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Some Stuff Worth Knowing
For Americans concerned about Mexico and Mexicans, and what sort of wights they be, a little history may help. We seem to know almost nothing about a bordering nation of 130 million. It is not what most of us think it is. It is certainly not what the Loon Right would have us believe. For... Read More
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"If the tax reform bill goes through, do you plan to increase your company's capital investment?" The question was posed to a sizeable group of CEOs at The Wall Street Journal's CEO Council, in the presence of White House economic adviser Gary Cohn. A pitiful show of hands failed to wipe the smirk off Mr.... Read More
Who can keep up with the madness of our never-ending Trumpian media moment? Each day is a lesson in the bizarre, in ever-wilder comments, accusations, charges, and claims of every sort from or against The Donald and crew. Each day spotlights subjects you hardly knew were subjects until they burst onto cable news and individual... Read More
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Secretary of the Treasury for the .01%
Treasury Secretary Steven Mnuchin doesn’t exactly come across as the guy you’d want in your corner in a playground tussle. In the Trump administration, he’s been more like the kid trying to cop favor with the school bully. That, at least, is the role he seems to have taken in the Trump White House. When... Read More
New York, 2017
To go home, I had to take a taxi to Saigon’s airport, fly to Hanoi, then on to Hong Kong, where during a 5 ½ hour layover I’d take a train to Central to hang out a bit, then back to the airport to fly to JFK, then hop on two trains just to get... Read More
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(Lumpen Capitalism refers to an economic system in which the financial and military sector exploits the state treasury and productive economy for the 1% of the population.) Introduction US journalists and commentators, politicians and Sinologists spend considerable time and space speculating on the personality of China’s President Xi Jinping and his appointments to the leading... Read More
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That's the Rub, It Can't
In order to understand China and how the world works, I am very lucky to have lived here during two very different time periods. It started 1990-1997. In the first book of The China Trilogy, 44 Days Backpacking in China, I called this period the Wild East Deng Xiaoping Buckaroo Days. It was intense, crazy... Read More
This week President Trump revealed his final five candidates for Federal Reserve chair. Disappointingly, but not surprisingly, all five have strong ties to the financial and political establishment. The leading candidates are former Federal Reserve governor and Morgan Stanley banker Kevin Warsh and current Fed governor, former investment banker, Carlyle Group partner, and George H.W.... Read More
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2017 compared to 1917
Socialism flowered in the 19th century as a program to reform capitalism by raising labor’s status an
President Trump and the congressional Republican leadership recently unveiled a tax reform “framework.” The framework has a number of provisions that will lower taxes on middle-class Americans. For example, the framework doubles the standard deduction and increases the child care tax credit. It also eliminates the alternative minimum tax (AMT). Created in the 1960s, the... Read More
Home cooking in Hanoi, 2017
I’m back in Hanoi. Noi Bai Airport was sparkling after its recent upgrade, and I rode into town on a wide, well-landscaped freeway named after general Vo Nguyen Giap. On both sides were shops and restaurants. “I don’t recognize any of this, brother,” I said to the taxi driver, a man in his mid 40’s.... Read More
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An interview with journalist Chris Hedges
On Monday, WSWS International Editorial Board Chairman David North interviewed Chris Hedges, the Pulitzer Prize-winning journalist, author, lecturer and former New York Times correspondent. Among Hedges’ best-known books are War is a Force That Gives Us Meaning, The Death of the Liberal Class, Empire of Illusion: the End of Literacy and the Triumph of Spectacle,... Read More
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It should be called the Leona Helmsley tax plan, only the little people will pay taxes
S. Peries: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. A general consensus is emerging that Trump's tax plan, which he presented last Wednesday will benefit mostly the country's upper classes and corporations. In fact the only people that got a tax increase are the poorest taxpayers. A quick scan... Read More
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America has the greatest inequalities, highest mortality rate, most regressive taxes, and largest public subsidies for bankers and billionaires of any developed capitalist country. In this essay we will discuss the socio-economic roots of inequalities and the relation between the concentration of wealth and the downward mobility of the working and salaried classes. How the... Read More
Do the Wall Street Journal’s editorial page editors read their own newspaper? The frontpage headline story for the Labor Day weekend was “Low Wage Growth Challenges Fed.” Despite an alleged 4.4% unemployment rate, which is full employment, there is no real growth in wages. The front page story pointed out correctly that an economy alleged... Read More
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Immigration patriots are fighting back against Donald Trump’s dalliance with a DACA [Deferred Action for Childhood Arrivals] Amnesty, and there’s evidence they’re having the predicted impact. But in the furor, the H-1B “temporary” worker program has been pushed to the background. Patriots need to keep their eyes on this program as well. Most VDARE.com readers... Read More
Today is Labor Day, a difficult day to celebrate now that American labor has been cast aside and US jobs offshored and given to foreigners. The remainder of the jobs is slated to be replaced by robotics. Friday’s payroll jobs report was full of bad news. Full-time jobs declined by 166,000. The meager 156,000 new... Read More
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The fall of 2017 will witness the most brutal assault on working and middle class living standards since the end of World War II. Three presidents and their congressional allies will ‘revise’ labor legislation, progressive income tax laws and regulations and effectively end the mixed economy in France, the US and Brazil. Throughout the summer,... Read More
Marseille, 2017
Born in Nghe An, he quit school after the 9th grade to start working full time at 15-years-old. He got a job in Saigon, then Phu Quoc Island, the southernmost part of Vietnam. He visited Hanoi and remote Dien Bien Phu, right on the Laotian border. At 18, he agreed to pay $15,000 to be... Read More
Photo by Charleston’s TheDigitel | CC BY 2.0
Interview with Vlado Plaga in the German magazine FAIRCONOMY, September 2017. Originally, you didn’t want to become an economist. How did it come that you changed your plans and digged so deep into economics? I found economics aesthetic, as beautiful as astronomy. I came to New York expecting to become an orchestra conductor, but I... Read More
A Broad Spectrum Column
OK, I’m trying to figure out cars. Especially the electric and nuclear-powered ones. Mostly the fizzing and fuming about how great electrics are, or maybe the end of civilization, seems political. Liberals love them because they will prevent pollution, end global warming, and maybe stop hair loss. Libertarians hate them because they associate them with... Read More
The big New York banks no longer perform the banking function of lending to consumers and businesses. Thanks to government policies that foster increased financial concentration, banking incentives have changed fundamentally. The big banks today are focused on higher risk-return speculation and on trading and fee-based income. Banks don’t lend not because, as banks and... Read More
The American media specializes in fake news. Indeed, since the Clinton regime the American media has produced nothing but fake news. Do you remember the illegal US bombing and destruction of Yugoslavia? Do you remember “war criminal” Slobodan Milosevic, the Serbian president branded “the butcher of the Balkans,” who was compared to Hitler until Hillary... Read More
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Trump is Turning Against the White Working Class that Elected Him
SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To... Read More
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U.S. Sanctions Aimed at Russia Strike Western European Allies
Do they know what they are doing? When the U.S. Congress adopts draconian sanctions aimed mainly at disempowering President Trump and ruling out any move to improve relations with Russia, do they realize that the measures amount to a declaration of economic war against their dear European “friends”? Whether they know or not, they obviously... Read More
PCR Takes a Look at Today’s “Top Stories” “Here are today’s top stories on Bloomberg” “Jeff Bezos briefly overtook Bill Gates as the world’s richest person. A surge in Amazon shares Thursday morning in advance of its earnings report gave Bezos a net worth of $92.3 billion, surpassing the Microsoft founder’s $90.8 billion fortune. In... Read More
Back in the 1990s stock bubble it was common for analysts to say things like price-to-earnings ratios (PE) no longer mattered. They were right, at least for a while, as the stock valuations of companies like AOL and Priceline soared way beyond anything that could conceivably be justified by current or future earnings. Of course... Read More
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What will those rascals in Moscow do next?
It has been another week full of news about Russia. Americans might be surprised to learn that nearly every aspect of their lives has been somehow impacted by the insidious covert activity of a former global enemy that now has an economy the size of Spain or Italy. One of the latest claims is that... Read More
Supply-Side economics burst onto the economic policy scene in Washington, D.C., on September 21, 1975 in the Sunday Washington Star in an article I had written for US Representative Jack Kemp that provided a supply-side economic basis for his capital formation bill. Subsequently, I generalized the supply-side approach when I realized that changes in marginal... Read More
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Amid the proverbial doom and gloom pervading all things Syria, the slings and arrows of outrageous fortune sometimes yield, well, good fortune. Take what happened this past Sunday in Beijing. The China-Arab Exchange Association and the Syrian Embassy organized a Syria Day Expo crammed with hundreds of Chinese specialists in infrastructure investment. It was a... Read More
The false reality constructed for Americans parallels perfectly the false reality constructed by Big Brother in George Orwells’ dystopic novel 1984. Consider the constant morphing of “the Muslim threat” from al-Qaeda to the Taliban, to al-Nursra, to ISIS to ISIL, to Daesh with a jump to Russia. All of a sudden 16 years of Middle... Read More
Federal Reserve Chair Janet Yellen recently predicted that, thanks to the regulations implemented after the 2008 market meltdown, America would not experience another economic crisis “in our lifetimes.” Yellen’s statement should send shivers down our spines, as there are few more reliable signals of an impending recession, or worse, than when so-called "experts" proclaim that... Read More
Ancient Silk Road Routes.  Credit: Wikimedia Commons
Peter Frankopan's The Silk Roads: A New History of the World shows why we need to re-vision history
The word revisionist derives from roots meaning "to look again." And since history is an ongoing project, whose main purpose is to help us understand where we have come from and where we are going, we obviously need to keep taking fresh looks at the past as we propose new visions of the future. Obligatory... Read More
Pretty much everything our media tells us about China is wrong–or at least one-sided–including its tales of a China ‘debt problem’. The Chinese are, in all times and places, debt-averse and China’s government which, unlike ours, must take long-term responsibility for the economy, is no different. Mao set the example and grew GDP by 6.2... Read More
To one watching the advance of Chinese science and technology, or to me anyway, several things stand out. First, the headlong pace. Second, the amount of it that appears aimed at making China independent of the West technologically and getting the United States off Beijing’s back. Third, the apparent calculated focus. It looks like intelligent... Read More
The crooks who run the Western financial system set up the gold market in a way that lets them control the price. Gold is not priced in the physical gold market where bullion is bought and sold. Gold is priced in a futures market where uncovered contracts that are settled in cash are bought and... Read More
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As a rule I try to see my glass half-full, leaving the half-empty one to other fellows. And now there are some good reasons for an eternal optimist to stick to his positive schedule. Though it tarried, the summer has come, after all, to the North. The skies are blue, the grass is green and... Read More
Several years ago when the Federal Reserve had its Fed funds rate at zero to 25 basis points (one-quarter of one percent—0.25%), there was a great deal of talk, somehow presented as urgent, whether the Federal Reserve would raise interest rates. RT asked me if the Fed was going to raise interest rates. I answered... Read More
In discussing this week’s Grenfell Tower tragedy in London, the British politician David Lammy has resorted to coruscating language. The inferno, he says, was a case of “corporate manslaughter.” Although he has not been specific about who he is accusing, several entities evidently have a lot of explaining to do. This includes most obviously the... Read More
For 66 years the Glass-Steagall act reduced the risks in the banking system. Eight years after the act was repealed, the banking system blew up threatening the international economy. US taxpayers were forced to come up with $750 billion dollars, a sum much larger than the Pentagon’s budget, in order to bail out the banks.... Read More
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Glass-Steagall or Another Economic Meltdown?
Donald, listen, whatever you’ve done so far, whatever you’ve messed up, there’s one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn’t even hard to... Read More
Remember when “draining the swamp” was something the Bush administration swore it was going to do in launching its Global War on Terror? Well, as we all know, that global swamp of terror only got muckier in the ensuing years. (Think al-Qaeda in the Arabian Peninsula, think ISIS.) Then, last year, that swamp left terror... Read More
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As published in Harper’s Magazine. Let’s start with your 2006 Harper’s article. What did you see happening at that point? It was very clear that more and more of everybody’s income had to go to buying a
Students usually don’t think of themselves as a class. They seem “pre-class,” because they have not yet entered the labor force. They can only hope to become part of the middle class after they graduate. And that means becoming a wage earner – what impolitely is called the working class. But as soon as they... Read More
In a series of articles posted on www.paulcraigroberts.org, we have proven to our satisfaction that the prices of gold and silver are manipulated by the bullion banks acting as agents for the Federal Reserve. The bullion prices are manipulated down in order to protect the value of the US dollar from the extraordinary increase in... Read More
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In the years since the 2008 economic crisis, financial transactions taxes (FTTs) have gone from a fringe idea to a policy that is in mainstream policy debates. They are seen as a way to both raise large amounts of money and to slow the pace of churning in financial markets. For this reason, most progressive... Read More
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SHARMINI PERIES: Just prior to the economic collapse of 2007-2008 there were several economic indicators which could have given us a clue of the impending disaster. If we look at the economic situation today in the US, we find many of these very same indicators. Housing prices are getting very high. Credit card debt has... Read More
If One Arm is Right, the Other Will Be Left, No?
This worthy and public-spirited column seldom dives into the thickets of military hardware, which it regards as excessively technical. However, the arms race between China and Washington is of enough gravity that its more exotic armaments may be of interest. Herewith, the truly dangerous weaponry of the contending sides. C-919 A Chinese narrow-body intended to... Read More
Frankford, Philadelphia, 2014
Jonathan Revusky was in Philly for a few days, and I had a great time showing Jon around. We went to Kensington, Fishtown, Camden, Point Breeze, Little Cambodia and Rittenhouse Square, all but the last at the sinking end of the economic scale, places I’m well familiar with. At Jack’s Famous Bar, we ordered a... Read More
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Sharmini Peries: The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. However, little attention has been... Read More
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Category Classics
A simple remedy for income stagnation
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