Scott
Verified User
Just got the article that this thread shares its name with in my email today and read it in its entirety. I thought it was quite educational and hope others here find it to be as well. Quoting from the introduction and conclusion below:
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The Cold War between the systems seemed to be over. But appearances are deceiving. There is a new rival system that is much more dangerous for the Western neocolonialist system.
Andreas Mylaeus
Tue 08 Jul 2025
While Western financial imperialism of a colonialist nature is continuously deindustrialising and increasingly destroying its remaining real economic elements through the ever-increasing financialisation of its economy, the economic sphere of the BRICS countries – especially Russia and China – is taking the interests of their respective populations into account, and living standards there are rising steadily. In the West, populations are being plunged into increasing poverty and misery. Many places in the US today are reminiscent of the conditions that once prevailed in the so-called developing countries of South America or Africa. In contrast, literally “flourishing landscapes” are emerging in the constantly integrating Eurasia and its associated countries.
The parasitic financial imperialist economic system of neocolonialism and the real economy-oriented, cooperative economic system “on equal terms” are irreconcilably opposed to each other. The outcome of the unequal struggle between these two systems is predictable.
[snip]
This is wishful thinking, because technological dominance requires research and development, and the financial sector and the companies that should be developing this technological edge are only thinking short-term and have only their own share prices in mind. The way the American economy is financialized undermines its ability to maintain its financial power over the world because it has led to the deindustrialization of the US economy.
In addition, the US lacks the first and most important resource for reindustrialization: human capital. The education system there is almost exclusively geared toward the financial sector. The educational foundations of the real economy are lamentably weak.
Americans have a wise saying: When you're in a hole, stop digging! But with the “Big Beautiful Bill,” the Trump administration is working against this saying. This law simply brings “more of the same”: it is the implementation of the Washington Consensus at home, which Ronald Reagan and Margaret Thatcher already failed miserably with. Austerity for the poor and “relief” for the rich do not lead to more growth. On the contrary, the financialization of the economy continues and deindustrialization accelerates. Horrendous debts for military spending are not an investment. They are money thrown away on the least productive industry. It produces junk for the scrap heap and thus leads to a lower quality of life.
The only way for the United States to become a solvent economy would be to give up trying to rule the world with an empire. Empires do not pay off. That is the lesson of history. Empires cost a lot of money, and in the end, imperial power goes bankrupt, just as Great Britain went bankrupt with its empire, and the Roman Empire before it.
If the United States wants to escape this fate, it would simply have to become a country like any other. It would have to be equal. There would have to be parity between the United States and other countries, where everyone follows the same rules. But as Michael Hudson points out, this is anathema to the US Congress. There is still a populist nationalism there that says, "We don't want to be like every other country. We don't want to have to live by the rules that other countries live by. We want to continue to be able to dominate other countries because we fear that if other countries have the opportunity to become diplomatically independent, they might do something we don't like." As long as you have that mentality, you will end up pitting yourself against the rest of the world and ending up on the sidelines while the global majority persistently continues on its constructive, cooperative path toward a better quality of life.
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Full article:
forumgeopolitica.com
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The Cold War between the systems seemed to be over. But appearances are deceiving. There is a new rival system that is much more dangerous for the Western neocolonialist system.
Andreas Mylaeus
Tue 08 Jul 2025
Introduction
The attempt to establish a global financial empire is militarily, economically, and politically self-destructive. It makes the existing division between the US-centered neoliberal order and the global majority irreversible, both for moral reasons and for reasons of simple self-preservation and economic self-interest.While Western financial imperialism of a colonialist nature is continuously deindustrialising and increasingly destroying its remaining real economic elements through the ever-increasing financialisation of its economy, the economic sphere of the BRICS countries – especially Russia and China – is taking the interests of their respective populations into account, and living standards there are rising steadily. In the West, populations are being plunged into increasing poverty and misery. Many places in the US today are reminiscent of the conditions that once prevailed in the so-called developing countries of South America or Africa. In contrast, literally “flourishing landscapes” are emerging in the constantly integrating Eurasia and its associated countries.
The parasitic financial imperialist economic system of neocolonialism and the real economy-oriented, cooperative economic system “on equal terms” are irreconcilably opposed to each other. The outcome of the unequal struggle between these two systems is predictable.
[snip]
In light of this, what alternatives does the existing system have?
There are voices saying that the Trump administration hopes that America can create an Internet monopoly, a computer monopoly, a monopoly on artificial intelligence, and a monopoly on chip manufacturing, and that it can somehow use the monopoly revenues to reverse the balance of payments deficit and restore global power.This is wishful thinking, because technological dominance requires research and development, and the financial sector and the companies that should be developing this technological edge are only thinking short-term and have only their own share prices in mind. The way the American economy is financialized undermines its ability to maintain its financial power over the world because it has led to the deindustrialization of the US economy.
In addition, the US lacks the first and most important resource for reindustrialization: human capital. The education system there is almost exclusively geared toward the financial sector. The educational foundations of the real economy are lamentably weak.
Americans have a wise saying: When you're in a hole, stop digging! But with the “Big Beautiful Bill,” the Trump administration is working against this saying. This law simply brings “more of the same”: it is the implementation of the Washington Consensus at home, which Ronald Reagan and Margaret Thatcher already failed miserably with. Austerity for the poor and “relief” for the rich do not lead to more growth. On the contrary, the financialization of the economy continues and deindustrialization accelerates. Horrendous debts for military spending are not an investment. They are money thrown away on the least productive industry. It produces junk for the scrap heap and thus leads to a lower quality of life.
The only way for the United States to become a solvent economy would be to give up trying to rule the world with an empire. Empires do not pay off. That is the lesson of history. Empires cost a lot of money, and in the end, imperial power goes bankrupt, just as Great Britain went bankrupt with its empire, and the Roman Empire before it.
If the United States wants to escape this fate, it would simply have to become a country like any other. It would have to be equal. There would have to be parity between the United States and other countries, where everyone follows the same rules. But as Michael Hudson points out, this is anathema to the US Congress. There is still a populist nationalism there that says, "We don't want to be like every other country. We don't want to have to live by the rules that other countries live by. We want to continue to be able to dominate other countries because we fear that if other countries have the opportunity to become diplomatically independent, they might do something we don't like." As long as you have that mentality, you will end up pitting yourself against the rest of the world and ending up on the sidelines while the global majority persistently continues on its constructive, cooperative path toward a better quality of life.
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Full article:
Competing Systems: Financial Imperialism vs. a Real Economy Serving the People
The Cold War between the systems seemed to be over. But appearances are deceiving. There is a new rival system that is much more dangerous for the Western neocolonialist system.
forumgeopolitica.com