Super Imperialism - New Edition: The Origin and Fundamentals of U.S. World Dominance

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MICHAEL HUDSON: That’s probably true. I have not heard of the book; nobody sent me a copy. I don’t know about it. Well once the Russian Revolution occurred, the Georgists turned into anti-Bolsheviks. And the followers of George in the United States basically became an anti-Semitic group, very friendly to the Nazis, to the Nazi Party. So China and Russia look at America as an object lesson, as how do we avoid here having the dynamic that occurred in the United States. It doesn’t have anything to do with capitalism versus socialism or other isms. It has to do with the basic dynamics of debt. And I think America has joined the wrong side of history. And it’s a result of the combination of neoliberalism and the neocon military plan that somehow thinks that military force can force other countries to submit to what you called neo- feudalism, which indeed it is.

We Make the Rules | Michael Hudson Super Imperialism interview We Make the Rules | Michael Hudson Super Imperialism interview

All they care about is getting rich for the next 20 years. They don’t care if they leave a bankrupt America in their place. That’s their business plan. I’d refer to Michael Parenti’s lecture on capitalism and conspiracy and class power from 1993, where he makes the case that history is really not an accident. And now more than ever, it’s being decided in Davos. And they’re hoping that people will think that the future is something that has never been in the world before. And what they’re calling democracy is a country without government. You can’t make a profit if your labor costs, and your economy, and your transport costs, and your health costs are so high. But you can make a monopoly rents.

World Bank says: work 24/7 with no rights

MICHAEL HUDSON: Well, in 1944 and 1945, it was apparent that the war was going to be over, and the United States had gained power since World War One, essentially by staying out of war and by building up its own industry. And now you have a situation where the U.S. is being outpaced by China in 5G and demanding that the U.K. ban 5G.
So what is happening here? How will the U.S. fare in a world where it can no longer foster dependency on its own technology? And what will it do to remedy the situation? Effectively speaking, the United States has compelled the older nations of the West to pay for the overseas costs of the US war in Asia. Whatever they may desire, the central banks of Europe had no choice but to continue to except the paper dollar equivalents annually created as the domestic and overseas deficit of the United States increase. Otherwise, the whole of shaky structure of the world monetary system will collapse into rubble. America has succeeded in forcing other nations to pay for its wars on a systematic basis, something never before accomplished by any nation in history .” This is what the discussion between John Maynard Keynes and the American Treasury was all about at the end of World War Two. Europe said if you’re going to have all the gold and control the money, we’re not going to operate without money, we’re just going to go off gold. That’s how we de-dollarize, by going off gold, and the dollar was as good as gold. All of a sudden you’re going to have a concentration of home ownership in the hands of large corporations. And the middle-class ideal of home ownership is going to be squeezed out.

Super imperialism: the origins and fundamentals of U.S. world

So that, while the American middle class and political parties think that they’re getting rich, as their housing prices are going up, the Chinese people think they’re going to get rich as housing prices go down, and they can afford more and more housing at a lower and lower price, while their wages go up. Most of the Taiwanese officials, including central bank officials that I used to meet with, all say, you know, ultimately we want to, we plan on rejoining China. We’re going to try to take as much of a business position in mainland China as we can.Well, Canada broke that. Canada said, well, if America won’t sell you the grain, we’re going to sell you the grain. So that that broke it.