"The real conflict over what kind of economic and political system the Global Majority will have is just gaining momentum.

Global South countries and others have been driven so deeply into debt that they have been obliged to sell off their public infrastructure to pay its carrying charges. Recovering control of their natural resources and basic infrastructure requires the fiscal right to impose an economic-rent tax on their land, natural resources and monopolies, as well as the legal right to recover environmental cleanup costs caused by foreign oil and mining firms, and to implement financial cleanup costs (i.e., write offs and cancellation) of the foreign debt burden imposed by creditors who have not taken responsibility to ensure that their loans can be paid under existing conditions.

U.S. evangelistic rhetoric describes the imminent political and economic fracture of the world economy as a “Clash of Civilizations” between democracies (i.e., countries that support U.S. policy) and autocracies (i.e., nations acting independently).

It would be more accurate to describe this fracture as a fight by the United States and its European and other Western allies against civilization — assuming civilization entails, as it seems it must, the sovereign right of countries to enact their own laws and tax systems for the benefit of their own populations within an international system that has a common set of basic rules and values.

What Western ideologues call democracy and free markets has turned out to be an aggressive rentier-financial imperialism. And what they call autocracy is a government strong enough to prevent economic polarization between a super-rich rentier class and an impoverished population at large, such as is occurring within the Western oligarchies themselves."

https://geopoliticaleconomy.com/2025/07/17/michael-hudson-global-majority-us-financial-colonialism/

#BRICS #USA #Imperialism #FinancialColonialism #PoliticalEconomy #EconomicSovereignty #Rentism #RentierCapitalism