US Has Sacrificed Labor to Usury: American Analyst

“The main problem is the West's debt-based economy. The United States has sacrificed labor to usury, and unless they reverse this trend and curtail debt in favor of manufacturing, they will enter a period of unstoppable decline,” E. Michael Jones, a political analyst in the US state of Indiana, told Tasnim in an interview.

Eugene Michael Jones is an American writer, former professor, media commentator, and the current editor of Culture Wars magazine.

Following is the full text of the interview.

Tasnim: The post-COVID19 race could determine whether the US rebounds in a manner that allows it to retain what itself calls the mantle of global leadership. There are reports that Beijing could leverage its first-mover advantage – alongside a faster economic recovery across Asian markets – accelerating the trend toward a Chinese-centric globalization. What do you think?

Jones: China is in a position to reap the benefits from its infrastructure investment over the past few years, but on the other hand 1,000 companies with manufacturing based in China have said they will be moving their production to India because of lower wages. So the crucial factor is whether domestic consumption can make up for that loss.

Tasnim: The IMF has projected a US economic decline of about 6% in 2020 and a contraction of the eurozone of 7.5%. That compares to projected Chinese economic growth for 2020 of 1.2% after a first-quarter real decline of 6.7% – far less than the 10%-plus dip many experts had expected. The only group of countries in the world projected to be in positive territory are East Asian, at roughly 1%. This has raised concerns within the US and Europe. Recently, French President Emanuel Macron argued that the coming months could determine whether the European Union collapses as a political and economic project. Do you believe that their steeper economic decline and slower recovery could lay the seeds for a long-lasting shift of global tectonic plates to East Asian nations’ advantage?

Jones: Because of outsourcing and the Trump administration's obsession with Iran, the United States has allowed the consolidation of the Eurasian landmass, which means that the US Navy is now obsolete and that the advantage will now shift to the East as they bring about the consolidation of the largest market on the face of the earth.

Tasnim: There is a potential scenario raised by Deloitte and Salesforce referred to as “Sunrise in the East.” They write, “The global center of power shifts decisively east as China and other East Asian nations take the reigns as primary powers on the world stage and lead global coordination of the health system and other multilateral institutions.” What factors do you think could contribute to this shift of power?

Jones: The main problem is the West's debt-based economy. The United States has sacrificed labor to usury, and unless they reverse this trend and curtail debt in favor of manufacturing, they will enter a period of unstoppable decline.