Welcome to Part Two of our interview with Michael Hudson, perhaps the world’s most influential, (but rarely acknowledged), economist. In the first episode, we looked at how economics got corrupted from industrial economics, where people made money by making things to a finance economy where a small elite group makes money by manipulating financial instruments.
In this episode, we dig into Michael’s most famous work, Super Imperialism, the Economic Strategy of the American Empire. In this book, first published in 1972, Michael described how the USA was able to force the world to use the US dollar as its default international currency – the so-called ‘dollarisation’ of the world economy which accelerated in the 1960s to today. We also look at the reverse which is happening as we speak – the rapidly accelerating de-dollarisation due to US actions against Russia and China. Essentially this is where economies around the world stop using the US dollar as their trading and reserve currency and start using other currencies instead in terms of impact. This change may be the most important economic event since the Second World War. Here are the time stamps for the conversation.