) That too looks like it will take the “hand of God”. A point at which internal power deltas have become too great and/or the lower-SES class can no longer be opiated and/or outright-by-force controlled…revolution follows…such a point may be approaching, and guess what? History shows that reaching that point also coincides with reaching TRP limits. Right now, we are approaching such limits and are faced with a giant struggle to erect a next-TRP. The time is therefore ripe for revolutions, but then what? Will the revolutionaries be ready to sit down and consult with Hudson in designing their new government? Will they be ready to put limits on economic power and technological “progress”. Don’t count on it! Life is will to power.

    • Replies: @Mefobills
  14. Excellent analysis of world economic history!

  15. Citation needed.

    Rome’s aristocrats created an anti-democratic constitution and Senate….

    Mommsen says that the Roman Senate was primeval.

  16. anonymous[208] • Disclaimer says:

    Hudson has a lot of good points about the history of debt-enslavement cultures, but he seems to be covering up for similar practices by China … Hudson gives us lots of pro-China propaganda above, in the Unz writer tradition of Pepe Escobar, Andrew Anglin and many others who shill for Beijing

    Perhaps indeed China is not so big on debt-enslaving its own Han people … but overseas, China is quite the classic Western-style ‘economic hit man’ exploitive lender, issuing dodgy debt and then taking over assets

    China has a major role in the current economic collapse disaster in Sri Lanka alongside Western leaders and globalist organisations such as WEF and the World Bank who sold Sri Lanka all that ‘green new deal’ nonsense destroying Sri Lankan agriculture … WEF has been scrubbing its website of its Sri Lankan activities, and let’s not forget Klaus Schwab’s son has led the Beijing WEF office

    The Chinese propaganda machine is spinning, saying they only have 10% of Sri Lanka’s debt … but Sri Lankan MPs such as Harsha de Silva are pointing out the Chinese play a shell game, issuing debt to various other entities, state-owned firms, the Central Bank of Sri Lanka etc, and they already took control of the Hambantota port in Sri Lanka after some dodgy debt dealings … on a site from India and thus willing to criticise China, no doubt the ‘propaganda’ allegations can run both ways
    https://www.indiatoday.in/world/story/sri-lanka-mp-harsha-de-silva-economic-crisis-chinese-investment-debt-trap-1949785-2022-05-15

  17. Dutch Boy says:
    @Priss Factor

    There is a unity to our decline in that the usury that Mr. Hudson cites is pushed by the same people who push the sodomy you deplore. Pauperize the people with one and demoralize them with the other – it’s a sure formula for the decline and fall of a civilization. It’s not called the culture of death for nothing.

  18. Yee says:
    @anonymous

    Sri Lankan MPs such as Harsha de Silva are pointing out the Chinese play a shell game, issuing debt to various other entities,

    Share of Sri Lanks’s foreign debt:

    International Sovereign Bonds (aka financial market) 47.2%
    Asian Development Bank 12.7%
    World Bank 9.3%
    Japan 9.7%
    India 2.5%
    Others 8.8%

    China 9.8%

    Which of the above is China’s shell? The largest share of their debt(47.2%) are bonds they sold on open market. Plus the World Bank and Asian Bank, that’s 70% of their debt.

    China paid 1.12 billion US dollar for the lease of the port, which is built by loans from China, by the way. Loans from China at least get them a port they can get 1 billion from. What did they get from the rest 90% of debt?

    • Agree: showmethereal
    • Thanks: Mary Marianne
    • Replies: @anon
    , @mulga mumblebrain
  19. @V. K. Ovelund

    That Momser is a clown from 19th centurys backward Europe. They had no idea about the ancients.

  20. Anonymous[887] • Disclaimer says:
    @Priss Factor

    Blacks are also dangerous cuz black men, with more muscle and bigger dongs, have the power to pussify white males who are now totally cucked and wussified as white women submit to using their white wombs to produce black babies. Worse than abortion is snuffing out possible-white-babies to produce black babies in white wombs.

    You’ve been posting this for many years. And I’m sure that, as an unattractive white woman, it is intended to stimulate a sense of being desired or considered sexy somehow, even if only by males from the underclass. But it’s absolutely false.

    This is the hierarchy of mixed-race births in America:

    1 – Babies born to Asian women, fathered by non-Asian men.
    2 – Babies born to non-white Hispanic women, fathered by non-Hispanic men.
    3 – Babies born to mixed-race women, fathered by non-mixed men
    4 – Everything else.

    White women and black men aren’t a thing. White women don’t mix-out nearly as much as the other groups do, and their fertility rate is much too low, for their outmarriage to be even a minute “threat” to anything.

    The actual “problem” for white supreemists is that white women don’t reproduce, and they haven’t for 50 years, while for much of that period, nonwhite women were hyper-fertile. This is much less flattering than delusions of grandeur about being desired by the opposite sex, but it’s the cold hard truth.

    But personally, I don’t see it as a problem at all, because I recognise white women for the deformed, barbarian, repugnant, and odorous creatures that they are. In reality, what is actually happening is a new chapter in human evolution being written, in which white women are replaced by non-white women.

  21. @Priss Factor

    The power was with the “evil Germans” during the Nazi period?

    How do you square that with the fact that they were fighting literally every cancerous and destructive idea we’re dealing with now?

    • Replies: @anarchyst
    , @Publius 2
  22. Is it true greenomics destroyed Sri Lanka?

    • LOL: Agent76
  23. Cookie says:

    Latest inflation rate out for U.S…9.1%?

    Isn’t an increase in the price of money set by the Reserve suppose to arrest this figure?

    Oh yeah…price of money goes up so Bidet and his regime believe they can now spend more on weapons, maybe he forgot to follow the teleprompter instructions that told him to please turn over…the graph on inflation…he’s been looking at it upside down.

  24. anon[106] • Disclaimer says:
    @Yee

    • Agree: JR Foley
    • Thanks: Ghan-buri-Ghan
    • Replies: @anonymous
  25. @anonymous

    Gee, I wonder why the Jew media is covering the Sri Lankan color revolution while burying the Dutch protests?

    Can you figure it out, Sherlock?

  26. ….what will destroy America, Europe, Australia, Argentina, (which carry the economy and society in their respective spheres of influence!), is the decline of the WHITE race vis-aa-vis, the other non -whites, in those respective sphere!s! South Africa is a good example of a 1st world country, which morphed into a 3rd world basket case, in which AIDS is rampant, every 1/3 white Wonsan has been assaulted (by negro men!), the electric grid and communication systems have collapsed, as has the military, police, education system, currency! Go to Toronto, where 80% of the students in the Toronto District School Board are visible minorities, random attacks on the Toronto Transit Commission buses, streetcars, subways are common occurences, as are murders, home robberies, cell phone theft, In 29 years, there will not be enough whites to make that country viable! That is the final collapse!

    • Disagree: Ann Nonny Mouse
    • Replies: @Francis Miville
    , @SteveK9
  27. TG says:

    Sure. But never forget Ma Yinchu.

  28. Mevashir says:

    China’s socialist policy is in many ways a return to basic ideas of resilience that characterized most civilization before classical Greece and Rome. It has created a state strong enough to resist the emergence of a financial oligarchy gaining control of the land and rent-yielding assets. In contrast, today’s Western economies are repeating precisely that oligarchic drive that polarized and destroyed the economies of classical Greece and Rome, with the United States serving as the modern analogue for Rome.

    Fabulous article that needs to be reread many times. The above paragraph brings to mind a huge factor in Roman subversion of debt freedom. This is the role of the Catholic Church in condemning precisely the kind of socialism Hudson praises. The Catholic Church is firmly allied with the creditor class (in the name of supposed freedom of markets and private property). The Catholic Church completely scorns biblical teachings about release from debt. In this sense the Catholic Church has done to Christianity what Hillel’s prozbul did to Judaism: to ignore Divinely mandated debt relief and to bolster the creditor class.

  29. Mefobills says:
    @Thelma Ringbaum

    After me, the deluge. You only need to do better than the competition.
    …..

    Good job making Hudson’s argument for him.

    The West is a detour in history if it upholds ideas like yours.

    I got mine and screw you does not work on a civilizational scale.

    This sort of attitude only works for predatory individuals, or (((ingroups))) intent on taking sordid gain.

    I got mine and screw you is a low trust civilization destined for the trash pile of history.

  30. Mefobills says:
    @anon

    I don’t think that Mr. Hudson is holding up periodic debt cancellation as a preferred way to keep economies stable. He’s merely saying that in times when things get way out of whack, past rulers were wise to do something about it.

    No, the rulers had a sophisticated way of looking at debt. Not all debts were erased. They were more sophisticated than modern people, who have amnesia. Merchant debts (silver debts) were related to the operation of the economy, and were left intact, especially because they could be paid with productivity. Also, other types of debts were periodically released, not just when things got out of whack.

    From, “And forgive them their debts page xxxiii.”

    Today’s era of collapsing central authority is strikingly like antiquity’s “intermediate periods,” marked by appropriation of land and public infrastructure, debt peonage and vast emigrations. These phenomena and the social tensions they cause seem timeless.

    What Hudson is saying, is if you don’t do debt cancellations, then a creditor oligarchy will arise, and polarize the land and producing sectors of the economy toward said creditors. This is a timeless cycle unless it is thwarted by strong state power (the god kings and temples) as was demonstrated in Bronze Age Sumer, Babylonia and Egypt.

    Chapter 1 “Bronze Age Societies had no faith in the spontaneous equilibrating forces of modern-style mechanisms, nor did they believe that all debts should be paid. Their laws recognized that floods and droughts, military conflict or other causes prevented cultivators from harvesting to pay the debts they had run up during the crop year.

    In other words, debts can mount faster than the ability of an economy (laboring producers) to pay, due to unforeseen events, such as crop failure, etc. The credit/debt relation is nulled as debtor gives up his land, other real assets, or his life as a slave to creditor. This transference is what causes polarization. Rome polarized into Latifundia, and the population was reduced to serfdom. The dark ages were actually the greatest depression.

  31. So, Rome was essentially running an extortion racket which oppressed the other white nations of the Mediterranean littoral and then, collapsed when they ran out of clients for their special services?

    What should fanboys(Nietzscheans) of the glory that was the Roman Empire make of this?

    • Replies: @gT
  32. Ramstein says:
    @anon

    A very insightful comment, sir. I hope you are still around to see the rolling credits – or should I say epitaphs – at the end of the film, though I’m sure you will derive no pleasure from it. Nor will I, should I live to see it myself. Best regards.

  33. @V. K. Ovelund

    Mommsen relied on Titus Livius (very rosey-painted) and German Idealism;
    I´d say Hudson is correct – the ouster of Lucius Tarquinius* Superbus 509
    was followed by the Walkout of the Plebejans (secessio plebis 494;
    Menenius Agrippa´s “stomach” parable is probably not historical) and
    walkout remained the primary means of class estate struggle for
    two centuries until the Lex Hortensia 287 somewhat normalized Sibbyl Rites
    and the office of Tribune (still excluded from the normal cursus honorum
    read: “political” career).
    The Patricians were the stereotypical Nativist slaveholding landlord** class –
    in this context the fact the Founders chose Lucius Quinctius Cincinnatus
    (a rabid anti-Plebejan) as their role model tells you everything you need to know
    if you read between the lines (the seeming modernity of the Homestead Act was
    courtesy of near-adiabatic expansion on surplus land).

    *meaning he was an (Etruscan) foreigner.
    **In Germanic Law the highest bottom-up hierarchy was the (electoral) duchy …
    as soon as the Magyars were halfway domesticated Heinrich I´s glitzy knights
    became a plague of their own.

  34. @Anonymous

    “But personally, I don’t see it as a problem at all, because I recognise white women for the deformed, barbarian, repugnant, and odorous creatures that they are.”

    I’m just going to leave this here…

    You misguided hateful little mud man. The creature in this photo has, quite literally, a 200,000 head start on you regarding evolution and genetic fitness. And your level of poisonous bile & hatred tells me you damn well know it.

    • Thanks: Katrinka
    • Replies: @Anon
    , @Liza
  35. Anon[271] • Disclaimer says:

    A war will have to be fought and won that defeats and displaces Western Elites. There is no other way. These people want a de facto worldwide order that they control through various organizations like NATO, WHO, WTO, WEF, the UN, etc. They will not stop until their utter defeat and hopefully disarmament.

    • Replies: @Goddard
  36. @Anonymous

    I agree with all you write but i would say this isnt a white/non white issue but rather an economic one. Once the basic necessities are taken care of,the birth rate tends to decline as it leads to so many factors such as women education, sex education but above all…..competition. In the lastest demographics polls India’s population is below replacement line now. The average is 2 children per women and it was 6 per woman in 1990. The majority of these births are also down to uneducated women breeding in poor regions. The average city woman now in Delhi or Mumbai has one child. The conservative clowns here in India are blaming the white man or “westernization” for this happening lmao.

    Point being once a society progresses and technological advancements are made the population starts to shrink. What happened to the white woman in the 60s(liberation socially and technological advancements leading to more career opportunities) is happening in most parts of the world now. Only a few nations in Africa (Rwanda with an average fertility rate of 6 kids per woman) and here/there are in a positive expanding mindset. Rest all are dwindling, and rightly so.

  37. JR Foley says:
    @Ann Nonny Mouse

    USA up to debt to its eyeballs. Canada carrying a 1.3 Trillion dollar debt. England mired in Debt and Unions are some ticked off. Mismanagement and the lust for getting something for nothing. 1980 interest rates were 20% and it was hard indeed starting out, However–the 1930’s had the same thing happen—-a re-set and then a war. Cycles of truth.

    • Agree: Liza
  38. Boll says:

    The end of Western civilization is driven by people who want to return to the old form of society. That means giving up individual rights and personal ambitions in order to obtain guarantees on status and income. This is generally supported by all women and also by a large group of men which hopes to get benefits in terms of reproduction. These people want to build society back.

  39. JR Foley says:
    @anon

    I am perhaps a few weeks older than you and have seen North America completely come unhinged and it hurts. Seattle – Portland were once beautiful cities but today I would be intimidated visiting there and as for Los Angeles or San Fran –I take a pass. My home North of the 49th has gone down hill mightily., We had one Premier who declared war on Debt at 23 Billion in 1993 and took it to 0 by 2004. Today he is reviled and the Provincial debt is presently 129 Billion and growing —-but everyone is happy as a punch drunk has been.

  40. @Thelma Ringbaum

    Rome and then warlord states of the Western Europe […] serfdom and slavery for all

    ????

    • Replies: @Thelma Ringbaum
  41. @Richard B

    An interesting and thought-provoking series of comments by Richard B.

    Like them or disagree, at the very least it shows that Richard B is thinking.

    Here’s one contribution that bears consideration…

    Nothing is ever done without it being done at the expense of someone else. And anyone who doesn’t acknowledge this hasn’t taken the first step in being honest with themselves. Nietzsche

    … one might speculate that Nietzsche has had a somewhat negative life experience to produce such a cynical view – even if it is directed at women (TBH, an understandable sentiment given the self-serving disposition of at least a substantial proportion of the “fairer sex” – but the same can be said of the population at large, and statistically speaking, at least some of us are going to cop nothing but the bad end of the bunch).

    By the same token, IMO most people are basically good people who just want to get along and survive as best they can – although the Western capitalist mantra of “greed is good” imposes a culturally systemic obligation of “every man for himself” which is diametrically contrary to the Christian imperative to “do unto others as you would yourself”. Incidentally, do any non-Western cultures realistically promise a better outcome? That’s a serious question – what are our options?

    Is the author’s moralistic take on the subject consistent with all these dynamics? I’d suggest so – his emphasis on strong government to provide for the collective good and to constrain the unfettered advantage of one demographic at the expense of others appeals to the basic logic of a sustainable civilisation.

    I would, however, caution that such a model remains fraught with risk – who is to say that the very same “strong government” will not itself become the demographic exploiting all others? I’m convinced that the best model of governance is in fact a benevolent dictatorship – but if you’re going to have a dictator, make sure you get a good one. Hard to find, even harder to keep.

  42. @Anonymous

    Take that, priss factor!!😃😃

    • Replies: @Priss Factor
  43. The End of Western Civilization
    ————————————-
    The end of Western Civilization began with the jewish “Frankfurt School” thinktank. A pause was put on it by Hitler and begun again after WWII. Interestingly, it only took a hundred years or so to more or less bring our civilization down, greatly aided of course by Technological “advances.”

    • Agree: Towey
  44. some_loon says:

    We don’t have periodic debt forgiveness as such, but we do have bankruptcy laws. Even without those, much debt is never collected. That which is being paid is largely being paid by those who can handle it.

    It strikes me that, in the West at least, people and institutions have learned how to handle far larger amounts of debt than in the past, and have greater resources to do so. This seems true not just of the borrowers but of lenders as well. Of course, this still leads to trouble, but that the business of debt has become far more sophisticated mitigates much of this.

    There is the old saying that if you owe the bank a million dollars you have a problem, but if you owe it 100 million the bank has a problem. Maybe the bank has learned to better deal with this problem.

    Also, interest rates having gotten so low for certain classes of debt suggests that there is a lot of capital failing to find much of a return. I shall leave for the opinionated doomsaying knowitalls, and their sockpuppets, at The Unz Review to say if that might be indicative of a bigger threat.

    • Replies: @Blissex
  45. anonymous[964] • Disclaimer says:
    @anon

    This topic is an area of total propaganda war … and we need to remember that many Western & even ‘alt’ sources also, have financial or other motives to support China

    China’s ‘debt trap diplomacy’ is not a figment of imagination. While it may have decided, for strategic reasons, to keep it in abeyance in some parts of the world, it is blatantly apparent in others. Montenegro … China has loaned €800 million to build a highway. A provision under the agreement states if Montenegro were to default, China would get Montenegrin land as collateral – seizing assets … the contract also stipulates that any legal dispute would be placed under arbitration in China. Montenegrin debt is around 65.9% of GDP with China holding 25%.

    https://thewire.in/world/china-debt-trap-diplomacy-south-asia-europe

    Cambodia owes close to 65% of its debt to China, extremely dangerous … Chinese loans to Cambodia are equivalent to 20% of its GDP!

    https://www.managementstudyguide.com/cambodia-and-chinese-debt-trap-diplomacy.htm

    China Cash Flowed Through Congo Bank to Former President’s Cronies
    A leak of 3.5 million documents shows how a Chinese-run company moved millions of dollars to former Congo President Joseph Kabila’s family and allies.

    https://www.bloomberg.com/news/features/2021-11-28/africa-s-biggest-data-leak-reveals-china-money-role-in-kabila-s-congo-looting

    When countries receive Chinese investments, they are expected to side with China at various international forums and abstain from condemning China on geo-political issues ranging from Taiwan to the state sponsored atrocities in Uyghur. Also, there are serious allegations suggesting, Chinese firms using unfair means to win contracts in foreign countries.

    https://blogs.lse.ac.uk/internationaldevelopment/2022/06/01/the-chinese-debt-trap-a-myth-or-a-sinocentric-world-order/

    unreported Chinese loans to overseas borrowers, mostly developing countries, amounted to 15% of these countries’ gross domestic product on average

    https://asia.nikkei.com/Opinion/China-can-turn-debt-trap-of-its-own-making-into-historic-opportunity

    AidData at William & Mary University finds that half of China’s lending to developing countries is not reported in official debt statistics. It is often kept off government balance sheets, directed to state-owned companies and banks, joint ventures or private institutions, rather than directly from government to government. More than 40 low and middle-income countries, whose debt exposure to Chinese lenders is more than 10% of GDP.

    https://www.bbc.com/news/59585507

    Chinese loans violate several international lending best practices involving procurement, transparency, and dispute settlement.

    https://www.csis.org/npfp/its-debt-trap-managing-china-imf-cooperation-across-belt-and-road

    • Replies: @gT
    , @Yee
    , @showmethereal
  46. anarchyst says:
    @Not Important

    The idea was the monetization of productive physical labor. Germany did not have any appreciable amount of precious metals or reserve currency, and few natural resources other than water and abundant coal reserves.
    Physical labor is the primary source of all economic value, not what some Talmudic gnome sitting on his pile of gold and silver claims it to be. A true national economy must exist to serve the people, not the other way around. No truly sovereign nation would let its citizens starve or suffer degradation and debt slavery simply to appease the lurking market worshiping demons.
    The German people was under no imperative whatsoever to starve or turn back to those supposedly idyllic days when Berlin was the cheap sex capital of Europe and women were often forced to prostitute themselves for a cup of sugar or a piece of bread.
    Hitler’s great crime (other than having lost the war) was that the National Socialist economic policies worked so well. This no doubt horrified the usurious overlords of Wall St. and the City of London, and enraged FDR , whose so called “New Deal” had been totally ineffective at dealing with the depression in the US.
    To this day, business schools still hold on to the mantra that “the stockholder is king” and that labor costs must be minimized as much as possible. Labor, and by inference, productivity is never looked upon as an asset.
    Henry Ford had the right idea and publicly exposed those of the (((tribe))).

    • Agree: HdC, Towey, Swaytonious
    • Replies: @Ramstein
  47. gT says:
    @kerdasi amaq

    Yep, the West is essentially running an extortion racket which oppresses the other nations of South America, Africa and Asia and then, starts to collapse when they run out of clients for their special services!

  48. profnasty says:
    @Franz

    Open borders and race mixing are the foundation of communism. What corporations do.
    Complaints are Naziism. That’s what we do. Come along with us. It’s gonna be one helluva ride.

  49. For some reason everybody avoiding to comment on the economic core idea of the article, that is the ability of the USA to inject debt into foreign countries and thereby turning us all into debt slaves.
    If the USA can inject debt into other countries it should be visible in statics of debt to GDP ratio. Countries with natural resources should be expected to have more debt and large countries with strong army less dept.
    However the country Chile supposedly raped by the USA has only 30% compared to 100% of France. Saidi Arabia that has oil only has 22% compared to the UK 85%
    There is no evidence that the USA can impose debt onto the world meaning the theory sounds nice but is also completly wrong.
    When it comes to historical comments in the articel one can observe that the USA is undergoing sovjetification which is mostly means increase in Jewish culture. Jews have economicaly been some of the least successful people the last 3000 years and are not a great source of economic wisdom and this ingluence may end the USA.

    • Troll: Kali
    • Replies: @Ultrafart the Brave
  50. gT says:
    @anonymous

    Don’t forget, China was financing Sri Lanka, to wipe out the Tamil minority in the north so that China could get some harbours and land in Tamil territory in Sri Lanka. Now Sri Lanka is completely and absolutely bankrupt and they are probably killing and eating each other there right now. Is this the first collapse of the Great Reset????

  51. Wokechoke says:
    @V. K. Ovelund

    Rome became a War Machine with an assembly attached.

  52. Anon[143] • Disclaimer says:
    @Apex Predator

    Looks like a malnourished bug with fish lips. Seen many a Somalian man with these facial features. Photo has been blurred heavily to conceal many creases, pores, and hairs.

  53. Zumbuddi says:
    @Priss Factor

    One trick pony Priss Factor.

  54. Agent76 says:

    Feb 18, 2021 Global debt soars to 356% of GDP

    The world’s debt-to-GDP ratio rose to 356% in 2020, a new report from the Institute of International Finance finds, up 35 percentage points from where it stood in 2019, as countries saw their economies shrink and issued an ocean of debt to stay afloat.

    https://www.axios.com/2021/02/18/global-debt-gdp

    Mar 24, 2016 America: Freedom To Fascism

    A documentary that explores the connection between income tax collection and the erosion of civil liberties in America.

  55. @Common Time

    Give me a break : nearly all major black crime in the US is government-run. I lived in Washington DC, I lived for one year among a black family operating an Ethiopian restaurant, and it was very clear we were all living in a kind of Soviet state with the supposed “drug dealers” that could knock at your bedroom window being actually deep state agents targeting very specific persons for stalking, for interrogation or for assassination, with most often an alphabet soup agency acting as a go-between.

    In Washington DC the black underworld is given the task of threatening the non-black civil servants that might “look up” too often. In SA black delinquency is very explicitly organized exactly on the time-tested Stalinist model of the 1930’s (purges, organized scarcities and planned public service decay : the interest of such a bureaucracy is to keep everybody surviving from day to day) with the Boer farmers acting as kulaks so as to provide a convenient explanation to the dumbed-down dark masses why nothing works.

    “If the proletarian majority had been Slavic White (versus Germanic White) the situation would actually be worse : if anything, Blacks as such, despite their low mean IQ, often alleviate through local resourcefulness the state-organized scarcities by providing alternate informal supplies of electricity, commodities… as can be seen in Cuba for instance. In SA it is a marxist party at the service of Jewish owned mining companies.

    “Communism” is the ideal form of Jewish-run or other like internationally connected mob rule, period : it is not so much a reaction to capitalism as monopoly capitalism itself’s very endgame. Without the problem of Marxist secret police in the hands of a hostile elite, 10% of Whites among 90% of Blacks is just enough to work a perfectly working organized society. The truth is that when you live among Blacks in the modern world you don’t live in an all too real working anarchy (that would rather qualify much of India) you live beyond another worse Iron curtain under a hyper-organized world-connected totalitarian organization. It seems that Whites of Slavic origin, even where they have forgotten everything about their origins and language, never fail to fall prey to communist-like Jewish-led corruption networks wherever they form majorities even more assuredly than Blacks proper. Slavic people are not the Western White Man’s salvation.

  56. Rich says:
    @Thelma Ringbaum

    Wow, you make a horrible, but plausible argument. Countries that restricted the rights of the masses have always been on top. During the heyday of the British empire, what percent of its population was allowed to vote? What were the requirements to be allowed to vote? Were Spaniards allowed to vote as their empire stretched around the world? More so during the rise in America. Voting was restricted to land owning White men during the country’s rise, and since universal suffrage arrived, both Britan and the US have begun to decline. Looking back over history, it appears that the normal condition of the human race was serfdom and subsistence. We had a short run of freedom in the West, but that’s coming to an end. Too bad we didn’t chase the dreams of the great science fiction writers of the mid-20th century and expand to the stars, there’s nowhere to go now, to get away from the bureaucrats and the tyrants.

    • Replies: @Justvisiting
  57. Xafer says:
    @anonymous

    A big part of Sri Lankan collapse came from drying up of tourism revenues due to covid.

    • Replies: @acementhead
    , @denk
  58. TKK says:
    @Right_On

    Wall Street Gambling gangsters had their entire gambling debts on sub prime mortgages pushed off to the working class by Obama. All GAMBLING debt forgiven and sailed off into the sunset with 50 million dollars golden parachutes and an Atta Boy wink.

    Many of them now occupy seats of real power in D.C.- the party does not matter.

    The poor stiffs are hounded over a \$1200 Citibank balance- lives ruined. Run a bank into the ground, receive millions and get a plum federal job.

    What a population of scared sheep we have become that we have not risen up against this blatant strong arm robbery. This insane transfer of wealth to the a tiny deranged self righteous tribe of demented thugs.

    Remember when Republicans gnashes their teeth, and idiots on Facebook, were MAD that the working class received a measly \$1200 twice due to Covid? That was their focus- not the staggering multi billion dollar of Wall Street gamblers. By God, the working class gets nothing but PITY THE BILLIONAIRE.

    But what is the checkmate? Rise up against our boot on your neck and we will put you in the dungeons with the black troglodytes for life. Think January 6th.

    • Agree: Brad Anbro
    • Thanks: Right_On
  59. The title to this article reminds me of breakfasting with a very learned and distinguished man who had served in WW1 on a date, 4th August 1974, which caused him to remark “the 60th anniversary of the end of civilisation”. Consider.

    • Replies: @mulga mumblebrain
  60. At the core of every empire is the need for power. But power is an illusion: it cannot deliver on its promise, permanent hegemony and control. Most of all, it is control that the emperor needs. Humans do not fully control the narrative, and unless we accept that we’re doomed. There is one war that every empire in history eventually faces, its own defeat – the one it strives to avoid. It is the same today. And even nuclear holocaust cannot be averted if the delusion of power is not realized.
    https://patternofhistory.wordpress.com/

  61. anon[397] • Disclaimer says:

    Foreign lobby works in US in childish but mysterious ways . Childish is the operative word that is hidden by a seminal word -mysterious . Not childish at all. But a nice way to ignore its importance .  All Biden and anti -Trump ,Democrats and Republican have to do is to agree to some kind of accommodation and remove sanctions from Iran and allow it same rights other countries enjoy .
    But lobbyists teaches US – Hey ! Talk this way and you wont be blamed now. If Trump comes back ,they  will offer a different set of advice to ratchet up pressure instead of advising him to change . Then the president after would be managed the same way .  .

    May be it should be mentioned that a more comprehensive deal than Abrahamic Accord  in 1982 and in again 2002 was offered by Arab . The Arab Peace Deal was different .It included self determination of West Bank Gaza and equal rights for Israel Palestinian citizen.  May be thats why Abrahamic accord is now very popular among certain  Americans  including Bush jr who chides and scolds and advices Arab to embrace this deal . We know what  he did and why . Bush sabotaged ME and he knew it would hurt US and EU but he did to bring some benefits to Israel. Trump did same Biden is doing same .
    This is what has happened to the house of leadership guarded by pimps and habited by Zionsit .

    It says something when we find Biden Trump  and Bush are the most popular persons in Israel while their popularity and liking is lowest in USA. Israel tells us Trump is more dangerous but he is better than Biden who is less dangerous (TOI)
    .Yes that ’s right . Dangerous people are favorite people in Israel danger to goym. That translates as useful idiot for Israel.

  62. Yee says:
    @anonymous

    China’s lending to developing countries is not reported in official debt statistics. It is often kept off government balance sheets, directed to state-owned companies and banks, joint ventures or private institutions, rather than directly from government to government.

    Money directed to companies, joint ventures etc. are called FDI or corporate debt. They’re not sovereign debt that a government have to carry.

    For example, the Chinese real estate developer Evergrande owes half a trillion corporate debt. These debt is not China’s debt. If Evergrande bankrupt and creditors lose all their money, Chinese government does not need to carry the debt.

    China would be real stupid to give this sort of high risk loans that can be wiped clean with bankruptcy of a company.

    FDI is another matter. Unless you have a problem with foreign investments, I don’t see China investing in developing countries a bad thing.

    • Replies: @The_Masterwang
  63. SteveK9 says:
    @anon

    Born 1953. Have the same thoughts.

  64. SteveK9 says:
    @Common Time

    Toronto is full of Chinese, and a number of Koreans. It won’t be White Culture, but it won’t collapse either.

  65. Smith says:

    It means the return to the natural order: a prosperous Asia, an independent Europe and America being a tribal wasteland.

  66. When the US disintegrates, and it is coming, the world will become quite dark. We are watching the end of western civ, and what will replace it will be a dictatorship by man that will promise to solve all our problems. Too many will accept him, and they will end up with buyers remorse never matched in history.

    Abandon God, and he abandons you.

    • Agree: Jimmy le Blanc
  67. I didn’t get two scoops into this crock of shit. Rome?? Good grief. Who are the parasites that have been pushing a debt based economy on the West for over a century?? Who pushed the abortion of central banking?? Who pushes the government into more and more debt to fund the bottomless pit of the welfare state and wars of imperialism?? Who conceived of the welfare state to begin with?? Who launders the money through war into their own grasping hands????

    I’ll give you a hint. It starts with a J and ends with a W.

    • Agree: Towey
    • Replies: @Mefobills
    , @Ramstein
  68. @Priss Factor

    Priss Factor wrote: “… cucked and wussified as white women submit to using their white wombs to produce black babies. Worse than abortion is snuffing out possible-white-babies to produce black babies in white wombs.”

    Whenever I either drive or walk Scranton streets, is typical to see a white girl pushing a carriage with a half-black baby inside. So as you know, this syndrome has been going on for a very long time, and it gained popularity when Madonna recorded “Like a virgin.”

    So white racial supremacy in the ZUS will never happen, so as you’re very intelligent, Priss Factor, and except for wishful thinking…, so why do you keep harping on this topic?

  69. With China being the largest and fastest growing economy in the region, its socialist policies are likely to be influential in shaping this emerging non-Western financial and trading system.

    This author is on crack. The entire rickety construct known as the Chinese economy is on the verge of collapse from an enormous real estate debt bubble. The banking sector in China is worth 350% of its GDP, while in the US it is 100%. The CCP has two choices: print trillions of yuan to inject liquidity in the system, or suffer a middle class insurrection.

    This entire article is socialist drivel. The strength of the West traditionally has been its middle class. Yes, grifters get into power to loot the populace, but that’s what revolutions are about. What kept the West strong was its culture, which is now being destroyed by a (((fifth column))).

    • Replies: @Mefobills
    , @Che Guava
  70. Meena says:

    “Royal power was backed by temples and ethical or religious systems. The major religions that emerged in the mid-first millennium BC, those of Buddha, Lao-Tzu and Zoroaster, held that personal drives should be subordinate to the promotion of overall welfare and mutual aid.”

    Buddha rebelled against the oppressive exploitative racist temple culture of Brahmins . He amassed followers among the business communities and mostly in the cities . His idea was seen as a threat and was castigated .

    2 of the determinants of the success of any oppressive and exploitative system are the size and the distance . Bigger the size larger is the magnitude . Distance form the plebs also bolsters the exploitative system . DC or Brussels are far from the daily lives of the common folks So was Rome when it became an empire .

    Small geopolitical sovereign entity is one solution .

    • Replies: @Mefobills
  71. Mefobills says:
    @Avianthro

    Friedman is 100% correct: Greed is what drives economic growth, but greed is just the negative-emotion-loaded term the less affluent (lower social economic status, SES) use to attack the more. If we unpack the emotional content from the word “greed”, it reduces to the basic life instinct to seek ever higher power, power as the ability to control and utilize energy and resources. This drive is the very essence of life. You cannot extinguish it without destroying what life is.

    Greed = life instinct = higher power to control energy and resources.

    Greed is good!

    Our (((friends))), just as the Romans, also became an Oligarchy of creditors. The Pharisee class was an even more sophisticated form than that of ancient Rome. Hillel’s Pharisees operated in the monetary sphere, and worked with stealth rather than military force.

    After Hillel’s Prozbul, the Jubilee was overturned. After the Temple was destroyed, what was the hidden verbal tradition became written down into Talmud.

    The cyclical idea of time was replaced by linear time. The Creditor (or a creditor class) is to make expanding claims on debtors. Classical antiquity had social renewal that was renewed periodically in circular time. Biologically speaking, there was a periodical renewal and rebirth. To do a rebirth, parasites are to be ejected.

    Lolbertarianism is a dialectic for the (((creditor class))). Greed is not good:

    Hudson from this article:

    There was no hint of an archaic Milton Friedman emerging to popularize a radical new moral order celebrating avarice by claiming that greed is what drives economies forward, not backward, convincing society to leave the distribution of land and money to “the market” controlled by private corporations and money-lenders instead of communalistic regulation by palace rulers and temples – or by extension, today’s socialism. Palaces, temples and civic governments were creditors. They were not forced to borrow to function, and so were not subjected to the policy demands of a private creditor class.

    When people repeat their dialectic programming such as “greed is good” and it is a “higher power” and part of “life instinct,” then I know they have been butt-snorkeling Jewish dialectic.

    Page xxiv, from “and forgive them their debts.” Mainstream economic models (read Jewish dialectics including neo-liberalism, and Lolbertarianism) assume that financial trends are self-correcting to restore balance. The reality is that debts growing at compound interest tend to polarize and impoverish economies, if not corrected from outside of the economy.

    Hitler knew that the money centers, such as City of London and Wall Street were collections of greedy parasites, and yet he continuously held up “England” as some sort of paragon, when instead London was operating similarly to Weimar.

    NSDAP Germany was an attempt to throw off its parasites and renew German civilization, as the hidden methods of the Jew creditor (and also Greedy money sick shabbos goy Germans) had polarized Germany.

    Greed is not higher power to control energy and resources, it is more related to sordid gain taking.

    Sordid gain taking is the path of lowest resistance. Market oriented, especially Jewish historians, have woven origin myths about how primitive individuals would lend cows in return for some of their calves as a bonus. This bonus then made interest on money as an acceptable concept, because after all “nature can pay the interest.”

    The thing is nature cannot pay expanding claims from (((creditors))). Origin myths about how Greed is Good, and debts can always be paid, are just that – myths. The myths then act as a cover and shield. The parasites wrap themselves in cloths of righteousness.

    Today’s world is living in the wake of the Roman empires creditor-oriented rules, and the economic polarization that are then an inevitable output. Today’s western and American imperium has also advanced beyond Rome, to use naked force with forever wars – to then pay the creditor classes, deep state, and other self interested parties.

    The forever wars, sordid gain taking, and “greed is good” also has a sophisticated covering ideology, primarily invented and promulgated by (((our friends))).

    Friedman is a representative of this class, doing their bidding as a hypnosis agent, passing dialectic as if it is truth.

    Friedman and (((others))) can be easily countered by just pointing out how labor operated in the Neolithic.

    Labor in the ceremonial centers were giant feasts of getting drunk, screwing, and having parties. These feasts were done at the end of building projects, or achieving project milestones.

    Civilization came together to grow barley and start farming, because these sort of giant feasts were a lot more fun that hunter-gathering. There was basic communalistic socializing experience involved with the mega projects and feasting, that had to do with other motivations of man.

    Man is not a flat single dimension “greed is good” creature. Don’t butt-snorkel, and become a victim of clown world.

  72. Liza says:
    @Apex Predator

    I am not defending the cruel comment by Anonymous, but I would like to see some examples of purportedly beautiful white women without a shitload of makeup, shaved eyebrows, botox, etc. Of all age categories. Models and actresses who’ve been mightily enhanced should not be our examples of “beauty”.

    • Agree: Mary Marianne
    • Replies: @DesertBunny
  73. Emslander says:

    Most of this article is the usual Hudson hogwash about the poor people who choose to borrow rather than save and then needing to be forgiven their debts to the mean old lenders.

    Socialist Hogwash.

    • Agree: Jimmy le Blanc
    • Disagree: Brad Anbro
    • Replies: @Commentator Mike
  74. Goddard says:
    @Anon

    A war will have to be fought and won that defeats and displaces Western Elites.

    I agree with you. However, American whites currently are jacking off with one hand and waving the white flag with the other.

    Before we go to war, maybe we American whites could cancel our cable subscriptions. Maybe we could slim down, erase the tats, and toughen up and spiritualize up.

    Maybe before we go to war we whites could pool our resources and set up political prisoners and their families for life. Maybe an uberrich titan with sympathies our way could cancel the cocktail parties with the globohomos once and for all and come out on our side, a la Trump sort of did.

    Where’s the uberrich guy swooping in and scooping up the unjailed McMichaelses in his powerful hands? That suffering family is the victim of a screaming injustice. They should be set up for life by courageous members of our white tribe.

    The war of which you speak with be the beginning of the end of the current predicament. Unfortunately, at this time white Americans are not even at the beginning of the beginning.

    • Agree: Automatic Slim
  75. Below, this was released by NYC Office of Emergency Management a couple of days ago. It’s as stylish as the school drills we had in 1962, but with a modern stylized approach.

    Remember 911, and “get back in the buildings for your safety!” ?

    They love the idea of controlling our minds to believe your safe locked in your homes as they protect you. Just like the Covid Operation.

    They don’t want you exercising any freedom and using your mind. As with everything else a large number of dumb goyim will follow.

    https://odysee.com/@OffGridDesertFarmingwithPaulandAdrienne:9/red-alert!!-nyc-preparing-it’s-citizens:3

  76. Mefobills says:
    @Jimmy le Blanc

    I didn’t get two scoops into this crock of shit. Rome?? Good grief. Who are the parasites that have been pushing a debt based economy on the West for over a century?? Who pushed the abortion of central banking??

    Rome did operate by attaching debts to the periphery. As they conquered the periphery, they would “take” and then attach debts taking more from the future.

    The Western and American Imperium operates using BOTH the Roman method and the Jewish method.

    The American dollar creditocracy was predated by the sterling zone creditocracy. The sterling zone was created by our (((friends))) when they infiltrated London. This jump from Amsterdam occurred in stages, culminating in the Bank of England in 1694.

    The “West” does have a parasite in its blood stream (the money), and in its brain centers (government), which then makes Western man malfunction.

    https://www.unz.com/mhudson/beyond-the-dollar/

    The key to understanding the world monetary systems based on the national currencies of the dominant capitalist countries is that they are primarily financial systems: private credit forms the battering ram of their international projection as world money. International monetary systems have, therefore, been the financial systems of particular countries. Governed by central banks that in most countries represent the interests of the financial sector, they generate vastly more private debt than public money. The results have been international rentier elites and world creditocracies, first centred on sterling and then the dollar. Their power extends through networks of institutions offering private credit to the world’s households, firms and governments and dealing in financial assets, such as stocks, bonds and other securities and their derivatives, especially for real estate and natural resources. The network is ultimately protected by the international power of that state. The 1950s and 60s constituted an exception to this when the United States supplied gold and exports to other countries. (Much of the gold was simply a return of the flight capital that had come to the United States in the 1930s.)

    Private credit operates the creditocracy from behind the scenes. (((Who))) creates the credit? It’s a tragedy that finance capitalist west (Atlantacist West) won in WW2.

    • Thanks: Towey
  77. Phoenix says:

    Mr. Hudson,

    Granted that the U.S. is and has been an oligarchy.

    What are your thoughts on how Americans can improve their country or be less dependent on the corrupt system?

    A widespread delusion is to think, “I should be patient; maybe things will improve after the next election.”

    Two guidelines that might accelerate improvement:

    1. There is no obligation to obey orders from people who obtained their position through vote fraud (Joe Biden and his appointees, for example)

    2. Greater disregarding of orders and laws that are unconstitutional or based on ignorance, deception or greed.

  78. JM says:
    @Right_On

    And small time speculators e.g. mortgaged for several houses deserve no relief at all. How about immigrants free riding on the fruits of nations created by people other than themselves. For people like Hudson this is all easy come, easy go as he doesn’t bear the costs.

    • Agree: Jimmy le Blanc
    • Replies: @Mefobills
  79. Western civilization is ending because the zionists are destroying western civilization and putting in place a satanist zionist one world government.

    • Agree: Carroll price
    • Replies: @Ramstein
    , @camus10
  80. @Chuck Orloski

    The link does not work…

    • Replies: @Chuck Orloski
  81. Jon Chance says: • Website

    Money is a representation of territory.

    But the use of silver and gold as currencies has kept 99-percent of the world profoundly confused about the essential nature of money.

    And the Second US Constitution — imposed on Americans by the Bank of England and the “Federalists” in 1787 — has played a central role in perpetuating public ignorance and enslavement.

    Have you read the First US Constitution (Articles of Confederation)?

    “All charges of war, and all other expenses that shall be incurred for the common defense or general welfare, and allowed by the United States in Congress assembled, shall be defrayed out of a common treasury, which shall be supplied by the several States in proportion to the value of all land within each State….”

    https://avalon.law.yale.edu/18th_century/artconf.asp#art8

    • Replies: @Mefobills
  82. Mefobills says:
    @Meena

    Small geopolitical sovereign entity is one solution .

    That is impossible unless there is a third accounting system to then account for international trade.

    Think of it like your brain/spinal fluid being separate from your blood system.

    It is imperative that Russia win in Ukraine, and that Glazyev’s system is imposed, thus creating the spinal fluid necessary for world trade. Only then can small geopolitical sovereign entities exist.

    https://www.unz.com/pescobar/the-sanctioned-ones-how-iran-russia-are-setting-new-rules/#comment-5371911

    We are in the first phase now. The third phase is when you can have your small geopolitical entity.

    The third and the final stage on the new economic order transition will involve a creation of a new digital payment currency founded through an international agreement based on principles of transparency, fairness, goodwill, and efficiency. I expect that the model of such a monetary unit that we developed will play its role at this stage. A currency like this can be issued by a pool of currency reserves of BRICS countries, which all interested countries will be able to join. The weight of each currency in the basket could be proportional to the GDP of each country (based on purchasing power parity, for example), its share in international trade, as well as the population and territory size of participating countries.

    Sri Lanka, which has been subordinated by debt to the usual Atlantacist (((characters))) cannot join now, because phase 3 had not been established. Eventually, third world countries, and the global south with just repudiate their odious debts and join into the new system.

  83. @Richard B

    I agree on the greatest two challenges societies face. It is obvious that the dis-United States fails on both.

    Most have their head firmly up your arse and go on blithely assuming that a shooting war with Russia won’t happen. They are whistling past the graveyard.

    The Russia-hating neocons pushing the sick, weak, demented president into war care nothing for how many millons will be killed. These people, at one with the WEF, are eugenicists who believe that the planet is vastly overpopulated. Wars, insidious vaccines, and starvation will take care of the problem.

    Corporations push their Green New Deal (ESG) – which won’t look so green once the nuclear bombs start flying. Their underground bunkers are stocked and ready, locked and loaded. Abortion is used as a distraction.

    So many things are wrong in the Evil Empire. No cure is possible short of secession. As Barry McGuire sang in his great sixties ballad (Eve of Destruction): “No, no you don’t believe we’re on the eve of destruction.”

    • Agree: hardlooker
    • Replies: @Durruti
  84. @Brad Anbro

    Hi Brad!

    Perhaps you spell out the odyssey letters and try it?

    Then let me know?

    • Replies: @Brad Anbro
  85. Thank you Mr Hudson, I read the article quite a few times and what I took away is rich and powerful forces are devouring the West and also the globe.
    Here are my gleanings from the above article;

    T

    The U.S. and NATO-based imperial system seeks to indebt weaker countries and force them to turn control over their policies to the International Monetary Fund and World Bank. Obeying the neoliberal anti-labor “advice” of these institutions leads to a debt crisis that forces the debtor country’s foreign-exchange rate to depreciate. The IMF then “rescues” them from insolvency on the “conditionality” that they sell off the public domain and shift taxes off the wealthy (especially foreign investors) onto labor.

    Rome’s Republic enriched its oligarchy by stripping the wealth of the regions it conquered, leaving them impoverished. That remains the extractive strategy of subsequent European colonialism and, most recently, U.S.-centered neoliberal globalization. The aim always has been to “free” oligarchies from constraints on their self-seeking.

    China keeps this infrastructure in public hands. Its great advantage over the West is that it treats money and credit as a public utility, to be allocated by government instead of letting private banks create credit, with debt mounting up without expanding production to raise living standards. China also is keeping health and education, transportation and communications in public hands, to be provided as basic human rights.

  86. Mefobills says:
    @Jon Chance

    Money is a representation of territory.

    Usually a propagandist will state up front their propaganda, and then quickly move on.

    Hudson and other monetary historians have shown that money originated in the temples. This is not a debatable point, that history exists in all of the clay tablets. The vast bulk of the clay tablets were records of the clearing of credits and debts.

    Money didn’t originate out of barter, nor did it originate as some sort of representation of territory.

    You have already been corrected on this point, yet you persist. The first money was barley weights, and were paid to the laboring classes in barley weights. These weights were in lunar (1/30) or in calendric (1/12) amounts. Civilization began by hunter gathers settling down to grown barley. It takes a certain advance in legal systems and enough people, and settled farming cultures to have money pop into existence.

    Long distance trade was not conducive to carrying giant bushels of barley on the traders back (or donkeys). Instead, gold was cut off of rods, and then balanced on a balance scale related to grains of barley. This is why gold is still measured in grains of weight.

    The Temple cults, and the God Kings, worked together to issue the money for their civilization, which was primarily credit. Credits would build up at the Ale House over time, and then at harvest season, the credits would be paid off with barley.

    Franklin, when he hypothecated new loans at the State Bank in Pennsylvania Colony, used land as the basis. He also kept the loans from going hyperbolic, limiting the loan period to 8 years. I think it was 8 years off the top of my head.

    This scheme was also backed up by the State bank issuing ADDITONAL money into the colony in order to pay the interest on the land loans. This additional money channeled into new bridges, ports, and improving the commons. This channeling improved labors ability to produce and create. Franklin was operating the American System of Economy, invented in the Colonies.

    You have to really squint your eyes and grind your teeth to suggest that money is a representation of territory. Money’s real nature is law, and the Temple cults were the law of their day.

    Franklin made land available to be hypothecated by law, and said law was non-usurious. The non usury aspect was that the state bank issued additional money so debtor could pay the interest on the loan. The additional money channeled into the commons and improved industry. The interest paid on the loans returned to the State Bank, and could be re-issued or not depending on what was necessary at that moment in time to balance the economy.

    This was not Socialism, but did use State Power, exactly as Hudson contends is necessary. It also showed that economy has control levers, and is not some sort of magickal self balancing market as our (((friends))) keep contending.

    Since money is law, it is not to be allowed to leave the nation’s legal territory, to then create an imperialistic creditocracy. A creditocracy must project military power to then enforce its legal system on the world, to then service debts held by the international creditor class.

    • Replies: @RichardDuck
  87. Ramstein says:
    @anarchyst

    Excellent comment, anarchist. Thank you.

  88. @Emslander

    He’s writing about a system based on debt.

    Have you ever bothered to check how much in debt rich people are, or big companies, or countries?

    https://en.m.wikipedia.org/wiki/List_of_most_indebted_companies

  89. Anon[887] • Disclaimer says:
    @Chuck Orloski

    Why do people like you and Priss Factor keep posting this garbage? What you all seem to have in common is that you all have Slavic surnames.

    Black males make up 2.75% of Scranton’s population. It’s impossible for what you describe to be happening. The question is, why do you keep saying it? And why are you all Slavs?

    • Replies: @Chuck Orloski
  90. @ACE economist

    Going out on a limb here, I’m guessing ACE is to ACME as Aperture Science is to Black Mesa. The point being that Wile E. Coyote considers himself a “genius”…

    … yet a stupid rabbit (or Road Runner) always seems to outsmart him.

    IMO economists don’t rank very highly on the scale of intellectual prowess. Your reasoning doesn’t really help their cause…

    However the country Chile supposedly raped by the USA has only 30% compared to 100% of France. Saidi Arabia that has oil only has 22% compared to the UK 85%
    There is no evidence that the USA can impose debt onto the world meaning the theory sounds nice but is also completly wrong…

    … you’ve left out the most important statistic of all, namely the size of the US debt obligations to both the international community of nations and to its own population, let alone the collateral indebtitude of the American people just to survive on a daily basis. All debts which, incidentally, will never be paid back. They never intended to.

    Ditto most of the Western world, after screwing over the rest of the world for a couple hundred years. They’ve grabbed all they can get away with from victim nations, now they’re consuming themselves.

    That’s one element of the reasoning behind the Globalist drive for the Great Reset, by the way, leading to a future in which generational debts are no longer due to the 90% who’ve been exterminated, nor to the hapless survivors. If you happen to be one of the latter, then “you will own nothing, and you will be happy”.

    Just saying. Perhaps it’s a case of not seeing the forest for the trees.

  91. @Mefobills

    Your last pargraph summarizes very succinctly and very accurately why the US actively interferes on the legislative agenda of other countries so their laws become compatible to US law. That is the main goal of US foreign policy and it explains the arrogance of the State Department.

    • Thanks: Mefobills
  92. @Yee

    They don’t have a problem with foreign investment, they have a problem with China making foreign investments. If the usual shitskins in those 3rd world shitholes have options they get uppity.

  93. @Anon

    Okay, anon 887, I can’t dispute that blacks are merely 2.7 percent of Scranton’s population. But if you lived here you would definitely see lots of black men with white women.

    And the larger a ZUS city is, your percentage about blacks would definitely rise.

    So why are Priss Factor and I Slavs? We were born that way.

  94. https://www.city-journal.org/the-diversity-equity-and-inclusion-regime

    Does this DEI thing include any concern for Palestinians? There are anti-BDS laws in the US, in blue and red states, that violate the 1st amendment of the Constitution. In the 80s, it was perfectly legal to organize to boycott apartheid South Africa, but politicians and lawmakers are making it difficult or impossible to organize on behalf of Palestinians.

    If these companies were truly devoted to INCLUSION and DIVERSITY, how come NYT and WAPO never included a single Palestinian-American voice among columnists? How come there is no scramble on part of Big Tech and Wall Street to highlight and promote Palestinian voices, like they do with blacks and homosexuals? How about a month-long celebration of Palestinian culture and remembrance of their tragedy at the hands of Zionists.

    And if they’re really about EQUALITY, how come the foreign policy of both parties favor Israel over whatever nation Jews happen to hate, like Iran and Russia, even though Israel was founded on terrorism and Nakba expulsion of 700,000 native Palestinians and continue to occupy West Bank and practice apartheid. Israel also routinely attacks Syria and supports ISIS terrorists there.

    This ‘diversity, inclusion, and equity’ stuff only favors Jews, blacks, and homosexuals. It doesn’t INCLUDE concerns about black thuggery and crime beating up and robbing and murdering countless non-blacks. It doesn’t concern Zionism’s destruction of Arabs and Muslims or the ongoing suppression of Palestinians, even in the US, via policies that would make Joe McCarthy blush.

    Speaking of equity, Jews, who are 2% of the population, control most of media, much of finance, and majority of big tech and gambling. Why no call for EQUITY so that Jews don’t disproportionately control the economy and deep state institutions? Or what about black domination of sports? How come no call for more equity in favor of gentiles over Jews or to have more non-blacks in sports? When they say ‘equity’, it means more homosexuals and more blacks. And it means enforced silence about Jewish power and privilege…. because any candid discussion of such would ‘ANTISEMITIC’, but it’s perfectly okay for Jews to impugn ‘whiteness’ 24/7. And all the opprobrium is targeted at white gentiles.

    So, DEI fails even on its own principles. Good or bad, it’d be at least consistent if it practiced what it preached. But it’s really just Jewish Supremacist Power manipulating ‘social justice’ slogans to push their narrow tribal agenda.

    DEI is really about Jews using blacks to guilt-bait whites into emotional submission and obeisance, whereupon Jews direct white energies at whatever they hate, like Palestinians, Iran, and Russia(and of course the Deplorables). And Jews use homosexuals as their global agents all around the world. Any bunch of homosexuals who collaborate with Jewish Power against their own nation is richly rewarded and elevated to top positions. Homosexuals crawl all over the Deep State and fully support and enable the Zionist terror against Palestinians.
    And BLM is used to justify US imperialism. “We care so much about blacks, and that makes us GOOD people, and that justifies whatever military actions we take around the world.” Yes, paint the bombs either ‘gay’ or ‘BLM’ and drop them on Iranians, Syrians, and Arabs.

    • Replies: @Ramstein
  95. @Ultrafart the Brave

    the Western capitalist mantra of “greed is good” imposes a culturally systemic obligation of “every man for himself” which is diametrically contrary to the Christian imperative to “do unto others as you would yourself”.

    These two impulses aren’t “diametrically contrary” at all; indeed this conclusion is a big reason why we’re in this mess.

    “Every man for himself” is free to make the choice to help his neighbor entirely on his own. Not Big Government, not that guy over there … you!

    Voters (mostly Dems) who have replaced God with the Omnipotent State argue that Christ would want our politicians to forcefully redistribute wealth to benefit the poor. But Christ didn’t come to save Nation States, but individual souls, one at a time.

    The Golden Rule only works if it’s backed by “every man for himself.”

  96. Mefobills says:
    @JM

    For people like Hudson this is all easy come, easy go as he doesn’t bear the costs.

    That is you building up a strawman.

    Double entry ledger mechanics is a network of private and public ledgers all of which are connected.

    Debt spreading has now spread worldwide.

    Julie owes Jim who owes Bob, who owes Latisha. It is a domino chain of counterparties.

    The best way to cancel debts is to nationalize the banks, and then examine the ledgers. The “loans” that are odious, or have already been paid, are to be ripped up and thrown in the trash can. The idea is to cancel those debts that are making excess claims, and to prevent dominoes of contagion.

    For example, if you have already paid 1.5x the principle on your mortgage, then it gets ripped up. The bankster has made his pound of flesh and is not allowed to keep dipping his wick in the wax, and living easy on the economic surplus of a nation’s economy.

    And this is you: A small time speculator worried about your personal gains:

    And small time speculators e.g. mortgaged for several houses deserve no relief at all.

    You still get to have the rental gains from your renter, who is paying you to live in your house. You actually benefit if your mortgage to the bank is ripped up.

    System wide, the .01 percent make money from debt claims on the 10 percent, who make gains on the top 20 percent. The bottom 80 percent are drained, and transfer their life energy, to the top 20 percent. Small time speculators are not the target in a jubilee. And you could argue that a landlord has plenty of BS to deal with and is not taking usury. Of course, the accelerated depreciation probably needs to be dealt with.

    How about immigrants free riding on the fruits of nations created by people other than themselves.

    Did the god-kings and temple cults of the past allow immigrants to “free ride?”

    It is the “creditocracies” the privateering Western Economies, that want immigration, to then get the lowest labor price, so they can take sordid gain.

    It takes state power to smash the balls of people who are attempting modern slavery, by immigrating people to screw over a nation’s heritage labor class. The “chambers of commerce” types are always shilling for immigration, and no doubt they would squeal like pigs when their odious creditor claims were erased, and they no longer get to dip their wick.

    Democracy has failed, and will always fail if it cannot deal with debt accumulations and oligarchy.

    • Thanks: Towey
  97. @Chuck Orloski

    Whenever I either drive or walk Scranton streets, is typical to see a white girl pushing a carriage with a half-black baby inside.

    They look pretty unhappy once the kid is older. I guess being a single mom with a “baby daddy” isn’t the key to happiness.

    America is going to have all these mulatto kids that hate both their parents.

    They will view mom as a slut and dad as a worthless felon.

    • Agree: Chuck Orloski
  98. Ramstein says:
    @Jimmy le Blanc

    I’d like to buy a vowel for \$100, Jimmy. Is there an “e”?

  99. Ramstein says:
    @Priss Factor

    Superb comment, PF. All of your assertions and observations ring true, in my opinion.

  100. Ramstein says:
    @Desert Fox

    You summed up the situation in one concise, cogent sentence, Desert Fox. Thank you.

  101. Mefobills says:
    @Jimmy le Blanc

    A fish swimming in water, in its paradigm, cannot fathom anything else. The fish is embedded in its water, its narrative.

    This author is on crack. The entire rickety construct known as the Chinese economy is on the verge of collapse from an enormous real estate debt bubble. The banking sector in China is worth 350% of its GDP, while in the US it is 100%. The CCP has two choices: print trillions of yuan to inject liquidity in the system, or suffer a middle class insurrection.

    You actually are the one on crack, although it would be impossible for you to admit it to yourself.

    If you look at Chinese debt instruments, the OTHER SIDE of the instrument is almost always production and assets. In other words, Chinese debts represent equity in an industrial economy that can produce useful goods. The Chinese economy is not financialized, with the “cream” and production gains going to a tiny parasitic creditor class.

    It is true that China allowed a private property bubble to form, and they are reigning it in. China still does not know how to tax properly, especially taxing site value.

    Since China has four large state banks, they owe the debts to themselves. This is exactly analogous to Hudson’s discussion on the Palace and Temples holding the debt instruments and claims on society at large. Since debt instruments and claims were held by the legal authority, they can be easily erased by law, as in the Jubilee.

    In the West, the debts are debt spread into private markets and often held by private banks, ergo they are not so easy to erase.

    I’m going to say it again for emphasis. China owes their debts to themselves.
    They can just say, forget about it, you don’t need to pay. Or, we will erase those debts, as they are negatively impacting the ability of the economy to produce.

    Do you lean over and yell at your right pocket because it owes money to your left pocket?

    • Thanks: Arthur MacBride
    • Replies: @antibeast
  102. @Priss Factor

    If you think spiritual decline is separate from economic decline and the despair it causes, you need to keep reading my friend

    • Replies: @Priss Factor
  103. @Nancy Pelosi's Latina Maid

    “Every man for himself” is free to make the choice to help his neighbor entirely on his own.

    This strikes me as an abstract and rather creative interpretation of an otherwise explicit and unambiguous phrase.

    Sort of like “black is white” or “left is right”. With enough twists and turns, any idea can be inverted.

    I’m too invested in the simple plain-english logic of the original observation to make further comment here.

    Better to leave that to someone with the inclination and ability to untangle this peculiar narrative.

  104. anon[254] • Disclaimer says:
    @Priss Factor

    So we don’t need any money to feed our families. We just need to dump the homos and everything will be peachy keen.

    Typical winger idiot on here. Doesn’t realize that all that matters is money. People like you are how they steal all ours. Like taking candy from a baby. They wave the shiny trinket of identity politics in your eyes while they pick your pocket down to the lining. God are you stupid.

  105. Mefobills says:
    @Nancy Pelosi's Latina Maid

    The golden rule only works in some sort of civilization that promotes it as the ethos, and then enforces it.

    Humans are not individuals, they work together in a society. It’s not everyman for himself, as factions will form, in-groups will form, to then said in groups work out some sort of sordid gain taking scheme.

    This idea of golden rule presupposes that there is no psychopathy, sociopathy, and the concept of philarguria (money sickness) is not operative.

    Germany was never really conquered by Rome. Germany’s history was isolated, although Rome did encroach on the margins.

    In the upper middle ages, Germany had a guild system. If you made shoddy goods, or engaged in sordid gain taking from your neighbor, the guild system would come down on your head like a ton of bricks. There was no “every man” for himself. Yet this was a period of relative freedom, as there was little parasitism.

    Rome never fully advanced into Germany. The Scythians (Aryan tribes) also always won their battles against Rome, and even ruled Rome for short periods of time.

    From Tedore:

    Slowly advancing into German territory, the Romans established commerce, built towns and concluded tribal alliances. Many indigenous inhabitants traded with them or joined their army as auxiliaries. Rome also garrisoned troops, enacted laws and levied taxes. Aware of its military superiority, the Roman Empire was not prone to compromise.

    Decades earlier in neighboring Gaul, the Celtic princes had offered armed resistance to Roman rule. The Roman general Julius Caesar mercilessly crushed Gaul, killing or enslaving a third of the population.

    One of the flaws in their annals (historians) is the superficial assumption that National Socialism was a rootless political program and the product of one man’s world view. There was in fact a conscious endeavor by the National Socialists to align policies with German and European customs and practices. They believed their goals corresponded to the natural progression of their continent and found the diametrical Western-democratic concept to be foreign and immoral.

    Here, Tedore is differentiating European from Western foreign and immoral concepts. The foreign and immoral concepts are of the creditor classes, both Roman (force) and Jewish (stealth).

    A political creed advocating freedom of choice, democracy ascended not through popular appeal, but through overwhelming economic and military force. This in no sense diminishes its claim to moral leadership in the realm of statecraft. Against somewhat novel democratic beliefs in multiculturalism, majority rule, feminism, universal equality and globalization once stood social and political conventions of Europe that had matured over centuries of conflict and compromise, of contemplation and discovery. The conviction that a nation possesses its own ethos, a collective personality based on related ethnic heritage and not just on language or environment, has no merit in democratic thinking; nor does the belief in a natural ranking within mankind determined by performance

    Western Atlanatacism is a Janus, with two faces. One side is military force, to then enforce far flung debt contracts. The other side is the creditor class proclaiming dialectics that are easily disproved, yet have taken root in the brains of the multitudes.

    So, while today’s Western Atlantacist Creditocracy is a diversion of history, there were epochs in Western Civilization, where western man attempted to throw off his parasites.

    • Replies: @Johan
  106. antibeast says:
    @Mefobills

    It is true that China allowed a private property bubble to form, and they are reigning it in. China still does not know how to tax properly, especially taxing site value.

    China’s twin property and internet bubbles arose due to its adoption of ‘free-market’ Capitalism which allowed the formation of a rentier class consisting of the Shanghai-based Dengist Kleptocracy. The State owns all the land in China which are leased to property developers, thus generating revenues to local governments. This business model is what drove property developers to buy land from local governments which had every financial incentive to sell as much land as they can. China is now cracking down on this real estate speculation which has boomed over the last two decades by treating private housing as a social right and not as a financial asset.

    • Thanks: Mefobills
    • Replies: @Showmethereal
  107. Thank you Prof Hudson.
    Objections from me-first rugged individualists who foolishly imagine their calls for small government do not aid the oligarchy. Their egoism allows them to believe that they can defeat the Hyena simply by personal defiance.
    China has bettered living conditions for many millions while the US Golem continues its war against the world while its own citizens relapse into poverty in increasing numbers.
    Socialism is of course the most sensible system and since we are naturally in ethnic groups called “nations” then it follows that National Socialism has to be the superior model. A study of Germany post 1933 will bear this out, that is until the Jewish declaration of war took effect and the country was destroyed for daring to defy the Bank.
    A new chapter has now opened in Ukraine and there is every chance that the outcome will be different this time.
    Thank you Russia.
    Please choose carefully where you stand, dear reader.

  108. It does not have to be an end of Western civilization. The only assured thing is the end of imperial dominance. Those Western countries whose leadership comes to its senses will survive and likely live well. Those whose leadership staunchly remains imperial pawns will go down with the empire. Just natural selection. It is powerful: it made us from primitive bacteria-like things.

  109. SafeNow says:

    This is probably crazy (or what Ron has quite correctly called some comments: unhinged, deranged, and wild-eyed). Is it do-able for the government to secretly prop-up 30,000 as a Dow Jones floor? Could dummy buyers exist? What Woody Allen used to call “a beard.” Second question: Where would the money come from? Well, doesn’t the CIA have a gigantic slush fund, no need to identify how the money is spent? Thus the CIA funds are used to create a “buying opportunity!” psychology, and then normal investors jump upon that psychology momentum.

  110. Hudson is correct relative to debt. Perhaps what is missing though is analysis the economy from the perspective of physics as all human economics comes down to raw materials.

    Thus it is the analysis of how debts mount correlates to how profits are made or not relative to raw material production at the basis of all economic activity.

    It was Carl Wilken who with the Raw Materials National Council discovered that the Great Depression was caused by the fact that imports forced a drop in Agricultural commodities prices, forcing the then largest purchasers of capital goods to not be able to afford manufactured goods and services.

    The answer to the problem with the full implementation of the May 1933 AAA 2 codified as 7 USC Sec 602 to demand parity prices for agriculture, set by the Sec. of Agriculture as occurred from 1942-52 with great success creating the post WWII boom rather than expected recession. FDR’s attempt to bring prices up, by destroying food was insane, but reversed only because the elites understood they would lose the war if farms could not support themselves.

    It was General Motors that convinced Congress to halt in 1952 the Parity programs, because GM wanted to sell cars on credit. Thus the debt explosion was matched by the collapse of profits at the base of the productive raw material economy, where the squeeze moved to manufacturing, which cold not support itself as there was not enough earned income from raw material production to multiply through the entire economy.

  111. Publius 2 says:
    @Not Important

    She can’t. Repeal the 19th.

  112. Johan says:

    I’d say we have two problems, oligarchy and the hyper-control statist-socialist governments, so the government everywhere has the populations by the balls, while being in bed with the corporations and institutions, and milking the cow of abundance, which is capitalism.
    The hyper-control statist-socialist big government is a tyrannical monster created by the democratic people themselves no oligarchy to blame solely. That pure socialist states might not have this problem of dept slavery is accompanied with the situation that socialist states are stagnant, their progress depends on the capitalist part of the world. They are not going bad, and neither good, they are stagnant water which starts to smell.

    Regarding China, the author appears to be very naive. In fact, he reminds me of Jung-Freud, another one who pairs realism with the most ridiculous fantasies. What’s this on UNZ, an invasion of socialist and communist apologists?

    • Agree: Truth Vigilante
  113. @anon

    Don’t be a dammy.

    Current financial problems is due to the breakdown of values and nationalism.

    Breakdown of values lead to drug use and hedonistic behavior that destroy so many lives. It destroys families too, and there is nothing without the family.

    Without nationalism, there is no economic patriotism, and it allows corporations to ship jobs overseas and bring in endless foreign labor.

    Also, the rise of second-wave feminism led to women taking jobs from men. You see, change in culture undermines economic stability.

    Also, mindless worship of Jews has led to allowing Jews to spread gambling, big pharma, and other vices. Wall Street crooks get slap on the wrist and Fed messes with us.

    Also, mindless worship of blacks allows them to run wild, burn down cities, loot and steal.

    And when a people cannot even defend a moral institution like marriage from homos, it means they have no rudder, no compass. They are morons who can be made to believe in anything.

    Once the soul rots, so does the body. An empire of lies that can push ‘gay marriage’ can push any bunch of other lies.

    • Replies: @Abdul Alhazred
    , @camus10
  114. @Billy b bad

    Don’t be a dammy.

    US had it good in the 1920s Jazz Age when it seemed everything was up and up. But it was a time of triviality and hedonism. It took the Great Depression to sober Americans up and face up to reality.

    East Germany didn’t fare too well under communism, but it was still patriotic and most families were intact. West Germany was far more prosperous but it led to degeneracy and decadence.

    Japan after WWII was a poor place struggling to survive. Japan grew rich by the 80s but its culture has utterly decayed and it cannot produce children anymore. Like South Korea was culturally healthier than now when it’s prosperous and has k-pop-gay-pop as main culture, and it also the lowest birthrate.

    Communist East was materially worse off than Capitalist West, but the only sane parts of Europe are former communist nations that had far less in material terms.

    The 60s were the go-go years for Americans and the French, but all the good times led to drugs, sex, and degeneracy and decadence.

    Ideally, a people have both prosperity and sound values, but often good times leads to decadence and it’s only bad horrible times that finally sober people back into sense.

    A super depression would be good for the West as all the idiots would be forced to put away childish degenerate things.

    • Agree: Arthur MacBride
    • Replies: @Showmethereal
  115. The biggest threat to America is not a debt-saddled populace or the financial machinations of oligarchs. The biggest threat to America is the total control of MSM and the cowardice of our Journalists. Without Investigations and the ability to publish to a wide audience, there is no public outcry. Without public outcry, there is no Congressional action. The checks and balances and security measures FAIL.

    Once the narrative is under total control of the criminal elite – They can run rogue with impunity.

    Once these conditions are in place, truly horrible things can happen. The greatest threat to all humanity under prevailing conditions of total media censorship are the Biological Weapons Labs scattered throughout the world – each one of them racing full force ahead to engineer the perfect killing virus. The Pharmaceutical companies salivating at the Federally funded clean-up efforts (aka..the vaccine).

    We recently got a small, infantile dose of the horrendous risks involved in this type of research. Yet every developed nation is still pursuing this research. The new Cold War is not economic. The real arms race is biological.

    Imagine an Engineered Virus impervious to all vaccines that has a kill ratio of 60% with an incubation of 24 hours and a transmission rate that is off the charts. Once infected the host dies within 3 days. Imagine if this Frankenstein was accidentally released upon the world. Imagine a “World War Z” type apocalypse. This is no longer Hollywood science fiction or any far-fetched doomsday scenario. This is our new REALITY. This is being engineered TODAY as we idiots squabble about Jews and Negros, Homos, and the fertility of white women.

    If a virus like this were ever to escape, there would be no time for investigation or retribution of the culprits because every continent would be instantly thrown into absolute chaos. The corpses of their populations would be piled three stories high, lining both sides of the streets. Literally rotting in the streets. Wild beast feasting on the piles of rotting flesh will make TikTok legend. The panic and fear would be biblical. The total breakdown of society would ensue on every continent – almost immediately.

    How easily can this happen??? Is this a far-fetched scenario?? What is a common theme of human nature displayed over and over again? ERROR. FAILURE.

    All it takes is one careless, tired employee working a 12-hour shift in any one of these US-Funded Biolabs. That employee has a bad day at work and carelessly, accidentally infects themselves. And in a panic – they exit the building and return to their studio apartment instead of following protocol. “To err is Human”.

    It is astounding to me the coverup and media blackout of recently revealed 12 US BioLabs in Ukraine. Where is our Congressional oversight??? Where have all the Journalists gone? Not one damn peep from US mainstream media. No one seems to give a shit. The orchestrator of it, Anthony Fauci slides into retirement, his \$385,000 per year, retirement salary still intact. Our traitorous US media still telling us that COVID-19 is the lovechild of a pangolin and a bat.

    The study of aviation crashes is an interesting field. Most are caused by human error. For whatever reason, a lock-step sequence of human failures – a chain of unfortunate events – pushes the victims headlong to their destiny. One careless human failure cascades into another –the timeline of that fateful day threads numerous needles – and the supposedly impossible …actually happens.

    Aviation catastrophes happen because the established safety protocols are not followed. most investigations reveal human error. The mechanic took a shortcut. The Flight Traffic Control tower was undermanned. The Air Traffic Controller took an illegal smoke break. There was an error in the Pilot’s Manual. An FAA Inspector becomes too friendly with the chief airline mechanic and looks chooses not to ground the entire fleet for stress cracks in their landing gear. The investigation of the Space Shuttle Columbia disaster revealed a phenomenon know known as, “Group Think” (a company-wide culture of bullying – creating an environment where junior engineers were too afraid to speak up in weekly meetings). Each catastrophic loss of life leads to an IMPROVEMENT in Safety Protocols. In the Aviation world, they call it “Tombstone Engineering”. You see these self-correcting mechanisms in the Auto Industry as well (Airbags and Seatbelts, ABS).

    The self-correcting safety protocols in America are our system of Laws, our Constitution, the transparency of our Government, and most importantly, the Investigations of our Journalists. It is our Journalists, our US Congress, DOJ, FBI, and our Mainstream Media that are supposed to right the ship, fix the corruption, and prosecute the guilty.

    All of these bedrock institutions have been politicized and thwarted by nefarious forces. The carelessness of COVID-19 (assuming an accidental release) left uncorrected will lead to more outbreaks. NO LESSONS WERE LEARNED. No new saftety protocols installed. Because we can never have an honest investigation. Even today, the narrative being pushed in all Mainstream Media is that COVID-19 sprang from Natural Origins.

    Even more frightening is that if COVID-19 was indeed a Bio Weapon intentional release, the perpetrators WILL do it again. As with all shitbag criminals, they become emboldened when they get to succeed. No Investigation. Zero prosecutions. Zero Accountability. The crimes of the perpetrators will escalate…become bolder, more inventive.

    Never before have our elite institutions been so ROGUE and completely unaccountable to the masses. When pivotal crimes and historical events are covered up and the perpetrators get away with it, they become emboldened. Witness the escalating carnage below. Each event was successfully accomplished – the media marching in lockstep to cement the narrative. History is rewritten to mask the guilty. Ask yourself, are these crimes growing in sophistication??

    1946 WWII Allied War Crimes – “The Good War”, “The Axis of Evil”
    1962 Operation Northwoods – Pentagon War Plans
    1963 John F. Kennedy Assassination
    1967 The Israeli attack on the USS Liberty
    1968 Robert F. Kennedy Assassination
    1975 1100 US P.O.W. Left to Rot – Suppressed by “Songbird” Sen. John McCain
    1975 Operation Mockingbird
    1970 The Holocaust Hoax Industry
    1992 Ruby Ridge
    1993 FBI Bombing of World Trade Centers
    1996 TWA Flight-800 – Shot down by US Navy
    1995 Oklahoma City Bombing – Orchestrated and Covered up by FBI
    2001 The Psy-Ops of September 11, 2001
    2001 Al Qaeda is now our Enemy, …”The Axis of Evil” analogy was used.
    2002 Weapons of Mass Destruction LIE and Fraudulent “War on Terror”
    2012 Benghazi LIE and Coverup
    2011 The fake assassination of Osama Bin Laden – His body Buried at Sea??
    2011 Obama Drone Strikes a US Citizen – Killing of 16-Year-old Abdulrahman al-Awlaki
    2014 ISIS – Our new Enemy
    2015 Clinton Email Servers
    2020 2020 Presidential Election Theft – A Digital Coupe
    2021 The Afghanistan Withdrawl – Taliban our New Enemy AGAIN
    2021 COVID-19 – Another Massive Psy-Op and Cover Up
    2022 Now we fight for Ukraine – Russia, Syria, Iran ( The new “Axis of Evil”)

    I believe rogue elements releasing another lab-engineered virus to be the biggest threat in our time. The mechanisms used for decades to protect us are no longer in place. And they got away scot-free with their first attempt, COVID-19.

    Hell, even if the Rogue Elements decide to cool it for a while, we can always count on the ever-persistent Human Error to kill us all. The more labs in operation, the more hairless monkeys handling test tubes, and the more likely an accidental release. It is only a matter of time.

  116. Johan says:

    All economic problems are assumed to be self-curing by “the magic of the marketplace,” without any need for civic authority to intervene. Government regulation is deemed inefficient and ineffective, and hence unnecessary.

    This is nonsense, all governments are hyper-control states, people are up into their neck in taxes and regulations, in as far as these are not seen as economic regulations, they are still economic. There is no free market. To criticize free market, first there has to be free market. There has not been a free market since centuries.

    • Replies: @Mefobills
  117. Mefobills says:
    @Richard B

    Your comments are no surprise, the West is thoroughly rotted out, with plenty of people who have butt snorkeled the dialectic. They won’t change their opinions until the boot is all the way up their ass.

    Leave it to an economist to see everything in life in terms of money.

    Hudson’s analysis is about debt and credit. Debts and Credits exist outside of money. An eye for an eye, is a creditor plucking out your eye, putting you into eyeball debt. To cancel your debt relation, you want his eyeball, or maybe both.

    NO MONEY IS INVOLVED.

    Is Hudson an economist or a moralist? An economist would commit himself to making analytical statements. But all we get in the first paragraph are value statements.

    You are definitely a butt snorkler, who has imbibed on the (((dialectic))). Economists used to be called political-economists. The political part of the profession requires moral judgements.

    It is only neo-liberalism, or liberalism in general, which has redefined economics as some sort of mathematical quant theory. Only the sociologists can pass judgement on morality, right? This then keeps you from making a moral judgement about how a super creditor parasite is taking usury on your life energy. Oh Wait! Usury as a concept has also been erased from consciousness.

    Here you are waving your hands in some sort of Stockholm Syndrome, caressing your jailers.

    All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious.
    What activity isn’t capable of becoming an addiction for human beings?

    Hudson makes the point over and over again, about how the King and Temple system put their foot in the ass of predatory in-groups and individuals who were socially injurious. Wannabe oligarchs got their heads slammed against the wall in debt releases, especially if said oligarchs were putting the population into debts, and hence the palace could not acquire corvee labor or soldiers in time of war.

    Nothing is ever done without it being done at the expense of someone else. And anyone who doesn’t acknowledge this hasn’t taken the first step in being honest with themselves. Nietzsche

    Nietzche is completely full of shit. I gave an example earlier about how in the Neolithic they used volunteer labor to build large projects, and then afterward there was much sex, revelry, and fun times.

    All of the big cathedrals in the upper middle ages were built with volunteer labor. This volunteerism spanned generations. Modern people look at the cathedrals today, and wonder how they did it. In England in the upper middle ages, a tradesman could afford a family of four on about 4 months of wages. This included a thatched roof house, warm woolen clothing, and mutton several times a week. With their free time, they volunteered their labor.

    England operated the talley stick system in the upper middle ages, which has been written out of history. This system erased private debts yearly.

    • Thanks: Towey, Arthur MacBride
    • Replies: @Blissex
  118. Johan says:
    @Mefobills

    Humans are not individuals, they work together in a society.

    You must have had a small seizure of the mind here. ‘Individual’ does not mean ‘every man for himself’. I suggest you should correct it, as this line is candidate for being the most idiotic sentence of the decade.

    Here is some help: https://www.etymonline.com/word/individual

    • Agree: Truth Vigilante
    • Replies: @Mefobills
  119. Mefobills says:
    @Johan

    Free markets are free for rentiers and usurers, and sordid gain-takers, to operate freely.

    Then they take their ill gotten gains and string pull governments. Democracies are especially easily to maneuver.

    There have been governments in the past that lasted for very long periods of time, and the people within the nation-state were fairly satisfied.

    Hungary, for example, had a constitutional kingdom that lasted in one form or another for about 900 years. It only fell from without after WW1, because Hungary had the temerity to side with Germany.

    Hungary was also put into debts by the Atlantacists (including Jews operating in the background). These debts were called the Treaty of Trianon, and it was very similar to the Treaty of Versailles. Hungary was blamed for WW1 along with Germany, even though the war was started by the Atlantacists.

    • Agree: Towey
  120. @Mefobills

    In other words, debts can mount faster than the ability of an economy (laboring producers) to pay, due to unforeseen events, such as crop failure, etc.

    Everything of this Earth is fallible except the passage of time, which is unceasing until Divine Jesus returns.

    Thus (((interest))) on debt (((grows unceasingly))) (((((((((and exponentially when compounded))))))))) while the ability to repay necessarily fails eventually by natural definition.

    Absent periodic clean slates mandated by law (as is the case in the Mosaic Law of the Torah which those we now call “Jews” systematically began violating with their new sect Rabbinical Judaism founded by Hillel via his contract clause imposed on borrowers in violation of Mosaic Law, the Pharisees being the priest class, the oral tradition which Jesus rebuked in His first recorded public statement subsequently reduced to writing as the Babylonian Talmud) borrowers will eventually suffer either forfeiture of collateral (their land which provides shelter and sustenance) or loss of freedom as debt slaves, or both.

    The diabolical (John 8:44) genius of the Jew is recognition and use of the omnipotent Earthly power that is the passage of time.

    Only the church established by Jesus, now know as The Roman Catholic Church, has the Earthly capacity to quell all the evils of Jew u\$ury before Jesus comes again. Whether the Catholic Church succeeds will determine the eternal fate of its hierarchy, as the Church is the body assigned by Christ the duty to protect His Flock from the Jew wolves.

    1 Thess 2:14, 15: “,,,Jews…are the predators upon humanity.”

  121. Mefobills says:
    @Johan

    Your taking issue with “individualism” is again no surprise.

    The brainwashing of neo-liberalism runs deep. This whole idea of super-individualism resonates especially with Americans. My fellow Texans are some of the worst examples of sucking up Lolbertarianism.

    Here is Arthur MacBride apologizing to Hudson, because he (Arthur) now realizes he also got got up in false dialectic.

    https://www.unz.com/mhudson/the-end-of-western-civilization/#comment-5442249

    Objections from me-first rugged individualists who foolishly imagine their calls for small government do not aid the oligarchy. Their egoism allows them to believe that they can defeat the Hyena simply by personal defiance.

    Arthur also says this:

    Please choose carefully where you stand, dear reader.

    It’s pretty clear where you stand, you want to caress your jailers with your Stockholm Syndrome hands.

    • Agree: Blissex
    • Replies: @Arthur MacBride
  122. @anon

    “So we don’t need any money to feed our families. We just need to dump the homos and everything will be peachy keen. “

    First sentence incorrect. Second sentence, well, we could try it and see how it goes. 😀

  123. Formula for civilizational survival and success really come down to two things.

    (1) Sufficient Power of Violence

    (2) Moral Will to use that power/violence against the real enemy or enemies.

    The West still has sufficient power, indeed more power than rest of the world.

    But it lacks the moral will to use that power of violence against the main threats: Jewish Supremacism, Black Thuggery, Third World Mass-Invasion, Homo Degeneracy, Slut-Skank-Bitches, White-Cuck traitor scum.

    It’s not because the West is oh-so-nice and do-goody nice. After all, it still has the ruthless will to bomb the Middle East to the stone age, support Zionist terror against Palestinians, scream abuse at Iran, supply arms to Ukraine to war on Russia, and of course, to hate-hate-hate Russians.

    But are Iran, Russia, China, Venezuela, and etc. ‘existential threats’ to the West?
    No, the real dangers are Soros-sorcery practiced by Jews, black thuggery that destroy cities and cripple white male pride, third world invasion, and homo subversion of culture. Those are the REAL threats, but whites have no Moral Will to do anything about them as they’ve been inculcated with the neo-religion that there is nothing holier than Jews, blacks, and homo(and ‘diversity’ of endless immigration/migration) and there’s nothing viler than ‘antisemitism’, ‘homophobia’, ‘racism’, and ‘exclusion’. So many whites in the West ignore Jewish Supremacist abuse of power, black thuggery and mayhem, and homo degeneracy BUT they get all riled up about “It’s Okay to be White” sign and call the FBI to investigate!!

    Some societies lack both the power and the will for violence.
    Some have the will to do violence against the enemy but lack the power.
    The West once had both the power and the will.
    Now, it has the power but no will, as its will is controlled by Jews, who decide what the West should hate and threaten with violence. So, the West has the will to sacrifice even its economy to wage war on Russia but has NO WILL to end the Afro-Third-Worldization of Europe and the spread of globo-homo cancer at the heart of the Western Soul.

    In the end, it doesn’t matter how much power of violence you have. If you lack the moral will to use it against your main enemies, you are finished.

  124. @Priss Factor

    Cultural values are not separate from basic economic value, to which if society systematically refuses to pay those who produce that which keeps people alive then all other rot ensues when ” stealing one’s daily bread” and expecting a free lunch…and lunches, breakfast, dinners and endless snacks composed of denature endrocine disrupting genetically modified overly processed foods contributing to gender disphorias etc.

    See II Timothy 2 6 & 7

    • Replies: @Priss Factor
  125. @Chuck Orloski

    Hi Chuck,

    I tried changing the spelling in the url to “odyssey” and it still doesn’t work. Take care…

    • Replies: @Charles Martel France
  126. Central banks are a debt based system.
    Jews got the FED in 1913
    Bam, IRS
    Bam, WWl
    When the US spends money the Jews get paid interest for creating it out of thin air.
    Welfare!!
    Why Covid, excuse to print trillions of dollars.
    Because the whole world (including China) is bankrupt, which is why every country followed the same program March 2020.

    Maybe Russia is best off since they have real assets, oil, gas, food, minerals, fertilizer and an un-woke population. They missed modernity due to being put in a coma for 70 yrs.

    Prophet Edgar Cayce said in the 1930s “Russia will be the hope of the world”

  127. This epitomizes the ‘woke’ mentality.

    Enabling consumer-capitalism in symbolic displays of fighting the power. LOL.

    Why couldn’t Karl Marx come up with this? Don’t sweat over DAS KAPITAL. Just have a bake sale with cookies made of industrialists.

    • Replies: @CelestiaQuesta
  128. @Mefobills

    Key insight novel to this reader, so thank you:

    Our (((friends))), just as the Romans, also became an Oligarchy of creditors. The Pharisee class was an even more sophisticated form than that of ancient Rome. Hillel’s Pharisees operated in the monetary sphere, and worked with stealth rather than military force.

    Of course via stealth usury power imposed on (((their))) British golem since launching the Opium Wars and USA golem since the Civil War Jews have had history’s most-dominant-ever military forces under Jew command for centuries now providing Jews with world dictatorial power which they have of course deployed diabolically.

    Thankfully that deadly centuries-long era is now over ended by Russia due to China’s backing.

    The relentless deception you so vividly describe in the following paragraphs parallels all the other non-stop Jew lies promoting homosexuality, feminism, infanticide, Jew-Fault Divorce, porn, weed, hate-the-whitey-for-being-descended-of-Christendom, open borders, Freudism, trannyism, election fraud, political correctness, etc.

    A clear reading of John 8:44 reveals Jesus to have said that the Jews who reject him lie unceasingly as (((their))) denial of the Divine renders (((them))) incapable of conveying truth.

    Market oriented, especially Jewish historians, have woven origin myths about how primitive individuals would lend cows in return for some of their calves as a bonus. This bonus then made interest on money as an acceptable concept, because after all “nature can pay the interest.”

    The thing is nature cannot pay expanding claims from (((creditors))). Origin myths about how Greed is Good, and debts can always be paid, are just that – myths. The myths then act as a cover and shield. The parasites wrap themselves in cloths of righteousness.

    The forever wars, sordid gain taking, and “greed is good” also has a sophisticated covering ideology, primarily invented and promulgated by (((our friends))).

    Friedman is a representative of this class, doing their bidding as a hypnosis agent, passing dialectic as if it is truth.

    • Replies: @mulga mumblebrain
  129. @Abdul Alhazred

    Yeah, but theft, corruption, and exploitation have always been part of the human history and experience under systems feudal, capitalist, and communist, BUT never was culture as deranged as it is now.

    19th century America saw the rise of the robber barons, but everyone knew what a man was, and even the most corrupt regimes would not have hired the kind of people in Biden’s administration.

  130. Today Global debt is north of 300 trillion\$ not including current local and global inflation, so add another 10-30%.

    How did ancient family banking cartel’s loot governments around the world throughout history for so long and get away it? This must be the most profound question yet to be ask in the public domain.

    Yet no one seems to have the balls or brain force to ask this simple question except those few in the far reaches of the web like here at TUR.

    It’s always the same lost tribe that keeps coming back, “small hat in hand” – yet again to the U.S. taxpayer (aka stupid Goyim – Israel First Jewish Bible thumpers) for more until there is no more to give.

    Well, you know what that means? Die in the the fires of hell Goyim, you’ve got nothing left to give.

  131. @Priss Factor

    That’s racist, where’s Oprah’s fat black chocolate ass ice cream?
    Imma call the NAACP, BLM, bla bla bla and burn loot murder and rape yo business down. /s

  132. @Richard B

    The question is ‘who owns this debt and how did they get it?

    300 trillion+ is a lot of shekels.

  133. @Xafer

    “…drying up of tourism revenues due to covid.”

    No the “drying up of tourism” was not due to “covid”, it was due to the criminal reactions of governments to “covid”.

    As soon as the Diamond Princess numbers were in then it was obvious that “covid” was a non-problem. Actually it was a solution(to governments); how to introduce tyranny and be praised for it. It worked.

  134. @Farrakhan.DDuke.AliceWalker.AllAgree

    Old Judaic apothegm, illustrating the superiority of graft over agricultural labour-‘Interest grows without rain’.

  135. @Wizard of Oz

    He left out ‘Western’ before ‘civilization’. Luckily the East has risen to create a global civilization.

  136. @Chuck Orloski

    Whenever I either drive or walk Scranton streets, is typical to see a white girl pushing a carriage with a half-black baby inside.

    ..and they’re all a dirty blond, ugly, and fat as hogs.

    • Replies: @Detroit Refugee
  137. @Yee

    China’s ‘debt trap diplomacy’ is a lie concocted by Indian fascists, and quickly adopted by Western Sinophobes. If you want to see REAL debt trap diplomacy, check out the ‘Washington Consensus’ economic hit-men of the IMF and World Bank, and their Structural Adjustment Programs.

    • Replies: @Jazman
  138. Every signal indicates that the “friend” of USA, AMLO is in fact a comunist and enemy of USA. USA is being fooled by him, long time ago. He is like another George Soros.

  139. @Mevashir

    Hudson’s book

    https://michael-hudson.com/2018/08/and-forgive-them-their-debts/

    explains how around 300 A.D. the Church lost sight of what to that time had been a clear understanding of Luke 4:16-30 wherein Jesus’ public reading of Isaiah 61 and subsequent statement declaring it’s fulfillment which means voiding Jew usury, Rabbinical Judaism from which it sprang in violation of Mosaic Law, and a return to law mandated seventh year clean slate absolution of living expense incurred debts.

  140. @Anonymous

    Lol.. Europeans beauty isn’t subjective. European features most closely observe the golden ratio. It isn’t opinion. It is math.

  141. Ivana found dead. A message to Trump?

  142. @Carroll price

    Joggers will mount ANYTHING. Just go to any Walmart or Family Dollar, you’ll see obese, ugly black women with multiple kids.

    • Replies: @Punch Brother Punch
  143. @Rich

    Too bad we didn’t chase the dreams of the great science fiction writers of the mid-20th century and expand to the stars, there’s nowhere to go now, to get away from the bureaucrats and the tyrants.

    Science fiction recognized that the technology that could get us to the stars could be the technology that enslaves us to massive anti-human bureaucracies (public and/or private).

    It looks like the issue has been resolved–Evil Tech is victorious–and outer space is just going to be one more blood soaked war zone in the name of “national security”.

    • Agree: Rich
    • Replies: @Swaytonious
  144. BBQWhales says:

    It really started with Bill Clinton, he ended anti-trust enforcement in 1992 and big got biggger n bigger. Then they created a big ponzi scheme, the economy collapsed in 2008 and guess what, the Fed Reserve and US Govt bailed out all the oligarchs and let the people crash and burn. They then doubled down and started rigging markets and printing money even more.

    When did they start outsourcing US industry to CHINA – BILL CLINTON. What industry was Left? Defense and Pharma – you can tell this will end well. The Great Reset!

  145. @Swaytonious

    If you’re referring to symmetrical facial features, which indicate an immune system with robust resistance to parasites, these can be found in all races. I’m not aware of any study that demonstrates that white women are more likely to have symmetrical faces than other races, although I suppose it’s possible. White women have several other physical (and mental) features that make them preferable for many men, though.

    And the commenter you’re responding to can’t be taken seriously. He’s clearly trolling for attention.

    • Agree: Swaytonious
    • Replies: @Swaytonious
    , @Anon
  146. @Richard B

    2. Enhance The Quality Of Life! Any society’s economy is a by-product of that.

    Any enhancement of quality of life (by which I suppose you mean improving physical health, IQ, families, infrastructure, knowledge, culture/arts, even martial valor if you’re into that) requires trade, wealth, money, economic improvement – call it what you will. You certainly don’t improve a society’s quality of life by allowing its citizens to become peons of an unrestrained, exploitative financial class. Money (which is just a synecdoche of “Resources”) underlies everything.

    You clearly don’t like Hudson and are grasping at anything in order to criticize him.

    What activity isn’t capable of becoming an addiction for human beings?

    Therefore you regulate finance so things don’t get out of hand, as we regulate (admittedly not very well) alcohol, cigarettes, gambling and other things that can lead to addiction. Even gyms monitor how much their customers exercise. My father, who was a real gym rat, actually got suspended from one once for overdoing it.

    Is Hudson an economist or a moralist?

    He can be both, particularly in a public paper/address such as this. Other types of economists, such as Libertarians, moralize all the time, although their sense of morality is notoriously dubious.

    • Replies: @Swaytonious
  147. @Rubicon

    All explained by John Perkins in his 2016 book, The New Confessions of an Economic Hit Man: The Shocking Inside Story of How America Really Took Over the World.

    • Replies: @Rubicon
  148. @Detroit Refugee

    Bell Curve Distribution. Some Joggers, even those criminally-oriented, will mount anything. Others won’t.

  149. Che Guava says:
    @Jimmy le Blanc

    You are misusing ‘fifth column’, in Franco’s original statement, it meant people in Madrid opposed to the various leftist factions, the lunatic Trots and anarchists, and the more disciplined Communists.

    See Hemingway and Orwell’s semi-autobio. Spanish civil war writings on that point, though Orwell was with the loony Trots, they don’t look any good even from his writing.

    Misuse of ‘fifth column’ is much like the near-universal brainwashed reverse interpretation of ‘big lie’ as used by Hitler and Goebbels.

    Hitler was speaking of the propaganda tactics of his and his people’s enemies, not making a prescription for National Socialist propaganda.

    Goebbels clearly stated that truth is the best basis for any propaganda.

    Yet the big lie about the ‘big lie’ is almost universally parroted by morons, as is the misinterpretation of ‘fifth column’.

    • Agree: Mefobills, Towey
  150. @Punch Brother Punch

    I hear you, but it’s more than symmetry.. the size and location of the relative to the shape of the nose and the shape of the the skull.. the ratio of shoulders to hips, thorax length and legs ect.. for European features, they most closely observe the golden mean, the golden ratio or what ever you want to call it. This proportion is found all over nature from snow flakes to plant life to even the spiral arms of the galaxy. It’s also the basis of European architecture and art. Beauty isn’t as subjective as the jews try to make it out to be (mostly because their inbread genes push them so far out of this norm they are envious (in the ancient understanding of the word). Beauty objective and its recognition is encoded in out DNA.

    • Replies: @Anon
  151. @Justvisiting

    Indeed.. I sort of hope for nuclear Armageddon.. its better for the galaxy than space jews.

  152. @Punch Brother Punch

    The penalty for going too far with finance and capitalism must follow the old way.. loss of property and title for the offender and his heirs.. then go a step further and declare them an outlaw (as in the origional meaning of outside the law’s protection) so that his victims, or anyone else so inclined, might go all Dexter on him.

    The penalty must always be extreme and made to outweigh the any possible reward.

    I’m not necessarily advocating for such a system but merely providing analysis.

  153. Anon[887] • Disclaimer says:
    @Swaytonious

    You cannot post any evidence in support of your claim that European women are the most attractive. On the contrary all of the evidence says East Asian and mixed race women are perceived as more beautiful.

  154. Anon[887] • Disclaimer says:
    @Punch Brother Punch

    In every study comparing women of different races, white women are ranked less attractive than Asian and mixed-Asian.

    • Replies: @Dream
  155. Anonymous[215] • Disclaimer says:
    @Swaytonious

    Where is the evidence for your claim that European women are the most attractive? You haven’t posted any. Honestly, all of the evidence says East Asian and mixed race women are perceived as more beautiful than white women. Find a study comparing groups of either and if it doesn’t say this, I will eat my shoe.

    You have also neglected to show a URL that says white women have the most symmetrical faces or best ratios.

    • Replies: @Mefobills
  156. Mefobills says:
    @Anonymous

    Where is the evidence for your claim that European women are the most attractive?

    Have you considered the concept of dimorphism?

    Dimorphism is the greatest in the white race, where white females can be very feminine, and white males can be very masculine.

    Or course, in the modern context, with all kinds of hormone mimicking chemicals in the environment, white women are turning into she-beasts, and white men are turning into soy boys.

    In those areas that are relatively preserved from Western/Liberal degradation, say Eastern Europe, then white women there are still attractive.

    East Asians, as a race, exhibit less dimorphism. East Asian women would skew toward a more feminine phenotype, which is why they are desirable to men.

    The real question isn’t about the women, its about the men. White men need white women to produce white boys.

    Steve Sailer has written a lot on this topic. Especially in his series “Is love colorblind?”

    https://www.unz.com/?s=colorblind&Action=Search&authors=steve-sailer&ptype=all

    Below sums up Sailers feelings, and is yet another facet of why immigration is a really bad idea.

    As my famous 1997 National Review article Is Love Colorblind? made clear, I’ve always been highly sympathetic to honest, hard-working East Asian-American guys who have trouble finding a wife due to what they frequently denounce as the “interracial dating disparity.” In other words, white men are more likely to date and marry Asian women than Asian men are to marry white women. (Conversely, black men are more likely to marry white women than white men are to marry black women, leaving more black women unmarried, and frequently sore at white women for “stealing their men” as in Waiting to Exhale.) A man needs a mate and it’s common down through history for competition for women to cause hard feelings between groups of men.

    The (((parasite))) is the foremost problem, not blacks, not Asians, and not women.

    It’s pretty obvious that the Logos, or the natural order, is for races to live amongst their own kind. A multicultural tower of babel has been warned against.

  157. @Mefobills

    Thanks for your many valuable insights, Mefo.
    You caused me to cast back to when I was indeed caught in the false dialectic of Rugged Individualism. It was as a child and into teens as a devotee of John Wayne etc westerns, before making any serious attempts at study of history and discovering the merits of Fascism and National Socialism.
    Thus I came to believe (and still do) that such outlooks are essentially juvenile and self-centred. Those posting from the RI perspective and its derivatives usually do not fail to make this obvious.
    Hoping as usual that people may see through the me first short termism promoted by characters like “Anton laVey” (real name Howard Levy) and Alastair Crowley which is basic to the gay parade West.

    Incidentally I always thought that the outright best name for bankers was the Fuggers, unbeatably descriptive. Lol.
    “am Ende steht der Sieg”

    • Replies: @Mefobills
  158. Mefobills says:
    @Arthur MacBride

    Thanks for the reply Arthur.

    As a Texan, and who also lived in sparsely populated West Texas, this whole idea of individualism blows away with the wind when you study the regions history.

    People had to work together to survive. They worked together to build roads, buildings, and to drive cattle to the rail heads. The rugged individual is an implanted memory from Hollywood.

    When the men drove cattle north, the women would band together in camps. Any person approaching the camp had to yell out and proclaim their presence. If not, they would be shot by the women. The women banded together for protection.

    Some of the money lenders: Fugger = Fuc*er; Hochstetters = Hock; Welsers = Welsh (to welsh on a deal.)

    And of course, being Jewed is to have been abused.

    The reformation and Luther are a response to some of the bad behavior of the Catholic Church during this period.

    In 1488, somehow Jacob Fugger got control over the Tyrol Silver Mines . (My addition: privateers owning the money power, especially international money, is a breach of iron laws of economics.)

    1) The money power is to be sovereign (issued by the King or sovereign authority only)

    2) The money is to be legal fiat, and constrained to the nations borders (silver or gold is international)

    Jacob Fugger studied for the Priesthood, but became interested in the family money business by age 14.

    The Fuggers loaned 150,000 Florins to the Archduke of Holy Roman Empire, to get control over the silver mines.

    3) A sovereign is never to borrow or receive gifts from a privateer.

    The Fuggers charged 30% on small loans

    4) 30% is usury. Do not engage in usury. They charged 2% on large loans, typically to government, to then curry favor

    5) An in-group Oligarchy is to be smashed by state power. The Fuggers only used male heirs, and the females were given a dowry. This is similar to the Rothschilds, who use cousin marriage.

    The Fuggers loaned to Emperor Maximillian, who obviously didn’t understand how money works, as money is a function of the law. Fuggers loaned to Queen Elizabeth, and various princes and clergy members – basically anybody the Fuggers wanted to influence.

    The Church college of electors was supposed to elect princes to high sovereign positions, and in practice that mean bribing the churchmen.

    To get Charles elected required the Fuggers to give away the granddaughter of Maximillian, and 300,00 Guilden.

    The Fuggers were deep into Catholic finance. Albrecht of Brandenberg paid 30,000 Ducats to the Pope for the position of Archibishop of Mainz. Albrecht borrowed from the Fuggers.

    The Pope countered, and offered to make Albrecht in charge of the ‘NEW JUBILEE INDULGENCE OF SAXONY,” for an extra 10,000 Ducats.

    All of this clownworld behavior did not sit well with some of the clergy.

    The Fuggers were also working with Jewish Portuguese, who were arbitraging silver/gold around the cape of good hope, and unloading at Antwerp. Southerner Route discovered in 1497.

    So, the loans were both Fugger and Jewish to the Catholic Church.

    When Indulgences were paid, a Fugger representative was always present, carrying a locked chest.

    The Fugger representative had the key to chest. Whenever the Chest filled up, the Fuggers got the whole amount. They then took 1/2 as payment for the loan, and the other 1/2 when to the “curia” or the bureaucrats in the Church.

    So, while it is very clear that our (((friends))) funded the Protestant Reformation, especially later by Manessah Ben Israel (1604 -1657), the Fuggers were fuc#ing things up pretty hard.

    Many iron laws were broken. A constitutional kingdom would require, spelled out in the constitution, iron laws of money and economy.

    • Thanks: Arthur MacBride
  159. Anon[716] • Disclaimer says:

    “ Now, Europe’s economy isn’t going to sink into the abyss. We’re talking about incredibly sophisticated, competent economies that are technologically fully on the same level as America. Given time, they should be able to find a way to do without Russian gas and to reduce their reliance on Chinese markets.

    But for now they’re stuck in a bad place, largely because their political leaders — especially in Germany — refused to acknowledge that the problem with autocratic regimes isn’t just that they do evil things, it is that they aren’t trustworthy. Europe is now paying the price for that willful blindness, and the weak euro is a symptom of that price”

    in New York Times
    Paul Krugman
    His thesis on sinking Euro

    Blame it on autocratic Russian leaders !

    What a character !

  160. denk says:
    @Xafer

    Yes, tourism was Sri Lanka’s top earner, which’s devastated by the USAss engineered COVID, IT totally collapsed after the USAss orchestrated terrorism
    on Easter 2019.

    Some analysts say that the targeting of Sri Lanka was not surprising. Sri Lanka is among several other Asian countries where ISIS attacks have unexpectedly occurred in recent years, offering an entry-point for Western-sponsored counter-terrorism activity or humanitarian assistance.

    Many targets of these latter-day, often inexplicable attacks claimed by IS, or other little-known terror outfits, have been strategically located states benefitting from China’s ambitious Belt and Road Initiative (BRI), which dispenses multi-billion dollar investments for infrastructure projects like deep water ports, roads, railways and industrial parks. Sri Lanka, Myanmar, Pakistan and Bangladesh are cases in point.

    The Philippines, whose president Rodrigo Duterte in 2016 threatened to ditch its longtime military alliance with the US, and turn to China, next year faced an attack by IS terrorists in the town of Marawi, leading Americans to further consolidate their military presence.

    In Myanmar in 2017 a little-known terrorist group called the Arakan Rohingya Salvation Army (ARSA) staged attacks on security posts in Rakhine state, sparking a destabilizing security crackdown on the Rohingya community that resulted in a huge refugee exodus to neighbouring countries. Rakhine state is home to Sittwe port and a starting point of BRI infrastructure projects linking Myanmar with China’s Kunming city. The shadowy leader of ARSA is said to be not native to Myanmar but a Rohingya born in Pakistan and raised in Saudi Arabia.

    Last month in Pakistan’s Baluchistan province five people were reported to have been killed in an attack on a star class hotel located near the port of Gwadar, which is being modernized under China’s BRI. Baluch separatists claimed responsibility. “The Baluch Liberation Army carried out a dozen attacks last year against Chinese-linked projects. In November, the group attacked a Chinese consulate in the major southern city of Karachi …” AP reported. It’s worth noting that in Sri Lanka too, two of the sea-front hotels that came under suicide bomb attacks overlooked the \$1.4 billion Port City project, China’s single biggest infrastructure investment in Sri Lanka.

    Those who hold a microscope to these ‘politically convenient’ conflicts in South and South-East Asia keep finding foreign fingerprints of big powers that seek to gain a foothold, in order to challenge a rising China. The American geopolitical researcher Tony Cartalucci gives a clue to what is happening on the global stage when he says “The US is both arsonist and self-appointed fireman.’

    The US is both arsonist and self-appointed fireman.’

    Been saying this since time immemorial.

    https://dbsjeyaraj.com/dbsj/archives/64698

    • Agree: Arthur MacBride
  161. Blissex says:
    @some_loon

    «We don’t have periodic debt forgiveness as such»

    In antiquity, as IIRC Michael Hudson has written and then perhaps forgotten, essentially all personal debt and debt bondage were the consequences of unpaid taxes, and jubilees were usually the periodic cancellation of tax arrears and the freeing from servitude those who had not paid taxes.

    «but we do have bankruptcy laws.»

    The big question that Michael Hudson’s insistence on jubilees obscures, is how good are those bankruptcy laws. Those in most of Europe are too hard on debtors, those in most of the USA and in the UK are too soft on corporate bosses and too hard on people.

    «Even without those, much debt is never collected.»

    That to me seems grossly wrong, as debt writedowns are very rare. The only case I see where personal debt does not get collected is after death of the debtor when the estate they leave has a negative value.

    «It strikes me that, in the West at least, people and institutions have learned how to handle far larger amounts of debt than in the past, and have greater resources to do so.»

    This beautiful handwaving seems to me quite gratuitous, what has happened is simply that every debt crisis results in a huge expansion of central bank balance sheets, as they happily buy at “friends-of-friends” prices all sorts of toxic debt assets.

    «This seems true not just of the borrowers but of lenders as well. Of course, this still leads to trouble, but that the business of debt has become far more sophisticated mitigates much of this.»

    This to me seems against beautiful handwaving and quite gratuitous. I reckon instead that there is nothing complicate about debt, or the incapacity to sustain it, but there has been somewhat (not much) more sophistication in hiding it or dumping it onto central bank balance sheets.

    «Maybe the bank has learned to better deal with this problem.»

    More vague handwaving…

    «Also, interest rates having gotten so low for certain classes of debt suggests that there is a lot of capital failing to find much of a return.»

    This ridiculous handwaving may be based on the ludicrous misconception that there is a fully competitive market for debt that determines the market interest rate (while interest rates are the price of liquidity, not debt). Instead the market for debt is fully rigged by central banks and low interests rates are purely the result of the eagerness of central banks to extend unlimited credit to insolvent entities at very low cost, as long as they are “friends of friends”, that is crony borrowers like finance corporates and real estate speculators.

    For example current in the UK given consumer inflation of around 9-10% interest rates to financial corporate are less than 2%, those to mortgage borrowers are less than 4%, and those to ordinary people are 15-35%.

    And that’s something I find incomprehensible in Michael Hudson’s argument about western polities being dominated by a rapacious creditor class: the people dominating them seem to be instead a rapacious debtor class. That they are also brutal when in their turn they are creditors of others does not seem to me that creditors dominate western polities, but that crony plutocrats dominate them, and ensure that credit to them is cheap and plentiful, and scarce and expensive to others.

    • Replies: @some_loon
  162. Blissex says:
    @Mefobills

    «Hudson makes the point over and over again, about how the King and Temple system put their foot in the ass of predatory in-groups and individuals who were socially injurious. »

    In earlier writing Hudson IIRC reported correctly that King and Temple were the very origin of the debt problem, starting with Sumer in 3,000BCE:

    * Kings or Temple imposed tributes on their subjects, expressed as amounts of goods to deliver, for example 4 sheep and 10 barrels of barley, and recorded as tributes owed (debt) as clay tokens first or on clay tablets later.

    * Kings or Temple also had to pay soldiers, and soldiers want to be paid in precious metals.

    * To convert tributes as goods into precious metals the Kings or Temples had the idea of paying the foreign merchants bringing to their country the precious metals with the tribute debt records: tthe king would hand over those records to the merchants in exchange for metals, and the merchants then would go to the subjects with those records to collect the goods ( that is a practice called “tax farming”), which they were happy to do because they were merchants and needed goods to sell.

    * When the subjects could not pay the tribute, the foreign merchants would first delay payment, allowing three years to pay double the amount of goods (30% interest rate on tribute).

    * If the subjects could still not pay the double the tribute after 3 years then they and their families were enslaved until the tribute debts was paid.

    * Periodically the King or Temple would blame the tribute collecting foreign merchants for collecting the tributes and making rhe population poorer, and then incited the subject to pogrom the foreign merchants and destroy the tribute records and to free those who had been enslaved because they could not pay the tribute. In this way in effect the Kings and Temple reneged their debt to the foreign merchant, and got rid of them too.

    Initially tax-farming was sold to foreign merchants simply because Sumer did not have mines for metals (never mind precious metals), so the scheme was in effect exporting farm and artisan goods from the Fertile Crescent in exchange for imports of metals.

    But the King and Temple found that because foreign merchants looked foreign (dress, nose shape, eye/hair colour, religion) from the subjects, it was easier to point them out to the subject, make them even more hated, and pogrom them. In many cases where foreign merchants were not necessary tribute collection was sold to minorities, for example the samaritans in Judea (or the armenians in the ottoman empire, etc. etc. etc.).

    • Replies: @anon
    , @Mefobills
  163. Jazman says:
    @mulga mumblebrain

    81% of Sri Lanka’s foreign debt is owned by US and European financial institutions and Western allies Japan and India. China only has 10%.

    But U.S. Treasury Secretary Janet Yellen is blaming Beijing.

    These imperialists are so shameless

    • Replies: @mulga mumblebrain
  164. anon[179] • Disclaimer says:
    @Blissex

    Jewish group claims that they were hated across various lands and continents because of the tax collection
    Then they claim tax collections and nothing else were available to them .

    It seems that soon they would come up with the excuses that Jewish nation and Jewish diaspora leaderships had to maintain permanent enmities or create enmities ( from western capitals) with Arab nations to survive as a country .

    • Replies: @Blissex
  165. I think there has been a major error on all. All governments are evil, no exceptions. The name of or means of governance is only different by their means of force, and their willingness to use that force on their people. That’s why it’s incredibly important for the people of a country to not give unnecessary power to the government. To practice independent thought, personal responsibility of proper moral conduct, and personal responsibility of providing your personal income. Once you negate that responsibility, you become a slave and a conspirator towards your fellow man and the down fall of any kind of reasonable society in which to live in. THEIR IS NO FREE LUNCH.

    • Agree: Kolya Krassotkin
  166. Blissex says:
    @anon

    «Jewish group claims that they were hated across various lands and continents because of the tax collection. Then they claim tax collections and nothing else were available to them .»

    A big problem with obsessions about “the jews” is that similar things have happened to other groups across the world, groups with no connection to “the jews”, and in wholly different historical and cultural contexts and additionally the tax collectors in ancient Sumer were not jewish because “the jews” did not exist yet, and the funniest detail is that as the gospels mention in passing tax collection in delegated by “the jews” in their own kingdom to the despised samaritans.

    BTW if you want to say something negative about some jews, perhaps you should argue that, given the back-history, people of jewish origin might want to consider avoiding any profession similar to debt collecting, e.g. any involvement in finance, as a precaution, and it is not a good idea to double down on that, now that they have more choices,

    BTW immigrants/minorities often got to do odious or nasty work simply because in many places and times “insider”/incumbent groups have first dibs on the “good jobs”, even if there is no formal restriction. This can last a long time, for example the descendants of korean immigrants in Japan traditionally do tanning, not just because it is disgusting, but because it is “sinful” (from a buddhist point of view).

  167. anon[174] • Disclaimer says:

    What exactly are trying to communicate ?

  168. some_loon says:
    @Blissex

    Oh. You again.

    «Even without those, much debt is never collected.»

    That to me seems grossly wrong, as debt writedowns are very rare. The only case I see where personal debt does not get collected is after death of the debtor when the estate they leave has a negative value.

    Nonsense. At least in the USA, a lot of credit card debt is written off. Medical debt, too. What happens is that it is sold for pennies to a collector who tries to get SOME of it. After some years go by, the debtor who still has an unpaid balance with the new holder gets credit card offers from the same company he didn’t pay before, as though nothing has happened. This is not an uncommon event. Lots of car loans are ‘non-recourse’, and some states do not allow deficiency judgements in the event of mortgage foreclosure. In those that do, actually collecting is often not possible.

    A rather amusing part of this is where the collection agency offers a settlement deal to the debtor, say pay half and the rest is forgiven. If the debtor takes the deal and pays that portion, the collection agency files a form with the IRS so that the forgiven portion is treatable as taxable income to the now former debtor.

    And while you also don’t seem to know what ‘hand waving’ is, I do appreciate that you think some of it beautiful.

    For example current in the UK given consumer inflation of around 9-10% interest rates to financial corporate are less than 2%, those to mortgage borrowers are less than 4%, and those to ordinary people are 15-35%.

    You don’t put mortgage borrowers in the category of ‘ordinary people’? Maybe a difference between the USA and the UK.

    And those high credit card and car loan rates are for those with fairly recent never to be repaid debt, or no credit history at all.

    And that’s something I find incomprehensible in Michael Hudson’s argument about western polities being dominated by a rapacious creditor class: the people dominating them seem to be instead a rapacious debtor class

    You are on to something here.

  169. Dream says:
    @Anonymous

    You’ve been posting this for many years. And I’m sure that, as an unattractive white woman, it is intended to stimulate a sense of being desired or considered sexy somehow, even if only by males from the underclass. But it’s absolutely false.

    Non-white men find white women the most attractive, sadly.

    This is the hierarchy of mixed-race births in America:

    1 – Babies born to Asian women, fathered by non-Asian men.
    2 – Babies born to non-white Hispanic women, fathered by non-Hispanic men.
    3 – Babies born to mixed-race women, fathered by non-mixed men
    4 – Everything else.

    Incorrect. Asian American women have the lowest TFR and form just around 7% of the population, so they are not at the top.

    The actual “problem” for white supreemists is that white women don’t reproduce, and they haven’t for 50 years, while for much of that period, nonwhite women were hyper-fertile. This is much less flattering than delusions of grandeur about being desired by the opposite sex, but it’s the cold hard truth.

    India, East Asia and Latin America have below replacement fertility. Most Muslim Countries like Turkey and Iran have TFRs under 1.7. Fertilty rates are rapidly declining all over the world.

    Lots of white women do find black males attractive – do not lie to yourself.

    • Replies: @Dream
  170. Dream says:
    @Anon

    There are studies which show black males as the most attractive.

    • Replies: @Mefobills
  171. Mefobills says:
    @Blissex

    There is always an origin to a problem, then a solution.

    The solution came later, especially with Hammurabi. It was also discovered with Solon, and others in various places in history. This sort of understanding always comes with crises, after the civilization has polarized.

    A Constitutional Kingdom is required, where the constitution clearly lays out the “understandings” of the past.

    Using Jews to tax farm didn’t work out so well for England did it? The Normans brought along their Jews to collect taxes. Eventually England polarized, the Jews were kicked out, and the Magna Carta was a result.

    You hit on an important point:

    * Kings or Temple also had to pay soldiers, and soldiers want to be paid in precious metals.

    This is what collapsed Rome as well. To employ soldiers in international lands, the soldiers want to be paid in international money.

    A higher understanding of money, that it is a legal construct, and is not to leave the confines of the country (the confines of national law), means that soldiers are NOT to be paid in Gold/Silver.

    Soldiers can have other forms of wealth as a recompense for their service, but they do not get to have international money. If a King abrogates iron rules, then there are consequences. But, they don’t know the iron rules unless somebody like Hudson mines the past, and explains the consequences.

    • Replies: @Thelma Ringbaum
  172. Mefobills says:
    @Dream

    There are studies which show black males as the most attractive.

    There are plenty of UTube videos, with white Skanks coal burning in Africa. They go on sex tourism escapades. They want to get railed and have some sort of itch scratched, as they miss being seen as attractive.

    Women are evolved to attract men, which is why they put on makeup and “come thither” clothing.

    This is why women, especially white women, are to be denied the right to vote and are to lose their freedom.

    They have abused their freedom, and make bad decisions. On average, women are much less rational than men.

    If white women were rational they would stay away from black men, as the data shows that black men are baby daddies and not fathers.

    If you go black, you become a single mother. Now the white mother wants societal support to raise her fatherless mulatto child, and she will vote for government support (for her selfish needs) every time.

  173. @anonymous

    Complete and utter nonsense coupled with Indian propaganda is not a good mixture. China’s share of Sri Lanka debt is 10%… Same as Japan. Neither have the biggest share. You are a propagandist accusing them of being shills.

    • Replies: @Commentator Mike
  174. Rubicon says:
    @Ann Nonny Mouse

    Perkin’s book is a classic, but as far as we know he is/was not a world class economist like Dr. Hudson is.
    We appreciate you reminding of us of Perkin’s famous book.

    The major problem we see with people interviewing Dr. Hudson is that, those individuals have little actual knowledge of world finance and world economies. As a result, they don’t ask truly relevant questions that Dr. Hudson could easily answer. Here are a few of really key questions that should be asked:

    The US “foreign aid” which has evolved into a brutal means of impoverishing many countries around the world. Exactly, how is this impacting poor nations NOW.
    “Balance of Payments” which is writ large in the US \$\$ Hegemony. Tell us how that impacts the world?
    And the real key question that needs to be asked: “Without a fully functioning economic/financial system on a par with the US’s system —- How effective are Russia’s, Eurasia’s Others finances going without the use of the US\$\$? Is this change really impacting the US Financial Hegemony?

    Pertinent questions asked will build our knowledge much better than the usual generalized questions.

  175. @anonymous

    Every one of your sources is American – British – or Indian…. All full of anti China propaganda.

  176. Dream says:
    @Dream

    India, East Asia and Latin America have below replacement fertility. Most Muslim Countries like Turkey and Iran have TFRs under 1.7. Fertilty rates are rapidly declining all over the world.

    Sorry, I meant “Some Muslim countries…” not “Most Muslim countries…”.

  177. @showmethereal

    Really Sri Lanka shouldn’t have touched that Russian airliner. That’s what started it all. The Lord works in mysterious ways.

  178. @Liza

    In my life the most beautiful women are ordinary women who wear little to no makeup. You don’t see examples of them because their beauty is not for general or commercial consumption. But they are everywhere amongst us ordinary, non famous persons.

    • Agree: anarchyst
    • Thanks: Liza
  179. @antibeast

    Thanks for clearing that up. Also of note that many outside wouldn’t understand that the real estate market absorbed a lot of money that financial markets would have in the west. Now China is slowly liberalizing markets for other types of financial instruments. Lots of money would lead China – not because “oh they don’t trust the CPC” – but simply because people wanted to diversify asset holding in ways they couldn’t have in China. Now of course others pilfered and were dodging taxes – but that’s another matter

  180. @Priss Factor

    Funny enough – everything you wrote is a biblical principal – that over abundance brings degradation of the soul

  181. camus10 says:
    @Desert Fox

    80. Desert Fox says:
    July 14, 2022 at 4:03 pm GMT • 3.5 days ago

    indeed concise, a slingshot at the bullseye

    the candor where Hudson the academic will demure

    however context is necessary, in 7 lines. the uselite at no time devoted to an assimilation drive. The zealots who took over as the markers and financial umpires at the federal reserve-banks, the tenured faculty at the flagship universities, the tribal mob in govt irs and now the tech giants carved out their inbred predatory goals. and few among us stopped to ask if that was a lil odd. our frontier heritage began to e-crumble when the mob saw no restraint. the illegal economy that wrecked Calif, entirely based on illegal migrant labor, guest visa IT teachers doctors postal corrections. fact vs fiction. in a true laisse-faire market jungle, the 600lb elk wudda run over and mangled ya

  182. camus10 says:
    @Priss Factor

    nailed it with Priss prose. lets have an open mind marching to the national interest-destiny as a formidable base, lets walk with our ghosts in harmony, lets serenade the patriots who left the legacy

    and beware of “admiral” Rachel Levine, a cabalist pantomine, a parasite that comes in ubiquitous forms. same for Ben Carson, herman cain, corey booker, borat, nikkihaley, billiary, biduet, plethora generals, the countless frauds foisted upon us everyday as virtue signals aka morbid deviations. Reject the Caligula pageant

  183. @Jazman

    Yellen, in my opinion, is an Evil hag in the Madeleine Albright mould. And that vile accent-hideous!!!

  184. Kat Grey says:

    Western civilisation is being destroyed by racial intermingling, the systematic demographic replacement of whites by sub-Saharan Africans and the dismantling of Western achievements by rewriting history and tearing down statues. I predict the first European nation that will become majority non-white is the Republic of Ireland followed by England. Irish girls seem to have a perverse fetish for Nigerian men.

  185. @René Fries

    What?

    Rome is used by prof. Hudson as an example of exploitative sort of system. Ok, lets take that. It is a fact that Rome won hard over the rest of the known Universe (Oikumenae, or whats it called). Then in likely got infiltrated by ((someone)) and collapsed. We dont know the details.

    After the collapse of Rome, there were oligarchs of this or that former Roman city privatizing it with help of bands of condotieri or tribes of barbarians (Turks, Arabs). Eventually the gangs of condotieri took over and established Western Europe states as we know them in the Westphalian Peace. These states had to be explotative to survive, as they were not economically rich enough to maintain their gangs of condotieri, and could not do away with them either for the fear of being conquered by neighbours. Which conquests eventually happened anyways.

    Middle Centuries with King Arthur and numbered Richards and Louises had not exist, it is a filler story for the missing 1000years.

  186. @Mefobills

    Exactly. You have to be predatory to rule, though. For such folks, power is being, and willingly losing power is something like cutting ones dick off. Thats of course theoretical because losing power usually means losing ones head anyways. King Leare, or something.

    So if you do not gather resources for the competition for power, you lose your being. What does this matter “at civilization scale” if you personally do not exist?

    It also could well be that such competition in fact is the essence of our civilization at the civilization scale. Losers do not have the Mandate of Heaven.

  187. @Mefobills

    Right, then your solders will desert you for a neighbour that pays in gold. Like in Asprin Myths series.

    • Replies: @Mefobills
  188. When Mohandas Ghandi was once asked what he thought of Western Civilization. He replied,
    “It would be good idea.”

  189. Anonydog says:
    @Shafar Nullifidian

    That is yet another of those Internet quotes that never happened.

    • Replies: @Shafar Nullifidian
  190. Mefobills says:
    @Thelma Ringbaum

    The soldiers get paid in wealth that belongs to the kingdom, not what can be transferred to other lands.

    When Hannibal was rampaging through Rome, Roman authorities demonitized existing gold coins and then reissued.

    This would make things difficult for Hannibal to buy on the local economy. A Roman found with a demonitized coin could be executed.

    • Replies: @aandrews
    , @Thelma Ringbaum
  191. @Shafar Nullifidian

    He also said, ‘Please spell my name correctly’.

    • LOL: Ann Nonny Mouse
  192. aandrews says:

    Excellent essay. We’re in for some *serious* trouble and it’s all thanks to the narcissistic maniacs that have had control of this country. Consider Carl Rove’s famous quip: “We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality — judiciously, as you will — we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors.” The American people are such idiots, to allow this to happen.

  193. @Anonydog

    Like the for certain quote of Mark Twain’s that never was?
    “It ain’t what you don’t that gets you in trouble…It’s what you know for certain that just ain’t so.”

  194. Anon[394] • Disclaimer says:

    A really interesting article, except for this bit:

    “China has been advancing whole-process people’s democracy, promoting legal safeguard for human rights, and upholding social equity and justice. The Chinese people now enjoy fuller and more extensive and comprehensive democratic rights”

    Having lived in China myself all I can say is ‘give me a break!’

    • Replies: @HdC
  195. Anon[394] • Disclaimer says:
    @Shafar Nullifidian

    Envy and resentment can afflict even good leaders

  196. @Mefobills

    The wealth that cannot be transferred? How quickly we came back to the land and serfs!

  197. Hudson’s work should be a must read for every economy student. If only his work would be taught like the work of Keynes and Friedman; there would have been a glimmer of a chance for change. Alas, economy and econometry are likely to keep on being the servants and fig leaves for “greed is good” plunderers. The racket is just too good to stop from being exploited for all it’s worth. There will be fervent denial of the huge value of Hudson’s sound long-term reasoning and there will be fanatic manipulations to keep the current status quo going up to the bitter end. And there will be no French guillotines. The oatmilk drinking citizenry is busy watching kitten videos.

  198. HdC says:
    @Anon

    On YouTube is a channel that shows a house in the middle of a brand new highway constructed in China.
    Apparently the owner refused to sell his property, and the highway was simply built around it on all sides.
    If true as to location and the why and how, that would speak volumes about property rights in Communist China, right?
    Can anyone comment on the veracity of said video? Thanks.

  199. Sparta was not responsible for the end of classical Greece. Pseudo-neo-liberal Athens was. See Thucydides.

  200. Briggs says:
    @Priss Factor

    Spot on.

    Whites can survive ANY economic system and do OK…as long as they stay White. At least they have the potential to recover in the future. There is NO recovering from racemixing your blood into extinction with inferior races.

    Blows my mind how the subhuman wannabe intellectual trash on this website can’t get that through their thick heads.

    Death to America.

  201. @Priss Factor

    [P]ower was with Evil Germans in the Nazi period.

    It seems to have escaped you that the National Socialists were against your Unholy Trinity of Jews, blacks, and homos, and are crucified precisely for that reason.

    Cognitive dissonance is a terrible thing, friend.

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