Michael Hudson - Changes in Superimperialism
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- Опубліковано 11 тра 2024
- Michael Hudson - Changes in Superimperialism:
The Position of the USA and China in our Global Economic System
Nearly 50 years after the original publication of "Superimperialism", Michael Hudson revisits how the lucrative dollar-based economic system that the US set up after WWII has evolved with the rise of China and the Covid-19 pandemic. What financial weapons is the US likely to use, and does China's de-dollarisation protect it from such attacks?
The book provides a detailed analysis of how the US has used its economic might to control international relations. The book is complicated, but essentially documents how after WWII the US held an unprecedented amount of the world's gold reserves (50%). These reserves were depleted with the incursion into Korea, and subsequent involvement in Viet Nam, requiring the US to abandon the "gold standard" for valuing world currencies. A failure that proved itself valuable, pushing the US to develop multiple strategies that today allow it to make other countries pay for its military dominance.
Michael Hudson is Professor of Economics at the University of Missouri-Kansas, former balance of payment economist at Chase Manhattan, political consultant, and has written on many topics relating to the history of debt and the international financial system.
0:00 Introduction
2:16 Talk
40:13 Q&A
Professor Hudson, please take care of your health and Live Long. You are the source of inspiration for millions of people around the world.
I agree hear hear 👏 👏
7u88u6🎉7
Michael Hudson is a brillant historian as well as a talented economist.
Omniscient and altruistic Hudson ... a rare gem of a human
Professor Michael Hudson used political and economic history to explain how US used foreign loans, and the use of the dollars to control /manipulate the global economy; and he also pointed it out the harms and dangers of relying on financial capitalism to generate wealth vs to the real wealth and prosperity generated from industrial capitalism and a mixed economy being engaged by China and other Asiatic countries. In short, I really fall in love of learning world economic from Professor Hudson after watching several of his public lectures through UA-cam.
11:06 "The basic principle of American foreign policy is 'no other country can tell us what to do'" - Prof Hudson
This explains SO much. Thank you for posting!
Well, they're about to get an unpleasant surprise.
Thing is, no one wants to tell the Americans what to do, Americans just always assumed and imagined there's enemies who want to destroy Americans' way of life. I call it "guilty conscience", it's what Western Powers have done to other countries around the world for hundreds of years, and they're afraid of retribution should any of those colonized people rise up again in the future. It's a great evil that must be eradicated otherwise mankind will never be able to progress.
This is still Americsn policy. Now China is saying no thanks.
While perhaps true, at the same time Dr. Hudson is an apologist for the Chinese empire. Oh, did he forget to mention that apparently no one can tell them what to do either (e.g., South China Sea dispute, Taiwan, etc.)?
@@bryanjackson8917 How many countries did China bomb in the last 12 years. How many did USA bomb? 7, 8?
Michael Hudson't interpretation of economic history should be common knowledge.
Michael Hudson's interpretation of economic history is common knowledge.
It is the elite Bankers and Politicians that don't (want to) know about it.
@@MarsBorg What makes you think that the bankers don't know about it?
@@Jj-gi2uv I agree and was effective for 3 centuries but that behavior in public between Trump and Johnson (US born) seemed like the axis of power had migrated to the US, which is acting as a main member of the Commonwealth right now by giving instructions to Australia and Canada. Several analysts say so and even the prophecy of Saint Hildegard von Bingen.
@@MarsBorg No, it is elite Bankers and Politicians who know about it and would prefer if others didn't know about it.
@@MarsBorg
the rich know
they want you to not tax them
I never tire of learning from Professor Hudson. If anyone wants to learn the truth, here it is. It's like he's painting a picture. I'm in awe every time I listen to him.
Well put total agre
One of the few economists who really understand the Global World Economy.
A lot of respect for Michael Hudson. He has been in the game for perhaps longer than any other western economist and his command of the history and machinations of global economics is second to none.
why isn't this taught to the children in the fool system? HOme school mothers, if you love your children and teach them Truth (this man is brilliant)
Well why do you think?
they don't teach it because it is easier to control fools
Lovely to listen to some who really knows his subject and isn't afraid to speak the truth.
Why doesn't this have at least 1 million views?
Because UA-cam's algorithm is suppressing the ability of anybody to see it. They don't want anyone to see such dangerous truths.
@@his202class7 factz
Maybe you didn't SMASH THAT LIKE BUTTON! ;)
@@his202class7 google fades comments. see paul jay's "the analysis" channel. respected source threatend by utube.
@@his202class7 do you have any evidence of this?
An absolute tour de force. Michael Hudson has the kind of understanding of economic history, nation state strategy and the inside workings of capitalism that few others have. His ability to articulate that knowledge is astounding. I fully agree with him on the failures of the Obama administration and his low expectations of the Biden administration when he says “They found that as long as you can have identity politics front and centre, you can do whatever you want economically to crush the people that you pretend to be representing in identity politics” And I would add that that worked for Trump, who’s working class supporters thought they would be liberated by him.
You might be surprised and find the vast majority who voted for Trump did it because he rejected identity politics (clumsily) and focused on jobs and the swamp. Why was he swamped meme so popular? Same reason - jobs. The swamp shipped all the good jobs overseas.
I'm happy to have many pieces to a puzzle I've long been trying to solve offered by Mr. Hudson. A rather substantial offering, I might add. Thanks for the clarity.
History helps give meaning to the present. It kicked off in Rome over 2000 yrs ago. The oligarch creditors seized control. That's when our system began, in the belief that a debt is a debt. The oligarchs have been writing the laws in their favour for a very long time. Citizens United. lol
Debt forgiveness was the ancient way to balance and revitalise the economy, the Jubilee. It worked really well. It's quite a mind flip for modern sensibilities.
A quick clue I can give you here on the basics, is in the fact that debts grow exponentially but the real economy does not. Never did. The tension builds until it snaps. The last snap was 2008. Bailing out the bond holders was not what the Babylonians would have done. At Rome's apex, Christ’s first sermon was not, forgive us our sins but forgive us our debts. Let’s get back to the old order when everything was better for everybody. No wonder they crucified him. Anyway…
Book - "and forgive them their debts" by Michael Hudson.
Maybe check out his vids on YT. I cant post you the links as the TY algorithm seems to eat them and they never post. YT Search - The Peoples Forum NYC - for one called, the history of debt from antiquity to today, or something like that - easy to find, not many to choose from. Hudson is the guy to listen to - skip the middle bit if you're short on time. Enjoy.
It is always fascinating listening to Michael Hudson
It has been a pleasure to watch Michael Hudson's talks. Economists are very often worthless hacks in analyzing the history of economics and also the current economic situation. Michael does both extremely well. (He's the third Michael that has influenced my thinking quite a lot 😂 with Michael Parenti and Michael Brooks)
Simply brilliant and brilliant ,thanks
Thank you, Michael Hudson.
Looking forward to more interaction with Prof Michael Hudson. Incredible insights to financial system and world order ... a topic not often discussed and shared.
I've listened to many voices on the economy and Michael Hudson is one of .favorites thank you.
American should make him a national treasure
Wonderful exposition, world master class, thanks Mr. Hudson!❤
When it comes to making sense of geo-economics Michael Hudson is breath of fresh air
1.54 ".... the work I'm doing with China....". That is the first time I learned this from professor MH. So Chinese pregime is applying economics that works in the best interests of its peoples and American regime applies the same economics that work best for corporate cleptocrates not its peoples?
u still haven't learned a crack!
In a nutshell.
That just about sums it up.
Damn this was a brilliant talk, Hudson does a great job of summarizing and interpreting all of these complex historical transformations.
Hudson's concise encapsulation of the world's economic history from the first World War into the 21st Century is a must see for anyone who wishes to understand today's geopolitics. No one else has done this better, with the probable exceptions of Chomsky and Wolff.
Thank you for this oxford economics society
Well worth listening to. I learned a lot.
Thank you!
Amazing insight about one price for commodities, but many for labour.
Thank you for sharing this educational video. I learned so much here.
Professor Hudson is brilliant.
The boy's face changed when Hudson says Russia might nuke England just to keep the Americans in check
Taxes used to eliminate rentiers, because they increase the overall costs of the system
Unfortunately, taxes imposed by governments have rarely captured much in the way of rents. Rentiers have always gained as taxes are imposed on earned income flows, on tangible capital goods and on commerce.
Interesting to hear of Keynes suggestion that Britain could construct it's own economic system after ww2. I wonder if that could have worked well. Michael Hudson is my go to economist
The viewer should make note of the sudden devaluation of the pound on September 19, 1949.
From £1 = $4.03 to £1 = $2.80
What was the reason and the net effect?
@@baruasafi5880 Simply put, the British Empire was no longer a going concern and Great Britain could no longer afford to maintain that empire. The choice was to devalue or go bankrupt.
The Royal Navy was pretty much scrapped. The living standards for the working classes rose.
All pretension of independent imperial power ended at Suez in 1956.
Lynn Wood
Thank you for the comment and the follow up explanation
Should be part of high school curriculum
Professor Hudson...
🙏💕..... India..
Indian people.. Government
Needs your.. Inspiration...
"Gold is actually a 'peaceful' commodity. When or if countries would have to make up their balance-of-payments in Gold, then they wouldn't be able or willing to afford to go to war. ....This is why the U.S. didn't go back on the Gold Standard after 1972. We wanted to be able to have more wars." ...Just thinking about first hearing some of these historical explanations from Michael Hudson over the years, and much like his whole position on when/how/why there are cases when the debts have to be canceled to re-balance society, he's just a unique scholar to give some very major historical context that we all need these days. ...Great stuff as always.
Thank you michael hudson.
These nation's economies were taken hostage in essence. 52:47
Professor Hudson is a true guru in international finance. The information provided here gems to understanding how the world has been subjugated to US financial system.
May God keep him safe and healthy.
Great guest, thanks!
Great to have Michael Hudson here.
Salute Micheal Hudson.,and All Truth Teller's and Activists.🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋🙋
I can't get enough of Michael Hudson
Michael is a gem of academics! Thanks!
"by the way, this goes back to babylonia" haha!
Hahah, I had the same thought. Had me looking up the Code of Hammurabi. I think it would steer me a lot better than the Ten Commandments ever did.
This video deserves subtitles
Pedro C ~ Yeah,
How do you mean ?
As a transcription? That involves a bit of work for someone.
But utoob has a button at the bottom of the video frame that automatically writes out the subtitles, which is accurate 80% of the time.
Should be translated into multiple languages.
This was a really interesting lecture. Thank you Dr. Michael Hudson
Loved listening to prof. Hudson and learned a lot. Thank You.
This man is something else.
Professor Hudson. Always an eye-opener.
Would be interesting to hear once his opinion on Silvio Gesell’s economic model.
An excellent interview with the true integrity in a difficult cause.
Absolutely brilliant, thank you professor.
This explains everything. Thank you.
A mind opener for sure. His historical survey of debt is even better. History helps give meaning to the present. It kicked off in Rome over 2000 yrs ago. The oligarch creditors seized control. That's when our system began in the belief that a debt is a debt. The oligarchs have been writing the laws in their favour for a very long time. Citizens United. lol
Debt forgiveness was the ancient way to balance and revitalise the economy, the Jubilee. It worked really well. It's quite a mind flip for modern sensibilities.
A quick clue I can give you here, is in the fact that debts grow exponentially but the real economy does not. The tension builds until it snaps. The last snap was 2008. Bailing out the bond holders was not what the Babylonians would have done. At Rome's apex, Christ’s first sermon was not, forgive us our sins but forgive us our debts. Let’s get back to the old order when everything was better for everybody. No wonder they crucified him. Anyway…
Book - "and forgive them their debts" by Michael Hudson.
Maybe check out his vids on YT. I cant post you the links as the TY algorithm eats them and they never post. YT Search - The Peoples Forum NYC - for one called, the history of debt from antiquity to today, or something like that - easy to find, not many to choose from. Hudson is the guy to listen to - skip the middle bit if you're short on time. Enjoy.
@@Jay...777 Thanks for the resource. I will check him out. By the way, your comment.....you said this so we'll.
Eye opening! Keep on keeping on, world treasure.
THANK YOU FOR THIS EXCELLENT WORK PROFESSOR. ABOVE ALL CONTINUE TO ILLUMINATE THE WORLD OF YOUR TEACHING.
Hudson = TOP MAN
both the interviewer and interviewee is so polite as if all that they're saying is a revelation.. should be more like like Vijay Prashad or Max Blumenthal or even professor Richard Wolff..
Politeness is common sense...
Chris thank you for making us aware of what's going on economically worldwide.
Imagine if Harvard teach this to the top students in America...
Imagine if state colleges taught this to all students
Harvard is an integral segment of the Cabal.
Je l'admire, Dr. Michael Hudson , pour ses critques et ses analyses faite , ayant une expérience unique de l'intérieur des politiques bancaire et financière !
What I critisize is his policy based view of a non Marxist--Leninist--Zinoviev's point of view of structural nature of anti--socialist , anti--communist aggravated phase of Imperialism and contradictions caused since supe-imperialist that I called neo--imperialist after 1997 S. E. Asian Great World Financial crisis , empoverishing in less than two weeks, , over 14 developing countries , called The Smaller Dragons of The Asian markets surrounding China ! What I had called myself , Neo-Imperialism after 1991-1997 , after deeper researches done for causes of set-backs or faillures to go ahead of The Soviet Union and China pro-socialist camps after 1989--1991 , and seemingly abandonning their primitive persuit of '' so called socialism '' that Lenin and his commerades had called as NEP policy of State--Capitalism between 2022 and 2027 in Russia and it's modifications by Stalin's administration for Nationlization of Land and completion of Electrification and industrial infra--structures and other socialist features added to a welfare state of Soviet Union , followed everywhere else , and aiding China after 1940's and building Chineese Infra--Structures for an industrialized country plus other Mao's features added for large agricultural communes more suitable for China ! Mere calling it then neoliberalism , what even Naomi Kline had exposed in her well documented book of Schock and Awe of neo--fascist imperialism , and Noam Chomsky calling it not even New , Nor Liberal for the term neolibralism , which is not of a Marxist term , but one used by Milton Friedman's Economics followed by Ronald Reagan and Margaret Thatcher , and presently known as all right wing globalist doctrine , what was formulated in Washington Consensus about and after 1989 ! And what became the military doctrine of Permanent Wars by G.W. Bush and The Neo-Conserveties' doctrine of neo-imperialists all globalized or concentrated in NATO-G7 bloc after 2008 , facing Russia-CHina aliances of SCO plus , BRICS plus and OPEC plus , a much Vaster Global non-aligned countries' alliances of opposing neo-imperialist-Collonialist domination , actually growing to six billion populations on Earth !
Phenomenal!!
Very good questions, Excellent answers!
This is very informative.
So the IMF is the real pusher of debt trap.
Working for the financial and corporate elites, principally of the USA.
No sh!t, Sherlock.
Yes! The main function of the IMF is to destroy small, defenseless countries.
A good book to read for additional background on U.S. foreign policy was published in 1984, written by Jonathan Kwitny -- "Endless Enemies."
Michael Hudson is a genius.. Norway is heavily unionized and many non-union members are also covered by union contracts. Negotiations for wages are made between national labor union associations and national employer associations. Government is involved too.Their inequality is low and their standard of living among the highest in the world. Japan has privately provided top quality, primary care-oriented healthcare with the best results in the world. The price of every procedure and drug at the same nationwide price is negotiated biannually between five doctor representatives and Japan's Health Ministry. All health insurance, doctor's offices and hospitals are non-profit. "Anti-labor policies (anti-union) don't allow countries (or individuals) to pay off the debt and make them more dependent." And that's the goal! Banksters strip countries and individuals of their assets and make them indebted, dependent renters or just take their assets and exploited labor and move on. World Economic Forum: "You will own nothing and be happy." NO.
Is it knows when the new edition will be finally out? Greetings from Berlin, Germany!
Recent research has called into question the claim that German hyperinflation was caused by the reparations decreed by the Treaty of Versailles. Instead, it has been suggested that the cause was German incompetence.
This talk has revaled who & what is behind the agricultural reforms in India --the USA-- which will have such devastating social & economic effects in India and beyond,
Will they break free do you think or become increasingly impoverished by the -USA- IMF?
@@view1st India is quite firmly under the US influence judging by the gov policy towards more privatization, western biased media control, solid relationship with the US and antagonism towards China. So much so that the Indians were puzzled by the banning of vaccine raw material from the US during the start of the 2nd covid wave. The population were expecting that the US would be the first to jump in and help india due to all the hype the media plays about US-India romance. For China and Russia, banning of anything by the US is just a normal Monday morning news and won't cause any surprise among the populace.
@@turtlesoup8134 insightful stuff
Impressive !!!
This is very true thank you so much
Hudson verbalizes some pretty obvious empirical truths, hard truths, "truth to powers", that no one sees to want to speak, love this guy.
3:00
This seems like a simple matter of fact thing to say, but very very few people say it let alone elaborate on it,
""[Superimperialism] the context is that the strategy for dedollarisation today by china, russia, other countries; is basically How do you make an ALTERNATIVE to an international financial order THAT REALLY WAS DESIGNED FROM THE BEGINNING TO BENEFIT THE UNITED STATES IN ITS OWN SELF INTEREST. This issue was discussed after WW1 at the... [this] essentially gave it control of the world economy..."
That's right, there are no real alternatives becaeu the USA even controls the SWIFT system of exchange that was supposed to be neutral and non-political, and is now used BY FORCE by the USA to impose sanctions and pressure nations they don't like or deem enemies to handicap their international businesses lest those nations become stronger or for whatever other reasons they might have. They also imposed by threat of force, what is called the PetroDollar, in which all transactions have been forced to be conducted in dollars, thus creating a high ARTIFICIAL demand for the dollar, and the list continues in this line... I am glad someone like Hudson can say this out loud, and fewer words than I can.
it is also weird how they just get an idea into their heads and say it and impose it, like the Monroe Doctrine; so the USA doest want anyone meddling in the American continent, but they are perfectly fine meddling in all other continents, to this very day!!
Yup its maddening. But they would be foolish to think their conduct overseas isnt brought to bare domestically. I wouldnt want to live in such a unequal, paranoid nation
26:24 "The Americans said that any foreign country wanting to grow its own food instead of depending on US grain exports was touted as an active war and would be overthrown."
52:50 "The purpose of the IMF was to make other countries poor and dependent on the US so they could never mount militaries"
finally finally someone who understands that ISIS is part of the american foreign legion and actually has the balls to say it.
So crazy to listen to this during this stage of the Russia-Ukraine war (US-Russia proxy war).
"As long as you put identity politics front and centre, you can do whatever you want economically to crush the people you pretend to be representing."
Kari Levitt-Polanyi wrote an update to her father’s book called from the Great Transformation to the Great Financialization.
What's the main argument in her book?
bravo!
Please do podcasts for these!
Bush/Cheney made a war criminal like Paul Wolfowitz the President of the World Bank after the Iraq War.
Noting that he was Rumsfeld's Deputy Secretary of Defense leading up to, & during Washington's war in Iraq.
Thank you for this post.
It was interesting listening to Prof. Hudson's perspective on American Empire.
I kinda wish he would've said something about the rise of American Oligarchy in the late 1800s, which would've really melted in perfectly as a precursor to America's aspirations towards Empire.
But it doesn't matter, I'm already aware of it.
It would've been interesting to hear his side of it though.
Thanks again.
Listening to this was the equivalent of sitting in a college classroom!
Nailed it!Great rave.
Interesting to see Plutocracy, Cleptocracy and Kakistocracy are fairly applied to understand Super Imperialism.
I need to know if Michael Hudson is taking pre-orders for the new Superimperialism....
must tax wealth in the form of stocks and bonds
I'm so excited to hear there's a new print coming.
@@EclecticSceptic I wanted the old one but unfortunately Amazon wants $1,000 for it lol
@@jeffarnold3800 Yeah exactly
Foreal. Let me know when you hear something
Fascinating as always! Michael Hudson deserves more attention (I get why of course the mainstream econ community doesn't want that) The insights he has and connections he makes, how he ties econ, politics, Intl Relations its just brilliant.
Of course this was done pre Putin's invasion I am curious his thoughts on the impact of the alternative bloc he spoke about. Perhaps the plan has been a bit screwed up but does seem like a China & Russia lead alternative bloc was and is still the plan. China brokered a deal between Saudi Arabia & Iran, does feel like a growing counter bloc is forming
Thank you professor for explain in such a clear way, the yankee mafia work flow.
I think Yankee means thief.
You need a podcast Mic, sir!
Feb 2022: 46:30 Michael Hudson called it.
Damn, i'm not a scholar, but after this my respect for Hudson is left wavering.
Why?
An excellent presentation of the subject. After this I better understand the monetary history and how the system works.
I still wonder, if the USA has a huge national debt in Dollars, it cannot go bankrupt? Or can it? If the Dollar in a crisis is devalued... The debt melts away?
@Σ no. Dollar will not be replaced this week, this month or next year. Will not happen.
Hudson the goat
LEST WE FORGET !
flow and material of flows of these are being interchangeable concepts (cf. Hannah Arendt, and/OR her husband Anders), involves a study of Aristotle and capitalism and technology/machines
I never understand how all of these types of discussions never include the exploitation of African countries especially during those times. Its like everyone starts the story in the middle
I agree, but mucheal hudson did talk about it
lol@ the swift anecdote about the dam builder being a bed wetter living out his insecurities hahaha. just breezed over it in the same tone as the rest of the speech. hudson rules
Michael Hudson is married to a psychotherapist - might have something to do with it.
Very interesting topic and great speaker. He really knows what he's talking about. But my cheeky comment is that it's quite interesting how even the brightest Americans don't really grasp the difference between England and the UK. Or maybe they do, but understand better than the rest of us that the UK is just what's left of an essentially the English empire.
There is a tendency to think of England as equivalent to the UK. But, then, is it not strange that "the United States of America" is generally referred to as "America," when America is in reality the entire western hemisphere.
@@nthperson touche,,,😆🤣
This talk has been very enlightening. It has explain why US goes to war and sanctions countries so often. I am wondering how this is going to play out. Can the US hold onto it's monetary hegemony?
No. It can't. The new Brics currency is quickly being embraced by 80% of the world even before it has launched. Even France wanted a seat at the Brics table in South Africa but they were denied.
this sounds like the Dulles Brothers' doing
Yes, Brother, Yes!!
Thanks for this. US Corporate Media fails us.
Listening to this guy stumble through every single effing sentence is a form of torture, but it's worth it. He's not just a brilliant analyst, he was on the spot for much of it. And he has a conscience. As opposed to realpolitik, which is just psychopathy all dressed up as something grand.
I always get the impression that there's so many options at the end of every neuron, it takes a while to choose how deep to go. lol His history of debt is mind-blowing
History helps give meaning to the present. It kicked off in Rome over 2000 yrs ago. The oligarch creditors seized control. That's when our system began in the belief that a debt is a debt. The oligarchs have been writing the laws in their favour for a very long time. Citizens United. lol
Debt forgiveness was the ancient way to balance and revitalise the economy, the Jubilee. It worker really well. It's quite a mind flip for modern sensibilities.
A quick clue I can give you here, is in the fact that debts grow exponentially but the real economy does not. The tension builds until it snaps. The last snap was 2008. Bailing out the bond holders was not what the Babylonians would have done. At Rome's apex, Christ’s first sermon was not, forgive us our sins but forgive us our debts. Let’s get back to the old order when everything was better for everybody. . No wonder they crucified him. Anyway…
Book - "and forgive them their debts" by Michael Hudson.
Maybe check out his vids on YT. I cant post you the links as the TY algorithm eats them and they never post. YT Search - The Peoples Forum NYC - for one called, the history of debt from antiquity to today, or something like that - easy to find, not many to choose from. Hudson is the guy to listen to - skip the middle bit if you're short on time. Enjoy.