[This has been driving other countries to seek alternatives. Russia was kicked out of SWIFT and threatened China, so the US is driving countries out of its orbit?]

That’s the whole point. Well, fortunately they’ve been threatening to kick Russia out of SWIFT for the last two years. And so, Russia and China have been putting in place an alternative system. So, they almost pretty smoothly are shifting over to using their own currency with each other instead of using the dollar. And that’s part of what has ended the dollar standard and ended dollar hegemony.

If the way you have dollar hegemony is to have other countries deposit your money in your banks and handle their oil trade with each other by financing it in dollars, but all of a sudden you grab all their dollars and you don’t let them use US banks to pay for their oil and their trade with each other, then they’re going to shift to a different system. And that’s exactly what has ended the dollar hegemony, as you just pointed out.

[Let's get into the current situation a bit more. You mentioned the food crisis?]

Well, as President Putin and Lavrov have said, the fighting in Ukraine isn’t really over Ukraine at all. It’s a fight over what shape the world will take and whether the world will be unipolar or, as it now appears, multipolar. The US, for the last year before it began to escalate attacks on the Russian-speaking Ukraine, was trying to block Europe from, and especially Germany, from buying Russia gas and oil.

There are three pillars of American foreign policy that base American power. The first pillar is the oil industry. That’s the most powerful industry next to banking in the United States. And United States throughout the 20th century, along with Britain and France, have controlled the world oil trade.

That has benefited the United States in two ways. Number one, we are a major oil exporter because we have a big oil and gas industry. But, number two, our US companies control the foreign oil trade. So that if some country, say Chile or Venezuela, does something that the United States doesn’t like, like growing their own food or pursuing a socialist policy, the United States can simply cut off their oil and sanction them. Without oil, they don’t have energy to drive the cars or power their factories or drive their GDP.

So, the American war in Ukraine is really a war against Germany. Russia is not the enemy. Germany and Europe are the enemy and the United States made it very clear. This is a war to lock in our allies so they cannot trade with Russia. They cannot buy Russian oil. They must be dependent on American oil for which they will have to pay three or four times as much. They will have to be dependent on American liquefied natural gas for fertilizer. If they don’t buy American gas for fertilizer, and we don’t let them buy from Russia, then they cannot put fertilizer on the land and the crop yield will fall by about 50% without fertilizer.

So, the, the war in Ukraine was to make Russia look so bad by defending itself against the attacks by the Ukrainian right wing in the Russian-speaking areas that the US has said, look at how bad Russia is. You’ve got to forego buying oil and gas or grain or titanium or palladium or anything else from Russia.

And so, the effect of this war has been to lock the NATO countries into dependency on the United States because the great fear of the United States in the last few years is that as America is de-industrializing, these countries are looking to the part of the world that’s growing, China, Central Asia, Russia, South Asia. And the United States feared losing control of its satellites mainly in NATO, but also in South America. So, it sanctioned and blocked their ability to buy non-US energy. They’re blocking their ability to buy non-US food, blocking their ability to invest in or use their surplus to get prosperous by investing in China, Russia, or Eurasia.

So, this is basically a war of America to lock in its allies. Well, the result is that oil prices, now that you can’t get Russian oil, are going to go way, way up, and that is going to create a crisis for many of the Global South countries that are oil deficit countries. The fertilizer companies in Germany have already been closing down because they say, without Russian gas, we make our fertilizer out of gas, and if we can’t get Russian gas, we can’t produce the fertilizer that. So, world fertilizer prices are going way up.

Russia is the largest grain exporter. And now that grain exports are being blocked by the sanctions, the question is, what are North Africa and the Near East going to do that have been depending very largely on Russian grain exports? Their food prices are going to go way up.

You can imagine just from seeing what’s happening in the United States when gas prices go up here, food prices go up here, not only does it put a squeeze on individual family budgets, but throughout the world, it puts the squeeze on the balance of payments of other countries. And so, they’re desperate. How are they going to pay the higher prices unless they borrow even more money from US banks?And of course, that’s another arm of US policy. The US banks hope to make a killing in making loans at rising interest rates to third world countries.

And of course, arms exports. NATO in the last few days has agreed to make American arms exports to increase their purchase of arms. So, the stock market has been soaring in the last few days. They say this, the world famine, the world crisis is a bonanza for Wall Street. The oil company stocks are going way up, the military, industrial stocks, Boeing Raytheon way up, the bank stocks. This is America’s great power grab, and it realizes, when it can create a crisis and tell the Global South or poor countries your money or your life. This is how most of the great property grabs and conquests have been made throughout history.

[And Biden said earlier that food prices are going to go up and that's just the price we have to pay.]

Well, what he should have said, this is the price they have to pay us. That’s how the stock market took it. When he said this is the price we have to pay, this is the price consumers have to pay to the American oil companies, to the American Agricultural food distribution companies. It’s the price other countries have to pay to the United States.

This is to say to the rest of the world, you know, we’ve got you completely, I don’t know how to put it, what phrase to use, but you don’t have any choice, your money or your life. We’ve got you trapped. And he’s crowing over the fact that this resulting inflation is exactly what was intended by the war in Ukraine that has led to the isolation of Russia and other countries following a non-US policy.

[More and more countries - in South America, in Africa, etc - are looking to China for investments and partnerships. Do you see all those countries outright shunning the US and moving into China's orbit?]

That is exactly what’s going to happen. What’s going to happen is, China’s investment is very different from US investment. US and European investment will give financial investments to countries at interest that the whole country is liable for to repay. China’s investment is taking place by means of the Belt and Road Initiative and direct capital investment in developing ports, infrastructure and railways. And instead of having a general financial claim against these countries, China has an equity claim, a property claim backed by the physical means of production that it puts in place.

Well, this summer, when countries say they cannot afford to pay their foreign debts, the United States has as a backup plan, okay, let’s write down everybody’s debts, government debts, to each other so that governments can pay the private bond holders and the banks. And they’re going to try to, essentially the US will forgive its debts so that Latin America can pay Chase Manhattan Bank and Citibank and the bondholders. And China is going to say, wait a minute, we don’t have any financial claim against these countries. We didn’t lend them dollars. We didn’t lend them our foreign currency at all. We built assets there and the assets are still in place. There’s no problem there.

So,the question is, whose debts are going to be written down to whom?And all of this is going to lead to, as you can imagine, destabilization. The United States is probably going to try to push regime change on countries that try to trade with China as it’s already threatened China with. And the more sanctions the United States imposes on Latin America, Africa and the Near East and South Asia, they will be creating a crisis, but the crisis will lead the rest of the world to treat the United States in the same way that Russia and China are treating the United States as just the enemy threatening the entire world with their neoliberal power grab. So, the United States in a way is isolating itself from the rest of the world by declaring war on it.