Superimperialismus: Die wirtschaftliche Strategie des amerikanischen Imperiums mit Michael Hudson


3rd Edition: Super-Imperialism

By Michael Friday, October 8, 2021 Articles No tags Permalink

The updated and expanded 3rd edition of Super Imperialism: The Economic Strategy of American Empire is now available. This highly respected study of U.S. financial diplomacy explores the faults built into the core of the World Bank and the IMF at their inception. Forensic detail reveals how the world’s core economic functions were sculpted to preserve US financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic order has become apparent; the IMF and World Bank were set up to give aid to developing countries, but instead many of the world’s poorest countries have been plunged into insurmountable debt crises. The book became famous for detailing how the removal of the gold standard left the world’s central banks with only one alternative vehicle: to hold their international reserves in U.S. Treasury securities. The result was a self-financing circular flow of U.S. military spending and the investment takeover of foreign economies. The larger America’s balance-of-payments deficit grew, the more dollars ended up in the hands of central banks and sovereign wealth funds. Machiavelli could not have planned it better. By participating in this circular flow, nations in effect financed their own economic and military encirclement. The 3rd edition includes the following additions:

  • Monetary Imperialism in the Twenty-first Century and The Ending of Super Imperialism

  • Britain’s 1945 Parliamentary debate on the British Loan and fracturing of the British Empire

  • America’s promotion of offshore banking centers to attract hot money as a partial solution to its Cold War induced balance-of-payments deficit.

Hudson’s critique of the destructive course of the international economic system provides important insights into the real motivations at the heart of these institutions – and the increasing tide of opposition that they face around the world. Ann Pettifor: In this book Michael Hudson illuminates one of the most powerful forces in global economics – one which is hidden, and widely misunderstood. It is the use by the United States of a “money-pump” – an economic contraption which liberally pumps out money to finance extravagant US consumption and spending. This “money-pump” works at almost no cost to Americans, and at considerable cost to those who pour dollars into the “pump” – the rest of us. That is why this book is vital reading. This magisterial account of US imperialism is extraordinary in its range and immediacy. It was clearly written at a time when the events were still fresh in the memory of the author, and so has an authenticity missing in later accounts of the US’s decisive changes to the global economy.” Herman Kahn (1972): You’ve shown how the United States has run rings around Britain and every other empire-building nation in history. We’ve pulled off the greatest rip-off ever achieved. Support my work by becoming a supporter on Patreon. Buy it now: Super Imperialism: The Economic Strategy of American Empire.



Super Imperialism The Economic Strategy of American Empire Michael Hudson 2nd edition 2003 (1st edition 1972)

PLUTO PRESS RELEASE 25 11 2002.....................................................................................................3 HOW AMERICA WILL GET EUROPE TO FINANCE ITS 2002-03 OIL WAR WITH IRAQ.......3 WHAT MAKES TODAY’S SUPER IMPERIALISM DIFFERENT FROM PAST “PRIVATE ENTERPRISE” IMPERIALISM .............................................................................................................................................3 HOW THE UNITED STATES MAKES OTHER COUNTRIES PAY FOR ITS WARS...............................................4 AMERICA’S FREE LUNCH AS EUROPE’S AND ASIA’S EXPENSE..................................................................5 PREFACE TO THE SECOND EDITION (2002)....................................................................................7 INTRODUCTION.....................................................................................................................................15 THE DILEMMA OF AMERICAN ECONOMIC DIPLOMACY IN THE INTERWAR YEARS ..................................16 AMERICAN PLANS FOR A POSTWAR “FREE-TRADE IMPERIALISM” ..........................................................19 AMERICA EMBARKS ON A COLD WAR THAT PUSHES ITS BALANCE OF PAYMENTS INTO DEFICIT...........23 THE NEW CHARACTERISTICS OF AMERICAN FINANCIAL IMPERIALISM...................................................25 HOW AMERICA’S PAYMENTS DEFICIT BECAME A SOURCE OF STRENGTH, NOT WEAKNESS....................30 IMPLICATIONS FOR THE THEORY OF IMPERIALISM..................................................................................31 TODAY’S SOURCE OF FINANCIAL INSTABILITY AS COMPARED TO THAT OF THE 1920S..........................33 THE WORLD’S NEED FOR FINANCIAL AUTONOMY FROM DOLLARIZATION..............................................37 CHAPTER 1: ORIGINS OF INTER-GOVERNMENTAL DEBT, 1917-1921..................................41 CHAPTER 2: BREAKDOWN OF WORLD BALANCE, 1921-33......................................................56 CHAPTER 3: AMERICA SPURNS WORLD LEADERSHIP ............................................................75 ROOSEVELT MEETS WITH HOOVER TO DISCUSS THE DEBT PROBLEM .....................................................78 FRANCE DEFAULTS AND BRITAIN PAYS ONLY A TOKEN AMOUNT ..........................................................81 MACDONALD AND HERRIOT VISIT WASHINGTON ..................................................................................86 PREPARING FOR LONDON........................................................................................................................89 ROOSEVELT’S “BOMBSHELL” BREAKS UP THE LONDON ECONOMIC CONFERENCE ...............................91 CHAPTER 4: LEND-LEASE AND FRACTURING OF THE BRITISH EMPIRE, 1941-45.........108 CHAPTER 5: BRETTON WOODS: THE TRIUMPH OF U.S. GOVERNMENT FINANCE CAPITAL ................................................................................................................................................119 CHAPTER 6: ISOLATING THE COMMUNIST BLOC...................................................................141 CHAPTER 7: AMERICAN STRATEGY WITHIN THE WORLD BANK .....................................155 THE BANK’S TRANSITION FROM RECONSTRUCTION TO DEVELOPMENT LENDING ................................160 HOW WORLD BANK OPERATIONS ARE BIASED TO AID THE UNITED STATES........................................169 CHAPTER 8: THE IMPERIALISM OF U.S. FOREIGN AID..........................................................187 THE MILITARIZATION OF U.S. FOREIGN AID..........................................................................................190 THE ROLE OF AID RECIPIENTS IN AMERICA’S BALANCE OF TRADE AND PAYMENTS.............................193 2 HOW AMERICA’S MILITARY SPENDING DERANGED ITS INTERNATIONAL PAYMENTS AND AID PROGRAMS ..............................................................................................................................................................194 HOW FOOD AID PROMOTES AGRICULTURAL DEPENDENCY...................................................................196 HOW FOOD AID HAS HELPED THE U.S. BALANCE OF PAYMENTS...........................................................199 FOREIGN AID AND COLD WAR GEOPOLITICS ........................................................................................202 THE THIRD WORLD’S DOLLAR-DEBT PROBLEMS..................................................................................206 CHAPTER 9: GATT AND THE DOUBLE STANDARD ..................................................................213 CHAPTER 10: DOLLAR DOMINATION THROUGH THE IMF, 1945-1946 ...............................227 HOW BRITAIN WAS RUINED ..................................................................................................................229 STABILIZING CURRENCIES TO PROTECT AGAINST COMPETITIVE DEVALUATIONS ................................233 HOW FIXED CURRENCY PARITIES LED TO STERLING’S OVERVALUATION .............................................237 HOW THE UNITED STATES SET THE QUOTAS.........................................................................................238 THE MARGINAL CHARACTER OF EARLY IMF LOAN OPERATIONS .........................................................241 ADD-ON FOR CHAPTER 10.....................................................................................................................244 CHAPTER 11: FINANCING AMERICA’S WARS WITH OTHER NATIONS’ RESOURCES, 1964-1968 .................................................................................................................................................248 CHAPTER 12: POWER THROUGH BANKRUPTCY, 1968-1970 ..................................................263 CHAPTER 13: PERFECTING EMPIRE THROUGH MONETARY CRISIS, 1970-1972.............279 AMERICA’S ILLEGAL TEXTILE QUOTAS SPUR FOREIGN RETALIATION ..................................................279 EUROPE’S THREATS OF FINANCIAL AND TRADE RETALIATION .............................................................281 THE SUMMER 1971 DOLLAR CRISIS FORCES UP EUROPE’S EXCHANGE RATES......................................283 AUGUST 15 AND ITS AFTERMATH..........................................................................................................289 EUROPE’S AUTUMN 1971 COLLAPSE.....................................................................................................292 CHAPTER 14: THE MONETARY OFFENSIVE OF SPRING 1973 ...............................................297 U.S.-SOVIET CONDOMINIUM? ...............................................................................................................317 CHAPTER 15: MONETARY IMPERIALISM ...................................................................................324 U.S. “FOOD IMPERIALISM” VS. A NEW INTERNATIONAL ECONOMIC ORDER........................................326 THE MONETARY IMPERIALISM IMPLICIT IN THE U.S. TREASURY-BILL STANDARD ..............................328 EPILOGUE .............................................................................................................................................333 3 Pluto Press Release 25 11 2002

'Superimperialism' by Michael Hudson : Michael Hudson : Free Download, Borrow, and Streaming : Internet Archive


How America will get Europe to finance its 2002-03 Oil War with Iraq Michael Hudson Last time around, in the 1991 Gulf War, America got its allies to bear most of the costs voluntarily. After all, U.S. diplomats claimed, wasn’t the war fought to protect Kuwait and the next petro-domino, Saudi Arabia, from Iraqi attack – and in the process to protect Europe’s oil and gas supplies from an aggressive grabber? Wasn’t it therefore fair to ask the Saudis and Kuwaitis, along with the Germans, British and other countries to bear the lion’s share of the cost of the oil war fought for their own benefit? Europe and the Near East agreed to pay, and their central banks turned over some of the excess U.S. Treasury bonds they had accumulated by running year after year of trade and payments surpluses with America. And almost immediately, these central banks’ dollar holdings filled up again with dollars that were unspendable and had little value, except to give back to the United States or let accumulate for no real purpose. This Treasury-bond standard of international finance has enabled the United States to obtain the largest free lunch ever achieved in history. America has turned the international financial system upside down. Whereas formerly it rested on gold, central bank reserves are now held in the form of U.S. Government IOUs that can be run up without limit. In effect, America has been buying up Europe, Asia and other regions with paper credit – U.S. Treasury IOUs that it has informed the world it has little intention of ever paying off. And there is little Europe or Asia can do about it, except to abandon the dollar and create their own financial system. Michael Hudson’s Super Imperialism: The Origins and Fundamentals of U.S. World Dominance explains how the dollar’s being forced off gold in 1971 led to a new international financial system in which the world’s central banks are obliged to finance the U.S. balance of payments deficit by using their surplus dollars in the only way that central banks are allowed to use them: to buy U.S. Treasury bonds. In the process, they finance the U.S. Government’s domestic budget deficit as well. The larger America’s balance-of-payments deficit becomes, the more dollars end up in the hands of European, Asian and Near Eastern central banks, and the more money they must recycle back to the United States by buying U.S. Treasury bonds. Over the past decade American savers have been net sellers of government bonds, putting their own money into the stock market, corporate bonds and real estate. Foreign governments have been obliged to hold U.S. bonds whose interest rates have fallen steadily, while their volume now exceeds America’s ability or willingness to pay. What makes today’s Super Imperialism different from past “private enterprise” imperialism Past studies of imperialism have focused on how corporations invest in other countries, extracting profits and interest. This phenomenon occurs largely via privatesector investors and exporters. But today’s novel form of international financial 4 imperialism occurs among governments themselves, and specifically between the U.S. Government and the central banks of nations running balance-of-payments surpluses. The larger their surpluses grow, the more dollars they are obliged to put into U.S. Treasury securities. Hence, the book’s title, Super Imperialism. How the United States makes other countries pay for its wars Since Europe’s Middle Ages and Renaissance, going to war has left nations with heavy public debts, which in turn have needed to be financed by raising taxes. Two centuries ago Adam Smith gave a list of how each new war borrowing in Britain led to a new tax being imposed to pay its interest charges. Militarily ambitious nations thus became indebted, high-tax and high-cost economies. When foreign funds could not be borrowed, belligerent countries had to pay out gold to defray the costs of their military spending or see their currencies depreciate against gold. After the Napoleonic Wars ended in 1815 and again after World War I, Britain and other countries imposed deflationary financial policies whose unemployment and trade depression imposed economic austerity until prices fell to a point where the currency achieved its prewar gold price. Domestic economies thus were sacrificed to pay creditors, saving them from having to suffer a loss as measured in gold. America’s war in Vietnam and Southeast Asia in the 1960s seemed to follow this time-honored scenario. U.S. overseas military spending ended up in the hands of foreign central banks, especially France, whose banks were the dominant financial institutions in Indo-China. Central banks cashed in these for gold nearly on a monthly basis from the 1965 troop buildup onward. Germany did on a quiet scale what General de Gaulle did with great fanfare in cashing in the dollars sent from France’s former colonies. By 1971 the U.S. dollar’s gold cover – legally 25 percent for Federal Reserve currency – was nearly depleted, and America withdrew from the London Gold Pool. The dollar no longer could be redeemed for gold at $35 an ounce. It seemed at the time that the Vietnam War had cost America its world financial position, just as World War I had stripped Britain and the rest of Europe of their financial leadership as a result of their Inter-Ally arms debts to the United States. But in going off gold the United States created a new kind of international financial system. It was a double standard, that is, the dollar-debt standard. The consequences can be seen today. This time around the Near East and Moslem world have announced their opposition to a new U.S. oil war, as have France and Germany. Popular opinion throughout Europe has turned against American adventurism, and at first glance it appears that America will have to finance its war alone. And indeed it would, if today’s global financial system were still what it was before 1971. America could not fight a conventional war and pay for its troop support costs without seeing the dollar plunge. In fact, it seemed that in 1971 no country ever again could go to war without seeing its international reserves depleted and its currency collapse, forcing its interest rates to rise and its economy to fall into depression. Yet in all the argument over the coming U.S.-Islamic war, Europeans have not seen that it is they themselves that will have to bear the U.S. military costs, and to do so without limit. 5 What has changed is the fact that U.S. Treasury bonds – American IOUs of increasingly dubious real value – have replaced gold as the form of reserves held by the world’s central banks. Almost without anyone noticing it, these central banks have been left with only one asset to hold: U.S. Government bonds. Central banks do not buy stocks, real estate or other tangible assets. When Saudi Arabia and Iran proposed to use their oil dollars to begin buying out American companies after 1972, U.S. officials let it be known that this would be viewed as an act of war. OPEC was told that it could raise oil prices all it wanted, as long as it used the proceeds to buy U.S. Government bonds. That way, Americans could pay for oil in their own currency, not in gold or other “money of the world.” Oil exports to the United States, as well as German and Japanese autos and sales by other countries, were bought with paper dollars that could be created ad infinitim. America’s free lunch as Europe’s and Asia’s expense

Microsoft Word - Hudson,M, Super Imperialism - American Empire, 2nd ed. - READ.doc (michael-hudson.com)


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