The Unz Review: An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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Even before the coronavirus appeared, many American families were falling behind on student loans, auto loans, credit card balances and other payments. America’s debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate. Massive social distancing, with its accompanying job losses,... Read More
How the Bronze Age saved itself from debt serfdom
There has been an explosion of discussion about whether to cancel student debts. Critics of the idea point out that wealthy people would be the main gainers, posing moral hazard. The debate has has quickly slipped into a discussion of modern economies and whether it was moral to cancel the debts of people who are... Read More
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The idea of annulling debts nowadays seems so unthinkable that most economists and many theologians doubt whether the Jubilee Year could have been applied in practice, and indeed on a regular basis. A widespread impression is that the Mosaic debt jubilee was a utopian ideal. However, Assyriologists have traced it to a long tradition of... Read More
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CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today we’re going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy.... Read More
Why the Fed's Consumer Credit Report is Rotten to the Core
If you really want to know what's going on with the economy, you should take a look at the Fed's Consumer Credit Report that was released on Thursday. Yes, it's a real snoozer, but it does reveal the truth behind all the "recovery" hype. So, let's cut to the chase: When unemployment is high and... Read More
Sitting on Top of $1.9 Trillion
Two and a half years have passed since Lehman Brothers collapsed and US consumers are still digging out. Last Thursday, the Fed released its "flow of funds" report which showed that households had trimmed their debt to $13.3 trillion in the forth quarter (4Q). But the crucial debt-to-income ratio remains significantly above trend at 120.9%.... Read More
No Light in the Tunnel
On Monday, the Federal Reserve released its Consumer Credit Report which showed that consumer credit increased at an annual rate of 2.5% in January. That might sound like good news, but there's more here than meets the eye. Non-revolving credit increased at a rate of 7% per anum, while revolving credit decreased at an annual... Read More