Happy May Day!
From one of our two favorite Marxist economists. But first the introduction to 2022's "America’s real adversaries are its European and other allies":
The author of this essay, Michael Hudson, is a Marxist economist.But not just any Marxist economist. Leon Trotsky was his godfather.And in addition to his professorship at the University of Missouri - Kansas City he teaches at Beijing's School of Marxist Studies, Peking University.
Yves Smith at naked capitalism seems to like him.
And he almost has me convinced that the only way to clear the sclerotic arteries of American capitalism is to declare Jubilee on all debts. He may have gotten attracted to this ancient idea during his time on Harvard's archaeology faculty at the Peabody Museum as a research fellow in Babylonian economics. (Wiki) Not to be confused with The Babylon Bee's 2019 piece "Modernized Year Of Jubilee Will Forgive Everyone For Their Old Tweets". [rather ironic in light of the Bee's being kicked off Twitter, inciting Elon Musk and setting that whole train in motion]
Anyhoo, from Professor Hudson's website, February 8, 2022 i.e. sixteen days before Russia invaded:
The U.S. aim is to keep them from trading with China and Russia
And the headline essay, from Professor Hudson's personal website, March 29, 2024:
As published in Berliner Zeitung.
The dismantling of German industry since 2022 is collateral damage in America’s geopolitical war to isolate China, Russia and allied countries whose rising prosperity and self-sufficiency is viewed as an unacceptable challenge to U.S. hegemony. To prepare for what promises to be a long and costly fight, U.S. strategists made a pre-emptive move in 2022 to turn Europe away from its trade and investment relations with Russia. In effect, they asked Germany to commit industrial suicide and become a U.S. dependency. That made Germany the first and most immediate target in America’s New Cold War.
Upon taking office in January 2021, Joe Biden and his national-security staff declared China to be America’s number one enemy, viewing its economic success as an existential threat to U.S. hegemony. To prevent its market opportunities from attracting European participation as it built up its own military defense, the Biden team sought to lock Europe into the U.S. economic orbit as part of its drive to isolate China and its supporters, hoping that this would disrupt their economies, creating popular pressure to surrender their hopes for a new multiipolar economic order.
This strategy required European trade sanctions against Russia, and similar moves to block trade with China in order to prevent Europe from being swept into the emerging China-centered mutual prosperity sphere. To prepare for its U.S.-China war, U.S. strategists sought to block China’s ability to receive Russian military support. The plan was to drain Russia’s military power by arming Ukraine to draw Russia into a bloody fight that might bring about a regime change. The unrealistic hope was that voters would resent war, just as they had resented the war in Afghanistan that had helped end the Soviet Union. In this case they might replace Putin with oligarchic leaders willing to pursue neoliberal pro-U.S. policies akin to those of the Yeltsin regime. The effect has been just the opposite. Russian voters have done what any population under attack would do: They have rallied around Putin. And the Western sanctions have obliged Russia and China to become more self-sufficient.
This U.S. plan for an extended global New Cold War had a problem. The German economy was enjoying prosperity by exporting industrial products to Russia and investing in post-Soviet markets, while importing Russian gas and other raw materials at relatively low international prices. It is axiomatic that under normal conditions international diplomacy follows national self-interest. The problem for U.S. Cold Warriors was how to persuade Germany’s leaders to make an uneconomic choice to abandon its profitable commerce with Russia. The solution was to foment the war with Russia in Ukraine and Russia and incite Russophobia to justify imposing a vast array of sanctions blocking European commerce with Russia.....
....MUCH MORE
