By Economist Michael Hudson
Comments by Chuck Carlson and WHTT Team
Michael Hudson is an economist, and he’s also a longtime Wall Street financial analyst. He is a professor of economics at the University of Missouri, Kansas City, and you can find his work at michael-hudson.com.
Michael Hudson writes: ”In China, they’re trying to create an alternative (to the USA plan which we will be discussing). China wants to break free from the United States”…”So our President is agitating the whole world, and isolating the United States. And when you isolate the United States, China realizes that what will be isolated is the neoliberal philosophy that is the cover story, the junk economics, that justifies all of these destructive policies.”
Hudson continues: “Only Israel and perhaps Saudi Arabia stand with us, and the latter sometimes weaver. The Wahabbi sect allows it to dominate and turn on fellow Muslim states, including Iraq, Iran, Libya, Syria…all of which reject Wahabism. So only Israel is entirely on Washington’s side. We live in the world’s evil center. Tonight we will talk about how, despite a $6 Trillion deficit in 2020, the U.S. faces a possible massive inflationary-depression for the first time.
Carlson comments: Let me summarize: Micheal Hudson’s well-qualified account of how the plan of the World Bank and other international organizations, especially the Federal Reserve, is being carried out. We will learn, the FED is not part of the U.S. government, but is a global, bank-owned financial oligarch. It funds U.S. economic wars, not to mention shooting wars all over the world. We must first look at why China is the target nation for a supersized war that may kill million, mostly Chinese. This war is being planned in Washington as we speak. Our President blames China for the COVID-19 virus, as one of his excuses for war. There is a reason to believe it was created in a bio-warfare lab in North Carolina and sold to China!
Reuters reports on May 3 – “The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China as it weighs new tariffs to punish Beijing for its handling of the coronavirus outbreak.”
Says Hudson: “Coronavirus pandemic has undoubtedly had and will continue to have a negative impact on economic activity worldwide. COVID-19 has ushered in the real possibility of widespread loan defaults, liquidity issues, ballooning credit card debt, and stressed mortgages. To exacerbate these COVID-19 realizations, a delicate balance between interest rates, Federal Reserve commentary, yield curve inversion, and concerns over a potential scale of depression in late 2020, must be overcome. Despite this overwhelmingly negative backdrop, massive fiscal and monetary policies are being adopted quickly to blunt this economic fallout that amounts to $6 trillion in the total stimulus.”
Hudson continues: “Facing the Covid-19 pandemic, the U.S. Congress rammed through the CARES Act”…“It is not a bailout but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders. The rentier class by converting as much of personal income as possible to the service of debt is an economic system that is dead in the water.—On the other hand, if the virus has run its course, or the threat was exaggerated, the existing stifling debt burden remains.”
Carlson: Michael Hudson is ever so right. The FED is in the process of issuing loans or grants to huge companies, including aircraft manufacturers and major oil companies, most of which will probably go on with what they have done in recent years, stock buybacks. Corporate executives are not dumb about money; they know when new money will result in growth, and when demand is being stifled, and unemployment is on the rise. Buying back stock is a fast way to increase profits, per share of course, not cash profits. Money spent in a weak market can not grow jobs. But stock buybacks pump up stocks for the benefit of the very executive who owns most of the capital!
Hudson introduced the World Bank involvement:
“So the United States, through the World Bank, has become I think the most dangerous, right-wing, evil organization in modern in history — more evil than the IMF. That’s why it’s almost always been run by a secretary of defense. It has always been explicitly military. It’s the hard fist of American imperialism. Its idea is that we’ll make Latin American, and African, and Asian countries export plantation crops, especially plantations that are foreign-owned. But the primary directive of the World Bank to countries is: “You must not feed yourself; you must not grow your grain or your food; you must depend on the United States for that.”
Hudson: Well, what makes China so threatening is that it’s following the exact, identical policies that made America rich in the 19th century. It’s a mixed economy. Its government is providing the basic infrastructure and subsidized prices to lower the cost of living and the cost of doing business so that its export industry can make money. And it’s subsidizing research and development, just like the United States did in the 19th century and early 20th century.
Carlson: Michael Hudson has explained to us why the President and his allies are on the attack against China. Efforts to discredit it over Coronavirus are the latest! Is this because China is a business threat to the U.S. oligarchs? Perhaps this is why our President has accused China of starting the Coved-19 epidemic. Substantive evidence has revealed that a Bio-Weapons Lab in North Carolina sold this very virus to China! And one theory is China spilled it. Is it possible the US infected China purposefully?
Hudson writes: “The World Bank has one primary aim, and that’s to make other countries dependent on American agriculture. This is built into its articles of agreement. It can only make foreign currency loans, so it will only make loans to countries for agricultural development, and roads if it is to promote exports.”
Hudson: “So the United States, through the World Bank, has become I think the most dangerous, right-wing, evil organization in modern in history — more evil than the IMF. That’s why it’s almost always been run by a secretary of defense. It has always been explicitly military. It’s the hard fist of American imperialism.”
Carlson: “Why, in spit of 6 Trillion in printing press subsidy, does USA face recession? Because our leaders have turned most of the world against us, significantly the two giants, Russia and China.
Complete Text of Michael Hudson interview as a guest of Max Blumenthal and Ken Norton.
As an aside, why would any country want our junk, especially our GMO-JUNK grain laced with Bayer-Monsanto glyphosate?
Last time i checked the same people who own the FED own the Chinese banks . China has slaughtered millions , will be used for fake israel’s conquest . Once they both not needed anymore there you have the “jews” “utopia”
During the 2008 Great Financial Crisis the foreign-owned Fed, without Congressional approval, quietly printed US$19 Trillions to bail out the bankrupt US banks and Wall street, owned by its cronies the Zio Globalist cabal which control’s America’s economy. They own all the Big Banks, Wall St, Big Oil, Big Pharma, Cosmetic/Fashion industry, Big Media, most of the Fortune 500 companies, the Military Industrial Complex, Hollywood, Las Vegas and Academia, while the six-pack Joe lives from paycheck to paycheck.
Today, the US National Debt is US$25 Trillion, due to trillions wasted in endless wars to benefit the Military Industrial Complex, controlled by the cabal.
Now the US$6 Trillion bail out for Wall St, the big banks and the military industrial complex and big oil is only the beginning. The secret printing of trillions of dollars is next. Then the bailout of the US shale oil industries is expected as the oil price has plummeted due to the Saudi/Russian price war and a lack of demand during the lockdowns worldwide. What is coming? The Cabal will start to destabilize oil producing countries in the Middle East like Qatar, UAE, Bahrain and Saudi Arabia to decrease oil production and raise the price of oil.
As an existential strategy the US needs to get rid of the foreign-owned Fed and drain the swamp infested by the cabal. Trump promised to do that and he was attacked by the cabal over the last three years.