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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If Joe Biden's American Jobs Program, outlined in Pittsburgh, is enacted, then the federal government will take a great leap forward toward irreversible control of the destiny of the Republic. To finance this leap, to subsidize this giant stride toward socialism, U.S. corporations are to be forced to turn over to the government a far... Read More
Out of habit, American economists worry about federal debt. But federal debt can be redeemed by the Federal Reserve printing the money with which to retire the bonds. The debt problem rests with individuals, companies, and state and local governments. They have no printing press. We have explained that the indebtedness of the population means... Read More
In fiscal year 2020, which ended on Sept. 30, the U.S. government set some impressive new records. The deficit came in at $3.1 trillion, twice the previous record of $1.4 trillion in 2009, which was set during the Great Recession, and three times the 2019 deficit of about $1 trillion. Federal spending hit $6.5 trillion,... Read More
According to the Congressional Budget Office’s (CBO) latest “Update on the Budget Outlook,” this year’s $3.3 trillion federal deficit is not just three times larger than last year: it is the largest federal deficit in history. The CBO update also predicts that the federal debt will equal 104 percent of the gross domestic product (GDP)... Read More
Last week the Federal Reserve announced it will keep interest rates at or near zero until the economy recovers from the government-imposed shutdown. Following this announcement, Federal Reserve Chairman Jerome Powell urged Congress and the Trump administration to put aside any concerns about the deficit and spend whatever it takes to stimulate the economy and... Read More
Should the government borrow against the future? Should it guarantee higher taxes for your children and grandchildren in return for lower taxes for you? If government's moral legitimacy depends on the consent of the governed, as Thomas Jefferson argued in the Declaration of Independence, can the federal government morally compel those who haven't consented to... 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
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status. Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. "We can't... Read More
As if to promise a Christmas present, Congress has just finished approving the finances of the federal government for the next few months. Santa Claus would have done a better job. During early 2016, Congress will pay the government's bills by borrowing money from individual and institutional lenders. Those folks will lend the feds all... Read More
Washington, DC, Wall Street, and central bankers around the world rejoiced this week as Congress came to an agreement to end the government shutdown and lift the debt ceiling. The latest spending-and-debt deal was negotiated by Congressional leaders behind closed doors, and was rushed through Congress before most members had time to read it. Now... Read More
From April 1917 to November 1919, when Woodrow Wilson borrowed $30 billion to fight World War I, he was able to do so because of the promise he made to lenders that the commitment to repay them would be backed by the full faith and credit of the United States government. At the time, the... Read More
Obama's Stealth Attack on Social Security and Medicare
The media is ratcheting up “debt ceiling” hysteria to launch a surprise attack on Social Security and Medicare. President Obama has already stated that he’s willing to cut so called entitlements as part of a broader strategy for reigning in the debt. In 2011, during tense negotiations with GOP congressional leaders Obama made it clear... Read More
NEW YORK – “Banana Republicans,” sneered the Democrat’s leader, Senator Harry Reid. It’s not certain if Reid was comparing his conservative Republican opponents to monkeys or citizens of a Central American banana republic. Either way, Reid’s nasty remark captured the bitter animosity surging through the US Congress as the mighty United States faces running out... Read More
Last week President Obama bluntly warned Congress that he will not negotiate when it comes to raising the statutory debt limit. If Republicans attempt to use a debt ceiling vote to win concessions on spending from the White House, Mr. Obama threatens simply to raise the limit by executive order or other unilateral action. This... Read More
CounterPunch Diary The Terrorists Still at Ground Zero, 7 World Trade Center, Lower Manhattan
Terrorism flourishes brazenly at Ground Zero, in the new 7 World Trade Center building. Here can be found a secretive entity of fabulous wealth and power. Kingdom and corporations alike tremble at its shadow and make haste to pay it tribute. I refer to Moodys Investor Services, wholly owned subsidiary of Moody's Corporation, which reported... Read More
A trillion dollars! Actually, the phrase that came into my mind on reading that was: "Only a trillion?" Not because of any wish that the CBO had been more generous in the upgrade of their forecast, but because Only a Trillion was the title of a book by the late Isaac Asimov, one of those... Read More
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Analyzing the History of a Controversial Movement