and you took against the asking people, not the taller one in larger and or because if they will take it, i guess that's all i want to know to the been, you know, acceptable, but against normal people, you know, who live in afghanistan. that was the color of this was unacceptable. that's all for this hour. thanks for watching our international and we hope you have a great day. ah ah ah ah ah ah ah.

hello and welcome to cross stock. were all things are considered. i'm peter lavelle . probably the most important and impactful piece of political advice ever given was it's the economy, stupid, indeed to 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, cross sucking the global economy. i'm 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 crossed to pi in he is a strategic planning consultant and private equity advisor and independent economic analyst. hi gentlemen crosswalk rules that affect. 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 we're experiencing, particularly in the west, again, is self inflicted. michael? well, when people talk about recessions, they think of a business, they go up and down and then recovering. and this isn't 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 then it 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 what's really causing a break in the chain of payments and making things much worse than they are now, is the fact that they're going to be continued higher energy prices. i or food prices and countries do not have a not money both to stay. so the feed their populations and pay them for. and so they're 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 isn't going to be simply a return back to the normal. and so it's 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 we're just going into 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 don't see what they recovery trajectory is ok. because they're cutting off all kinds of options because of ideology, because of neoliberalism and other ridiculous things that have nothing to do with self interest. they're leaving themselves behind and it's intentional. go ahead in

los angeles. i think the ideology goes much deeper. we're going to expect and more than likely by longer term design is, are sweeping asset consolidations. transatlantic lee under designed stagflation. in order to pave the way for a world wide digitally integrated monetary system, artificial intelligence base computing standards, trans, humanistic, adventure ism with technology in 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 that's what their plan is. i don't know that they are actually or

would be able to pull it off. and i think the key is, as michael's pointed out, that the end you wanted us to represent are here. it is in europe. the question now is, and my mind, and i've been watching this carefully. is that asked, has there been a break in the, the factions within the, the, the elite as you would, i would called miss avo scrapped. 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 congress's 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, but there's a political pushback behind the scenes as allowing the fed and the commercial banking sector. and usa, you know, we're not going to go for central bank that will currencies. no, we're not going to go over trans humanist technocratic, global control and all the rest of that. and to michael's point, yes,

we're going to see a d dollars world, but i think actually in many ways i think the fed wants out of that fully dollar rise to world if you want my in michael in traditionally we looked, we looked at the fed and you know, and 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 they're actually the source of a lot of these problems and now we're turning them to solve them. well, the problem cannot be so monetary, the problem, structural united states doesn't produce its own manufactures anymore. they're going to be a lot of breaks in the supply chain for t materials, especially the sanctions against russia. not only oil and food, but also the m and e. m. all the other thing, the problem with the central bank in america is they were here that wages are going up and they're wasting the interest rates just to say, you think this is a recession. we need more of a recession, we can't let this recovery res wage here. and they said that 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 a euro and the global. so i said, well, arbitrage people aren't cheap in their country. lendue a higher rate here, and that's pushing the way the dollar. and that means that because copper raw materials are priced in dollars in the west, that all of us makes all the raw materials more expensive, as if it's a boom, or countries outside the united states, or seeing their, their business into a squeeze and into a recession. wasn't tom let's, let's talk about the impact of these sanctions here because this was a craven decision on the part of the west to do this and grade. and me would, the way i look at it is that the conflict in the ukraine will come to events and eventually here, but the sanctions won't. 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 is structurally, it is going to change forever. there is no, it's a, i really like what michael had to say. you know, we look at traditionally, recession is, you know, you know, there is a depression of the economy gets depressed and then it recovers. but this time it's going to be very, very different. when all of the dust settles, go ahead. no, it really is. and the, the, the sanctions, the cesium, rushes foreign exchange reserves, all of that have done irreparable damage to the confidence of the old system. right? that those things, you should be considered inviolate, not 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 holding dollars was the safe thing that you asked, that was not going to be defaulted on. god got it. now we're in a situation today where that had that trust has been on the thrust. been broken and

you know, in a, in an open market, once trust is gone, it takes years to build up in a day to destroy, which is exactly what happened here. 2 years, the build up trust in the dollar and the dollar in the whole existing system. and then we've weapon i swiftly weaponized foreign exchange reserves will rest of it. so no, there's 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 that's into the market. now i do disagree that i don't with michael, i don't think at the fed as raising rates to keep labor prices down. that may be his interpretation of it, but we are running. we have labor shortage here in the united states will have an issue with, with labor they have the way they have the room to ramp up rates. because fiscal fiscally, we're actually in a 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 country's history. there's no,

there's no stress within the banking system that has plenty of room to raise rates here. and they're deliberately draining dollars from the world. they are deliberately trying to stop the euros of the, i think the euro system, when i called it abstract from taking from controlling monetary policy through the offshore dollar markets. i think they want control their monetary system back and i think it's, it's it's, it's what they have to do in order just to even attempt to save the united states from a political breakdown. yeah. me into the rest of the, the rest i, i have notice i've noticed that, you know, the, that the fed wants to make a run to the door 1st and lead the europeans behind. i mean, that's, or it's with allies her for, i suppose here. i would weigh in on that because it seems to me that you know, can the dollar return, you know, you know, you know, in the return of the phoenix here. i mean, i just don't see it because when the way these sanctions are being and you know, be stealing people's property without any due process of this ridiculous oil cap thing that has, it 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 hasn't been credibly reported by the government or by media. just the sanctions issue and rook we have dollars being closed in a longer term scheme in order to adopt tail 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 they're 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 finite 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, can't i hold that rod, i have to go to a hard break. and after that hard break, we'll continue our discussion on the global economy stake with with news united states has always had a variety of tools to use and tax on other countries. economic sanctions are, are often just the beginning. another thing you like to do is place some military pressure on the countries that you're talking about

and there has to be an effort to demonize that country and the leader of that country. we have a responsibility for the whole world. and we need to make rules for the rest because without out there, we can do the forward to talking to you on that technology should work for people. a robot must obey the orders given by human beings, except where such orders at conflict with the 1st law show your identification. we should be very careful about personal intelligence at the point, obviously is to place trust rather than fear a job with artificial intelligence. real, somebody with

a robot must protect its own existence with a new business and you cleaned with americans. grey you, when you wrote, who did go through it is just such not critical to no student for what you was just touching. sure. ruckel, emergency hospital, additional student until which helped with some good news, her own the with them the proud and you're still with us to i wish you the rules are 60 of history guys, character jobs to yours. and i brought in that the studies come something that was to me, which of choice it was for me to on us on all things to the student who sure which

in the longer you bushes in useful not to push to to stream remote because or lose new, or you course load, useful, of course, i don't know who she's, you know, for the doesn't or is i should do is to duty with these for us to play in for losses commode with . welcome back to cross stock where all things are considered on peter level to remind you we're discussing the global economy. ah okay, let's go back to los angeles. i want to go back to you. i'm sorry, i had to cut you off. we had to go to that hard break, but you, you were getting into something that i think is quite fascinating. i'll only a few months ago. i think all of us would consider that with the ruble was a soft currency. okay. it was, it wasn't a currency that was particularly sought after. now it's very different. it's a,

it's them, but best performing currency in the world because it's backed by what, fill in the blanks for me go ahead. finite, tangible, hard asset, commodities, whether they're monetary commodities in the way of gold, perhaps a lot of silver as well that it's not being announced. button foremost, oil a natural gas. russia sits on the largest natural gas reserves and is the largest producer on the planet. and as i think 3rd or 4th is for us oil. so the playbook by john d rockefeller and european elites over the prior century, plus they are basically surfing and that's the, that's the course sin because john d rockefeller prescriptively prescriptively said, quote, unquote, competition as a sin. and here the kremlin is said ok, but we're gonna go ahead and send, we're going to out compete you. and by the way, we have all the natural resources that we need. so they're calling the dollars bluff over the past 50 plus years after the gold went after the gold window closed

by a basically a forcing everybody to price and trade and reserve or cycle in dollars a by saying that the dollar, you know, what is 12 trillion euro in dad, just to reference professor hudson's earlier point and 29 trillion stated of a u. s. national debt. it's, it's incredulous to try and claim that this is going to be the perennial, a reserve currency standard. so they're calling the bluff. they're very powerful friends in the way the chinese, a global south and what not. and hence a, you know, everything's, it's, it's optics, it's a confidence game and confidence is shifting east. and there's a lot of haste on the west to try and how to, how to try and deal with it. okay, let's go back to miko in new york. let's talk about the impact of sanctions here. go ahead. well, president biden as a 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

planned on bringing the whole world back into the us dollar area, not only europe, but also the global. so the problem is that they think that united states will be the only actor and the other countries will simply react. but keep on doing what they've 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 they've declared economic sanctions in war against russia already a president who said, we're going to create a brick span. we're going to create a whole new set of institutions that will operate on very different principles, the neo liberal policies. i've 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 down of a new one because it is going to be

a whole new structure of world trade and world finance and countries. you're 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 or 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 the u. s. policy is actually driving them out of it are exactly a group you know tom, one of the things i think that we've 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 it's ridiculous ideas

and woke ism and all of that nonsense, which i never talk about because it's a waste of time. but they're not afraid of the west any more. and this is what michael is talking about. because if you can create parallel institutions, you don't need the i m f, you don't need the world bank, you don't need any of these things here. okay? and why go into 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, it's funny. i think we need to be careful about what's going on here. i don't believe that the, by the ministration works to the united states. i believe they're 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 what's happening here, there's a lot of confusion about what's going on within us policy, right. i and i do separate at this point out 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 they're talking about that pie was talking about earlier. so once you get that, you son is start to realize that, yeah, the global south is not in fear anymore. and i believe that they've not that it started with putin standing up to them over crimea, and then an intervening and syria. and it's all just been downhill since then as they work through the russian for ministry and others with the chinese backing them up to you know, tell everybody. look, we're stronger than when you think we are. and i think nothing is more indicative of this than biden's. meeting with mom had been solomon the saudi arabia over the weekend and by to walk lamp. and that was really pathetic here pine, you know, on this program we've talked about ideology. we've talked about policies, we've talked about leadership, political classes, but let's talk about the people that feel the impact of all of this. do, does the, the industrialized modern western to have the wherewithal to go through this

transition? as long as it takes, it seems to me, you know, boris johnson's gone. druggie is gone. she'll be gone by the end of the year. you could bet money on that. ok. i mean, the people are not going to just, they're not going to accept this. i mean, particularly in europe, they're great calling card is where rich compared to everybody in the world. they're not going to be able to say that much longer considering the path. they're on go ahead pi. yeah, i mean people have to realize is that kind of referenced earlier, their 2008 financial crisis was fairly pivotal. it wasn't 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 semi 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 reverse, you know, you clear the streets through a pandemic, much harder to be writing in paris, certainly on or elsewhere. so that was somewhat effective to a certain extent. the french know their history, their sober, they weren't fooled, and that sentiment is shared across the global south. i think what we're 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 that 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 rousseau phobia?

it's because of what we're talking about earlier. a very potent, very well thought out very well coordinated. a challenge against dollar had gemini, against super imperialism, to quote, professor hudson's earlier text work against petro dollar head gemini, which we have to remember. 197374, went into went and became a plan in large part bay 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 hussein's iraq that worked for a colonel gadhafi libya. it's 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 it's the, hence the sense of haste, the desecration 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 differences into hyper play hyper inflationary oblivion. michael is usually you want to jump in, go ahead. yes, you just made the really important point that you call it a recession, but we're still in the aftermath of 2008. there wasn't 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 great crisis. afterwards. you have the global south running that much more. so it's only a pretense that there was a recovery, it's been going down since 2008. and now it's exhilarating. and regarding the

us stance, people say obviously because nato, russia, you think of the west is being highly military. but look at the nato attack on russia as western disarmament. they are, they run out of a means to fight the only way that the west can fight. it. comic mums is the only weapon they have left no tanks, no rifles, no, no well extent. but in them or missile only atomic weapons. so it comes as the, 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 law. okay. we're almost out of time will that will this policy succeed? i'd say it's a, it won't. 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 just to strike verse because that's the way they know the so i put ma, operates 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 got are down with us and it's 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 they're doing so at the 40 what talked to us looks like the giant's fighting amongst themselves. we asked on the ground, going what the hell is going, let's 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, that's all the time we have a want to thank my guest in new york, los angeles, and in north florida. and i want to thank our viewers for watching us here at r t c. you next time. remember,

cross topical move when i went to the wrong when i just don't an engagement equals betrayal. when so many find themselves worlds apart, we choose to look for common ground. in united states is always had a variety of tools in use and tax on other countries. we have a responsibility for the whole world and we need to make rules for the rest. because

without us, there will be 2 . ah, russell says the coming winter will be spent without russian gas and calls on the blocks members to rely on other sources of energy. also this hour with our american and british counterparts, really want to turn this war into re real what it's advantageous for the u. s and the u. k. who are sitting far away and an exclusive interview with our team rushes foreign minister survey lab rob shares his take on what the u. s. and u. k. are planning for ukraine and the european union plus with our. 4 correspondent is in the thick.