Die Folgen des Übergangs vom Industrie zum Finanzkapitalismus

Die Folgen des Übergangs vom Industrie- zum Finanzkapitalismus

7. Januar 2021

Michael HUDSON und Pepe ESCOBAR haben letzten Monat an der Henry George School of Social Science einen harten Blick auf Miete und Rent-Seeking geworfen.

Das Nobelkaufhaus Saks Fifth Avenue hat vor einer Black-Lives-Matter-Demonstration in New York private Sicherheitskräfte, Zäune und Stacheldraht aufgestellt, 7. Juni. 2020. (Anthony Quintano, CC BY 2.0, Wikimedia Commons)

Michael Hudson: Nun, ich fühle mich geehrt, hier in der gleichen Show mit Pepe zu sein und über unser gemeinsames Anliegen zu sprechen. Und ich denke, man muss das ganze Thema so einrahmen, dass China auf dem Vormarsch ist und der Westen das Ende der ganzen 75-jährigen Expansion erreicht hat, die er seit 1945 hatte.

Es gab also die Illusion, dass Amerika wegen der Konkurrenz aus China de-industrialisiert wird. Und die Realität ist, dass es keine Möglichkeit gibt, dass Amerika reindustrialisiert und seine Exportmärkte zurückgewinnt, mit der Art und Weise, wie es heute organisiert, finanziert und privatisiert ist, und wenn es China nicht gäbe. Der „Rust Belt“ würde immer noch vor sich hin rosten. Die amerikanische Industrie wäre immer noch nicht in der Lage, im Ausland zu konkurrieren, einfach weil die Kostenstruktur in den Vereinigten Staaten so hoch ist.

Michael Hudson. (Wikimedia Commons)

Der Wohlstand wird hier nicht mehr durch Industrialisierung gemacht. Er wird finanziell erwirtschaftet, hauptsächlich durch Kapitalgewinne. Steigende Preise für Immobilien oder für Aktien und für Anleihen.  In den letzten neun Monaten, seit das Coronavirus hierher kam, wuchs das oberste 1 Prozent der US-Wirtschaft um 1 Billion Dollar. Es war ein Glücksfall für das eine Prozent. Der Aktienmarkt ist weit oben, der Anleihenmarkt ist oben, der Immobilienmarkt ist oben, während der Rest der Wirtschaft nach unten geht. Trotz der Zölle, die Trump auf chinesische Importe erhoben hat, steigt der Handel mit China, weil wir einfach keine Materialien produzieren.

Amerika stellt seine Schuhe nicht selbst her. Es stellt keine Schrauben und Muttern oder Verbindungselemente her, es stellt keine industriellen Dinge mehr her, denn wenn man mit einem Industrieunternehmen Geld verdienen will, dann kauft man das Unternehmen und verkauft es, nicht um Kredite zu vergeben, um die Produktion des Unternehmens zu steigern. New York City, wo ich lebe, war früher eine Industriestadt, und die Industriegebäude, die Handelsgebäude wurden alle zu hochpreisigen Immobilien gentrifiziert, und das Ergebnis ist, dass die Amerikaner so viel Geld für Bildung, Miete, medizinische Versorgung zahlen müssen, dass sie, selbst wenn sie alle ihre physischen Bedürfnisse, ihre Nahrung, ihre Kleidung, alle Waren und Dienstleistungen umsonst bekämen, immer noch nicht mit ausländischen Arbeitskräften konkurrieren könnten, wegen all der Kosten, die sie zahlen müssen, die man im Wesentlichen als Mietwucher bezeichnet. (…)

Michael Hudson ist ein amerikanischer Professor für Wirtschaftswissenschaften an der Universität von Missouri Kansas City und ein Forscher am Levy Economics Institute am Bard College. Er ist ein ehemaliger Wall-Street-Analyst, politischer Berater, Kommentator und Journalist. Er bezeichnet sich selbst als einen klassischen Ökonomen. Michael ist der Autor von J is for Junk Economics, Killing the Host, The Bubble and Beyond, Super Imperialism: The Economic Strategy of American Empire, Trade Development and Foreign Debt und The Myth of Aid, um nur einige zu nennen. Seine Bücher wurden ins Japanische, Chinesische, Deutsche, Spanische und Russische übersetzt veröffentlicht.

Pepe Escobar, geboren in Brasilien, ist Korrespondent und Chefredakteur der Asia Times und Kolumnist für Consortium News und Strategic Culture in Moskau. Seit Mitte der 1980er Jahre hat er als Auslandskorrespondent in London, Paris, Mailand, Los Angeles, Singapur und Bangkok gelebt und gearbeitet. Er hat ausgiebig über Pakistan, Afghanistan, Zentralasien bis hin zu China, Iran, Irak und den weiteren Nahen Osten berichtet. Pepe ist der Autor von Globalistan – Wie sich die globalisierte Welt in einen flüssigen Krieg auflöst; Red Zone Blues: A Snapshot of Baghdad during the Surge. Er war mitwirkender Redakteur bei The Empire and The Crescent und Tutto in Vendita in Italien,. Seine letzten beiden Bücher sind Empire of Chaos und 2030. Pepe ist auch mit der in Paris ansässigen European Academy of Geopolitics verbunden. Wenn er nicht auf Reisen ist, lebt er zwischen Paris und Bangkok.

The Consequences of Moving from Industrial to Financial Capitalism

The Consequences of Moving from Industrial to Financial Capitalism

January 7, 2021

Michael Hudson and Pepe Escobar last month took a hard look at rent and rent-seeking at the Henry George School of Social Science.

High-ended retailer Saks Fifth Avenue added private security, fencing and barbed wire ahead of a Black Lives Matter protest in New York, June 7. 2020. (Anthony Quintano, CC BY 2.0, Wikimedia Commons)

Michael Hudson: Well, I’m honored to be here on the same show with Pepe and discuss our mutual concern. And I think you have to frame the whole issue that China is thriving, and the West has reached the end of the whole 75-year expansion it had since 1945.

So, there was an illusion that America is de-industrializing because of competition from China. And the reality is there is no way that America can re-industrialize and regain its export markets with the way that it’s organized today, financialized and privatized and if China didn’t exist. You’d still have the Rust Belt rusting out. You’d still have American industry not being able to compete abroad simply because the cost structure is so high in the United States. (…)

China und Russland wollen Handel in US-Dollar und Euro durch einheimische Währungen ersetzen

RT 31.10.2020

Die von Russland angeführte Eurasische Wirtschaftsunion und China arbeiten weiter daran, den Anteil von Fremdwährungen im gegenseitigen Handel zu verringern. Hohe Beamte betonen jedoch, dass der Schritt nicht aus politischen, sondern Sicherheitsgründen realisiert wird.

Quelle: China und Russland wollen Handel in US-Dollar und Euro durch einheimische Währungen ersetzen

Michael KRIEGER Our Currency, Your Problem

04.11.2019

zerohedge.com

Our Currency, Your Problem

„Unsere Währung, dein Problem!“

Verfasst von Michael Krieger über den Liberty Blitzkrieg Blog

Der Blog von GoldCore

8-10 Minuten

https://www.zerohedge.com/geopolitical/our-currency-your-problem

“Major movers” such as China, Russia and the European Union have a strong “motivation to de-dollarize,” said Korin, co-director at the energy and security think tank, on Wednesday. “We don’t know what’s going to come next, but what we do know is that the current situation is unsustainable.“ –  Anne Korin, Institute for the Analysis of Global Security. Irrespective…

Quelle: Our Currency, Your Problem

Full text: Our Currency, Your Problem! | Zero Hedge 20191104

Auf Deutsch:KRIEGER Unsere Währung, dein Problem 20191104

Lula Admits, BRICS Was Created As A Tool Of Attack Against The US Dollar

Tyler Durden Sat, 08/31/2019

Authored by Pepe Escobar via The Asia Times,

In a wide-ranging, two-hour-plus, exclusive interview from a prison room in Curitiba in southern Brazil, former Brazilian president Luis Inacio Lula da Silva re-emerged for the first time, after more than 500 days in jail, and sent a clear message to the world.

Amid the 24/7 media frenzy of scripted sound bites and “fake news”, it’s virtually impossible to find a present or former head of state anywhere, in a conversation with journalists, willing to speak deep from his soul, to comment on all current political developments and relish telling stories about the corridors of power. And all that while still in prison.

The first part of this mini-series focused on the Amazon. Here, we will focus on Brazil’s relationship with BRICS and Beijing. BRICS is the grouping of major emerging economies – Brazil, Russia, India and China – that formed in 2006 and then included South Africa in their annual meetings from 2010. (…)

Pepe Escobar on his interview with Lula:

 

Entdollarisierung: China und Russland wollen mehr Handel in Rubel und Yuan abwickeln

Moskau und Peking haben ein Abkommen unterzeichnet, um im bilateralen Handel weiter auf nationale Währungen umzustellen und die Abrechnungen in Yuan und Rubel um bis zu 50 Prozent zu erhöhen. Damit verstärken sie ihre Bemühungen um eine Abkehr vom US-Dollar.

Quelle: Entdollarisierung: China und Russland wollen mehr Handel in Rubel und Yuan abwickeln

Das Eigentor

14. März 2019

Wichtige wirtschaftliche Hintergründe des Venezuela-Konflikts in einem Interview von The Saker mit dem Ökonomen Michael Hudson:

Die USA erleiden durch ihre Sanktionen und den Umsturzversuch in Venezuela selbst erheblichen Schaden — immer mehr Länder wenden sich vom dollarzentrierten System ab und suchen nach Alternativen. Michael Hudson beschreibt in einem Interview mit The Saker Möglichkeiten und Wege, sich aus dem Klammer-, Zwangs- und Erpressungsgriff der USA zu lösen und sich neuen Wirtschaftssystemen und -ordnungen zuzuwenden.

Quelle: Das Eigentor

Anmerkung der RUBIKON Redaktion:

The Saker ist das Pseudonym eines Bloggers und vielsprachigen Analysten, der sich vor allem mit dem Nahen Osten und Russland auseinandersetzt und unter http://thesaker.is/ schreibt.

Redaktionelle Anmerkung: Dieser Text erschien zuerst unter dem Titel „Saker interview with Michael Hudson on Venezuela, February 7, 2019“. Er wurde von Gabriele Herb aus dem ehrenamtlichen Rubikon-Übersetzungsteam übersetzt und vom ehrenamtlichen Rubikon-Korrektoratsteam lektoriert.

 

 

The ‘War Party’ Wins the Midterm Elections, Accelerating the Transition to a Multipolar World Order – Federico PIERACCINI | 10.11.2018

Federico PIERACCINI: The outcome of the American midterm elections gives us an even more divided country, confirming that the United States is in the midst of a deep crisis within its establishment.

Quelle: The ‘War Party’ Wins the Midterm Elections, Accelerating the Transition to a Multipolar World Order

Shaun BRADLEY: The End Of The (Petro)Dollar: What The Fed Doesn’t Want You To Know; antimedia/zerohedge 27.06.2017

Below Shaun BRADLEY surveys the increasingly loss of the Petro-Dollar’s importance and indicates, that the (US-backed) attacks on Qatar are motivated among other reasons by the country’s cautious shift away from the US currency …

Greets,
Martin Zeis

27.06.2017 — www.zerohedge.com/news/2017-06-27/end-petrodollar-what-fed-doesnt-want-you-know

The End Of The (Petro)Dollar: What The Fed Doesn’t Want You To Know

Authored by Shaun Bradley via TheAntiMedia.org

The United States’ ability to maintain its influence over the rest of the world has been slowly diminishing. Since the petrodollar was established in 1971, U.S. currency has monopolized international trade through oil deals with the Organization of the Petroleum Exporting Countries (OPEC) and continuous military interventions. There is, however, growing opposition to the American standard, and it gained more support recently when several Gulf states suddenly blockaded Qatar, which they accused of funding terrorism.

Despite the mainstream narrative, there are several other reasons why Qatar is in the crosshairs. Over the past two years, it conducted over $86 billion worth of transactions in Chinese yuan and has signed other agreements with China that encourage further economic cooperation. Qatar also shares the world’s largest natural gas field with Iran, giving the two countries significant regional influence to expand their own trade deals.

Meanwhile, uncontrollable debt and political divisions in the United States are clear signs of vulnerability. The Chinese and Russians proactively set up alternative financial systems for countries looking to distance themselves from the Federal Reserve. After the IMF accepted the yuan into its basket of reserve currencies in October of last year, investors and economists finally started to pay attention. The economic power held by the Federal Reserve has been key in financing the American empire, but geopolitical changes are happening fast. The United States’ reputation has been tarnished by decades of undeclared wars, mass surveillance, and catastrophic foreign policy.

One of America’s best remaining assets is its military strength, but it’s useless without a strong economy to fund it. Rival coalitions like the BRICS nations aren’t challenging the established order head on and are instead opting to undermine its financial support. Qatar is just the latest country to take steps to bypass the U.S. dollar. Russia made headlines in 2016 when they started accepting payments in yuan and took over as China’s largest oil partner, stealing a huge market share from Saudi Arabia in the process. Iran also dropped the dollar earlier this year in response to President Trump’s travel ban. As the tide continues to turn against the petrodollar, eventually even our allies will start to question what best serves their own interests.

Many E.U. member states are clashing with the unelected leadership in Brussels over immigration, terrorism, and austerity measures. If no solutions are found and things deteriorate, other countries could potentially follow the U.K.’s lead and vote to leave, as well. It is starting to become obvious that countries in Eastern Europe will look to the East to get the resources their economies need.

China, Russia, and India are all ahead of the curve and started stockpiling gold years ago. They recognize that hard assets will be the measure of true wealth in the near future — not fiat money. The historic hyperinflation that has occurred in these countries solidified the importance of precious metals in their monetary systems. Unfortunately, most Americans are ignorant of the past and will likely embrace more government bailouts and money printing when faced with the next recession. Even Fed officials have admitted that more quantitative easing is likely the only path going forward.

Several renowned investors have warned about this ongoing shift of economic power from West to East, but bureaucrats and central bankers refuse to admit how serious things could get. The impact on the average person could be devastating if they are not properly educated and prepared for the fallout. (…)

F. W. ENGDAHL: Eastern Europe Tilts to OBOR and Eurasia

Elke Schenk

globalcrisis/globalchange NEWS

http://www.williamengdahl.com/englishNEO27May2017.php

Eastern Europe Tilts to OBOR and Eurasia
By F. William Engdahl
27 May 2017

Small but geopolitically important steps were taken by key members of the European Union from the EU’s Eastern periphery. While largely ignored in Western mainstream media and in Brussels, they could well portend a longer-term alternative economic space to the failing construct known misleadingly today as the European Union with its bankrupt Eurozone single currency and European Central Bank. I refer to the talks recently in Beijing at the major Belt and Road Forum, between leaders of 29 nations and China’s President Xi Jinping with the Prime Ministers of Hungary, Greece, Italy, Spain as well as the President of the Czech Republic and the President-elect of the Republic of Serbia .

The significance of the attendance of these specific European countries is underscored by the conspicuous absence of the leaders of Germany, France (maybe excusable due to presidential elections), and the remaining EU member countries, as well as the absence of the President of the EU Commission.

The list of Beijing attendees confirms that a tectonic fault line is developing across Europe between government leaders opting for national economic growth and development versus the nations whose leaders are still tied to the scelerotic, dying economies of the old Atlanticist order known as the American Century.

‘Historical Cusp’

China made clear to the USA and the EU that their OBOR infrastructure project was not at all exclusionary. Beijing made clear months ago that it genuinely wanted their participation in what Vladimir Putin called the development of an Eurasian Century.

Trump responded by sending a low-level National Security Council civil service bureaucrat named Matt Pottiger. Germany’s Merkel sent her Economics Minister who pompously declared in Beijing that Germany would not sign the Forum Joint Communique, complaining instead that she wanted a “level playing field,” newspeak for the old Anglo-American globalization midel that makes the rules for “less developed” countries and thereby gives superior advantage for the Western G-7 multinational giant corporations and states.

Notably, leaders of the EU countries most strongly objecting to Brussels policies in key areas of the economy and refugees, such as Hungary’s Viktor Orban, strongly embraced participation in China’s vast $22 trillion infrastructure project called One Belt, One Road or OBOR, more recently Belt and Road, for short.

In remarks in Beijing summarizing his talks there, Hungarian Prime Minister Viktor Orban spoke bluntly of an emerging global tectonic fault line. Orban declared that the old globalisation model is obsolete, noting that “a large part of the world has had enough of a world where “a few developed countries have been continuously lecturing most of the world on human rights, democracy, development and the market economy,” a direct slap in the face to the US-led “democracy and human rights” NGOs of George Soros and the CIA-tied USAID which have ferociously tried to topple the very popular Orban.

Orban added that the world today has, “arrived at a cusp between historical eras: the old model for globalisation – built on the assumption that money, profit and technological know-how are in the West, flowing ‘from there to less developed, eastern countries.’ That model, Orban stressed, has “lost its impetus.” The Hungarian leader emphasized the crucial point that Washington and the stagnating governments of much of the EU are in denial. “Over the past ten years, the global economy’s engine room is no longer in the West, but in the East. More precisely, the East has caught up with the West.”

The Hungarian Prime Minister noted the fact that in Hungary over the past year or so, “large American and European companies have been bought up by Chinese enterprises, leading to a sharp increase in the number of Hungarian development projects that are now Chinese-owned. This movement of capital is totally different to what we have been used to, and to what we have been taught about how the global economy operates.”

Orban obviously gets the very central point that Washington, Wall Street, Brussels and Berlin are in denial over: The emerging Eurasian Century represents an entire new quality of globalization. No longer are the colonial European powers or their American cousins holding the key cards or calling the shots.

During his private talks in Beijing with Xi Jinping and other Chinese officials, Orban signed Memoranda of Understnding in connection with linking the OBOR infrastructure with the economies of Europe.

For Hungary, Orban signed financial and economic agreements in Beijing. He stated that the “most spectacular” of these agreements was for modernisation of the Budapest, Hungary to Belgrade, Serbia railway line, including the financing. Serbian President-elect Aleksandar Vučić, together with Orban a major target of destabilization protests led by Washington NGOs of George Soros and the National Endowment for Democracy, also participated in the signing. […]

The Greek Connection

In addition to Hungary and Serbia, debt-ridden Greece is also drawing closer to Beijing and her OBOR initiatives. Prime Minister Alexis Tsipras, until recently a darling of the International Monetary Fund for bringing his Parliament to sign savage pension cuts and other austerity laws so that the EU and IMF debt deals go forward, is finding the Chinese OBOR option increasingly attractive.

In a meeting with Tsipras in Beijing before the opening of the OBOR forum, China’s Xi Jinping offered Tsipras proposals of expanding cooperation in infrastructure, energy and telecommunications. Xi told Tsipras, according to the official Chinese news agency, that Greece was an important part in China’s new Silk Road strategy. He put it in characteristic Chinese language: “At present, China and Greece’s traditional friendship and cooperation continues to glow with new dynamism.”

Greek infrastructure development group Copelouzos signed a deal with China’s Shenhua Group to cooperate in green energy projects and to upgrade power plants in Greece. The deals are worth more than $3 billion. In 2016, China’s largest shipping company, state-owned COSCO bought majority ownership stake in Piraeus Port Authority as preparation to turn Greece into a transhipment hub for the rapidly growing trade between Asia and Eastern Europe.

It is important to recall that, contrary to the religious dogma of economic simpletons such as Milton Friedman, there exist in nature no such entities as “free markets.” Markets are the careful product of man-made economic infrastructure developments. This is the core of China’s “globalization with Chinese characteristics,” as Deng might have termed Xi’s OBOR idea.

In recent months China has been a major investor in Greece’s economy, a sharp contrast to the demands of the EU and IMF for Greek austerity. The China State Grid last year bought a 24 percent stake in Greek power grid operator ADMIE for 320 million euros.

[…]

If we take the developments in Beijing’s OBOR forum of Hungary, Serbia, Greece, Czech Republic, and add to this the fact that Turkey’s President Recep Erdogan was also present and made a major committment to participate in the China-Russian-led OBOR, we have the seed crystal of a world geopolitical renaissance that contains the potential to replace the now-dead Anglo-American globalization model of top-down fascist economic domination, with a model truly based on mutual benefit among sovereign nations. As a traditional Russian saying goes, the select nations of Eastern Europe, along with Russia, China and perhaps also Turkey, are truly “making porridge together,” making rich nutritious Kasha. (emphasised ES)

F. William Engdahl is strategic risk consultant and lecturer, he holds a degree in politics from Princeton University and is a best-selling author on oil and geopolitics, exclusively for the online magazine “New Eastern Outlook”