Michael Hudson: US Designs on Iran and the Trump-Xi Summit
Economist Michael Hudson discusses the Trump-Xi summit, arguing that the US misrepresented Xi's positions on Iran and the Strait of Hormuz. He details a long-standing US strategy to control Middle Eastern oil, dating back to the 1960s, and explains how Iran's imposition of tolls on shipping through the Strait challenges the dollar-based financial system. Hudson critiques Iran's internal economic policies, including financialization and privatization of petrochemical assets, and calls for a shift toward industrial capitalism. He also analyzes the decline of US economic dominance and the rise of multipolarity, with China and Russia seeking alternatives to the US financial infrastructure.
Key facts
- Michael Hudson critiques US misrepresentation of Xi Jinping's positions on Iran and the Strait of Hormuz.
- The US plan to balkanize Iran dates to the 1960s, according to Hudson.
- Iran has imposed tolls on ships passing through the Strait of Hormuz as reparations.
- Hudson argues the US uses oil control as a geopolitical weapon.
- Iran's actions have led to a decline in OPEC oil exports and increased gold purchases by central banks.
- Hudson criticizes Iran's internal economic policies, including financialization and privatization.
- China and Russia are developing alternatives to the US-dominated financial system.
- Hudson calls for Iran to adopt industrial capitalism and reduce financial sector influence.
Entities
Institutions
- Naked Capitalism
- Hudson Institute
- Chase Manhattan Bank
- White House
- State Department
- Treasury Department
- Federal Reserve
- United Nations
- IMF
- BRICS
- OPEC
- University of Chicago
Locations
- United States
- Iran
- China
- Russia
- Taiwan
- Strait of Hormuz
- Beijing
- India
- Europe
- Japan
- Saudi Arabia
- United Arab Emirates
- Pakistan
- Venezuela
- Libya
- Iraq
- Syria
- Ukraine
- France
- Germany
- England
- Israel