Prof. Michael Hudson’s new book, The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point” is a seminal event in this Year of Living Dangerously when, to paraphrase Gramsci, the old geopolitical and geoeconomic order is dying and the new one is being born at breakneck speed.
Prof. Hudson’s main thesis is absolutely devastating: he sets out to prove that economic/financial practices in Ancient Greece and Rome – the pillars of Western Civilization – set the stage for what is happening today right in front of our eyes: an empire reduced to a rentier economy, collapsing from within.
And that brings us to the common denominator in every single Western financial system: it’s all about debt, inevitably growing by compound interest.
Ay, there’s the rub: before Greece and Rome, we had nearly 3,000 years of civilizations across West Asia doing exactly the opposite.
These kingdoms all knew about the importance of canceling debts. Otherwise their subjects would fall into bondage; lose their land to a bunch of foreclosing creditors; and these would usually try to overthrow the ruling power.
Aristotle succinctly framed it: “Under democracy, creditors begin to make loans and the debtors can’t pay and the creditors get more and more money, and they end up turning a democracy into an oligarchy, and then the oligarchy makes itself hereditary, and you have an aristocracy.”
Prof. Hudson sharply explains what happens when creditors take over and “reduce all the rest of the economy to bondage”: it’s what’s called today “austerity” or “debt deflation”......more below
https://sputnikglobe.com/20230515/pepe-escobar-us-empire-of-debt-headed-for-collapse-1110374196.html
Ecuadorian voters have rejected a proposal to permit the return of US military bases, according to preliminary referendum results.
Ecuadorians went to the ballot box on Sunday to decide whether US forces should again operate from local facilities. The nation had banned foreign bases in 2008 amid concerns over sovereignty.
With three-quarters of ballots counted, about 60% voted ‘no’ to the plan advanced by President Daniel Noboa, a close ally of US President Donald Trump and a supporter of US military operations in the Caribbean and near Venezuela.
The result blocks any US effort to return to the Manta airbase on the Pacific coast, which once served as a platform for Washington’s regional military operations.
The referendum also asked voters whether to end public funding for political parties, reduce the number of lawmakers, and create an elected body to draft a constitution.....more below
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The Jewish state says the incident in southern Lebanon was due to poor weather conditions, with no casualties reported.
UN peacekeepers stationed in southern Lebanon have accused Israel of firing on one of their patrols, criticizing the country for its “aggressive behavior.” Israel has acknowledged that the incident occurred, but said it was not intentional and was due to poor weather conditions.
In a statement on Sunday, the United Nations Interim Force in Lebanon (UNIFIL) said the Israel Defense Forces (IDF) fired on personnel from a Merkava tank.
It called the incident “a serious violation” of the ceasefire deal between Israel and Lebanon that ended the 2006 war, stressing that it was not the first attack of this kind. “Yet again, we call on the IDF to cease any aggressive behavior and attacks on or near peacekeepers, who are working to support the return to the stability that both Israel and Lebanon say they seek.”.... more below
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Iran’s largest credit institution has gone into administration amid the government’s continued push to reform the country’s banking and financial system.
The Central Bank of Iran (CBI) said on Sunday that it had appointed a team of three administrators to restructure the Melal Credit Institution after the lender accumulated a loss of 650 trillion rials ($590 million)
Head of CBI’s regulatory and oversight department Farshad Mohammadpour said the Melal Institution had an asset–liability mismatch of 450 trillion rials and its capital adequacy ratio was minus 41%.
Mohammadpour said that administrators are expected to restructure the Melal Institution in the next six months, mainly by selling off its non-banking assets, properties and affiliated enterprises to pay down its debts.
CBI’s decision about Melal Institution comes three weeks after the lender declared Bank Ayandeh, one of Iran's largest private banks, insolvent and transferred its assets and staff to the state-run Bank ...
