The Unz Review • An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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Something Here
In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency. TRANSCRIPT Ben Norton 0:03 Hello everyone, I’m Ben Norton. You’re watching Moderate Rebels.... Read More
TRANSCRIPT Ibrahima: [00:00:00] Good morning or good evening, depending on where you are located and welcome to the Henry George School. My name is Ibrahima Drame and I'm the director of education. It's a great honor to have you with us today for another joint webinar co-organized with the International Union for Land Value Taxation... Read More
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Questions for My Betters
China is now vigorously testing a digital yuan and threatens to have it ready for prime time for the 2022 Winter Olympics. This seems, to me anyway, important. It will be a real, workaday yuan, not a speculative cryptocurrency like Bitcoin. It will use a digital wallet via a cellphone app, and will not require... Read More
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Can we cut the faux Outrage over ‘The Fed’ and the evil ‘One Percenters’ and focus on illicit Counterfeiting and...
With the national debt reaching absurd heights and personal home/auto/college/credit card debt sucking the joy out of life, it’s long overdue for a fresh look at this ancient topic. If your understanding of financial matters is informed by mainstream news and/or subsidized academics, I’m guessing you may have missed some key points—since both groups love... Read More
In mid-April, the US Federal Reserve began "swapping" $500 billion dollars with banks around the world. The almighty dollar is virtually the only chip you can use in the international capitalist casino. Globally, non-American banks hold $12.4 trillion dollars, which they loan out to other non-American entities for loans, to pay debts, or to conduct... Read More
A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture taken November 1, 2019.  REUTERS/Florence Lo/Illustration - RC14C5905790
A new, radical paradigm shift is in progress. The U.S. economy may shrink as much as 40% in the first semester of 2020. China, already the world’s largest economy by PPP for a few years now, may soon become the world’s largest economy even in exchange rate terms. The post-Planet Lockdown world – still a... Read More
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How the US Makes Countries Pay for Its Wars
Economist Michael Hudson explains how American imperialism has created a global free lunch, where the US makes foreign countries pay for its wars, and even their own military occupation. Max Blumenthal and Ben Norton discuss the economics of Washington’s empire, the role of the IMF and World Bank, attempts to create alternative financial systems like... Read More
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The Saker: Trump has been accused of not thinking forward, of not having a long-term strategy regarding the consequences of assassinating General Soleimani. Does the United States in fact have a strategy in the Near East, or is it only ad hoc? Michael Hudson: Of course American strategists will deny that the recent actions do... Read More
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The mainstream media are carefully sidestepping the method behind America’s seeming madness in assassinating Islamic Revolutionary Guard general Qassim Suleimani to start the New Year. The logic behind the assassination this was a long-standing application of U.S. global policy, not just a personality quirk of Donald Trump’s impulsive action. His assassination of Iranian military leader... Read More
My book “Super Imperialism” was about how the United States has gained a free lunch by establishing the dollar as international reserve currency by replacing gold. I also showed that the U.S. balance of payments deficit is almost entirely military related to support its 800 bases around the world. Ending the gold-exchange standard in 1971... Read More
After years of being kept in the doldrums by orchestrated short selling described on this website by Roberts and Kranzler, gold has lately moved up sharply reaching $1,510 this morning. The gold price has continued to rise despite the continuing practice of dumping large volumes of naked contracts in the futures market. The gold price... Read More
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Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United... Read More
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I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today’s show: De-Dollarizing the American Financial Empire. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trend, a Wall Street Financial Analyst and Distinguished Research Professor of Economics at the University of Missouri,... Read More
The Saker: Could you summarize the state of Venezuela’s economy when Chavez came to power? Michael Hudson: Venezuela was an oil monoculture. Its export revenue was spent largely on importing food and other necessities that it could have produced at home. Its trade was largely with the United States. So despite its oil wealth, it... Read More
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The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America. Just as the Vietnam War drove the United States off gold by 1971, its sponsorship and funding of violent regime change wars... Read More
humpty-dumpty
The word 'catastrophe' has several meanings, but in its original meaning in Greek the word means a "sudden downturn" (in Greek katastrophē ‘overturning, sudden turn,’ from kata- ‘down’ + strophē ‘turning’). As for the word "superpower" it also has several possible definitions, but my preferred one is this one "Superpower is a term used to... Read More
Beijing to set up oil-futures trading in the yuan which will be fully convertible into gold on the Shanghai and Hong...
Petrodollars have dominated the global energy markets for more than 40 years. But now, China is looking to change that by replacing the word dollars for yuan. Nations, of course, have tried this before since the system was set up by former US Secretary of State Henry Kissinger in tandem with the House of Saud... Read More
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Introduction to the German Edition
In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has... Read More
Readers at home and around the world want to know what to make of the announcement that China henceforth will conduct oil purchases and sales in gold-backed Chinese currency. Is this an attack by Russia and China on the US dollar? Will the dollar weaken and collapse from being discarded as the currency in which... Read More
While much of the world focused last week on whether or not the Federal Reserve was going to raise interest rates, or whether the Greek debt crisis would bring Europe to a crisis, the Permanent Court of Arbitration in The Hague awarded a $50 billion judgment to shareholders of the former oil company Yukos in... Read More
One of the great ironies of American politics is that most politicians who talk about helping the middle class support policies that, by expanding the welfare-warfare state, are harmful to middle-class Americans. Eliminating the welfare-warfare state would benefit middle-class Americans by freeing them from exorbitant federal taxes, including the Federal Reserve’s inflation tax.Politicians serious about... Read More
A famous maxim has it that in the short run markets are voting machines, but in the longer run weighing machines. The point is that though short run movements can be remarkably fickle and irrational, markets do – eventually – self-correct and produce reasonable prices. But “eventually” can be a long time, especially where currency... Read More
"Margin Call from Hell"
The crisis that began seven years ago with easy lending and subprime mortgages, has entered its final phase, a currency war between the world’s leading economies each employing the same accommodative monetary policies that have intensified market volatility, increased deflationary pressures, and set the stage for another tumultuous crack-up. The rising dollar, which has soared... Read More
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Washington has shaped 2015 to be a year of conflict. The conflict could be intense. Washington is the cause of the conflict, which has been brewing for some time. Russia was too weak to do anything about it when the Clinton regime pushed NATO to Russia’s borders and illegally attacked Yugoslavia, breaking the country into... Read More
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Ukraine War Driven by Gas-Dollar Link
If there was a way the United States could achieve its long-term strategic objectives and, at the same time, avoid a war with Russia, it would so. Unfortunately, that is not an option, which is why there’s going to be a clash between the two nuclear-armed adversaries sometime in the near future. Let me explain:... Read More
The Latest in the New Cold War
The United States failed operation in Syria, has led to an intensification of Washington’s proxy war in Ukraine. What the Obama administration hoped to achieve in Syria through its support of so called “moderate” Islamic militants was to topple the regime of Bashar al Ass
The US government's decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward... Read More
Is it time we shorted George Soros? Judging by his latest book, The Tragedy of the European Union: Disintegration or Revival?, he certainly seems to have passed his sell-by date. While the book makes some good points about Germany’s role in imposing gratuitously severe austerity on Europe, for Soros watchers all this is hardly new.... Read More
Federal Reserve and Wall Street Assassinate US Dollar
Since 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base. Now China is going to let the dollar decline further in value. China also says it is considering undermining the petrodollar by pricing oil futures on the Shanghai Futures Exchange in... Read More
The U.S. dollar’s reserve currency role is almost over, says former top Reagan administration economic adviser Paul Craig Roberts. As he points out, the dollar’s international credibility was dealt another hammer blow by the federal shutdown in October. Of particular note is the fact that the shutdown revived fears, albeit exaggerated ones, that the U.S.... Read More
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Escape From The Dollar
Paul Craig Roberts thinks the Fed has backed itself into corner. A rise in interest rates would strengthen the dollar, give the dollar new life as world reserve currency, and halt the movement into gold, but a rise in rates would collapse the bond and stock markets and reduce the value of derivatives on the... Read More
Barack Obama’s economic recovery has been a complete bust. Unemployment is high, the economy is barely growing, and inequality is greater than anytime on record. On top of that, inflation has dropped to 1.2 percent, private sector hiring continues to disappoint and, according to Gallup’s “Economic Confidence” survey, households and consumers remain “deeply negative”. More... Read More
This is it. China has had enough. The (diplomatic) gloves are off. It’s time to build a “de-Americanized” world. It’s time for a “new international reserve currency” to replace the US dollar. It’s all here, in a Xinhua editorial, straight from the dragon’s mouth. And the year is only 2013. Fasten your seat belts –... Read More
September was not a good month for the U.S. dollar. The world’s reserve currency is sustained in large part by the Petrodollar, the agreement by the Saudis and OPEC to price oil in dollars and only accept dollars for payment. The US gets a guaranteed demand for its fiat currency and in exchange the US... Read More
The U.S. dollar’s predicament can be summed up in three observations: The U.S. balance of payments deficits have multiplied three-fold since the 1980s, and now typically run between 2.5 and 5 percent of GDP. Manufacturing’s share of GDP is down to 11 percent. Services do little exporting. Taken together, these facts spell doom for the... Read More
“Fool me once, shame on you. Fool me twice, shame on me.” So says an ancient Chinese proverb. It is worth bearing in mind in dealing with present-day Beijing. No matter how often Uncle Sam gets his clock cleaned in China, his credulousness remains a gift that keeps on giving for the Beijing leadership. The... Read More
The U.S. dollar had a good day today to close over the 100-yen mark for the first time in four years. This means the dollar’s yen value has recovered nearly 30 percent in just seven months — a truly remarkable performance but one that says much more about traders’ psychology than about fundamentals. One driver... Read More
ASTANA, Kazakhstan. “If it bleeds, it leads” says an old media industry maxim. So where the future of the world currency system is concerned, all eyes these days are on the badly battered euro. Almost all, anyway. One observer who has been trying to see beyond the current euro crisis is the Nobel Prize-winning economist... Read More
The Buck Stops Where?
Paul Volcker is worried about the future of the dollar and for good reason. The Fed has initiated a program (Quantitative Easing) that presages an end to Bretton Woods 2 and replaces it with different system altogether. Naturally, that's made trading partners pretty nervous. Despite the unfairness of the present system--where export-dependent countries recycle capital... Read More
"Save Those Greenbacks for Fishwrap!"
Deflation is not a problem because the Fed can always create inflation by printing more money. Wrong. While it's true that the Fed can print as much money as it chooses, adding to the money stock does not decrease deflation or increase inflation. It merely adds to reserves at the banks. Here's how British economist... Read More
QE2 and Last Rites for the World's Reserve Currency
Millions of Americans have no idea what Quantitative Easing is or how it will effect them personally. That's why Wednesday's announcement that the Fed will purchase another $600 billion in US Treasuries merely reinforced feelings of helplessness and a sense that government spending is out-of-control. Unfortunately, Ben Bernanke's rambling explanation of QE2 in a Washington... Read More
Michael Hudson as interviewed by Amy Goodman and Juan Gonzalez on Democracy Now!
Michael writes on currency speculation in today’s Financial Times – Capital controls will follow the weak dollar. It is well worth registering to this excellent news source. Read more at the FT.
For years, people have been calling for the world to forgive third world debt. The amount of effort that poverty stricken countries make just to pay interest on their debt while people are starving and living in misery is shameful. Corrupt governments stole big portions of what was borrowed instead of investing it in infrastructure... Read More
An Interview With Economist Menzie Chinn
Menzie Chinn, co-author of The Economic Integration of Greater China, teaches economics at the Robert M. LaFollette School of Public Affairs at the University of Wisconsin. Whitney: What is the present composition of reserve holdings in central banks, and has there been a substantial falloff in US dollar reserves in recent years? Are central banks... Read More
"Obama Demands Pay in Euros!"
The "dollar debate" on the Internet has been ferocious and emotionally-charged, but sadly lacking in logic. To oppose the "dollar will crash" theorists is like arguing a woman's right to choose with the fist-waving throng assembled outside an abortion clinic. The results are equally disappointing. To say that "minds are already made up and the... Read More
Back to Business as Usual
The dollar is not going to crash. There may be grumblings in foreign capitals and "secret meetings" between finance ministers but, for now, the dollar appears to be safe.  Foreign countries don't trade in dollars because they like America. They do it because they have no choice. If they want oil, they need dollars; it's... Read More
Is the Sky Really Falling?
Robert Fisk lit the fuse with his hyperventilating narrative which appears in Tuesday's UK Independent which went  viral overnight spreading to every musty corner of the Internet and sending gold skyrocketing to $1,026 per oz.  Now every doomsday website in cyber-world has headlined Fisk's "shocker" and the blogs are clogged with the frenzied commentary of... Read More
PastClassics
Analyzing the History of a Controversial Movement
The JFK Assassination and the 9/11 Attacks?
Becker update V1.3.2