Sunday, May 25, 2025
More on the "Transition" to a New World Order
This is a further follow-up to my previous two posts, The US Dollar as Global Reserve Currency and its implications for the United States TODAY! and More on the Trump Tariff Wars. This post is perhaps best described as a distillation or summary of what I posted earlier, thus if you would like more detail, please refer to my previous posts.
As you will immediately note, this isn't a post of mine as much as it is a plug for an article entitled 'Transition' to a New World Order Is Beyond Most in the West, by the renown geopolitical analyst Alastair Crooke. I do this because social media tends to censor The Unz Review, the alternative media where Mr. Crooke's articles are often published. Although Crooke headlines his article with the phrase The new era marks the end to ‘old politics’, it is changes to the world economic order which I am more interested in. (Since Crooke makes reference to the "financialisation" of the economy over the years, an excellent background reference to that can be obtained via economist Michael Hudson).
I first would draw attention to the excellent quote by the the 12th chairman of the Federal Reserve Paul Volcker Jr., which Alastair Crooke inserts near the beginning of his article (Please go to the link and read it for yourself). Further on, Crooke writes:
Perhaps the last quote I will extract from Mr. Crooke's article is the following:
Go and read the entire article. The message I would like to transmit out of this is that it is pure fantasy to think that the removal of US president Donald Trump will somehow permit the restoration of the US economy to its prior state, something like the restoration of the original operating system of your PC once it has been hopelessly corrupted. We are in a new world, ladies and gentlemen, and the sooner we realize it the better.
As you will immediately note, this isn't a post of mine as much as it is a plug for an article entitled 'Transition' to a New World Order Is Beyond Most in the West, by the renown geopolitical analyst Alastair Crooke. I do this because social media tends to censor The Unz Review, the alternative media where Mr. Crooke's articles are often published. Although Crooke headlines his article with the phrase The new era marks the end to ‘old politics’, it is changes to the world economic order which I am more interested in. (Since Crooke makes reference to the "financialisation" of the economy over the years, an excellent background reference to that can be obtained via economist Michael Hudson).
I first would draw attention to the excellent quote by the the 12th chairman of the Federal Reserve Paul Volcker Jr., which Alastair Crooke inserts near the beginning of his article (Please go to the link and read it for yourself). Further on, Crooke writes:
The dollar-led globalist system worked well initially – at least from the U.S. perspective. The U.S. exported its post-WW2 manufacturing over-capacity to a newly dollarized Europe, who consumed the surplus. And Europe too, enjoyed the benefit of having its macroeconomic environment (export-led models, guaranteed by the U.S. market). The present crisis began however, when the paradigm inverted – when the U.S. entered on its era of unsustainable structural budget deficits, and when financialisation led Wall Street to build its inverted pyramid of derivative ‘assets’, resting upon a tiny pivot of real assets.
Perhaps the last quote I will extract from Mr. Crooke's article is the following:
It is because of this western deep devotion to ideology (as well as to the Volker ‘comfort’ provided by the system) that has triggered such a torrent of anger and outright derision towards Trump’s ‘rebalancing’ plans. Barely a western economist has a good word to say – and yet no plausible alternative framework is offered. Their passion directed at Trump simply underlines that western economic theory is bankrupt, too.
Go and read the entire article. The message I would like to transmit out of this is that it is pure fantasy to think that the removal of US president Donald Trump will somehow permit the restoration of the US economy to its prior state, something like the restoration of the original operating system of your PC once it has been hopelessly corrupted. We are in a new world, ladies and gentlemen, and the sooner we realize it the better.
Labels: economics, geopolitics, international business, US imperialism
# posted by Dr. Mathews @ 1:33 PM 
