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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
" "The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests. ...The threat posed to society by rentier interests is the great challenge of every nation today: whether its government can restrict the dynamics of finance capitalism and prevent an oligarchy from dominating the state and enriching itself by imposing austerity on labor and industry. So far, the West has not risen to this challenge.
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About Michael Hudson
Michael Hudson (born March 14, 1939) is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to The Hudson Report, a weekly economic and financial news podcast produced by Left Out. He is a former Wall Street analyst and consultant as well as president of the Institute for the Study of Long-term Economic Trends (ISLET) and a founding member of International Scholars Conference on Ancient Near Eastern Economies (ISCANEE). Hudson sees consumer protection, state support of infrastructure projects, and taxation of rentier sectors of the economy rather than workers, as a continuation of the line of classical economists today
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Additional quotes by Michael Hudson
Overconsumption by US citizens, US buy-outs of foreign companies and dollars the Pentagon spends abroad all end up in foreign central banks. These governments face a hard choice: either recycle the dollars back to America by buying US Treasury bonds or let the “free market” force up their currencies relative to the dollar – thereby pricing their exports out of world markets, creating domestic unemployment and business failures. US-style free markets hook them into a system that forces them to accept unlimited dollars. Now they want out. … The US is the world’s largest debtor, yet has avoided the pain of “structural adjustments” imposed on other debtor nations. US interest rate and tax reductions in the face of exploding trade and budget deficits are seen as the height of hypocrisy in view of the austerity programmes that Washington has forced on other countries via the International Monetary Fund and other vehicles.
As hawkish Under-Secretary of State for Political Affairs, Victoria Nuland, explained in a State Department press briefing on January 27: “If Russia invades Ukraine one way or another Nord Stream 2 will not move forward.” The problem is to create a suitably offensive incident and depict Russia as the aggressor.
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And now this foreign exchange is going to be not recycled to the U.S. to support the dollar. It’s going to be spent on gold and on mutual currency swaps. Well, what that means is that the dollar no longer has the free ride, no longer has the free support. And other countries will protect themselves against the depreciating dollar by doing what the United States did against Germany in 1921 after World War I, a century ago, by imposing special tariffs against depreciating currencies. So they get it, the game is over. And it’s not over because Russia and China and India and Iran defeated America. It was the self-defeating policies of this blindly arrogant, greedy, Republican, Democratic, deep state philosophy.
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