Tag Archives: Global South

Will the Global South break free from dollarized debt?By Pepe Escobar

If the South can break free, it’s a whole new world. From Pepe Escobar at thesaker.is:

n his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent.

By Pepe Escobar, posted with the author’s permission and cross-posted with The Cradle

Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers. Photo Credit: The Cradle

With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.

Let’s jump straight into the fray. Hudson begins with an analysis of the “take the money and run” ethos, complete with de-industrialization, as 90 percent of US corporate revenue is “used to share buybacks and dividend payouts to support company stock prices.”

That represents the apex of “Finance Capitalism’s” political strategy: to “capture the public sector and shift monetary and banking power” to Wall Street, the City of London and other western financial centers.

The whole Global South will easily recognize the imperial modus operandi: “The strategy of US military and financial imperialism is to install client oligarchies and dictatorships, and arm-twist allies to join the fight against designated adversaries by subsidizing not only the empire’s costs of war-making (“defense”) but even the imperial nation’s domestic spending programs.” This is the antithesis of the multipolar world advocated by Russia and China.

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On Ukraine, the World Majority Sides with Russia Over U.S., by John V. Walsh

Most of the world has grown disgusted by the pointless war and regime-change antics of the U.S. government. From John V. Walsh at unz.com:

Russia pivots to the dynamic East and fast developing Global South

2014 saw two pivotal events that led to the current conflict in Ukraine.

The first, familiar to all, was the coup in Ukraine in which a democratically elected government was overthrown at the direction of the United States and with the assistance of neo-Nazi elements which Ukraine has long harbored.

Shortly thereafter the first shots in the present war were fired on the Russian-sympathetic Donbass region by the newly installed Ukrainian government. The shelling of the Donbass which claimed 14,000 lives has continued for 8 years, despite attempts at a cease-fire under the Minsk accords which Russia, France and Germany agreed upon but Ukraine backed by the US refused to implement. On February 24, 2022, Russia finally responded to the slaughter in Donbass and the threat of NATO on its doorstep.

Russia Turns to the East – China Provides an Alternative Economic Powerhouse.

The second pivotal event of 2014 was less noticed and in fact rarely mentioned in the Western mainstream media. In November of that year according to the IMF, China’s GDP surpassed that of the U.S. in purchasing power parity terms (PPP GDP). (This measure of GDP is calculated and published by the IMF, World Bank and even the CIA. Students of international relations like economics Nobel Laureate, Joseph Stiglitz, Graham Allison and many others consider this metric the best measure of a nation’s comparative economic power.) One person who took note and who often mentions China’s standing in the PPP-GDP ranking is none other than Russia’s President Vladimir Putin.

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