Re: [A-List] Michael Hudson's Super-imperialism (euro)

[Hudsonmi@xxxxxxx]

In a message dated 6/24/03 5:55:49 AM Eastern Daylight Time, michael.keaney@xxxxxx writes:


> Michael Hudson writes:
>
> The US isn't an oil-backed currency (although as long as OPEC holds dollars,
> this creates a demand for dollars that offsets the US balance-of-payments
> deficit). It's a military-backed currency, and hence politically backed as
> an extension of America's military power. Regarding oil and the balance of
> payments, the entire "dollar area" must be viewed as a unit, and your
> comments that oil prices support the dollar's value are correct.
> Also, it's an ideologically backed currency, through its control of the
> British Labour Party which time and again has sold out to America on bad
> terms and then tried to drag continental Europe along.
>
> -----
>
> In no way do I disagree with this, but I would like to know what,
> specifically, you have in mind when saying this. US penetration of the
> Labour Party and UK labour movement has been often discussed here. There is
> an ample literature on the personalities and processes involved in the
> subversion of the British left by the CIA in partnership with and parallel
> to the efforts of the domestic secret state. What are your views on the
> reasons for why the Labour Party should have been so servile so
> consistently?
>
> Elsewhere you write:
>
> Your quote from Spiro is accurate. Herman Kahn brought me down to meet with
> the Sec. of the Treasury to discuss the balance of payments, and he told me
> he'd told Saudi Arabia that NOT to keep their reserves in the form of US
> Treasury bonds would be treated as an act of war. I'm sure he must have told
> at least selected Congressmen the same thing, as this was quite open at the
> time. I discuss all this in my sequel to Super-Imperialism, Global Fracture:
> The New International Economic Order (Harper & Row, 1978). It's been out of
> print for many years.
>
> ------
>
> I've already suggested to Pluto that they should consider republishing this.
> Do you have any intention to revise it, or would it be suitable for
> reprinting as is?
>
> Michael Keaney



Dear Michael,
    Global Fracture can be reprinted as is, save for a few typos (about 12).
    My mentor, Terence McCarthy, a British-Irish Communist in the 1930s that came to America to be the most influential financial analyst on Wall Street - and the first translator of Marx's Theories of Surplus Value into English - came to the conclusion that Harold Wilson must have been a paid agent of the US.
    Japan is a case in point. The US has promoted politicians on whom it holds abundant blackmail files.
    On the other hand, there are well-meaning fools that really believe that Britain is SO weak that it MUST rely on the United States for aid, or go under.
    Ditto Germany. I remember when I first met Helmut Schmidt in New York. Because I was introduced by the president of Volkswagen-US, he assumed that he had to wear his US hat and told me how loyal he was to US plans, in Vietnam and elsewhere. I hardly could believe my ears. He was like a puppy dog sucking up and then masturbating against my leg. 
    Harold Wilson had much the same quality.

Michael Hudson