by Tony Wikrent
Strategic Political Economy
What is propelling the U.S. into increasing international military aggression?
John Ross [MR Online, via The Big Picture 4-24-2022]
Reduced to the most essential facts, the key forces that have driven this escalating U.S. policy of military aggression, which has now lasted over more than two decades, are clear. It is that the U.S. economy has permanently lost its overwhelming weight in world production, but that at the same time the U.S. still retains its preponderance in military power and spending. This, therefore, creates a very dangerous period for humanity during which the U.S. may attempt to compensate for its relative economic failure by use of military force.…
Summarising the trends above, the U.S. lead in productivity, technology and company size means that its economy overall is still stronger than China’s, but the gap between the U.S. and China is far narrower than the gap between the U.S. and the USSR. Furthermore, whatever is the exact judgement on the relative bilateral strengths of the U.S. and Chinese economies, it clear that the U.S. has already lost its global productive economic predominance. By 2021, in PPPs, the U.S. accounted for only 16% of the world economy—that is 84% of the world economy is outside the U.S. Purely economically the global era of multipolarity, instead of unipolar domination by the U.S., is not ahead it has already arrived….
The aim of the U.S. in Ukraine is precisely to attempt to bring about a fundamental change in policy and government in Russia so that a government is installed which no longer defends Russia’s national interests, which is hostile to China, and is subordinate to the U.S. If that were achieved then not only would China faced a greatly increased military threat from the U.S. but China’s enormously long northern border with Russia would become a strategic threat to China. China would be surrounded from the north.
But the conclusion which he U.S. policy derives from this, as will be analysed, is that it must therefore try to use military and political means to prevent this economic multipolarity from expressing itself.
2022 Strategic Investment Conference: Goodbye Normal
[The Big Picture 4-27-2022]
The highest inflation in 40 years, war in Europe, and economic shock waves….
Featuring an exclusive interview with the undead ghoul Henry Kissinger.
Russia / Ukraine
Why Europe cannot understand Russia
Pepe Escoba [The Cradle, via Mike Norman Economics 4-30-2022]
Seven Decades of Nazi Collaboration: America’s Dirty Little Ukraine Secret
[Foreign Policy in Focus, via Naked Capitalism 4-25-2022]
From 2014, still germane.
The carnage of mainstream neoliberal economics
Were The Stimulus Checks A Mistake?
[FiveThirtyEight, via The Big Picture 4-29-2022]
Lawmakers passed a $2.2-trillion stimulus package in March 2020 (followed by two more in 2020 + 2021). In total, it added up to one of the most generous fiscal responses to the virus globally. As U.S. prices continue to rise by rates not seen in decades, it’s become clear that the stimulus came at a significant, unintended cost: inflation.
Rex Nutting [Market Watch, via The Big Picture 4-29-2022]