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Source: Foreign Ministry of the People’s Republic of China
The European Union and China have agreed “in principle” to a deal on investment after seven long years of negotiation, pointedly ignoring the concerns of the incoming Biden administration. The economic consequences of the so-called Comprehensive Agreement on Investment (CAI) remain unclear, but the political signals are telling: the EU is following an essentially German... Read More
Ross Welcome to Renegade Inc. However you look at it, 2020 was a train wreck. So as we look forward to 2021, we wanted to get political and economic insight from two friends of the show. Chris Williamson and Michael Hudson share their views on what we can look out for in the new year.... Read More
It’s one of those quintessential journeys that make people dream: Istanbul-Tehran-Islamabad by train. Let’s call it ITI. Soon, in early 2021, ITI will become a reality. But, initially, just as a freight train. The deal was recently sealed at the 10th meeting of the transport and communication ministers of ECO (Economic Cooperation Organization) in Istanbul.... Read More
You’ve Come a Long Way, Baby
2021, the centennial of Mao’s founding of the Communist Party, was long planned to be a breakout year. When the Party took power in 1949, China was the poorest country on earth, which makes these achievements the more remarkable: GDP will expand by 10%. Western experts predict 8% and, since their predictions are always low,... Read More
Allied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis. TRANSCRIPT LYNN FRIES: Hello and welcome. I’m Lynn Fries producer of Global Political Economy or GPEnewsdocs. I... Read More
A video of a confrontation between Ventura County, California health officials and restaurant owner Anton Van Happen has gone viral. The health officials were ordering Mr. Van Happen to close his business because he allegedly violated California’s ban on outdoor dining. Mr. Van Happen asked the health officials if the government will pay his employees... Read More
A Conversation with Michael Hudson and Pepe Escobar
Alanna: So, let’s formally start. Once we start to record Ibrahim is going to introduce the Henry George school and welcome everybody then I’m going to introduce from the bios; Michael and Pepe and then Michael will start with rent and rent seeking those who have comments or questions could put that in chat and... Read More
There is no sign of one in the traditional meaning of leftwing. In former times, the left stood for the working class. Leftist literature was about class antagonisms. The left attacked the capitalists. Today the left is funded by them. The words–reform, justice, progressive–all meant different things in the 20th century than they mean today.... Read More
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Seven years after being launched by President Xi Jinping, first in Astana and then in Jakarta, the New Silk Roads, or Belt and Road Initiative (BRI) increasingly drive the American plutocratic oligarchy completely nuts. The relentless paranoia about the Chinese “threat” has much to do with the exit ramp offered by Beijing to a Global... Read More
As my article this morning on this 79th anniversary of the Japanese attack on Pearl Harbor illustrates ( ), governments use deception to bring people in agreement with the agendas of those who control government. The cost of such deceptions usually exceed the benefits. Ruinous wars result, and the unity required to cement a country... Read More
Some Federal Reserve officials are calling for tougher banking regulations in order to prevent the Fed’s low interest rate policy from leading investors to take “excessive” risks that will create asset bubbles. The Fed is understandably worried that these bubbles will burst leading to another market meltdown. However, the boom-and-bust cycle will not end because... Read More
Steve Keen and Michael Hudson have both been arguing for a debt jubilee for some time. Now, as COVID-19 hits the poorest hardest, and leaves those with money better off than before, is this the right time to write off debt? Can the economy recover without it? After all, its stagnated since the 2008 global... Read More
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It’s only a lump. It will probably go away.
In a sort of distributed Ouija board enterprise, intellectuals these days predict the likely evolution of relations between China and America. These authorities do not wallow in consistency. China will take over the world. Alternatively, China will collapse because of a surfeit of men, because the different linguistic regions will become independent, because their debt... Read More
The Jewish controlled Comcast monopoly is planning to expand its data cap policy into all of its markets by 2021. The meter plans will start charging customers after 1.2 TB. The increase in telework and online schooling during the ongoing COVID lockdowns could rake in serious pandemic profits to help subsidize the company's losses in... Read More
Viewing the virtual-reality film “Collisions” at a session of the World Economic Forum in Davos, Switzerland, January 2016. (World Economic Forum, Flickr, CC BY-NC-SA 2.0)
In their World Economic Forum treatise Covid-19: The Great Reset, economists Klaus Schwab and Thierry Malleret bring us...
By titling their recently published World Economic Forum treatise Covid-19: The Great Reset, the authors link the pandemic to their futuristic proposals in ways bound to be met with a chorus of “Aha!”s. In the current atmosphere of confusion and distrust, the glee with which economists Klaus Schwab and Thierry Malleret greet the pandemic as... Read More
blompfnj
The dialectic of Republicans and Democrats is a battle between High Fructose Corn Syrup and Soy. The right puts corn syrup in all our kids' food, which causes obesity and shaves IQ points. The left wants soy, which feminizes men and makes them gay. For both sides, gaslit by devious exploiters, the real systematic problems... Read More
Four geoeconomic summits compressed in one week tell the story of where we stand in these supremely dystopian times. The (virtual) signing of RCEP in Vietnam was followed by the equally virtual BRICS meeting hosted by Moscow, the APEC meeting hosted by Malaysia, and the G20 this past weekend hosted by Saudi Arabia. Cynics have... Read More
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Ho Chi Minh, in his eternal abode, will be savoring it with a heavenly smirk. Vietnam was the - virtual - host as the 10 Asean nations, plus China, Japan, South Korea, Australia and New Zealand, signed the Regional Comprehensive Economic Partnership, or RCEP, on the final day of the 37th Asean Summit. RCEP, eight... Read More
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The racial wealth gap has become a heated issue as part of the ongoing woke crusade, but rather than the economic elite, it is average, workaday White Americans who are the scapegoat. White millennials in particular—ironically given their role as some of the most vocal carriers of the woke torch—will be the primary bearers of... Read More
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“What’s going to happen now?” I was asked earlier today. “Nothing and everything,” I replied. Immigration, largely unchallenged and unscathed (excepting the incidental impact of COVID-19 on population movement) from four years of Trumpism, will now continue to accelerate unabated. Zionism will continue to enjoy the expansion of American institutional and military support, this time... Read More
Analysts are still grappling with the fallout from the US election. Trumpism proved a far more enduring and alluring phenomenon than most media pundits expected. Defying predictions, Trump improved his share of the overall vote compared to his 2016 win, and he surprised even his own team by increasing his share of minority voters and... Read More
Few wars of recent history have been generated by politics or territorial ambitions. Almost all wars launched by the West in the earth's modern history, including the US Civil War and both World Wars, have been bankers' wars, incited, instigated and financed by the financial powers of Europe. Anatole France, the Nobel Prize-winning French novelist,... Read More
I provided in earlier articles some evidence of the fundamental criminality of American corporations, with only a brief introduction to the criminality of the US government and of Bernays' 'invisible people' who control it from behind the scenes. This latter subject is too large to be adequately dealt with here, but later articles in this... Read More
Trump’s economic policies have not addressed the fundamental forces that have gutted industrial jobs under the administrations of both parties, says economist Michael Hudson ontheAnalysis.news podcast with Paul Jay. Transcript TRANSCRIPT Edited for Clarity Paul Jay: Hi, I’m Paul Jay and welcome to theAnalysis.news podcast. Please don’t forget, at the top of the webpage, and... Read More
The Central Bank of Iran (CBI) announced Thursday that it would be utilizing legally mined cryptocurrency to pay for imports. Bitcoin, which political dissidents in the United States and beyond have been using after being locked out of banking services, will be mined by Iranians with subsidized electricity from three of the nation's power plants.... Read More
It is a strange thing that the foundation of P&G’s success as a consumer goods company began with a man who specialised in the intense (and fraudulent) manipulation of the public mind. To appreciate the full flavor of this, you might care to read the details in ‘The Anger Campaign Against China’. [1] Edward Bernays... Read More
Here is a word that risks deterring you from reading on much further, even though it may hold the key to understanding why we are in such a terrible political, economic and social mess. That word is “externalities”. It sounds like a piece of economic jargon. It is a piece of economic jargon. But it... Read More
Just as with the quality of US education, most of what you are told about the superiority of the American medical system is just false propaganda and brand marketing. The US spends more than twice as much as any other Western nation on a health care system widely considered to be the most dysfunctional in... Read More
In fiscal year 2020, which ended on Sept. 30, the U.S. government set some impressive new records. The deficit came in at $3.1 trillion, twice the previous record of $1.4 trillion in 2009, which was set during the Great Recession, and three times the 2019 deficit of about $1 trillion. Federal spending hit $6.5 trillion,... Read More
Nestlé is one of the four most-boycotted companies in the world, having been subjected to the longest-running worldwide boycott in history, now nearing 50 years. Let's see why. The production and sale of baby milk powder is one of the largest, probably the most profitable, and unquestionably the most criminal, industries in the world today,... Read More
House Financial Services Chair Maxine Waters and Senator Elizabeth Warren have introduced the Federal Reserve Racial and Economic Equity Act. This legislation directs the Federal Reserve to eliminate racial disparities in income, employment, wealth, and access to credit. Eliminating racial disparities in access to credit is code for forcing banks and other financial institutions to... Read More
In my prior articles ‘Private Enterprise and the National Good’ and ‘A further look at Privatisation’, I painted only a small part of the total picture of "privatisation" as it really is, part of a concerted long-term plan to control the world's infrastructure, land, water and food supplies, and to effectively replace nation-states with a... Read More
In 2014, due to repeated complaints and alarming suspicions, Chinese authorities undertook an enormous wide-ranging anti-monopoly investigation of the country's auto industry that involved more than 1,000 Chinese and foreign companies including automakers, dealers and suppliers, many of whom were suspected of collusion in price-fixing, price-gouging, other anti-competitive behavior, as well as fraudulent sales, service... Read More
Privatisation is generally considered to mean the selling off to privately-owned companies the basic publicly-owned physical and social infrastructure of a country, including things like airports, railways, electricity generation, ports and so on, and also including the takeover of health care and educational systems by private for-profit firms. But in the dictionary of the Americans... Read More
It needs to be said that there are greater values in life than economic efficiency and unregulated capitalism. Many things we do are decided not by economics but by our social and personal values, and are done for human reasons unrelated to economics or profit. If our activities were restricted to economics we would never... Read More
Ga’er Monastery in the Sanjangyuan Region, Tibet. Photo by Kyle Obermann.
Though more numerous today than ever, the Chinese thrive on land that they have tilled for five thousand years, land that hosts ten percent of world’s plant species and fourteen percent of its wild animals, thanks to their assumption that, since man and Mother Nature are mutually dependent, man must care for his Mother. The... Read More
Playing the Word Game In early 2014 the Shanghai Daily carried an article by Cherry Cao titled "Pudong office rents outperform Puxi’s in Q4". Its content is instructive. First, what are rising prices? Inflation. Is that good? Not usually. We certainly don't like to see rising home prices, we don't enjoy paying more for the... Read More
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Michael Hudson [intro/music] (00:02): The money that you pay for debt service to a bank isn’t spent back into the economy. The bank bond holders are basically the 1% of the economy. They’re rich enough that they’re not going to take all this extra money they get to buy more goods and services. They’ll buy... Read More
Groucho Marx in the movie Horse Feathers, 1932.
A collection of quacks and shrewd self-promoters sold millions of Americans on exotic theories of financial ease. Instead of a promised land of sustained prosperity, we’re left with an enormous mess to clean up (at best) and probably a full economic meltdown on the horizon. For starters, we might want to try looking for better... Read More
Extreme financialisation is a serious structural defect in the US economy, and which is unsustainable in the long run. As Richard Eskow noted in a Huffington Post article, In a report in 2013, the Chinese global credit rating agency DaGong made the following observation: This compares to published figures of about $13 trillion for the... Read More
One of the major trends affecting society during the 1970's and 1980's was the reversal of position of (largest) manufacturers, (middle-sized) wholesalers and (smallest) retailers. Market power and influence corresponded with size. The manufacturer of a product appointed a few wholesalers to handle its lines, and obedience to price and marketing practice was obtained by... Read More
The area of IP protection is one that deserves more international attention by voices other than American ones. American belligerence on the subject notwithstanding, IP and patents are neither a religious nor a moral issue, but are inherently a cultural matter that should never have been permitted to become so embroiled in legalism. China's pluralism... Read More
One category contained in the flood of US anti-China propaganda is the current emphasis on how China must 'rebalance' its economy to imitate that of the US, most particularly in the area of increased consumer demand. The Americans offer an unending stream of negative commentary informing us that China's program of capital investment in infrastructure,... Read More
Economic textbook theory tells us competition will provide increased social benefits, but is pitifully thin on evidence to justify the claim. The one place where competition might have social value is in the case of a monopoly, where the dominant firm abuses its position to charge inflated prices and offer poor service, which is why... Read More
In the past 8 years in China, there have been about 170 auto recalls by joint venture manufacturers and foreign brands, with Mercedes, Toyota, Honda and Nissan doing most of the recalls. Out of about 9 million recalled cars, more than 7 million were Japanese; roughly one million were American and about one million European.... Read More
In joining the WTO, China made substantial commitments to relax the restrictions on foreign investment, on ownership of assets and the transfer of technology. Coupled with increasingly open capital markets, these acquisitions created convenient conditions for the expansion of foreign control of many economic sectors, with takeovers increasing almost exponentially, led by US and European... Read More
The Western media inform us on a regular basis about cheap products sent to the world from China, and about the substandard and even dangerous content of some of them. Lead in paint, melamine in dog food, chemicals in drywall, glycol in toothpaste. We can be forgiven for thinking this is a one-way street, but... Read More
Let's begin with a description of the practices of American food companies in the US, important to Chinese readers since these practices have already been exported to China and exist here. I'll focus here only on meat production, the chickens and hamburgers you buy at KFC and McDonald's. The Johns Hopkins Center and the Arizona... Read More
Confucius taught that wisdom must come before knowledge, the reason for which is not difficult to fathom. When we impart knowledge, we give people tools - and the power to use them, and we all know that many tools, improperly used, can cause harm. The tools of knowledge imparted in most of the prominent MBA... Read More
It is a matter of urban legend in the West that China has no international brands. With brand warfare being the current rage, so many articles in so many Western media take apparent pleasure in mocking and denigrating China for the apparent inability of Chinese companies to either produce a brand attractive to Westerners or... Read More
Category Classics
The sources of America’s immigration problems—and a possible solution
Which superpower is more threatened by its “extractive elites”?
How a Young Syndicate Lawyer from Chicago Earned a Fortune Looting the Property of the Japanese-Americans, then Lived...