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[Narrator] In the 1960s, US economist, Michael Hudson
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The Spider's Web: Britain's Second Empire

In the 1960s,US economist, Michael Hudson, was working at ChaseManhattan Bank on Wall...

[Narrator] In the 1960s,
US economist, Michael Hudson, was working at Chase
Manhattan Bank on Wall Street as Chase's balance-of-payments economist

Full Transcript

00:00:01.000 --> 00:00:04.437
- [Narrator] In the 1960s, US economist, Michael Hudson,
00:00:04.437 --> 00:00:07.437
was working at Chase Manhattan Bank on Wall Street
00:00:07.437 --> 00:00:09.972
as Chase's balance-of-payments economist.
Duration
11 seconds
Views
23
Timestamp in Movie
00:37:20
Uploaded
Oct 30, 2025
Genres
documentary
Production
N/A

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Movie Summary

How Britain transformed from an imperial power to a financial power.
- During the 1960s, - The Spider's Web: Britain's Second Empire 00:11
- During the 1960s,
- [Narrator] Dollars were flowing out of the United States - The Spider's Web: Britain's Second Empire 00:08
- [Narrator] Dollars were flowing out of the United States
The United States attempted to prevent the dollars flowing - The Spider's Web: Britain's Second Empire 00:09
The United States attempted to prevent the dollars flowing
- The government asked Chase to set up a branch in Saigon - The Spider's Web: Britain's Second Empire 00:09
- The government asked Chase to set up a branch in Saigon
It lost money, but the government went to Chase, - The Spider's Web: Britain's Second Empire 00:14
It lost money, but the government went to Chase,
It'll get the general to go, - The Spider's Web: Britain's Second Empire 00:05
It'll get the general to go,
That's what the United States was trying to stop. - The Spider's Web: Britain's Second Empire 00:06
That's what the United States was trying to stop.
- [Narrator] The US was not successful - The Spider's Web: Britain's Second Empire 00:06
- [Narrator] The US was not successful
So it began to hatch a different plan. - The Spider's Web: Britain's Second Empire 00:06
So it began to hatch a different plan.
In 1967, Michael Hudson was handed a memo - The Spider's Web: Britain's Second Empire 00:08
In 1967, Michael Hudson was handed a memo
- In 1967, I was given - The Spider's Web: Britain's Second Empire 00:22
- In 1967, I was given
The State Department, through Chase, asked me - The Spider's Web: Britain's Second Empire 00:13
The State Department, through Chase, asked me
The plan was to organize offshore banking centers - The Spider's Web: Britain's Second Empire 00:08
The plan was to organize offshore banking centers
And the hot money wouldn't come directly into Chase, - The Spider's Web: Britain's Second Empire 00:09
And the hot money wouldn't come directly into Chase,
What happened was that the Latin American criminals, - The Spider's Web: Britain's Second Empire 00:20
What happened was that the Latin American criminals,
- [Narrator] By moving offshore dollars back - The Spider's Web: Britain's Second Empire 00:11
- [Narrator] By moving offshore dollars back
- Every country looks to its foreign exchange rate. - The Spider's Web: Britain's Second Empire 00:06
- Every country looks to its foreign exchange rate.
The foreign exchange rate is not only imports and exports. - The Spider's Web: Britain's Second Empire 00:05
The foreign exchange rate is not only imports and exports.
It's capital movements, and if you look - The Spider's Web: Britain's Second Empire 00:15
It's capital movements, and if you look
What goes up and down are called errors and omissions. - The Spider's Web: Britain's Second Empire 00:05
What goes up and down are called errors and omissions.