Militarism at the Heart of US Gun Violence

[badger2]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

 

[Toddsterpatriot]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

Michael Hudson is funny.

 

[georgephillip]

How would that lower the cost of living and doing business in the USA?

Seven Factors Driving Up Your Health Care Costs

It wouldn't reduce the cost of living.
It would reduce the cost of doing business.

It wouldn't reduce the cost of living.
It would reduce the cost of doing business.

Reducing health care expenses would NOT reduce the cost of living?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

How do you stimulate US exports without rebuilding US manufacturing infrastructure? How is that possible when Americans pay more for healthcare and housing than workers in China or Mexico or Vietnam?

How do you stimulate US exports without rebuilding US manufacturing infrastructure?

You asked me how to stimulate exports. I gave two suggestions.

You asked me how to stimulate exports. I gave two suggestions.

 

[Toddsterpatriot]

It wouldn't reduce the cost of living.
It would reduce the cost of doing business.

It wouldn't reduce the cost of living.
It would reduce the cost of doing business.

Reducing health care expenses would NOT reduce the cost of living?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

Did you read my original post????

This is you>>> How would you suggest we stimulate US exports?

This is me>>>>"We could eliminate moronic regulations and reduce taxes"

Where did I mention healthcare?

How do you stimulate US exports without rebuilding US manufacturing infrastructure? How is that possible when Americans pay more for healthcare and housing than workers in China or Mexico or Vietnam?

How do you stimulate US exports without rebuilding US manufacturing infrastructure?

You asked me how to stimulate exports. I gave two suggestions.

You asked me how to stimulate exports. I gave two suggestions.

You're welcome.....now back to your usual twattiness.

 

[georgephillip]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

Michael Hudson is funny.

Michael Hudson is funny

What does Hudson know about debt deflation that you don't?

Michael Hudson (economist) - Wikipedia

"Hudson graduated from the University of Chicago (B.A., 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payment economist in Chase Manhattan Bank (1964–1968).

"He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).

"Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy (Adam Smith, David Ricardo and Karl Marx, among others), neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others.

"He identifies himself as a Marxist economist, although his interpretation of Marx is almost unique to him and differs from other major Marxists.

"Hudson devoted his entire scientific career to the study of debt, both domestic(loans, mortgages and interest payments) and external.

"In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

"Hudson notes that the existing economic theory(the Chicago School in particular) is in the service of rentiers and financiers and has developed a special language designed to create the impression that the current status quo has no alternative."

 

[badger2]

On OP's ACLU article (post #58), and current events in Hong Kong:

'The right of the State in using legal violence is made difficult to challenge in our societies. We may assume that the theory of human rights alleviates, in some way, the monopoly of the State in the use of violence. Such a monopoly, however, stands as a guarantee to those rights. The investigation of the foundation of the Law is repressed in the theory of human rights as it is in the theory of political discourse. The appeal to the natural Law as a foundation to legitimate the political power, as a use of violence, is not an answer to the question we are discussing. The natural law is always a specific and cultural solution to the request of legitimacy. That which is called natural in a given society is but a cultural arrangement of the question of the metaphor, or the way such a culture shoulders the relationship between the words in the language and the things those words cut up in the so-called universe. Ultimately, the reference to the natural law is in any case a reference to the power of the signifier.
....
In spite of the personification of State authority, which looks like a necessity in some conjectural situation in certain liberal democracies, the representation of State authority as a guarantee against the irrationalities arising from the conflictual structure of civil society is the main problem of political discourse. Fascism, dictatorship, military regimes, religious and political system -- they all present different issues of that unresolved and mysterious contradiction between the lethal irrationalities that are an outgrowth of the conflictual structure of economic forces and the contention of social needs bounded to cultural and historical exigencies. The leader, a De Gaulle, Reagan, Khomeny or Mao, is never a perfect representation of a unified nation that enables the civil society to master the mysterious contradiction that permanently endangers its consistency. Like the State, they are insufficient signifiers to fulfill the lack that causes political affairs. They cannot provide for the fault that a splintered society tries to complement....Insofar as the State formulates the machinery of the political enterprise, it is an apparatus of terror. That basic aspect of State terrorism is hidden by the discourse and the procedures in political affairs, but any attempt to jeopardize or even challenge the structure of the state or its monopoly of violence brings out instantly the first steps of State-sponsored terrorism. We have in our time a lot of examples of such a reversion to this fascist alarm around the world.'
(Apollon W, A Lasting Heresy)

 

[Toddsterpatriot]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

Michael Hudson is funny.

Michael Hudson is funny

What does Hudson know about debt deflation that you don't?

Michael Hudson (economist) - Wikipedia

"Hudson graduated from the University of Chicago (B.A., 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payment economist in Chase Manhattan Bank (1964–1968).

"He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).

"Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy (Adam Smith, David Ricardo and Karl Marx, among others), neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others.

"He identifies himself as a Marxist economist, although his interpretation of Marx is almost unique to him and differs from other major Marxists.

"Hudson devoted his entire scientific career to the study of debt, both domestic(loans, mortgages and interest payments) and external.

"In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

"Hudson notes that the existing economic theory(the Chicago School in particular) is in the service of rentiers and financiers and has developed a special language designed to create the impression that the current status quo has no alternative."

America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation.

That's awful. Don't lend us so much.

In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state

That's awful. Stop borrowing so much.

as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

Because people who lend money or rent out property never buys goods or services?

I love guys like this, such whiney twats.

 

[georgephillip]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

.Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

The Japanese were reminded of their place in the "free market" in the 1980s:

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 332)

"Japan has let its economic policies be dictated by U.S. advisors much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest.

"It should now be obvious to every nation that such trust in U.S. leadership has been misplaced.

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

"The equitable world economy based on free markets promised at the close of World War II under American aegis has led instead to an epoch of unprecedented government control.

"Outside of the United States, centralized economic planning is promoted via the financial sector, not to increase production or living standards as promised by monetarist economic textbooks, but to squeeze out interest and dividends and transfer them abroad."

 

[Toddsterpatriot]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

.Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

The Japanese were reminded of their place in the "free market" in the 1980s:

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 332)

"Japan has let its economic policies be dictated by U.S. advisors much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest.

"It should now be obvious to every nation that such trust in U.S. leadership has been misplaced.

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

"The equitable world economy based on free markets promised at the close of World War II under American aegis has led instead to an epoch of unprecedented government control.

"Outside of the United States, centralized economic planning is promoted via the financial sector, not to increase production or living standards as promised by monetarist economic textbooks, but to squeeze out interest and dividends and transfer them abroad."

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

 

[georgephillip]

Since 1971 the US Treasury-bond has replaced gold as the global standard for central bank reserves.

That means a glut of US dollars collecting in central banks around the world finances both the US trade deficit and the US budget deficit.

The 800 US military bases around the planet are there to ensure the tribute continues to flow into American pockets.

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P.3)

"This Treasury-bond standard of international finance has enabled the United States to obtain the largest free lunch ever achieved in history.

"America has turned the international financial system upside down.

"Whereas formerly it rested on gold, central bank reserves are now held in the form of U.S. Government IOUs that can be run up without limit.

"In effect, America has been buying up Europe, Asia and other regions with paper credit – U.S. Treasury IOUs that it has informed the world it has little intention of ever paying off.

" And there is little Europe or Asia can do about it, except to abandon the dollar and create their own financial system.

"Michael Hudson’s Super Imperialism: The Origins and Fundamentals of U.S. World Dominance explains how the dollar’s being forced off gold in 1971 led to a new international financial system in which the world’s central banks are obliged to finance the U.S. balance of payments deficit by using their surplus dollars in the only way that central banks are allowed to use them: to buy U.S. Treasury bonds.

"In the process, they finance the U.S. Government’s domestic budget deficit as well."

the world’s central banks are obliged to finance the U.S. balance of payments deficit by using their surplus dollars in the only way that central banks are allowed to use them: to buy U.S. Treasury bonds.

"In the process, they finance the U.S. Government’s domestic budget deficit as well."

You don't want to hold "surplus dollars", don't run a trade surplus with the US.

You don't want to hold "surplus dollars", don't run a trade surplus with the US.

How would you suggest we stimulate US exports?

There’d be a lot of tech industry money at stake in a Trump trade war with China

If the nations in question don't want to be stuck with holding large amounts of dollars, just don't sell shit to US.


Easy peasy, done.

If the nations in question don't want to be stuck with holding large amounts of dollars, just don't sell shit to US.


Easy peasy, done.

Where do Americans find their computers, pharmaceuticals, and mineral fuels? Given a US population of 329.3 million people and its total $2.614 trillion in 2018 imports, that's roughly $7900 in yearly demand from each US resident.

orts

That would be our problem, not theirs. If they don't want to be stuck holding large amounts of dollars, just don't sell US large amounts of stuff.

Your attempt to make this mechanism of control that we are forcing onto other people, is not supported. ANd perhaps not rational.


I'm not sure, because you have not explained, at all, how you got to this conclusion.

That would be our problem, not theirs. If they don't want to be stuck holding large amounts of dollars, just don't sell US large amounts of stuff.

Your attempt to make this mechanism of control that we are forcing onto other people, is not supported. ANd perhaps not rational.

Three decades of neoliberal economic policies have hollowed out US manufacturing and burdened wage labor with oppressive levels of debt and taxation. Where do they turn for their electronics and pharmaceuticals if not to imports?

 

[georgephillip]

Since 1971 the US Treasury-bond has replaced gold as the global standard for central bank reserves.

That means a glut of US dollars collecting in central banks around the world finances both the US trade deficit and the US budget deficit.

The 800 US military bases around the planet are there to ensure the tribute continues to flow into American pockets.

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P.3)

"This Treasury-bond standard of international finance has enabled the United States to obtain the largest free lunch ever achieved in history.

"America has turned the international financial system upside down.

"Whereas formerly it rested on gold, central bank reserves are now held in the form of U.S. Government IOUs that can be run up without limit.

"In effect, America has been buying up Europe, Asia and other regions with paper credit – U.S. Treasury IOUs that it has informed the world it has little intention of ever paying off.

" And there is little Europe or Asia can do about it, except to abandon the dollar and create their own financial system.

"Michael Hudson’s Super Imperialism: The Origins and Fundamentals of U.S. World Dominance explains how the dollar’s being forced off gold in 1971 led to a new international financial system in which the world’s central banks are obliged to finance the U.S. balance of payments deficit by using their surplus dollars in the only way that central banks are allowed to use them: to buy U.S. Treasury bonds.

"In the process, they finance the U.S. Government’s domestic budget deficit as well."

the world’s central banks are obliged to finance the U.S. balance of payments deficit by using their surplus dollars in the only way that central banks are allowed to use them: to buy U.S. Treasury bonds.

"In the process, they finance the U.S. Government’s domestic budget deficit as well."

You don't want to hold "surplus dollars", don't run a trade surplus with the US.

You don't want to hold "surplus dollars", don't run a trade surplus with the US.

How would you suggest we stimulate US exports?

There’d be a lot of tech industry money at stake in a Trump trade war with China

If the nations in question don't want to be stuck with holding large amounts of dollars, just don't sell shit to US.


Easy peasy, done.

If the nations in question don't want to be stuck with holding large amounts of dollars, just don't sell shit to US.


Easy peasy, done.

Where do Americans find their computers, pharmaceuticals, and mineral fuels? Given a US population of 329.3 million people and its total $2.614 trillion in 2018 imports, that's roughly $7900 in yearly demand from each US resident.

orts

That would be our problem, not theirs. If they don't want to be stuck holding large amounts of dollars, just don't sell US large amounts of stuff.

Your attempt to make this mechanism of control that we are forcing onto other people, is not supported. ANd perhaps not rational.


I'm not sure, because you have not explained, at all, how you got to this conclusion.

'm not sure, because you have not explained, at all, how you got to this conclusion.

I've provided the same link numerous times; if you're too lazy to read, perhaps you shouldn't be here?

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 334)

"The final part of this book - Part III - traces how the international financial system was transformed after the U.S. balance of payments moved into deficit during the Korean War, becoming seriously disrupting of international finance.

"What is so striking is how differently American diplomats comported themselves in their deepening debtor position from the way in which debtor Europe had negotiated in the 1920s, 1930s and early 1940s.

"Whereas America had insisted that Europe sequester its private capital holdings and sell them off to pay the U.S. Government, Europe made no such demand on America in the 1960s or even in the 1970s - or subsequently, for that matter.

"In fact, whereas U.S. domination of the world economy stemmed from 1920 through 1960 from its creditor position, its control since the 1960s has stemmed from its debtor position.

"Not only have the tables been turned, but U.S. diplomats have found that their leverage as the world's major debtor economy is fully as strong as that which formerly had reflected its net creditor position."

 

[georgephillip]

On OP's ACLU article (post #58), and current events in Hong Kong:

'The right of the State in using legal violence is made difficult to challenge in our societies. We may assume that the theory of human rights alleviates, in some way, the monopoly of the State in the use of violence. Such a monopoly, however, stands as a guarantee to those rights. The investigation of the foundation of the Law is repressed in the theory of human rights as it is in the theory of political discourse. The appeal to the natural Law as a foundation to legitimate the political power, as a use of violence, is not an answer to the question we are discussing. The natural law is always a specific and cultural solution to the request of legitimacy. That which is called natural in a given society is but a cultural arrangement of the question of the metaphor, or the way such a culture shoulders the relationship between the words in the language and the things those words cut up in the so-called universe. Ultimately, the reference to the natural law is in any case a reference to the power of the signifier.
....
In spite of the personification of State authority, which looks like a necessity in some conjectural situation in certain liberal democracies, the representation of State authority as a guarantee against the irrationalities arising from the conflictual structure of civil society is the main problem of political discourse. Fascism, dictatorship, military regimes, religious and political system -- they all present different issues of that unresolved and mysterious contradiction between the lethal irrationalities that are an outgrowth of the conflictual structure of economic forces and the contention of social needs bounded to cultural and historical exigencies. The leader, a De Gaulle, Reagan, Khomeny or Mao, is never a perfect representation of a unified nation that enables the civil society to master the mysterious contradiction that permanently endangers its consistency. Like the State, they are insufficient signifiers to fulfill the lack that causes political affairs. They cannot provide for the fault that a splintered society tries to complement....Insofar as the State formulates the machinery of the political enterprise, it is an apparatus of terror. That basic aspect of State terrorism is hidden by the discourse and the procedures in political affairs, but any attempt to jeopardize or even challenge the structure of the state or its monopoly of violence brings out instantly the first steps of State-sponsored terrorism. We have in our time a lot of examples of such a reversion to this fascist alarm around the world.'
(Apollon W, A Lasting Heresy)

On OP's ACLU article (post #58), and current events in Hong Kong:

'The right of the State in using legal violence is made difficult to challenge in our societies. We may assume that the theory of human rights alleviates, in some way, the monopoly of the State in the use of violence. Such a monopoly, however, stands as a guarantee to those rights

Many Hong Kong protesters are risking the wrath of the People's Liberation Army today in anticipation of events 28 years in the future when China assumes full control of Hong Kong.

One country, two systems - Wikipedia

 

[georgephillip]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

Michael Hudson is funny.

Michael Hudson is funny

What does Hudson know about debt deflation that you don't?

Michael Hudson (economist) - Wikipedia

"Hudson graduated from the University of Chicago (B.A., 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payment economist in Chase Manhattan Bank (1964–1968).

"He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).

"Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy (Adam Smith, David Ricardo and Karl Marx, among others), neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others.

"He identifies himself as a Marxist economist, although his interpretation of Marx is almost unique to him and differs from other major Marxists.

"Hudson devoted his entire scientific career to the study of debt, both domestic(loans, mortgages and interest payments) and external.

"In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

"Hudson notes that the existing economic theory(the Chicago School in particular) is in the service of rentiers and financiers and has developed a special language designed to create the impression that the current status quo has no alternative."

America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation.

That's awful. Don't lend us so much.

In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state

That's awful. Stop borrowing so much.

as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

Because people who lend money or rent out property never buys goods or services?

I love guys like this, such whiney twats.

Because people who lend money or rent out property never buys goods or services?

I love guys like this, such whiney twats.

Are you a bitch for capital?

"NEW YORK (Project Syndicate) – Three years ago, President Donald Trump’s election and the United Kingdom’s Brexit referendum confirmed what those of us who have long studied income statistics already knew: in most advanced countries, the market economy has been failing large swaths of society.

"Nowhere is this truer than in the United States. Long regarded as a poster child for the promise of free-market individualism, America today has higher inequality and less upward social mobility than most other developed countries.

"After rising for a century, average life expectancy in the U.S. is now declining.

"And for those in the bottom 90% of the income distribution, real (inflation-adjusted) wages have stagnated: the income of a typical male worker today is around where it was 40 years ago."

Three decades of neoliberal policies have decimated the middle class, our economy, and our democracy

 

[georgephillip]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

.Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

The Japanese were reminded of their place in the "free market" in the 1980s:

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 332)

"Japan has let its economic policies be dictated by U.S. advisors much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest.

"It should now be obvious to every nation that such trust in U.S. leadership has been misplaced.

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

"The equitable world economy based on free markets promised at the close of World War II under American aegis has led instead to an epoch of unprecedented government control.

"Outside of the United States, centralized economic planning is promoted via the financial sector, not to increase production or living standards as promised by monetarist economic textbooks, but to squeeze out interest and dividends and transfer them abroad."

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

How did Republicans fare in '88?

Inside the Plaza Accord

"What Is the Plaza Accord?

"The Plaza Accord is a 1985 agreement among the G-5 nations—France, Germany, the United States, the United Kingdom, and Japan—to manipulate exchange rates by depreciating the U.S. dollar relative to the Japanese yen and the German Deutsche mark."

 

[Rustic]

From February 2018:

Militarism at the heart of a violent culture

"AS THE president continued smearing millions of immigrants as violent gang members to justify racist deportations and a border wall, it happened again. A young white man entered a school, not far from where I graduated, and unloaded a legally purchased weapon of war, killing 17 innocent people in three minutes...."

"WE NOW need to expand the demand beyond gun control, and connect the issue of mass murder at home to state-sanctioned mass murder abroad.

"At age 19, shooter Nikolas Cruz has not lived a year of his life when the U.S. was not actively bombing or occupying other countries, and exporting war through lucrative weapons contracts.

"A teen who can't yet legally buy beer or rent a car was able to purchase a weapon made for tactical combat--but then again, the same legislators who allow the AR-15 to be sold more easily than a Bud Light have supported every U.S. war and every bloated military budget presented to them.

"The U.S.-manufactured ammunition that kills abroad kills just the same in Parkland, Florida.

"The crisis we have before us is not about rap music or video games, as has been charged in previous mass shootings.

"It is a capitalist crisis."

A crisis groomed since 1945 during which the Exceptional US has exterminated millions of innocent human beings from Korea to Kandahar.

Only someone as dense as Trump would be surprised when these chickens come home to roost.

Lol
Political correctness has made you fucking retarded

 

[Toddsterpatriot]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

Michael Hudson is funny.

Michael Hudson is funny

What does Hudson know about debt deflation that you don't?

Michael Hudson (economist) - Wikipedia

"Hudson graduated from the University of Chicago (B.A., 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payment economist in Chase Manhattan Bank (1964–1968).

"He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s).

"Hudson has extensively studied economic theories of many schools, including Physiocracy, classical political economy (Adam Smith, David Ricardo and Karl Marx, among others), neoclassical, Keynesian, post-Keynesian, Modern Monetary Theory and many others.

"He identifies himself as a Marxist economist, although his interpretation of Marx is almost unique to him and differs from other major Marxists.

"Hudson devoted his entire scientific career to the study of debt, both domestic(loans, mortgages and interest payments) and external.

"In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

"Hudson notes that the existing economic theory(the Chicago School in particular) is in the service of rentiers and financiers and has developed a special language designed to create the impression that the current status quo has no alternative."

America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation.

That's awful. Don't lend us so much.

In his works, he consistently advocates the idea that loans and exponentially growing debts that outstrip profits from the economy of the real sphere are disastrous for both the government and the people of the borrowing state

That's awful. Stop borrowing so much.

as they wash money (going to payments to usurers and rentiers) from turnover, not leaving them to buy goods and services and thus lead to debt deflation of the economy.

Because people who lend money or rent out property never buys goods or services?

I love guys like this, such whiney twats.

Because people who lend money or rent out property never buys goods or services?

I love guys like this, such whiney twats.

Are you a bitch for capital?

"NEW YORK (Project Syndicate) – Three years ago, President Donald Trump’s election and the United Kingdom’s Brexit referendum confirmed what those of us who have long studied income statistics already knew: in most advanced countries, the market economy has been failing large swaths of society.

"Nowhere is this truer than in the United States. Long regarded as a poster child for the promise of free-market individualism, America today has higher inequality and less upward social mobility than most other developed countries.

"After rising for a century, average life expectancy in the U.S. is now declining.

"And for those in the bottom 90% of the income distribution, real (inflation-adjusted) wages have stagnated: the income of a typical male worker today is around where it was 40 years ago."

Three decades of neoliberal policies have decimated the middle class, our economy, and our democracy

Are you still living in your Mom's basement, plotting against The Man for keeping you down?

"And for those in the bottom 90% of the income distribution, real (inflation-adjusted) wages have stagnated: the income of a typical male worker today is around where it was 40 years ago."

How are wages for the bottom 90% in Venezuela? In Cuba? In Russia?

 

[Toddsterpatriot]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

.Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

The Japanese were reminded of their place in the "free market" in the 1980s:

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 332)

"Japan has let its economic policies be dictated by U.S. advisors much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest.

"It should now be obvious to every nation that such trust in U.S. leadership has been misplaced.

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

"The equitable world economy based on free markets promised at the close of World War II under American aegis has led instead to an epoch of unprecedented government control.

"Outside of the United States, centralized economic planning is promoted via the financial sector, not to increase production or living standards as promised by monetarist economic textbooks, but to squeeze out interest and dividends and transfer them abroad."

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

How did Republicans fare in '88?

Inside the Plaza Accord

"What Is the Plaza Accord?

"The Plaza Accord is a 1985 agreement among the G-5 nations—France, Germany, the United States, the United Kingdom, and Japan—to manipulate exchange rates by depreciating the U.S. dollar relative to the Japanese yen and the German Deutsche mark."

How did Republicans fare in '88?

Not as good at they did in 1984. LOL!

How could Michael Hudson fuck that one up?

 

[georgephillip]

From February 2018:

Militarism at the heart of a violent culture

"AS THE president continued smearing millions of immigrants as violent gang members to justify racist deportations and a border wall, it happened again. A young white man entered a school, not far from where I graduated, and unloaded a legally purchased weapon of war, killing 17 innocent people in three minutes...."

"WE NOW need to expand the demand beyond gun control, and connect the issue of mass murder at home to state-sanctioned mass murder abroad.

"At age 19, shooter Nikolas Cruz has not lived a year of his life when the U.S. was not actively bombing or occupying other countries, and exporting war through lucrative weapons contracts.

"A teen who can't yet legally buy beer or rent a car was able to purchase a weapon made for tactical combat--but then again, the same legislators who allow the AR-15 to be sold more easily than a Bud Light have supported every U.S. war and every bloated military budget presented to them.

"The U.S.-manufactured ammunition that kills abroad kills just the same in Parkland, Florida.

"The crisis we have before us is not about rap music or video games, as has been charged in previous mass shootings.

"It is a capitalist crisis."

A crisis groomed since 1945 during which the Exceptional US has exterminated millions of innocent human beings from Korea to Kandahar.

Only someone as dense as Trump would be surprised when these chickens come home to roost.

Lol
Political correctness has made you fucking retarded

Lol
Political correctness has made you fucking retarded

Too much winning, Loser?

 

[Rustic]

From February 2018:

Militarism at the heart of a violent culture

"AS THE president continued smearing millions of immigrants as violent gang members to justify racist deportations and a border wall, it happened again. A young white man entered a school, not far from where I graduated, and unloaded a legally purchased weapon of war, killing 17 innocent people in three minutes...."

"WE NOW need to expand the demand beyond gun control, and connect the issue of mass murder at home to state-sanctioned mass murder abroad.

"At age 19, shooter Nikolas Cruz has not lived a year of his life when the U.S. was not actively bombing or occupying other countries, and exporting war through lucrative weapons contracts.

"A teen who can't yet legally buy beer or rent a car was able to purchase a weapon made for tactical combat--but then again, the same legislators who allow the AR-15 to be sold more easily than a Bud Light have supported every U.S. war and every bloated military budget presented to them.

"The U.S.-manufactured ammunition that kills abroad kills just the same in Parkland, Florida.

"The crisis we have before us is not about rap music or video games, as has been charged in previous mass shootings.

"It is a capitalist crisis."

A crisis groomed since 1945 during which the Exceptional US has exterminated millions of innocent human beings from Korea to Kandahar.

Only someone as dense as Trump would be surprised when these chickens come home to roost.

Lol
Political correctness has made you fucking retarded

Lol
Political correctness has made you fucking retarded

Too much winning, Loser?

 

[georgephillip]

In the article, Superimperialism, Hudson states,

'The system began to unravel as America's balance of payments moved into deficit and its gold began to return to Europe -- not to private holders who had sent it as flight capital to the U.S. as the war loomed, but to central banks and hence to governments in France, Germany and other nations. The widening U.S. payments deficit resulted from overseas military spending, not from private-sector trade and investment. Starting slowly during the Korean War and gaining momentum with the onset of the Vietnam War, the gold cover shrank at an accelerated pace, approaching the minimum legal cover of 25 percent of the currency in circulation. The military and political coloration of America's balance-of-payments deficit was of critical importance for the government was not running up debt to finance policies with which most of its European creditors and many Asians disagreed. Under pressure of its military deficit the government intruded increasingly into the realm of international trade and investment, highlighted by the controls it imposed on bank lending abroad and the overseas financing of U.S. companies so as to oblige U.S. companies to buy out foreign firms with foreign-held dollars. But these controls were not enough, given the time pressures at work. In 1968 the U.S. began to close the gold window, and in 1971 formally cut the link between the dollar and gold....Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

.Instead of adhering to the creditor-oriented rules of international finance that it had endorsed in 1945, America used its debtor position to extort more foreign concessions and wealth than it had been able to obtain as a creditor nation. It obliged European and Asian central banks to extend almost automatic credits via the U.S. Treasury-bill standard, while still pursuing a creditor stance vis-a-vis indebted Third World and Comecon countries....Among the world's debtor economies, they were obliged to submit to austerity programs that U.S. planners refused to adopt for their own economy. Argentina's recent IMF riots that toppled the government in December 2001 are only the most recent example of this double standard.
(Hudson, pp. 329-30)

The Japanese were reminded of their place in the "free market" in the 1980s:

https://michael-hudson.com/wp-content/uploads/2010/03/superimperialism.pdf (P. 332)

"Japan has let its economic policies be dictated by U.S. advisors much as Britain succumbed in the aftermath of World War II, as if American proposals really had foreign interests in mind and put world development above their own national self-interest.

"It should now be obvious to every nation that such trust in U.S. leadership has been misplaced.

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

"The equitable world economy based on free markets promised at the close of World War II under American aegis has led instead to an epoch of unprecedented government control.

"Outside of the United States, centralized economic planning is promoted via the financial sector, not to increase production or living standards as promised by monetarist economic textbooks, but to squeeze out interest and dividends and transfer them abroad."

"Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

Yet how many Japanese are reminded that in 1985-86 their country was asked to lower its rates and create a bubble simply to help promote boom conditions in the United States to help the Republican administration be re-elected?

Ummmmm….the administration won a 49 state landslide in 1984.

How did Republicans fare in '88?

Inside the Plaza Accord

"What Is the Plaza Accord?

"The Plaza Accord is a 1985 agreement among the G-5 nations—France, Germany, the United States, the United Kingdom, and Japan—to manipulate exchange rates by depreciating the U.S. dollar relative to the Japanese yen and the German Deutsche mark."

How did Republicans fare in '88?

Not as good at they did in 1984. LOL!

How could Michael Hudson fuck that one up?

How could Michael Hudson fuck that one up

It's not as complicated as you think, Kulak:

Michael Hudson (economist) - Wikipedia

"In 1972, Hudson published his first major book titled Super Imperialism in which he showed how the after abandoning the dollar-gold line the United States created a unique situation when United States Department of the Treasury bonds became the sole basis for global reserves and foreign governments had no choice but to finance the budget deficit in the United States and hence their military expenditures.

"After the publication of the book, Hudson left the institute and moved to work in the think tank Hudson Institute headed by Herman Kahn.

"In 1979, he became an advisor to the United Nations Institute for Training and Research(UNITAR). He wrote reports for the Ministry of Defense and also acted as a consultant to the Canadian government.

"His second big book titled Global Fracture: The New International Economic Order was published in 1977. In it, Hudson argued that the military superiority of the United States led to the division of the world along financial lines."