The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests. ...The … - Michael Hudson

What the United States has done itself is exactly what both Lavrov and President Xi of China have been saying the world must move towards. They’ve been saying we must have a multinational world, multipolar world. We must be de-dollarized. We must cut free of the dollar and isolate, protect ourselves from the United States’ ability to use sanctions, to interrupt our economic activity, to use oil to threaten any country that doesn’t follow U.S. policy from having their energy reserves cut off, to protect countries that don’t produce their own food from being able to buy food and feed themselves... So everybody thought for the last five years: How will Russia and China and their allies, India, Iran, create this new world order? Well, the United States... has destroyed itself.

There was actually no liquidity crisis whatsoever... the reason that the regular newspapers don't report it is the loans violated every element of the Dodd-Frank laws that were supposed to prevent the Fed from making loans to particular banks that were not part of a liquidity crisis... these three banks, Chase Manhattan, Goldman Sachs – which used to be a brokerage firm – and Citibank, that the Federal Reserve laws and the Dodd-Frank Act explicitly prevent the Fed from making loans to particular banks... month after month, the Fed was pumping money into JP Morgan and Citibank and Goldman... these really weren't Citibank and Morgan Chase; it was to their trading affiliates. Now this is exactly what Dodd-Frank was supposed to prevent...

if you increase living standards you make labor more productive. This is why Asia today is becoming more productive than the United States.