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  1. #1
    dangerous floater Winehole23's Avatar
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    This [book] explores the faults built into the core of the World Bank and the IMF at their inception. Forensic detail reveals how the world’s core economic functions were sculpted to preserve US financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic order has become apparent; the IMF and World Bank were set up to give aid to developing countries, but instead many of the world’s poorest countries have been plunged into insurmountable debt crises.

    The book became famous for detailing how the removal of the gold standard left the world’s central banks with only one alternative vehicle: to hold their international reserves in U.S. Treasury securities.

    The result was a self-financing circular flow of U.S. military spending and the investment takeover of foreign economies. The larger America’s balance-of-payments deficit grew, the more dollars ended up in the hands of central banks and sovereign wealth funds. Machiavelli could not have planned it better. By participating in this circular flow, nations in effect financed their own economic and military encirclement.

    Hudson’s critique of the destructive course of the international economic system provides important insights into the real motivations at the heart of these ins utions – and the increasing tide of opposition that they face around the world.

    Ann Pettifor:

    In this book Michael Hudson illuminates one of the most powerful forces in global economics – one which is hidden, and widely misunderstood. It is the use by the United States of a “money-pump” – an economic contraption which liberally pumps out money to finance extravagant US consumption and spending. This “money-pump” works at almost no cost to Americans, and at considerable cost to those who pour dollars into the “pump” – the rest of us. That is why this book is vital reading.

    This magisterial account of US imperialism is extraordinary in its range and immediacy. It was clearly written at a time when the events were still fresh in the memory of the author, and so has an authenticity missing in later accounts of the US’s decisive changes to the global economy.”
    Herman Kahn (1972):

    You’ve shown how the United States has run rings around Britain and every other empire-building nation in history. We’ve pulled off the greatest rip-off ever achieved.
    https://www.amazon.com/Imperialism-E...094/ref=sr_1_1

  2. #2
    notthewordsofonewhokneels Thread's Avatar
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    This [book]

    Well, if it's in a [book] then it's gotta be true.

  3. #3
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    Yeah...considering Brittan is responsible for entire continents being 3rd world holes for eternity, there's nothing we can do to top the British as the White Scourge of World History.

  4. #4
    notthewordsofonewhokneels Thread's Avatar
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    Yeah...considering Brittan is responsible for entire continents being 3rd world holes for eternity, there's nothing we can do to top the British as the White Scourge of World History.
    Well, if it's in a [book] then it's gotta be true.

  5. #5
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    A must read for every marxist

  6. #6
    dangerous floater Winehole23's Avatar
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    A must read for every marxist
    I think it’s a good read for anybody

  7. #7
    dangerous floater Winehole23's Avatar
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    In 1964, Hudson, who had just received his master's degree in economics, joined Chase Manhattan Bank's economics research department as a balance of payments specialist. His task was to identify the payment capacity of Argentina, Brazil, and Chile. Based on export earnings and other international payment data, Hudson had to determine the income the bank could derive from the debt that these countries had ac ulated. He recalled that, "I soon found that the Latin American countries I analyzed were fully 'loaned up'. There were no more hard currency inflows available to extract as interest on new loans or bond issues. In fact, there was capital flight." Among other tasks that Hudson performed at Chase Manhattan was an analysis of the balance of payments of the US oil industry and the tracking of "dirty" money that ended up in Swiss banks. According to Hudson, this work gave him invaluable experience in understanding how banks and the financial sector work as well as understanding how bank accounting and real life correlate. It was during the study of oil company revenue flows (the study was funded by Chase Manhattan and Socony Oil Company) that Hudson met with Alan Greenspan, (future Chairman of the Federal Reserve Board of Governors), who acted as a consultant to Socony Oil. Hudson recalled that Greenspan had already successfully lobbied for the interests of his clients in those years and in the framework of the research tried to provide rough estimates of the US market based on global trends: "Mr. Rockefeller, Chase President, told me to inform Mr. Greenspan that unless he could provide specifically US figures, and/or be forthright about his assumptions, we would have to leave his contribution out of the study."[citation needed].
    Hudson left his job at the bank to complete his doctoral dissertation. His thesis was devoted to US economic and technological thought in the 19th century. It was successfully defended in 1968 and in 1975 it was published under the le Economics and Technology in 19th Century American Thought: The Neglected American Economists.
    In 1968, Hudson joined the accounting firm Arthur Andersen, for whom he expanded his analysis of payment flows for all areas of US production. He discovered that the United States deficit was evident only in the military sphere: "My charts revealed that the U.S. payments deficit was entirely military in character throughout the 1960s. The private sector—foreign trade and investment—was exactly in balance, year after year, and "foreign aid" actually produced a dollar surplus (as it was required to do under U.S. law)." However, the accounting system used in the US after the war mixed the balance of individuals and state payments flow into a single balance which concealed the budget deficit. Hudson proposed dividing US balance of payments figures into governmental and private sectors.
    In 1968, Hudson published a 100 page brochure led A financial payments-flow analysis of U.S. international transactions, 1960-1968 in which he pointed out the flaws in the accounting system and the need to distinguish between state deficits and private payments. After the appearance of the brochure, Hudson was invited to speak to the graduate economics faculty of The New Schoolin 1969. As it happened, the New School needed someone to teach international trade and finance. Hudson was offered the job immediately after his lecture. According to Hudson, he was surprised to find that the university program virtually ignored the issues of debt, financial flows, money laundering and the like. The emphasis that Hudson placed on these subjects in his lectures aroused criticism from Economics Department Chairman Robert Heilbroner, who noted that his faculty did not focus on these issues.
    Independent analyst[edit]

    In 1972, Hudson published his first major book, Super Imperialism. In it, he showed how Nixon's abandonment of the gold standardcreated a situation wherein United States Department of the Treasury bonds became the sole basis for global reserves. It left foreign governments with no choice but to finance the US budget deficit and hence its military expenditures. After publication of the book, Hudson left the ins ute and moved to the Hudson Ins ute headed by Herman Kahn. In 1979, he became an advisor to the United Nations Ins ute for Training and Research (UNITAR). He wrote reports for the Canadian Ministry of Defense and also acted as a consultant to the Canadian government. His second big book, led Global Fracture: The New International Economic Order was published in 1977. In it, Hudson argued that the military superiority of the United States led to the division of the world along financial lines.

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