On Michael Hudson’s web page this article is called The Honest Sector. On YouTube this is called Webinar with Michael Hudson: a 4000-year perspective on economy, money and debt.
So far, I have only watched 25 minutes of this. To demonstrate my nerdiness, i find this presentation to be fascinating. Luckily I will know what the future holds, but most people won’t watch this. I can invest like I am reading tomorrow’s newspapers today. I only post this here for bragging rights. In the future, I will refer to this post and say “See, I told you so.” Don’t spoil my fun by looking at this now.
April 29, 10:05 PM
I just realized that with the transcript on Michael Hudson’s web page, I can easily mine this for pithy quotes.
China says: we’re not in it for the money, we’re not developing this transport and belt and road infrastructure in order to make a profit. We’re developing it in order to create a region-wide prosperity, in which we can all share.
So, the conflict between the United States and with Europe is the tail in China. It isn’t a conflict about who’s going to make better iPhones. It’s a conflict to the death of economic systems. The United States and Europe cannot permit any country to survive that is not polarizing the economy.
It’s a conflict between an economic system that impoverishes the economy, which is the political aim of the European governments and the American governments, or an economy that is structured so as to help economies grow, which is Chinese pragmatic industrial economy.
We’re really talking about a conflict not among nations, but between what was industrial capitalism, which is evolving into socialism, or finance capitalism. The United States represents finance capitalism, and it imposed this on Europe as its satellite. As long as Europe lets itself become a satellite for finance capitalism, it’s going to end up being de-industrialized as the United States.