Ah ah, [000 00 00;00] with hello and welcome to cross stock were all things are considered. Im peter lavelle, probably the most important and impactful piece of political advice ever given was its the economy, stupid. Indeed, the economic and Financial Condition of any public transcends ideology. And it is ideology, neal liberalism, to be specific, that is driving the world into recession. Ah aah cross sucking the Global Economy. Im joined by my guess, Michael Hudson in new york. He is a professor of economics at the university, missouri, kansas city as well as author of forgive them their debts in north florida. We have tom longo. He is publisher of gold, goats and guns, blog and newsletter and in los angeles, we cross to buy in. He is a Strategic Planning consultant and private equity advisor and independent economic analyst. Hi gentlemen, cross our group and effect. That means you can jump anytime you want. I always appreciated. And this is certainly a blue ribbon panel. I act. Thank all 3 of you for joining me today. Michael, let me go to you 1st year. There seems to be a growing consensus that there is a recession is coming particularly for the west, maybe for the entire Global Economy. What makes this recession different if it is different whatsoever . Because i think all of us would agree a lot of the bad Economic News that were experiencing, particularly in the west, again, is self inflicted. Michael . Well, when people talk about recession, they think of a business, a going up and down and then recovering. And this isnt a business cycle, this is a change in the way the world is being organized for one thing, every recession since world war 2. And as i started with recovered with a much higher level of debt. And today the level of debt has grown. So much that domestic markets, both in the United States and europe are and the global sounds are unable to grow, grow. The problem is got much worse because the u. S. Dollar is going up against the european currency and the global so currently is making it much harder for these countries to pay their dollar denominated debt when they all do this all. And whats really causing a break in the chain of payments and making things much worse than they are now, is the fact that theyre going to be continued Higher Energy prices. I or food prices and countries do not have a lot of money both to stay. So the feed their populations and pay them for, and so theyre going to be a lot of the falls and the only way that they can really get the food and the energy they need is by dealing with russia and i cannot make allies. And so this recession isnt going to be simply a return back to the normal. And so its going to be a new economic institutions of bricks, bank, all sorts of swap agreements, not really a payment of dollars. And it will be the dollar rise realignment of much of the world politically will pay kind of to continue with the same theme there. I mean, when we come out of this, if and when we come out of it, because were just going in to Something Like this is a how much is it going to change the world . Because at the epicenter of this is the west right now. And even more specifically, europe, i dont see what they recovery trajectory is ok because theyre cutting off all kinds of options because of ideology, because of neoliberalism and other ridiculous things that have nothing to do with self interest. Theyre leaving themselves behind and its intentional. Go ahead in los angeles. I think the ideology goes much deeper. Were going to expect and more than likely by longer term design is our sweeping asset consolidations. Transatlantic lee under designed stagflation. In order to pave the way for a world wide, digital integrated Monetary System, Artificial Intelligence base computing, standards, trans, humanistic, adventure ism with technology and biology. And miss serenading and cubing the spear cubing the severe if you will, or circling the square in the strategic sense for very hermetically ambitious trans atlantic a cultish to leach. Yeah, but if we had any with that tom, so that means the, the definite decline of the west as the global hedge amman, i mean it being that includes the United States, what weight would pied to said there, is it a complete reordering of the chessboard go ahead no, i agree that thats what their plan is. I dont know that they are actually or would be able to pull it off. And i think the, the key is, as michaels pointed out, that the end you wanted us that was entered here. It is in europe. The question now is, and my mind, and ive been watching this carefully. Is that asked, has there been a break in the, the factions within the, the elite as you would, i would called miss avo scratch. Right. Is there a break between the anglo sphere and the european sphere . I see the Federal Reserve doing everything that no one wants them to do, which is raise Interest Rates, be aggressive, engaging shooty, and limit congresss ability to continue to spend and make the United States into what it looks like of fiscal laughing stock. And i see the exact opposite now happening on capital hill, that theres a political pushback behind the scenes as allowing the fed and the commercial banking sector. And us saying, no, were not going to go for central bank that will currencies. No, were not going to go over trans humanist technocratic can Global Control and, and all the rest of that i and to michaels point, yes, were going to see a di dollars world. But i think actually, in many ways, i think the fed wants out of that fully dollar ised world. If you are my in, in michael is traditionally we looked, we looked at the fed and in the European Central bank for queues here. I mean, it is this way too big for them to handle right now, because i would say theyre actually the source of a lot of these problems and now were turning them to solve them. Well, the problem cannot be solved. Monitor the problem, structural United States doesnt produce its own manufacturers anymore. Theyre going to be a lot of rates in the supply chain. Materials, especially the sanctions against russia. Not only oil and food, but also the m and m. All the other problem with the central bank in america is they were here that wages are going up and they were raising the Interest Rates just to say, you think this is a recession, we need more of a recession. We cant let this recovery res wage here, and the Federal Reserve been very, very clear where we want more unemployment. We want to keep the wages down, and so they raise the Interest Rate that sucks money out of europe and the mobile. So i said, well, arbitrage people are cheap in their country, lendue a higher rate here, and thats pushing the way the dollar. And that means that because copper Raw Materials are priced in dollars in the west, that all of a sudden makes all materials more expensive. If its a boom, for countries outside the United States, forcing their their business into a squeeze and into a recession. Well, tom, lets, lets talk about the impact of these sanctions here because this was a craven decision on the part of the west to do this. And read and the way i look at it is that the conflict in the ukraine will come to events and eventually here, but the sanctions wont. Ok out of hubris, out of pride, out of ideology. Whatever ridiculous reason they have at the moment. Ok. Because they are ridiculous right now, this is a queue to the rest of the Global Economy that structurally it is going to change forever. There is no, they say, i really like what michael had to say. You know, we look at traditionally, recession is, you know, you know, there is a depression, the economy gets depressed and then it recovers. But this time its going to be very, very different when, when all the dust settles, go ahead. No, it really is. And the, the, the sanctions, the cesium, rushes Foreign Exchange reserves, and all of that have done a irreparable damage to the confidence of the old system. Right . That those things used to be considered in violet. And that doing business in dollars, you know, you, your money was say, that was part of the reason why the dollar was able to take over the world. Because everybody, you know, and everybody believe that that, that holding dollars was the safe thing. That u. S. That was not going to be defaulted on gab, yada, yada. Now were in a situation today where that had that trust has been gone. The trust has been broken and you know, in a, in an open market, once trust is gone, it takes years to build up and a day to destroy, which is exactly whats happened here to years. The build up trust in the dollar and the dollar. And the whole is existing system and then weve weapon i swiftly weaponized Foreign Exchange reserves, the rest of it. So no, theres going to be a complete change over now when, when you say that, of course, now we have all this misaligned capital, you know, all this miss allocated happened. We have all this misaligned risk thats priced into the markets. Now i, i, i do disagree that i dont with michael, i dont think at the fed as raising rates to keep labor prices down. That may be his interpretation of it, but we are, were running it. We have labor shortage here in the eyes is well have an issue with, with labor, they have the where they have the room to ramp up rates. Because fiscal fiscally, were actually in better shape than people. One with nick we, you know, we have of the lowest debt to just the debt servicing as a percentage of g d p. The countrys history. Theres no, theres no stress within the Banking System that has plenty of room to raise rates here. And theyre deliberately draining dollars from the world. They are deliberately trying to stop the euros of the, the, i think the euro system. But i hold it. I was cried from taking from controlling Monetary Policy through the offshore dollar markets. I think they want control their Monetary System back and i think its, its, its, its what they have to do in order to, to even attempt to save the United States from a political break down into the rest of the rest. Like i have noticed, ive noticed that, you know, the, that the fed wants to make a run to the door 1st and lead the europeans behind. I mean, thats it. Thats what allies are for, i suppose here i weigh in on that because it seems to me that you know, can the dollar return, you know, you know, you know, the return of the phoenix here. I just dont see it because when the way these sanctions are being and should be stealing peoples property without any due process. This ridiculous oil cap thing that has goes against market forces. I mean, there is no going back pie one minute before we go to the break. First off on a real railroad employment spent in the double digits, essentially since the 2000 a financial crisis, it just hasnt been credibly reported by the government or by media. Just the sanctions issue and rook dollars being closed in a longer term scheme and erg dovetail into a much more traceable a digital technology. But on the sanctions issue, a sanctions are obviously pushing russia to cut energy and other export of resources to the west. But theyre also allowing the kremlin to torpedo this 48 year old petronela reserve recycling yet mechanism which allows the u. S. To run perennial accounting, trade deficits, trillions and public and private debt, hundreds of trillions in risky notional derivatives, contracts across finance, and a big stick for punishing rogue regimes. With cutting off capital sanctions food, madison and other necessities rushes, redefining a new global Gold Standard by tying its rouble to find i gold, bullion, oil and natural gas, which will put a very dangerous dangerous higher permanent floor price on gold and the ruble. While in turn popping the largest debt in and i are deal, cant i hold that rod, i have to go to a hard break. And after that hard break, well continue our discussion on the Global Economy stake with ah, i will never be a victory for rush. Oh wait, we shall see when youre still waiting for you a new modem. But look at 8 me. Crane war is a proxy war. This is a war between russia and the United States. Mezzo mom on made. It comes to last. You get done in carbon dioxide. America forces warren, youre not in your engage in conflict with russia for use. The American Forces are here and defend nato allies, weapons that nato escalates even more than the special military operation become a war with dell so. So that was that yellow show and thatll that 1000 is my store. I see it, i see it, you us thinking casias. Go to me live. So i use 3 issue a unique and you stop to with almost them. Lets see. We only just throw through that are in your sewage, nero speaker for the girl whos when i was showing wrong, when i was just a faith out, these name becomes the advocate, an engagement. It was betrayal. When so many find themselves worlds apart, we choose to look so Common Ground with ah, welcome at the crosswalk where all things are considered on Peter Labelle tremonti. Were discussing the Global Economy. Ah okay, lets go back to los angeles up. I want to go back to you, im sorry, had to cut you off. We had to go to that hard break, but you, you were getting into something they think is quite fascinating. Only a few months ago. I think all of us would consider that with the rubel was a soft currency. Okay. It was, it wasnt a currency that was particularly sought after. Now its very different. Its a, its them, but best performing currency in the world because its backed by what, fill in the blanks for me go ahead. Finite, tangible, hard asset, commodities, whether theyre monetary commodities in the way of gold, perhaps a lot of silver as well that its not being announced. But for most of oil and natural gas, russia sits on the largest a natural gas reserves, and is the largest producer on the planet. And as i think, 3rd or 4th as far as oil. So the playbook by John D Rockefeller and european leads over the prior century, plus they are basically you surfing and thats the, thats the course sin because John D Rockefeller prescriptively prescriptively said quote, unquote, competition as a sin. And here the kremlin is said ok, but were going to go ahead and send, were going to outcompete you. And by the way, we have all the Natural Resources that we need. So theyre calling the dollars bluff over the past 50 plus years after the gold went after the gold window close by a basically, you know, a forcing everybody to price and trade and reserve or cycle in dollars by saying that the dollar, you know, what is 12 trillion euro in dad, just to reference professor hudsons earlier point and 29. 00 trillion stated of u. S. National debt. Its, its incredulous to try and claim that this is going to be the perennial, a reserve currency standard. So theyre calling the bluff. Theyre very powerful friends in the way the chinese, a global south and what not. And hence a, you know, everythings a, its, its optics, its a confidence game and confidence is shifting east. And theres a lot of haste on the west to try and how to, how to try and deal with it. Okay, lets go back to michael in new york. Lets talk about the impact of sanctions here. Go ahead. Well, president and the secretary of state lincoln, who said that the war in ukraine is simply the beginning of a war with russia that will go on for 20 years and will extend the china. So they plan on bringing the whole world back into the us dollar area, not only europe, but also the global. So the problem is that the United States will be the only actor and the other countries will simply react. But keep on doing what theyve been doing all along within the i m f and the world bank and the world trade organization. But this is not going to happen because if indeed theyve declared economic sanctions in war against russia already a president who said, were going to create a brick span. Were going to create a whole new set of institutions that will operate on very different principles, the neo liberal policies. Ive just got to know what i expect to be in my book, the dawn of civilization. So the destiny of civilization. I guess it will be the dawn of a new one because it is going to be a whole new structure of world trade and World Finance and countries. Youre going to find the only way that they can literally survive financially. And in terms of trade is to reorient their trade for your asia, for russia, china around india, and already you have argentina and brazil wanting to join break. So while dr. Thinking that they are trying to hurt other countries and force them into the u. S. Or u. S. Policy is actually driving them out of it are exactly a group you know tom, one of the things i think that weve seen with the reaction on the, the cooperation that the west is for so attempted to force other so follow their lead with sanctions. We school come out with a very different scenario, and i would say, i mean for, and from an ideological point of view, the, the global south no longer has any respect for the west. And its ridiculous ideas and woke ism and all of that nonsense, which i never talk about because its a waste of time. But theyre not afraid of the west any more. And this is what michael is talking about. Because if you can create parallel institutions, you dont need the i m f, you dont need the world bank, you dont need any of these things here. Okay. And why going to their, for their, their toxic financial system, get out of it. Okay, go ahead. Tom, again, i was going to say exactly that a, you know, its funny. I think we need to be careful about whats going on here. I dont believe that the, by the ministration works to the United States. I believe theyre broad trader city. You, us, i believe they work for, i believe they work for brussels and european old european colonial money including the brits, including city of london. So when you, when you start to unpack a lot of whats happening here, theres a lot of confusion about whats going on within us policy, right. I and i do separate at this point that i believe the fed in the commercial banks. Typically, our enemies are actually the ones working assiduously to stop this technocratic trans humanist thing that the, that the, the World Economic forum and the rest of them are taking that theyre talking about, that pi was talking about earlier. So once you get that, you said you start to realize that, yeah, the global south is not in fear anymore. And i believe that theyve not that it started with putin standing up to them over crimea, and then an intervening and syria. And its all just been downhill since then as theyve worked through the, the russian for ministry and others with the chinese backing them up to, you know, tell everybody, look, were stronger than when you think we are. And i think nothing is more indicative of this than bidens meeting with mom had been solomon, the saudi arabia over the weekend and a wide walk lamp. And that was really pathetic if pine, you know, on this program, weve talked about ideology. Weve talked about policies, weve talked about leadership, political classes, but lets talk about the people that feel the impact of all of this. Do, does the, the industrialized modern west to have the wherewithal to go through this transition . As long as it takes, it seems to me, you know, Boris Johnsons gone. Druggie is gone. Schultz will be gone by the end of the year. You could bet money on that. Ok. I mean, the people are not going to just, theyre not going to accept this. I mean, particularly in europe, theyre great calling card is were rich compared to everybody in the world. Theyre not going to be able to say that much longer considering the path theyre on go ahead pi. Yeah, i mean people have to realize is that kind of referenced earlier, the 2008 financial crisis was fairly pivotal. It wasnt like resolved and everything kind of went back, hunky dory. And we had an like the quote unquote largest and longest recovery on record. There were a lot of structural faults that were kind of sent me to full permanent and just kind of brushed under the rug. Hence the g lay, jaw, or yellow vest protests across, not just france, but a quite a bit of europe. And this is pre coded, pre ukraine war, really kind of almost expediting the need for pushing forward esoteric mandates. In order to revert, you know, declare the streets through a pandemic, much harder to be writing in paris, certainly on or elsewhere. So that was somewhat effective to certain extent. The french know their history, their sober, they werent fooled, and that sentiment is shared across the global south. I think what were kind of talking about in the break as far as you know, the u. K especially and then you know, the commonwealth states and the u. S. Really, you know, Carol Quigley wrote the book, the Anglo American strat establishment decades ago because it was a soft, it was an indirect argument. The at the u. S. And a dovetail back under empire and all but name as certainly as early as the 1913 Federal Reserve act. So the belligerence is really begging the question over the stakes. Why this severe russo phobia . Its because of what were talking about earlier. A very potent, very well thought out very well coordinated. A challenge against dollar had gemini, against super imperialism, to quote a professor hudsons earlier text work against petro dollar head gemini, which we have to remember in 197374. 00, went into the when it became a plan in large part b, on the assumption of a u. S. Military dom. And so if anybody falls at a line, we whack them back into gear that worked for saddam husseins iraq that worked for a colonel gadhafi libya. Its not going to work against the Massive Nuclear powers that just aside from that level of a deterrence capability and collectively have a military force numbering in the 10s of millions where they needed to be deployed. So its hence the sense of haste. The desperation, the rage is because the bluff is being called and what is going to be the response is going to be to head off. This is these approaching hazards. Western central bank sters will print their Respective National currencies into hyper plate hyper inflationary oblivion. Michael is usually you want to jump in, go ahead. Yes. So you just made the really important point that you call it a recession, but were still in the aftermath of 2008. There wasnt any recovery from 2008. The situation is got worse and worse, and every single country, because of the debts were not written down. President obama kept the debts on the books, and the economy was written down in the United States. In europe, you have the crisis afterwards. You have the global, so running up that much more. So its only a pretense that there was a recovery. Its been going down since 2008 and now its accelerating. And regarding the us stance, people say obviously because nato, russia, you think of the west is being highly military. But look at other nato attack on russia as western disarmament. They are, they run out of tax. I mean, i know that means the only way that the west can fight it, ami um, its the only weapon they have left. No tanks, no rifles, no, no bullock stuff, but in them or missile only atomic weapons. So it comes into the fact that all the United States can do is play the role of wrecker in the world to try to prevent the world from reorganizing along more rational. Okay, well, were almost out of time will that will this policy succeed . Id say its a, it wont, i just hope we can avoid a new killer conflict. Go ahead. Tom finishes. Finish our program. I was going to say, i was gonna say i, i, i think that the, the threat of that is a little, well, what i expect here at this next juncture is, nato is going to, is coming, is trying to figure out a false flag to attack russia directly and force them again as to strike verse because thats the way they know the. So i put my operate so that they can have the moral high ground to then organize something. Ah, worse than that, they have to cover the fact that the debt is so massive and the way you do that is you take people to war, the people are good, are down with us and its very clear across the entire west. And i think that there are very powerful forces in the west at this point, supporting that notion and theyre doing so at the 40 what talk to us looks like the giants fighting amongst themselves. Are we asked on the ground on what the hell is going on . Right, this is all about elite agend as it has nothing to do with the rest of us gentlemen or our audience. Gentlemen, that fascinating discussion, thats all the time we have. I want to thank my guest in new york, los angeles, and north florida. And i want to thank our viewers for watching us here. Are the see you next time remember possible. Ah ah, ah no thing wrong. Oh, just dont hold the world yet to shape out. Disdain becomes the african and engagement equals the trail. When so many find themselves worlds apart, we choose to look for Common Ground a with a blaze that are done. Yes, Chemical Plant extinguish following relentless, ukrainian shelling, just weeks after care. Similar attack on a civilian facility led to the league of a cloud of hazardous gas. With the u. S. Mulling over a multi 1000000 a package to new delhi. We hear from a former Indian Foreign secretary who questions the motives behind the funding for which those countries didnt even ask. Behind this, let me tell you, is our position in crisis. They are very unhappy that we havent condemned to