"And now this foreign exchange is going to be not recycled to the U.S. to support the dollar. It’s going to be spent on gold and on mutual currency swaps. Well, what that means is that the dollar no longer has the free ride, no longer has the free support. And other countries will protect themselves against the depreciating dollar by doing what the United States did against Germany in 1921 after World War I, a century ago, by imposing special tariffs against depreciating currencies. So they get it, the game is over. And it’s not over because Russia and China and India and Iran defeated America. It was the self-defeating policies of this blindly arrogant, greedy, Republican, Democratic, deep state philosophy."
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
Grab Bag Imperialism, michael-hudson.com, (31 March 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…"