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
eurofascism
The European Union is out of control and out of touch with reality. They announced a new round of sanctions on individuals and groups who refuse to drink the EU kool-aid on Ukriane. I was particularly shocked and angered by their decision to punish Colonel Jacques Baud:
Jacques Baud, a former Swiss army colonel and strategic analyst, is a regular guest on pro-Russian television and radio programmes. He acts as a mouthpiece for pro-Russian propaganda and makes conspiracy theories, for example accusing Ukraine of orchestrating its own invasion in order to join NATO.
Therefore, Jacques Baud is responsible for, implementing or supporting actions or policies attributable to the Government of the Russian Federation which undermine or threaten stability or security in a third country (Ukraine) by engaging in the use of information manipulation and interference.”
You know it is a serious matter of egregious abuse of power when Dr. Gilbert Doctorow and I are in firm agreement… Here ...
Volkswagen is shutting down its Dresden plant—the first closure in its 88-year history—due to skyrocketing energy costs, plummeting sales and geopolitical pressures. The "Transparent Factory" was once a symbol of VW's EV ambitions but failed commercially, producing fewer than 200,000 vehicles since 2001.
Up to 35,000 German jobs could be slashed by 2030, including thousands in R&D, as part of a brutal restructuring. Germany's economy is in a "structural crisis" due to disastrous energy policies (anti-Russia sanctions), rising production costs and collapsing competitiveness.
The European Union's rejection of Russian oil/gas crippled German industry, while China dominates EV sales and U.S. tariffs hurt exports. Analysts warn Volkswagen faces severe cash flow pressures by 2026, forcing cuts to gasoline R&D despite weak EV demand.
The Dresden plant will be repurposed into an AI, robotics and microchip research hub, aligning with the globalist agenda: Centralized control by elites, ...
Sanctions aimed at weakening Russia have backfired spectacularly, Italy’s Deputy Prime Minister Matteo Salvini told Corriere della Sera.
19 rounds of sanctions cobbled together in nearly four years have boomeranged, bringing the West’s economies “to their knees,” Matteo Salvini emphasized, adding that they sent Italian household energy bills “soaring.”
Salvini also urged caution amid Europe’s growing militarization, fueled by what he described as an alleged “phantom threat” from Russia.
After all, “if Hitler and Napoleon couldn’t conquer Moscow through military campaigns,” he noted, it’s "hardly likely" that people like European Commission Foreign Policy Chief Kaja Kallas, French President Macron, UK Prime Minister Starmer, or German Chancellor Merz would succeed either, Salvini added.....more below
