{"id":28394,"date":"2017-11-29T07:07:15","date_gmt":"2017-11-29T12:07:15","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28394"},"modified":"2017-11-29T07:07:15","modified_gmt":"2017-11-29T12:07:15","slug":"monetary-imperialism","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28394","title":{"rendered":"Monetary Imperialism"},"content":{"rendered":"

Monetary Imperialism<\/a><\/h3>\n
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Photo by Nathaniel St. Clair<\/p>\n<\/div>\n

In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and \u201cforeign aid\u201d (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 taken the lead in shaping the international financial system to promote gains for its own bankers, farm exporters, its oil and gas sector, and buyers of foreign resources \u2013 and most of all, to collect on debts owed to it.<\/p>\n

Each time this global system has broken down over the past century, the major destabilizing force has been American over-reach and the drive by its bankers and bondholders for short-term gains. The dollar-centered financial system is leaving more industrial as well as Third World countries debt-strapped. Its three institutional pillars \u2013 the International Monetary Fund (IMF), World Bank and World Trade Organization \u2013 have imposed monetary, fiscal and financial dependency, most recently by the post-Soviet Baltics, Greece and the rest of southern Europe. The resulting strains are now reaching the point where they are breaking apart the arrangements put in place after World War II.<\/p>\n

The most destructive fiction of international finance is that all debts can be paid, and indeed should<\/em> be paid, even when this tears economies apart by forcing them into austerity \u2013 to save bondholders, not labor and industry. Yet European countries, and especially Germany, have shied from pressing for a more balanced global economy that would foster growth for all countries and avoid the current economic slowdown and debt deflation.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Monetary Imperialism Photo by Nathaniel St. Clair In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and \u201cforeign aid\u201d (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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[40,5493,240,17227,17228,8767,6279,17226,827],"class_list":["post-28394","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-austerity","tag-counterpunch","tag-economic-growth","tag-foreign-aid","tag-global-economy-debt-deflation","tag-international-finance","tag-michael-hudson","tag-monetary-imperialism","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28394"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28394\/revisions"}],"predecessor-version":[{"id":28395,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/28394\/revisions\/28395"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}