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And the function of technology for the United States is to make other countries obliged to pay anything that the the large information technology and high tech companies can charge. So all of a sudden, the Baltic countries couldn’t export cheese or other things to Russia. What Russia did was say this is the most wonderful thing that has happened. Now we can develop our own agriculture. Karl Kautsky, " Imperialism and the War," trans. William E. Bohn, International Socialist Review [Chicago,IL: 1900] 15 (1914).
Michael Hudson – Changes in Super Imperialism | MR Online Michael Hudson – Changes in Super Imperialism | MR Online
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. 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. That was the the genius of Reaganomics, to make other countries bear the costs of the American tax cuts. When the United States spent money in Vietnam, or when it spends it now in the Near East or the 800 military bases it has, these dollars go into the domestic economy. And when you’re in Japan and Korea, what do you do? You turn these dollars, you make an export, you get the spending–you turn it in for domestic currency to your central bank.MAX BLUMENTHAL: Ben, maybe we can put Professor Hudson’s book on screen now and tell everyone where they can find it, the new edition. BEN NORTON: And then there’s one final question here, Professor Hudson: Are you thinking of doing an audiobook version? And it really reflects this idea you’re talking about of this neoliberal mentality that, we can just get everything we want right here in the market in the short term.
Super-imperialism - Wikipedia
The second edition was published in 2002 or 2003, at the beginning of the so-called War on Terror. And I think it’s pretty appropriate, Professor Hudson, we can begin with this–I think it’s pretty appropriate that your first edition of Super Imperialism was published after Richard Nixon took the dollar off of gold in the early 1970s. So it asked England to commit economic suicide, and England said, well, we don’t have a choice, otherwise we’re going to starve. And it threw its lot in with the United States, hoping the United States would protect it. So then what I said was that all this deficit coming from the military spending abroad is going to be recycled to the United States by central banks who have to recycle their money into dollars, otherwise their currencies are going to go way up, and that will price their exports out of the market, and it’ll make their economies basically overvalued.
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. Yves here. Congrats to Michael Hudson for reissuing Super Imperialism. How many writers have books that have withstood the test of time?
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