June 12, 2022
Escobar: Will the Global South Break Free From Dollarized Debt?
“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…'”
