BRICS And The Fundamental Paradigm Shift in the Political Economy of the World

"one of the biggest stories in the world and nobody is talking about it"

As a marxist, I’ve always known that an indispensable resource for understanding what is happening in the political economy of the country and the world is the business press. It’s the place where capitalists are required to rigorously and honestly take stock of the present state of, and ongoing developments in, what we call the infrastructure.

Thus, I came across this video from a channel called Inside China Business, by a guy named Kevin Walmsley, who has lived and worked in China since 2012 for a company called Direct Equipment. The video is entitled, bluntly, “The BRICS trading system is already wiping out US farmers, as global price discovery is destroyed” and it gives a concrete analysis, which surprised me, of how the BRICS system has already upended the global commodities trading system that was “for a hundred years” based on the U.S. dollar and essentially managed from Chicago. As he says, “This is one of the biggest stories in the world, and nobody is talking about it”—because few people know how. He knows how.

He talks about how the BRICS are developing

a new global trading system, which is completely independent of the U.S.-led system based on U.S. dollar trading and the SWIFT bank system. the system that we use in western countries … that has obvious advantages to us and obvious disadvantages to everyone else. If we're honest with ourselves there is no logical reason why a farmer in Brazil who's selling soybeans to China should use an American bank or the exchange in Chicago to make the deal happen, or need U.S. dollars to do so….Now, China, Brazil, and the other BRICS have the technology to build their own system, buying and selling directly without U.S. dollars, without Western banks, and without going through commodities traders and going through exchanges in Chicago.

Out of Touch: The Empire Has Lost Its Mind

 Out of Touch: The Empire Has Lost Its Mind

Jim Kavanagh

I've been trying to figure out something to say that captures the insanity of the present conjuncture, and a friend steered me to an article in the Washington Post about American strategy towards China that epitomizes the delusional and dangerous thinking that underlies American policy around the world.

In the piece, titled “Preparing for a China war, the Marines are retooling how they’ll fight,” WaPo National Security Reporter, Ellen Nakashima explains the U.S. “military’s latest concept for fighting adversaries like China from remote, strategic islands in the western Pacific…striving to adapt to a maritime fight that could play out across thousands of miles of islands and coastline in Asia.”

The strategy, dubbed “Force Design” involves the “forward deployment” of “smaller, lighter, more mobile” Marine units called Littoral Combat Teams throughout the  First Island Chain, “a crucial stretch of territory sweeping from Japan to Indonesia.” These smaller, lighter Teams will be “as invisible as possible to radar and other electronic detection,” and will “gather intelligence and target data… as well as occasionally sink ships with medium-range missiles”— thus “enabl[ing] the larger joint force to deploy its collective might.”

Of course, there is no other “adversary like” China, and this is the “latest concept” for nothing else but winning a war against the People’s Republic of China (PRC), blocking any attempt by the PRC to forcibly reunify its Taiwan province with the mainland. What’s remarkable is that, in carefully describing how this innovative war-fighting strategy might work (“The reality of the mission is daunting”), Nakashima makes painfully clear how utterly ridiculous it actually is.

Marching Into the New Year with World Wars III, IV, and V (Part 2)

In Part 1, we covered the progress of World War III with Russia, a classic hit that’s rising with a bullet. Our producers, however, are not stingy with their talent and are now offering a

Bonus Track!

Yes, not content with its pursuit of WWIII with the world’s largest country and largest nuclear power, the United States is now also threatening and preparing for WWIV against the world’s most populous and most economically dynamic country, China.

By 2025, according to U.S. Air Force General Michael Minihan. Or 2027, according to the more optimistic CIA Director, William Burns.

In preparation for this conflict, according to Marine Lieutenant General James Bierman, the U.S. is “setting the theatre in Japan, in the Philippines, in other locations,” and “preposition[ing] weapons and other supplies on five more bases” in the Philippines. And President Biden “vows” to “transform Japan into a potent military power.”

So, Germany is sent against Russia, and Japan against China. Helluva song. I think we’ve heard it before.

Critical Hour Week in Review Panel (7/25/2020)

Federal Agents Descend on Kansas City: Is This Solving Existing Problem or Preparing for Future?

US President Donald Trump has threatened to dispatch federal law enforcement officers to other cities as well, and a multi-jurisdictional police force attacked peaceful protestors near the White House in early June so the president could have a photo-op near Lafayette Park. What does all of this mean?

Why is the US intensifying its attacks on the People's Republic of China? Dr. Richard Wolff, founder of Democracy at Work, lists three reasons for America’s senseless and ridiculous provocations towards China.

It’s Friday, so that means it’s panel time. We have a great lineup, starting with our first two guests. We welcome back American columnist and syndicated editorial cartoonist Ted Rall, who is the author of "Silk Road to Ruin." We are also joined by the co-founder of the Black Alliance for Peace and former US vice presidential nominee for the Green Party, Ajamu Baraka. The first discussion is about Trump canceling the Republican National Convention. It looks like science wins.

Week in Review Discussion on The Critical Hour (12/13/2019)

House Dems Ready for Impeachment, While Senate GOP Commits to Knocking it Down

It’s Friday, so that means it's panel time.

"The House Judiciary Committee quickly approved two articles of impeachment Friday against President Trump on party-line votes accusing him of abuse of power and obstruction of Congress," the Washington Post reported. "The full House is expected to vote to impeach Trump next week. Senate Majority Leader Mitch McConnell (R-KY) has said there is 'no chance' the Senate will vote to remove Trump from office." Trump is now on his way to becoming the third president in history to be impeached, after Bill Clinton and Andrew Johnson.
[Related articles: Defeat or Impeach? The (Il)Logic of Impeachment,  Dead Man’s Hand: The Impeachment Gambit]

"Prime Minister Boris Johnson called on Friday for 'closure' over the Brexit divisions that have riven or split the United Kingdom, saying his election victory provided an overwhelming mandate to take Britain out of the European Union on January 31," Reuters reported. "Johnson, the face of the victorious 'Leave' campaign in the 2016 referendum, fought the election under the slogan of 'Get Brexit Done,' promising to end the deadlock and spend more on health, education and the police." Now that the votes have been tabulated, the die has been cast. What does this mean going forward?

Week in Review Discussion on The Critical Hour (10/11/2019)

Trump Claims Victory Trade Deal, Did Xi Give Sleeves From His Vest?

US President Donald Trump said Friday that the US and China have reached what he called a substantial “phase one“ trade deal in which Beijing agreed to limited measures to improve trade ties between the countries. In exchange, Trump will not move forward with another round of tariff increases against roughly $250 billion in Chinese goods that had been set to take effect on Tuesday. Who really won in this deal?

Week in Review Discussion on The Critical Hour (8/23/19)

Trump's Twitter War Becomes Reality, China Imposes New Tariffs Starting September 1

On this episode of The Critical Hour, Dr. Wilmer Leon is joined by Dr. Jack Rasmus, professor of economics at Saint Mary's College of California; Jim Kavanagh, political analyst and commentator and editor of The Polemicist; and Caleb Maupin, journalist and political analyst. 

It’s Friday, so that means it's panel time. 

US President Donald Trump is raising the stakes in his trade war with China, tweeting Friday that he's increasing the tariffs scheduled to start next week from 10% to 15% on $300 billion worth of Chinese goods. Trump's comments came on a volatile day in his trade war. China started things off by announcing tariffs on $75 billion of US goods Friday morning. Just as the market was starting to calm down, Trump made two tweets that further rattled investors. The first ordered American companies to find alternatives to doing business in China, and the second wondered who is the bigger enemy: Chinese President Xi Jinping or US Federal Reserve Chairman Jerome Powell. Trump also tweeted his justification for taking on China over trade, saying it is something that was long overdue.

Week in Review Discussion on The Critical Hour (8/16/19)

Global Unrest: Hong Kong Protests, Chinese Tariffs, US Near Recession and More!

It’s Friday, so that means it's panel time. 

Hong Kong-based Cathay Pacific Airways has been caught up in the fallout of ongoing pro-democracy protests in the semi-autonomous Chinese city. Hundreds of flights were canceled this week because of protests at Hong Kong International Airport, and the airline has threatened to fire employees who take part in the demonstrations. It was announced Friday that the company's CEO Rupert Hogg and Chief Commercial Officer Paul Loo are resigning. The airline's stock has fallen almost 24% since April. What’s going on in Hong Kong and why?

Week in Review Discussion on The Critical Hour (8/9/19)

Democrats In Iowa: Second Tier Candidates Are Carrying The Day

It’s Friday, so that means it's panel time. 

Democratic presidential candidates are traversing Iowa this week with lively summer bus tours, stopping with their families at the Iowa State Fair and eating fried butter and fried Oreos, and speaking at the Des Moines Register Political Soapbox and the annual Democratic Wing Ding fundraiser. So, right now Real Clear Politics has Joe Biden up by nine points over Elizabeth Warren, followed by Kamala Harris, Bernie Sanders and Pete Buttigieg. Is there any sense of momentum on the ground that either confirms these numbers or provides a different perspective? Have the shootings in Gilroy, California; El Paso, Texas; and Dayton, Ohio, changed the focus of discussion for these candidates?

Week in Review Discussion on The Critical Hour (5/17/2019)

All You Need To Know About Why the US and China Trade Talks Failed

On this episode of The Critical Hour, Dr. Wilmer is joined by Dr. Jack Rasmus, professor of economics at Saint Mary's College of California; Jim Kavanagh, political analyst and commentator and editor of The Polemicist; and Caleb Maupin, journalist and political analyst.