Russia leaves neoliberal West to join World Majority

YouTube has the video Russia leaves neoliberal West to join World Majority.

Economists Radhika Desai and Michael Hudson discuss Russia’s economic transition away from the neoliberal West and integration with what it calls the “World Majority” in the Global South.

On Michael Hudson’s web site the article (with transcript) goes by the title Sitting on the Shoulders of Global Fracture

Dandelion Salad has the transcript and video in their article Michael Hudson and Radhika Desai: Russia Leaves Neoliberal West To Join World Majority.

This video is the seventh episode in the series Geopolitical Economy Hour.

Somewhere along my viewing, I was thinking that the inflation of the USA dollar ought to make it easier for countries to pay off the dollar denominated debt. As I was going to explain this to Sharon, I realized that USA dollar inflation was having the opposite impact on these indebted nations. I came to realize what was going on.

Our inflation of the dollar should make it easier for countries to pay their dollar denominated debt if these countries didn’t try to out inflate their currencies relative to ours. They do their inflation because they do not want to have foreign trade deficits with the USA. If they could sell more to Russia, China, India, Brazil and the global south, they wouldn’t have to worry about trade with the USA.

I think the implication is that debtor nations who owe a debt to the USA should redirect their trade away from the USA, and let our dollar inflation lower the value of their dollar denominated debt to an infinitesimal value in terms of their own currency. This is what happened to my college debt, such as it was. I accumulated that debt in the early 1960s. As the dollar inflated after the 1960s, my salary kept up with inflation, but my student debt stayed constant (except for the fact that I was paying it off). Paying off that debt became a smaller and smaller part of my inflating budget.

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