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It’s a tectonic shift [the decline of an empire and the rise of another one]. Let’s look at this from Russia’s point of view. This is everything that… - Michael Hudson
" "It’s a tectonic shift [the decline of an empire and the rise of another one]. Let’s look at this from Russia’s point of view. This is everything that Russia has been aiming at and insisting upon for the last five years. President Putin and Foreign Minister Lavrov have been leading the understanding that the world needs to be de-dollarized, that the United States has declared an economic war against Russia, China and their allies, really against Eurasia. So, in effect, by drawing the sanctions — not only the sanctions — but the most important thing is by seizing Russia’s foreign holdings in the United States, its treasury bond holdings and the bank deposits.
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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
America is basically the blob, the State Department, the C.I.A., the national security state, and its ideology is to shift economic planning away from government to Wall Street and other financial centers in England and France. And I don’t see that financialization and neoliberalism changing. That’s their religion. And you’re going to have, instead of the reform that you’d like to see, you’re going to see an increasingly violent vicious fight against anyone proposing this reform, just as they fought against Allende in Chile and against against Cuba and as they’re fighting against China and Russia today.
Look at what’s happened in Florida — in the last two months the insurance rates have doubled, tripled, and quadrupled so much that people are now unable or unwilling to buy new homes in Florida because the insurance rates are so high... Nobody could really afford that... The government getting into subsidized insurance has been a disaster. The one area that the government has got into are [beachfront] houses for millionaires. These houses, because they’re near the ocean — there [are] hurricanes, they [are] flooded again, and again, and again. So the government will (not quite every year, but every few years) for free, keep giving a 1 million dollars to rebuild a house. 5 years later, [it will] happen again, another 1 million dollars to [rebuild] the house. The government insurance for real estate is spent for the One Percent of the population that has beachfront property and it’s utterly corrupt.
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The German public was coming to understand what it will mean if their steel companies, fertilizer companies, glass companies and toilet-paper companies were shutting down. These companies were forecasting that they would have to go out of business entirely – or shift operations to the United States – if Germany did not withdraw from the trade and currency sanctions against Russia and permit Russian gas and oil imports to resume, and presumably to fall back from their astronomical eight to tenfold price increase... If policymakers were to put German business interests and living standards first, NATO’s common sanctions and New Cold War front would be broken. Italy and France might follow suit. That prospect made it urgent to take the anti-Russian sanctions out of the hands of democratic politics.
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