Hudson on G20, Currency Wars – Democracy Now!
Michael Hudson as interviewed by Amy Goodman and Juan Gonzalez on Democracy Now!
The Federal Reserve will pump $600 billion more into the U.S. economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move—known as quantitative easing—has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri Professor Michael Hudson. “The object of warfare is a takeover a country’s land, raw materials, and assets and grab them,” Hudson says. “In the past, this used to be done militarily by invading them. Today, you can do it financially simply by creating credit, which is what the Federal Reserve has done.”