The Unz Review - Mobile
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
by  
Email This Page to Someone

 Remember My Information



=>
Topics Filter?
Wall Street Federal Reserve Neoliberalism Housing Unemployment China Reprint Japan Eurozone Debt Russia Free Trade Greece Immigration Banking System Economics Donald Trump Minimum Wage Poverty Dollar Financial Sector Euro Privatization Washington Consensus Business IMF Radio Interviews Trade Culture American Media Latin America Ukraine Financial Crisis TV Economic Theory Oil 2016 Election Iceland Inequality Gold EU Latvia The Insiders Economic Dictionary Financial Bailout Banking Industry Capitalism Land Deregulation Global Warming Ancient Near East Obama Technology Britain Max Keiser Ben Bernanke Boeing Manufacturing Real Estate American Military Brazil History Obscured American Oil Industry Rentier Australia Finance Financial Times Tax Cuts Brexit Financial Bubbles Syriza Banks Government Stimulus Inflation IQ Ireland Meritocracy Mexico Paul Krugman Social Security China/America Corruption Deficits Imperialism Taxes Timothy Geithner Alan Greenspan Argentina Behavioral Economics Democratic Party Economic History Germany Goldman Sachs Hillary Clinton Iraq Michael Hudson American Debt Bubble & Beyond Globalization Government Debt Iran Norway Politics Silicon Valley Student Loans Academia Barack Obama BRICs Conservative Movement Demographics Financial Debt Genetics Illegal Immigration Psychology Race Unions Vioxx Africa Animal Rights Anthropology Behavior Genetics Canada Class Warfare Consumer Debt Currency Speculation Cyprus Detroit Education France Government Surveillance Harvard Henry Paulson India Joseph Stiglitz Lehman Brothers Madoff Swindle Marx Meat MMT Money Supply Nobel Prize Russian Economy Trade Surplus 2008 Election American Pravda Auto Loans Automation Bear Stearns Bolivia Catholic Church Chicago School Classical Economics Empire Environment Evolution George Soros Globalism Government Spending Human Biodiversity Infrastructure Israel Lobby Korea Larry Summers Low Wages National Debt Neocons Obamacare One Percent Police State Political Correctness Political Economy Radio Interview Republicans Review Scotland Sony Spain Switzerland Tax Terrorism Working Class World War II 2012 Election Agriculture Airports American Default Apple Auto Industry Baltimore Riots Banking Benjamin Netanyahu Bernie Sanders Blacks Books Cell Phones Charles Murray Chile China Stock Market Meltdown Cockburn Family Cover Story David Petraeus David Stockman Defense Budget Development Dick Cheney Dominique Strauss-Kahn Drugs Dubai Economy Emigration Europe Evolutionary Psychology Facebook Fake News Farming Fossil Fuels Genomics Geography Google Gordon Brown Government Shutdown Great Recession H-1B H1-B Visas Hugo Chavez Income Tax Indian Economy Israel Italy Jeff Sommers Jews Labor Las Vegas Letter Type Media Merkel Michigan Middle East North Korea Nuclear Weapons Outsourcing Palo Alto Panama Papers Pigmentation Pollution Population Public Schools RealWorld Renegade Economists Republican Party Rupert Murdoch Russian Reaction RussPol Sociology South China Sea Student Debt Supply-Side Economics Tax Evasion The Economist Thorstein Veblen TPP TTIP Universal Basic Income USA Walmart Welfare White Americans Workers YouTube
 Economics ArchiveMost Recent
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
shutterstock_643280980
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
shutterstock_567235846
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
shutterstock_142091875
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
shutterstock_649146019
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
shutterstock_646779496
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
shutterstock_314545931
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
shutterstock_631034702
Not the American One, But Trump’s
President Trump, his children and their spouses, aren’t just using the Oval Office to augment their political legacy or secure future riches. Okay, they certainly are doing that, but that’s not the most useful way to think about what’s happening at the moment. Everything will make more sense if you reimagine the White House as... Read More
I have come to the conclusion that capitalism is successful primarily because it can impose the majority of the costs associated with its economic activities on outside parties and on the environment. In other words, capitalists make profits because their costs are externalized and born by others. In the US, society and the environment have... Read More
Inaction Equals Annihilation
Not since World War II have more human beings been at risk from disease and starvation than at this very moment. On March 10th, Stephen O’Brien, under secretary-general of the United Nations for humanitarian affairs, informed the Security Council that 20 million people in three African countries -- Nigeria, Somalia, and South Sudan -- as... Read More
shutterstock_617862134
Billionaire businessman Marc Cuban insists that the H-1B visa racket is a feature of the vaunted American free market. This is nonsense on stilts. It can't go unchallenged. Another billionaire, our president, has ordered that the H-1B program be reformed. This, too, is disappointing. You'll see why. First, let's correct Mr. Cuban: America has not... Read More
There are the terrorists, who get attention out of all proportion to their actual clout, and then there are those with big-time clout -- I think of them as the terrarists -- who get almost no attention at all. Back in May 2013, I came up with that term and here’s how I described those... Read More
There was a time when boys played games of marbles following strict playground rules: contestants had to stand a prescribed distance away from the little pyramid of marbles, and chuck only marbles of the prescribed size. Rules ruled. Piaget was intrigued by the explanations children gave for moral judgements, and the playground is the arena... Read More
Inlet Beach is an old Florida community in Walton County on the Gulf Coast of the panhandle of Florida. The community circa 1950 originated in federal land dispensed via a lottery to WW II veterans. Winners of the lottery received 1.25 acres in exchange for a $50 filing fee and agreement to construct an 800... Read More
Audit the Fed recently took a step closer to becoming law, when it was favorably reported by the House Committee on Oversight and Government Reform. This means the House could vote on the bill at any time. The bill passed by voice vote without any objections, although Fed defenders did launch hysterical attacks on the... Read More
A couple of readers asked why I did not include in my column, “A Government of Morons,” the violence used against the medical doctor Dao removed from his confirmed seat on a United Flight as a result of airline overbooking. The 69-year old was beat senseless by goons. A few days later United Airlines removed... Read More
shutterstock_620130767
Introduction Every day and throughout the world we read and hear of turmoil, of threats, violence, divisions, wars for peace and peace for wars, freedom as oppression and oppression as freedom. In a world where words have lost their meanings and meanings have no words, how do we go about understanding turmoil? Surely, economies rise... Read More
This time it is about employment
The US government continues to lie about everything, not just Russia, Syria, Iran, and China. The US government is incapable of telling the truth about something as straightforward as employment. According to the government, March produced only 98,000 new payroll jobs, an insufficient amount to reduce unemployment, but the unemployment rate fell from 4.7 to... Read More
KIM BROWN: Welcome to The Real News Network in Baltimore. I'm Kim Brown. Donald Trump promised repeatedly to, "Drain the swamp," during his presidential campaign, his vow to end the cycle of corruption within the Federal government. All while touting his own experience as a businessman, as reason enough for him to be Commander-in-Chief. Yet,... Read More
shutterstock_562612936
The ‘White Plague’ of the 21st Century
Introduction Over the past two decades hundreds of thousands of Americans have died prematurely because of irresponsibly prescribed narcotic ‘pain killers’ and other central nervous system depressants, like tranquillizers and their deadly interactions. The undeniable fact is that they have been mostly from the white working and lower middle class from rural and deindustrialized regions.... Read More
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive... Read More
I just had a disastrous and embarrassing interaction with Bloomberg, and feel that I was ambushed and sandbagged by having my comments taken out of context in a hit piece Bloomberg’s journalists wrote on Venezuela – evidently trying to distort my own views in a two-for-one job. On Monday, March 27, I received a message... Read More
Friendly Lounge, 2017
My local dive, Friendly Lounge, was mentioned in I Heard You Paint Houses, a book soon to be turned into a movie by Martin Scorcese. Now Friendly’s featured quite prominently in The Last Don Standing, an account of the Philly mob by Ralph Natale. An infamous snitch, Natale still spent 27 years inside. As I... Read More
shutterstock_327841346
The undeniable success of Venezuela’s Hugo Chavez must have been especially aggravating to the world’s oldest billionaire, David Rockefeller, who died in his sleep last week at 101. The Rockefellers and their Standard Oil essentially ran Venezuela for decades, deciding on not just US ambassadors but Venezuela’s national policies. Until 1951 Standard Oil’s Venezuela branch... Read More
shutterstock_611723471
Introduction: The cross border flood of millions of immigrants provokes profound political divisions, violence and the rise of mass movements challenging the unity of the European Union (EU) and the survival of the dominant political parties in the US and Europe. Both the progressive pro-immigrant and rightwing anti-immigration parties and movements propose easy answers and... Read More
shutterstock_209788282
Introduction: From their dismal swamps, US academic and financial journal editorialists, the mass media and contemporary ‘Asia experts’, Western progressive and conservative politicians croak in unison about China’s environmental and impending collapse. They have variably proclaimed (1) China’s economy is in decline; (2) the debt is overwhelming; a Chinese real estate bubble is ready to... Read More
shutterstock_592788746
Nobody yet can tell whether Donald Trump is an agent of change with a specific policy in mind, or merely a catalyst heralding an as yet undetermined turning point. His first month in the White House saw him melting into the Republican mélange of corporate lobbyists. Having promised to create jobs, his “America First” policy... Read More
West End Mall, Atlanta, 2017
Knowing you can’t run from their jokes, bus drivers will crack a few, so on the endless leg from Washington to Atlanta, the driver intoned, “I don’t believe in Lost and Found, ladies and gentlemen, only eBay. If you forget something on this bus, you can find it on eBay.” Later, he chastised us all... Read More
Why did the Fed raise its benchmark interest rate when inflation is still running below the Fed’s target, workers wages have hardly budged and the economy is not even growing at 1 percent? Yellen was asked that question at a press conference on Wednesday following the release of the FOMC’s statement. Her answer helps to... Read More
Donald Trump’s $1 trillion infrastructure plan is not an infrastructure plan and it won’t put $1 trillion of fiscal stimulus into the economy. It’s basically a scheme for handing over public assets to private corporations that will extract maximum profits via user fees and tolls. Because the plan is essentially a boondoggle, it will not... Read More
shutterstock_589745468
The U.S. economy is weak. Very weak. But the Federal Reserve is planning to raise interest rates anyway. Why? Here’s what’s going on: According to the Atlanta Fed the US economy is expected to grow at a respectable 2.8 percent for the first quarter of 2017 That’s not bad considering that, for the entire year... Read More
History shows that, if individuals have the freedom to choose what to use as money, they will likely opt for gold or silver. Of course, modern politicians and their Keynesian enablers despise the gold or silver standard. This is because linking a currency to a precious metal limits the ability of central banks to finance... Read More
It’s funny how an election can change the way a man sees the world. Before the election, Donald Trump thought that stocks were dangerously inflated. In an interview on CNBC, he said “I hope I’m wrong, but I think we’re in a big, fat, juicy bubble.” That was Candidate Trump. President Trump sees things differently.... Read More
According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high. So what is driving the real GDP growth? In my... Read More
shutterstock_587064677
SHARMINI PERIES: Welcome back to The Real News Network. I’m speaking with Michael Hudson, the author of, J is for Junk Economics, a Guide to Reality in the Age of Deception. Don’t miss it. We’re going to be talking about this book, and some of the misleading concepts that are out there, in terms of... Read More
Hiding How the Economy Really Works
Michael Hudson, author of the newly released J is for Junk Economics, says the media and academia use well-crafted euphemisms to conceal how the economy really works SHARMINI PERIES: Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City. He’s the author of many books including, “The Bubble and... Read More
h2b-511x372
One usually doesn’t think of fashion models as skilled workers. President Donald Trump, married to a former fashion model, would beg to differ. And a good test of his commitment to patriotic immigration reform will be his willingness to persuade Congress to repeal legislation enabling foreign models to work here. That law is a part... Read More
Introduction: The Financial Times’ Special Report (2/16/2017) published a four-page spread on the ‘use and possible dangers of artificial intelligence (AI)’. Unlike the usual trash journalists who serve as Washington’s megaphones on the editorial pages and political columns, the Special Report is a thoughtful essay that raises many important issues, even as it is fundamentally... Read More
shutterstock_295193366
Finance as Warfare: The IMF Lent to Greece Knowing It Could Never Pay Back Debt
SHARMINI PERIES: The latest economic indicator showed that the Greek economy shrank by 0.4% in the last three months of 2016. This poses a real problem for Greece, because its lenders are expecting it to grow by 3.5% annually, to enable it to pay back on its bailout loan. Greece is scheduled to make a... Read More
shutterstock_573393316
Introduction By the end of the first month of President Trump’s Administration we are in a better position to evaluate the policies and direction of the new President. An examination of foreign and domestic policy, particularly from a historical and comparative perspective will provide insights about whether America is heading for a catastrophe as the... Read More
shutterstock_578872579
An article by Robert Berke in oilprice.com, which describes itself as “The No. 1 Source for Oil & Energy News,” illustrates how interest groups control outcomes by how they shape policy choices. Berke’s article reveals how the US intends to maintain and extend its hegemony by breaking up the alliance between Russia, Iran, and China,... Read More
Dirty Frank\
Before its rents became astronomical, I lived in CenterCity, so frequented McGlinchey’s and Dirty Frank’s. Now, I walk into Frank’s and hardly recognize anybody. Uncle Moe, Tommy Hackett and Skinny Dave are long dead, the last from an OD while in his late 30’s. Others have moved away. Last week, though, I ran into Rick,... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution
ABC's Epic Steel-cage Smackdown