{"id":62866,"date":"2022-06-11T06:41:16","date_gmt":"2022-06-11T11:41:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62866"},"modified":"2022-06-11T06:41:16","modified_gmt":"2022-06-11T11:41:16","slug":"will-the-global-south-break-free-from-dollarized-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62866","title":{"rendered":"Will the Global South break free from dollarized debt?"},"content":{"rendered":"
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Will the Global South break free from dollarized debt?<\/a><\/h3>\n
In his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent.<\/div>\n<\/div>\n
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Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers.<\/p>\n
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Photo Credit: The Cradle<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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With\u00a0The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism<\/a>, Michael Hudson, one of the world\u2019s leading independent economists, has given us arguably the ultimate handbook on where we\u2019re at, who\u2019s in charge, and whether we can bypass them.<\/p>\n

Let\u2019s jump straight into the fray. Hudson begins with an analysis of the \u201ctake the money and run\u201d ethos, complete with de-industrialization, as 90 percent of US corporate revenue is \u201cused to share buybacks and dividend payouts to support company stock prices.\u201d<\/p>\n

That represents the apex of \u201cFinance Capitalism\u2019s\u201d political strategy: to \u201ccapture the public sector and shift monetary and banking power\u201d to Wall Street, the City of London and other western financial centers.<\/p>\n

The whole Global South will easily recognize the imperial modus operandi: \u201cThe strategy of US military and financial imperialism is to install client oligarchies and dictatorships, and arm-twist allies to join the fight against designated adversaries by subsidizing not only the empire\u2019s costs of war-making (\u201cdefense\u201d) but even the imperial nation\u2019s domestic spending programs.\u201d This is the antithesis of the multipolar world advocated by Russia and China.<\/p>\n

In short, our current Cold War 2.0 \u201cis basically being waged by US-centered finance capitalism backing rentier oligarchies against nations seeking to build up more widespread self-reliance and domestic prosperity.\u201d<\/p>\n

Hudson presciently reminds us of Aristotle, who would say that it is in the interest of financiers to wield their power against society at large: \u201cThe financial class historically has been the major beneficiary of empires by acting as collection agents.\u201d<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Will the Global South break free from dollarized debt? In his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent. Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers. Photo Credit: The Cradle With\u00a0The […]<\/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":[195,21484,6279,4076,32956,839,32955],"class_list":["post-62866","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-debt","tag-global-south","tag-michael-hudson","tag-pepe-escobar","tag-the-cradel","tag-us-dollar","tag-us-dollar-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62866","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=62866"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62866\/revisions"}],"predecessor-version":[{"id":62867,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62866\/revisions\/62867"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}