They’re looking at this as an object lesson. They say, we saw what the United States did to Japan. We’re not going to let the United States do it to us. So America, the CIA, bragged that it had organized the big May riots in Paris. And the riots led to de Gaulle being replaced by a more left-wing party that was thoroughly under the control of the United States.

Super-imperialism - Wikipedia

Policy Research in Macroeconomics (PRIME’s official name) is a company limited by guarantee, incorporated in England and Wales. Itis company no.07438334 and its registered office is at 11a Hatch Road, Pilgrims Hatch, Brentwood, Essex, CM15 9PU. MICHAEL HUDSON: Treasury bonds. Yeah, exactly. And this debt is basically created by military spending. So America has been able to control other countries by issuing its money. And the Europeans are–what Putin recognized, and [Foreign Minister Sergey] Lavrov have been saying is, the European Commission does not represent Europe; Brussels works for Washington.And America said, we’re going to make you a loan, called the British Loan, but as a result, you’re going to have to keep your own pound sterling at five dollars a sterling. You’re going to have to keep it at a high price. Michael Hudson: Super Imperialism. The Economic Strategy of American Empire (Third Edition), Islet, 2021. ISBN 978-3981826098 And just wrapping up here in the last few minutes. But that this actually reminded me, Professor Hudson, have you heard of this book by this French executive, Frederic Pierucci, who wrote this interesting book called The American Trap: My Battle to Expose America’s Secret Economic War Against the Rest of the World? So I’m all for land taxation. That is a socialist policy. That’s the policy of Adam Smith, John Stuart Mill, the whole 19th-century political economy aimed at getting rid of the landlord class and getting rid of economic rent as unearned income.

3rd Edition: Super-Imperialism | Michael Hudson

But other economies are just dumping the dollar. And so all these dollars are being turned in to hard currency, each other’s currencies, gold, each other’s industry, real economic means of production. MICHAEL HUDSON: The number one U.S. enemy has always been its closest friend, its closest rival. It fought against England, and then France. Everybody is dumping the dollar, and nobody wants to be repaid. The dollar now is like a hot potato, and nobody wants to hold it except pliant satellite economies of the United States that don’t want to upset the United States because of the power, bribery power if nothing else, that the United States has over European politicians, Asian politicians, all the overt support that the United States can wield.This is what the discussion between John Maynard Keynes and the American Treasury was all about at the end of World War Two. Europe said if you’re going to have all the gold and control the money, we’re not going to operate without money, we’re just going to go off gold. That’s how we de-dollarize, by going off gold, and the dollar was as good as gold. Ultra-imperialism (occasionally hyperimperialism and formerly super-imperialism) is a potential, comparatively peaceful phase of capitalism, meaning after or beyond imperialism. It was described mainly by Karl Kautsky. Post-imperialism is sometimes used as a synonym of ultra-imperialism, although it can have distinct meanings.

Super Imperialism: The Economic Strategy of American Empire. Super Imperialism: The Economic Strategy of American Empire.

It’s incredible reading. As someone, I’m certainly not an economics expert, this book for me is just really eye-opening. So petrodollars were a means of recycling oil export proceeds into the American banking system and into the U.S. government budget. The United States two years ago, more than two years ago, thought that it was going to really hurt Russia by putting sanctions on agricultural exports to Russia, and said, boy, now you’re going to suffer.And they did. They didn’t say we want to be free of England. They said, oh, ok, who should we elect? And America told England to tell Australia to elect. So yeah there’s a certain irony there. We also saw, in WikiLeaks cables, Hillary go down to Haiti and demand that they cancel a massive pay hike of sweatshop workers from something like 37 cents an hour to 45 cents an hour, which is consistent. And there is a vocabulary out there about a Great Reset, which is something that Klaus Schwab, the president of the World Economic Forum, has openly proposed in his latest book about the pandemic.

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

But it’s a double standard. And my book shows how this double standard has perverted these seemingly international organizations into nationalistic arms, basically, of the Defense Department and State Department. Well once the Russian Revolution occurred, the Georgists turned into anti-Bolsheviks. And the followers of George in the United States basically became an anti-Semitic group, very friendly to the Nazis, to the Nazi Party. Well, this was a problem for the US, because Europe and other countries said, well, wait a minute, we’ve been on the gold standard now for a century, but we’re not going to be impoverished if you can have all the gold, but we’re going to go in a different standard. MICHAEL HUDSON: Richard Werner has been a friend of mine and a colleague for many years. I think what he’s writing on money creation is wonderful.But you made an important point, Professor Hudson, about short-term versus long-term thinking. And this actually, I think, is related to the energy crisis we have seen in Europe. The book became famous for detailing how the removal of the gold standard left MICHAEL HUDSON: Well, the first edition was published in September of 1972, 13 months after President Nixon took the dollar off gold. And everybody was worried that, oh, without gold, how are we going to control the world? How are we going to control Europe? Because we’re losing all the gold. And then also, the point you make in the book in the last chapter, is how the U.S. did something similar to another so-called ally, to Japan, how in the 1980s, the U.S. basically waged a kind of economic war against the Japanese economy, which permanently crippled it. And they saw just what was happening, and they said, well, we really don’t have a choice. We surrender; we’re going to let our policy be run by the United States.