Why has the price of gold been increasing so fast, breaking records? Economist Michael Hudson explains the politics of the precious metal, and the dynamics of the US dollar system. He is interviewed by Ben Norton.

VIDEO: https://www.youtube.com/watch?v=9Bvr2SZm-NM

Transcript: https://geopoliticaleconomy.com/2025/02/13/politics-gold-price-economist-michael-hudson/

Topics

0:00 Intro

1:49 Highlights

4:14 Interview starts

4:49 US dollar system & Super Imperialism

8:23 Dollar alternatives?

10:56 Why price of gold is rising

15:31 Gold market is political

21:10 Is gold an inflation hedge?

25:19 US military spending

27:33 Budget deficits & MMT

29:41 Gold standard critique

33:29 Politics of money creation

35:39 Commodity markets

38:01 Options trading

39:33 Central banks short selling gold

43:43 Gold leasing

48:01 How much gold is in Fort Knox?

51:03 Is there a run on gold?

1:02:50 Western central bank strategy

1:07:11 Outro