The U.S. national debt just passed $36 trillion, only four months after it passed $35 trillion and up $2 trillion for the year. Third quarter data is not yet available, but interest payments as a percent of tax receipts rose to 37.8% in the third quarter of 2024, the highest since 1996. That means interest... Read More

All of these small moves by the non-Western countries are starting to stack up. You can easily see the dollar falling as the world currency over a period of decades, just on this current trajectory. Unfortunately for homosexuals and Jews, that trajectory is likely to get a lot steeper if and when the US empire... Read More

The Russian presidency of BRICS 2024 could not have chosen a more multicultural and multi-nodal site to host a summit laden with enormous expectations by the Global Majority. The southwestern Russian city of Kazan, on the banks of the Volga and Kazanka rivers, is the capital of the semi-autonomous Republic of Tatarstan, renowned for its... Read More

The BRICS Summit in Kazan, Russia, aimed to be a turning point towards a truly multipolar or multi-nodal world that has been in transition for a few years now. The changes announced in Kazan regarding the payment system and the reserves of nations are concrete steps towards independence from the U.S. imperialistic system. This system... Read More

“It was not the highly visible acts of Congress but the seemingly mundane and often nontransparent actions of regulatory agencies that empowered the great transformation of the U.S. commercial banks from traditionally conservative deposit-taking and lending businesses into providers of wholesale financial risk management and intermediation services.� — Professor Saule Omarova, “The Quiet Metamorphosis, How... Read More

In Part 1, I explained that the next financial crisis will be bailed out not with central bank money creation but with our stocks, bonds and bank balances. In Part 2, I explained the multi-year quiet regulatory changes that dispossessed us of our property. In Part 3, I explain David Rogers Webb’s conclusion that a... Read More

Dr. Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. Dr. Steve Keen is an Australian economist and author. A post-Keynesian, he criticizes neoclassical economics as inconsistent, unscientific and... Read More

Like all indoctrinated economics PhDs, I used to teach students that the Federal Reserve was created as a central bank in order to provide cash to banks experiencing a run on deposits so that bank failures would not become general and collapse the money supply and, thereby, employment and output. It all sounds so reasonable... Read More

Dear readers and fellow economists, the Federal Reserve is treating a rise in prices from supply shocks and disruptions from the Covid lockdowns and sanctions against Russia, Iran, and other countries as if it were a monetary inflation. It is true that too much money is chasing too few goods and services, but the cause... Read More

As I reported at the time, the banking crisis is not limited to Silicon Valley Bank. Silicon Valley Bank’s failure was followed by the failures of New York Signature Bank and First Republic Bank of San Francisco. Now three more banks have had their stock prices collapse–Western Alliance, PacWest Bankcorp, and Metropolitan Bank. As I... Read More

Guest: MICHAEL HUDSON Professor of Economics, University of Missouri - Kansas City Proposed questions: There are many perspectives on what are the most serious problems facing China and the rest of the world today. Even if you don’t agree on the diagnosis of some people, you at least need to know how they think. That... Read More

A report published last year by the WEF-Carnegie Cyber Policy Initiative calls for the merging of Wall Street banks, their regulators and intelligence agencies as necessary to confront an allegedly imminent cyber attack that will collapse the existing financial system. In November 2020, the World Economic Forum (WEF) and Carnegie Endowment for International Peace co-produced... Read More

Last week, the Federal Reserve responded to Wall Street’s coronavirus panic with an “emergency� interest rate cut. This emergency cut failed to revive the stock market, leading to predictions that the Fed will again cut rates later this month. More rate cuts would drive interest rates to near, or even below, zero. Lowering interest rates... Read More