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In her new book, Collusion: How Central Bankers Rigged the World, Nomi Prins remembers how the 9/11 attacks affected her. She was, at the time, working for Goldman Sachs (which has been sending key former employees directly into top government posts ever since, most recently, of course, Steven Mnuchin as Donald Trump’s Treasury secretary). Before... Read More
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Making the Fed an Instrument for Disaster
Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It’s the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer. While we’ve been bombarded with a litany... Read More
Introduction US Presidents, European leaders and their academic spokespeople have attributed China’s growing market shares, trade surpluses and technological power to its “theft” of western technology, “unfair” or non-reciprocal trade and restrictive investment practices. President Trump has launched a ‘trade war’, - raising stiff tariffs, especially targeting Chinese exports – designed to pursue a protectionist... Read More
SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Organization for Economic Cooperation and Development, or known as the OECD, predicted on Tuesday that Trump's tariffs on aluminum and steel imports could initiate a wave of protectionism and slow global economic growth. The tariffs have already spurred various... Read More
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In the turbulent times of Trump, it seems like an eternity, but last week, Gary Cohn, the president’s chief economic advisor, resigned from his position. President Trump had asked “Cohn directly” if he could be relied on to help implement tariffs. Cohn said no, by Bloomberg Politics’ telling. Hours later, he was out. Asked and... Read More
President Trump’s planned 25 percent tariff on steel imports and 10 percent tariff on aluminum imports may provide a temporary boost for those industries, but the tariffs will do tremendous long-term damage to the American and global economies. Tariffs raise the price of, and reduce demand for, imported goods. Tariffs ensure the preferences of politicians,... Read More
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Trump’s series of threats this week was a one-two punch. First, he threatened to impose national security tariffs on steel and aluminum, primarily against Canada and Mexico (along with Korea and Japan). Then, he suggested an alternative: He would exempt these countries IF they agree to certain U.S. demands. But these demands make so little... Read More
SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries coming to you from Baltimore. President Trump presented his infrastructure plan on Monday. The long-awaited plan proposes to spend $200 billion in federal funds over the next 10 years. This is to be complemented with another 1.3 trillion in spending from cities, states, and private... Read More
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The Next Financial Crisis -- Not If, But When
There’s been lots of fire and fury around Washington lately, including a brief government shutdown. In Donald Trump’s White House, you can hardly keep up with the ongoing brouhahas from North Korea to Robert Mueller’s Russian investigation, while it already feels like ages since the celebratory mood over the vast corporate tax cuts Congress passed... Read More
There’s no way to measure just how cheery this period really is -- not if you’re the CEO of a major company. Just as the World Economic Summit was opening in Davos, Switzerland, and President Donald Trump was flying in to put his mark on the moment, PwS, a global consulting firm, released its annual... Read More
The prophets and forecasters for the coming year have already set out their global vision ranging from rising economies to catastrophic global wars. I want to argue from a different perspective, focusing on the increasing subdivision of markets, the deepening autonomy of political action from economic development, the greater threat of military interventions and increasing... Read More
Should We Build a Wall to Keep Them Out?
In the past couple of weeks, thanks to the president’s racist comments about Haiti and African countries he can’t even name -- remember “Nambia”? -- as well as the stamp of approval he awarded future immigrants from Norway, we’ve seen a surprising amount of commentary about that fortunate country. Let me just say: those Norwegians... Read More
Or Putting Your Mouth Where Your Money Isn’t
Among the stranger features of the 2016 election campaign was the success of Donald Trump, a creature of globalization, as an America First savior of the white working class. A candidate who amassed billions of dollars by playing globalization for all it was worth -- he manufactured clothes and accessories bearing his name in low-wage... 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
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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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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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
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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
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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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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
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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
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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
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
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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
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
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
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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
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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
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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
Donald Trump wants to rip up the financial rule book and let the bankers go hog-wild. But haven’t we tried that before? Last Friday, the president announced a plan to scrap the rules that were put in place in 2010 to prevent another financial meltdown. Trump wants to return to the ‘good old days’ when... Read More
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It's amazing how Obama was able to dupe the American people into believing that the weakest expansion in the postwar era, was an "economic recovery." Frankly, it boggles the mind. Think about it for a minute: Productivity, business investment, personal consumption, inflation and growth have all been either sputtering-along at half speed or at historic... Read More
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How a Bank Conquered Washington
Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people... Read More
Steve Forbes once joked that if you ever find yourself in a middle seat on a plane and want to create some elbow room, try starting a conversation about U.S. monetary policy. It is a subject whose power to bore the pants off fellow passengers may diminish in coming years. Of dozens of potentially explosive... Read More
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Introduction: During his inaugural speech, President Trump clearly and forcefully outlined the strategic political-economic policies he will pursue over the next four years. Anti-Trump journalist, editorialists, academics and experts, who appear in the Financial Times, New York Times, Washington Post and the Wall Street Journal have repeatedly distorted and lied about the President’s program as... Read More
In a sense, the damage is already done and who can doubt that what follows will be a demolition derby -- with an exception almost too obvious to mention. In the pre-inaugural period, one simple fact of the Trumpian accession stood out boldly: just about every one of his appointees to a non-national-security post was... Read More
The Birth of a New Nationalist World Order
Donald Trump is a worldly fellow. He travels the globe on his private jet. He’s married to a Slovene and divorced from a Czech. He doesn’t speak any other languages, but hey, he’s an American, so monolingualism is his birthright. His fortune depends in large part on the global economy. He has business interests in... Read More
On Trump’s third day Trump is one up on the Establishment. Can this last? I am not a Trump booster. I am a scorekeeper. On the third day of his presidency Donald Trump signed an executive order withdrawing the United States from the Trans-Pacificic Partnership (TPP). Based on this we must assume he will also... Read More
Trump Ghost Town Inauguration
SHARMINI PERIES: It’s The Real News Network. I’m Sharmini Peries, coming to you from Baltimore. While protestors and police are clashing on the inaugural parade route in Washington, D.C., the newly sworn-in President of the United States is lunching with the establishment in Washington — Some of the very people he called out in his... Read More
Mock-up of planned Russian-Chinese airliner to compete with Boeing and Airbus. To enter service by 2025. Ambitious? Oh yes. Remember when we laughed at Toyota, Airbus, and Trump? Credit: Sputnik News.
Make Money, Not War
Is Washington really going to start a trade war with China, or is it just huffing and puffing for position? I don’t know. Mr. Trump has inexplicably failed to brief me. A point worth bearing in mind: The United States cannot compete commercially with a developed Asia, or China. America has nowhere to go. It... Read More
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Donald Trump has a plan for dealing with the stock market bubble. Make it bigger. Before the election candidate Trump blasted Federal Reserve chairman Janet Yellen for keeping interest rates too low for too long to keep the economy humming along while Obama was still in office. The president elect accused Yellen of being politically... Read More
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In the West Junk Information And Junk Judgment Prevail
The Western world and that part of the world that partakes of Western explanations live in a fictional world. We see this everywhere we look—in the alleged machinations of Russia to elect Donald Trump president of the US, in claims that Saddam Hussein and his (nonexistent) weapons of mass destruction were a threat to the... Read More
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Trump’s economic plan has sent stocks ripping higher for six weeks straight. But what’s going to happen to stock prices when Congress gives Trump’s plan a big thumbs down? Has anyone thought about that yet? And what about the Fed? Does anyone seriously think that Fed chairman Janet Yellen is going to sit on her... Read More
Trump’s Carbon-Obsessed Energy Policy and the Planetary Nightmare to Come
Scroll through Donald Trump’s campaign promises or listen to his speeches and you could easily conclude that his energy policy consists of little more than a wish list drawn up by the major fossil fuel companies: lift environmental restrictions on oil and natural gas extraction, build the Keystone XL and Dakota Access pipelines, open more... Read More
The Trump administration-in-formation is a stew of generals, billionaires, and multimillionaires -- and as in the case of retired Marine General James "Mad Dog" Mattis, the likely new secretary of defense, even the military men seem to have made more than a few bucks in these last years. In retirement, Mattis, for instance, joined the... Read More
Donald Trump's election triumph is among the more astonishing in history. Yet if he wishes to become the father of a new "America First" majority party, he must make good on his solemn promise: To end the trade deficits that have bled our country of scores of thousands of factories, and to create millions of... Read More
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Will Donald Trump be good for the US economy? The American people seem to think so. According to a recent survey taken by Gallup “Americans have relatively high expectations (of) the president-elect… Substantial majorities (upward of 60%) believe the Trump administration will improve the economy and create jobs. A slim majority (52%) say he’ll improve... Read More
SHARMINI PERIES, TRNN: Welcome back to the Real News Network. I'm Sharmini Peries coming to you from Baltimore. Today I’m being joined in our Baltimore studio by economist Michael Hudson. Michael has a new book out J is for Junk Economics: A Survivor’s Guide to Economic Vocabulary in an Age of Deception. Michael is a... Read More
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In Donald Trump’s first four years as president, he will not only choose three judges for the Supreme Court, he’ll also pick five of the seven members on the Fed Board of Governors. It would be impossible to overstate the effect this is going to have on the nation’s economic future. With both houses of... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution