Premium Only Content

The United States 'Neo-Imperialist' Dollar Scheme Explained by Economist Yanis Varoufakis
The United States 'Neo-Imperialist' Dollar Scheme Explained by Economist Yanis Varoufakis
THE GREAT CURRENCY WAR
Feb. 3, 2023
Geopolitical Economy Report - Ben Norton
Greece's former Finance Minister Yanis Varoufakis explains the US system of "Neo-Imperialism" based on the dollar, an "IOU issued by the hegemon."
Which finances a huge trade deficit by letting foreign capitalists "extract colossal surplus value from their workers and then stash it away in America's rentier economy."
When President Richard Nixon ended the convertibility of the dollar into gold in 1971, it became merely an "IOU issued by the hegemon", Varoufakis explained.
This dollar "IOU" financed the United States' huge trade deficit by letting foreign capitalists "extract colossal surplus value from their workers and then stash it away in America's rentier economy."
The US trade deficit became a "huge vacuum cleaner" that "was sucking into America the net exports of Germany, Japan, and China, Varoufakis continued.
But deficit countries in the Global South "had to borrow from Wall Street to import medicines, energy, and the raw materials necessary to produce their own exports for earning the dollars with which to repay Wall Street."
When Global South countries could no longer pay their debts to the bondholders on Wall Street, "the West sent in the bailiffs, the International Monetary Fund", which imposed mass privatizations and neoliberal economic policies, Varoufakis pointed out.
Economist Michael Hudson first exposed this system back in 1972, in his book "Super Imperialism: The Economic Strategy of American Empire". (Hudson published an updated, third edition in 2021.)
Varoufakis provided his analysis of the US dollar hegemony scheme in a speech he delivered in Cuba in January 2023, at the "International Conference for the Balance of the World," a meeting organized to advocate for the New International Economic Order.
In his remarks, Varoufakis also condemned the new cold war, and called for a new non-aligned movement.
At the same conference, a German member of parliament from Die Linke (the Left Party), Sevim Dagdelen, denounced the NATO proxy war in Ukraine and warned that European Union members states have become "servile vassals" that are "pursuing the interests of US corporations and following foreign policy instructions from Washington."
Original: https://youtu.be/yohXMsuxzDA
Sources and more information here:
https://geopoliticaleconomy.com/2023/02/03/us-imperialism-dollar-hegemony-yanis-varoufakis/
German lawmaker condemns `US-led proxy war against Russia' and EU's 'servile vassals':
https://geopoliticaleconomy.com/2023/01/28/german-lawmaker-us-proxy-war-russia-ukraine-eu/
Varoufakis' full speech: https://youtube.com/watch?v=6MfuGSlDRsc
Super Imperialism - The Economic Strategy of American Empire, by Michael Hudson
https://michael-hudson.com/books/super-imperialism-the-economic-strategy-of-american-empire/
https://thegrayzone.com/2021/10/19/super-imperialism-economist-michael-hudson/
https://www.amazon.com/Imperialism-Economic-Strategy-American-Empire/dp/3981826086
=
- Geopolitical Economy Report -
Please consider supporting us at https://GeopoliticalEconomy.com/Support
Patreon: https://Patreon.com/Multipolarista
Podcast: https://soundcloud.com/GeopoliticalEconomy
Telegram: https://t.me/GeopoliticalEconomy
-
1:04:17
Timcast
2 hours agoGOP SHUTS House Votes BLOCKING Massie/Khanna Epstein Files Release
106K82 -
LIVE
StoneMountain64
1 hour agoBattlefield 6 CONFIRMED + Delta Force Escaping PRISON with PROS
162 watching -
LIVE
Viss
1 hour ago🔴LIVE - Your Helping Hand to Winning In PUBG!
195 watching -
1:12:06
The Rubin Report
3 hours agoHost Can’t Believe What Hunter Biden Admitted During Insane Interview That’s Going Viral Now
108K41 -
2:09:20
Benny Johnson
4 hours ago🚨Ghislaine Maxwell Breaks SILENCE: Will Expose EVERYTHING on Epstein Clients | We Have Inside Scoop
77.6K94 -
1:28:19
Nikko Ortiz
2 hours agoLive - Unwatchable Clips
17.3K1 -
1:04:28
The Dr. Ardis Show
3 hours ago $1.34 earnedThe Dr. Ardis Show | Weather Modification and Chemtrails with Dane Wigington | Episode 07.22.2025
4.07K10 -
LIVE
TheAlecLaceShow
2 hours agoGuests: Senator Tuberville, Mike Howell, Jim Pfaff | Russiagate | Epstein | The Alec Lace Show
122 watching -
1:36:22
The Mel K Show
2 hours agoMORNINGS WITH MEL K - A Sovereign Nation if We Can Keep it: Ending the International Organization Immunity Act of 1947 7-22-25
23.8K5 -
LIVE
Side Scrollers Podcast
3 hours agoIronmouse/Vshojo SCANDAL, Stripe DE-BANKING “Wrong Think”, RIP Theo | Side Scrollers
309 watching