MICHAEL HUDSON: Well when you say technology, what you really mean economically is economic rent, monopoly rent. And America cannot compete on the basis of cost for industry. It can’t compete in a profit-making industry because there aren’t profits. This may sound too technical. The author essentially is saying that if daily yield changes were distributed normally (assuming 252 trading days a year), the observed jumps in the US Treasury yields in the first half of August 2019 would have had an approximate daily frequency of once every 63 years. No one can claim the normal distribution of daily yield changes. But, if these many jumps happen in about 15 days, it is not normal. The last time something like this happened was in 2008. First, around the Bear Stearns collapse of 14 March 2008, and then, around the Lehman collapse of 15 September 2008.

Super Imperialism | Michael Hudson Super Imperialism | Michael Hudson

Other companies throughout the rest of the world have tried to, they keep inventories; they’re not having this problem. This is unique only the United States is not. It’s not people are richer and have so much more money; it’s that there’s a shortage. And you say, well, you give this IOU to your dairy suppliers, or your vegetable suppliers, just use it as money, we’ll pay someday. And somehow your IOU that you got something for just gets used as other people’s money.By using this service, you agree that you will only keep content for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services And that’s why the United States will not join any organization in which it does not have veto power. It insists on being able to veto any policy of other countries acting in their own interests independently of the United States, or in ways that do not actually enable the United States to be the main beneficiaries of foreign countries’ growth. And the mode of control, obviously, is not military anymore; it’s financial. And Super Imperialism is about how America is different from European colonialism by controlling the world financially and covertly, politically, not by military force.

Super Imperialism: The Origin and Fundamentals of U.S. World

He was arrested actually in the United States, and he was held as what he claimed to be an “economic hostage.” And this is the beginning of this campaign we now see against Alex Saab from Venezuela, Meng Wanzhou from China, and also there’s a North Korean businessman whom the U.S. is trying to imprison.

So the eurodollar system was a free lunch for the commercial banking system in the United States in the 1950s and ’60s. And the banks are going to lend to us to buy out all of this real estate at 1 percent or 2 percent, and they’ll charge 3 or 4 or 5 percent to other people. The book became famous for detailing how the removal of the gold standard left In 1914, Kautsky published an article on imperialism which subsequently was translated into English and published in the United States. In these, he argued there could be a way out of direful wars among the imperialist powers, a solution now named ultra-imperialism or super-imperialism. [5] It can decide what to do, to protect the home buyers who put money into buying apartments low. It can tax away the land rent to prevent the housing from being essentially financialized. So China is trying to de-financialize its real estate, de-financialize its industry.

Super imperialism: the origins and fundamentals of U.S. world

Finally, on 19 October 1976, the then President of the US Gerald Ford signed an act to put in law what was already true as a matter of formality. Financial Crises The proposal is to establish a Currency Union, here designated an International Clearing Union, based on international bank-money, called (let us say) bancor, fixed (but not unalterably) in terms of gold and accepted as the equivalent of gold by the British Commonwealth and the United States and all members of the Union for the purpose of settling international balances.Most of the Taiwanese officials, including central bank officials that I used to meet with, all say, you know, ultimately we want to, we plan on rejoining China. We’re going to try to take as much of a business position in mainland China as we can.