"America’s plan to block Nord Stream 2 was really part of its strategy to block Western Europe (“NATO”) from seeking prosperity by mutual trade and investment with China and Russia... European trade and investment prior to the War to Impose Sanctions had promised a rising mutual prosperity between Germany, France and other NATO countries vis-à-vis Russia and China. Russia was providing abundant energy at a competitive price, and this energy was to make a quantum leap with Nord Stream 2. Europe was to earn the foreign exchange to pay for this rising import trade by a combination of exporting more industrial manufactures to Russia and capital investment in developing the Russian economy, e.g. by German auto companies and financial investment. This bilateral trade and investment is now stopped – and will remain stopped for many, many years, given NATO’s confiscation of Russia’s foreign reserves kept in euros and British sterling, and Europe’s Russophobia being fanned by U.S. propaganda media."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesNon-fiction authors from the United StatesEducators from the United StatesHistorians from the United StatesEconomists from the United States
Original Language: English
Available Languages (1)
Sources
The Dollar Devours the Euro, michael-hudson.com, April 7, 2022
https://en.wikiquote.org/wiki/Michael_Hudson_(economist)
Revision History
No revisions have been submitted for this quote.
Categories
Michael Hudson (economist)
56 quotes on TrueQuotesView all quotes by Michael Hudson (economist) →
Related Quotes
"This is what John Perkins’ book (2004) about being an economic hit man for the World Bank is all about. He realized t…"
"The countries have been suffering from and , just like England and the United States have been devastated by neoliber…"
"The central claim of today’s neoliberal economic orthodoxy is that all problems are caused by labor being too greedy,…"
"To the deficit commission, a depression is the solution to the problem, not a problem."
"Well, companies themselves have been causing this crisis as much as speculators, because companies like Amazon, like …"
"The job of the Federal Reserve is to increase the price of wealth and stocks and real estate relative to labor. The F…"
"You could say that GDP (National Income) and prosperity and wealth grows fastest when income tax rates are highest. A…"
"The Deep State is reacting with shock at how this right-wing real estate grifter has been able to drive other countri…"
"The Neocons who Trump has appointed are accomplishing what seemed unthinkable not long ago: Driving China and Russia …"
"The end of America’s unchallenged global economic dominance has arrived sooner than expected, thanks to the very same…"