this post was submitted on 31 Mar 2025
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So this is where it all comes together. Instead of squeezing Europe to pay the US, which ostensibly failed in the 20s and contributed to WW1, they're instead squeezing the global south to pay Europe to pay the US. Hudson doesn't mention this, but this arrangement also helps prevent Europe from falling to revolution or influence from the USSR. It wasn't just that the US learned from their mistakes after WW1, they also had another economic system to compete with.