Editor’s note: Economist Michael Hudson has become recognized across the Earth as one the most astute, accurate and insightful observers of world affairs. His most recent article titled “The Dollar Devours the Euro” confirms the correctness inherent in the popular wide acceptance of his consistently valuable – even required – serious observations on humanity’s greatest, ultimately good-or-bad historical developments….
By Michael Hudson and posted with the author’s permission
It is now clear that today’s escalation of the New Cold War was planned over a year ago, with serious strategy associated with America’s plan to block Nord Stream 2 as part of its aim of blocking Western Europe (“NATO”) from seeking prosperity by mutual trade and investment with China and Russia.
As President Biden and U.S. national-security reports announced, China was seen as the major enemy. Despite China’s helpful role in enabling corporate America to drive down labor’s wage rates by de-industrializing the U.S. economy in favor of Chinese industrialization, China’s growth was recognized as posing the Ultimate Terror: prosperity through socialism. Socialist industrialization always has been perceived to be the great enemy of therentiereconomy that has taken over most nations in the century since World War I ended, and especially since the 1980s. The…
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