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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New York, 2011
In a recent article, “Smashing Culture,” I briefly described a scene in Philadelphia from 30+ years ago. Sitting in McGlinchey’s, I was drinking Rolling Rock. This trivia triggered a most curious yet telling response from a commenter, “Rolling Rock? – really? Were you listening to the Eagles too? Nice street cred attempt, but it’s either... Read More
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The imposition of the nationwide lockdowns required elite consensus. There's no way that a project of that magnitude could have been carried out absent the nearly universal support of establishment elites and their lackeys in the political class. There must have also been a fairly-detailed media strategy that excluded the voices of lockdown opponents while--... Read More
The conservative majority on the Supreme Court may betray America on cultural issues, but it does equally as impressive legal back flips to protect corporations who want to steal their worker's pensions. In Thole v. U.S. Bank, Judge Kavanaugh led a 5-4 ruling stating that the retirees suing their employers for enriching themselves by mismanaging... Read More
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To most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial... Read More
People take part in an All Black Lives Matter march, organized by Black LGBTQ+ leaders, in the aftermath of the death in Minneapolis police custody of George Floyd, in Hollywood, Los Angeles, California, U.S., June 14, 2020. REUTERS/Ringo Chiu - RC2C9H99O0GS
Nixon 68 is back with a vengeance, with President Trump placing himself as the guarantor/enforcer of Law & Order. That slogan guaranteed Nixon’s election, and was coined by Kevin Phillips, then an expert in “ethnic voting patterns”. Philips makes for a very interesting case. In 1999, he became the author of a seminal book: The... Read More
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Have you noticed the peculiar fact that despite the lockdown, the economic crisis, tens of millions unemployed and multiple corporations filing for bankruptcy, Wall Street is having a ball? CNBC‘s Jim Cramer examined this anomaly earlier a few days ago, his verdict: “we're looking at a V-shaped recovery in the stock market, and that has... Read More
The Federal Reserve is directly buying stocks, bonds, junk bonds, mortgages, junk mortgages, all to prop up the value of assets owned by the top 5%. This does not spur much new production or create jobs. Michael Hudson joins Paul Jay on theAnalysis.news podcast
On April 29th, an American friend wrote from Spain, where he’d lived for 20 years, “The government announced new (legal) abilities to track and monitor people’s telephones. My youngest [son] asked if we could go to the U.S. if Spain moves towards communism. I didn’t know how to respond! Frightening where this could go.” I... Read More
The Saker: I suppose that like any system, the economy and financial system in the USA and, more generally, in the West can take some punishment, but there has to be a “point of no return” after which the entire systems comes tumbling down like a house of card. My first question is double: a)... Read More
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Imagining How Financial Parasites and Debt Bondage Are Destroying Us
Jim Vrettos: Welcome once again to the Radical Imagination. I'm your host, Jim Vrettos. I'm a sociologist whose taught at John Jay College of Criminal Justice and Yeshiva University here in New York. Our guest today on the Radical Imagination is Michael Hudson. He was on our March 8th show. We had such an overwhelmingly... Read More
What do we make of it all? I just read an article in the New York Times that reports that President Trump lied and hid from the public the severity of the Covid-19 pandemic . On the other side, I encounter endless Internet rage that Covid-19 is a hoax, that New York city’s hospitals are... Read More
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How the US Makes Countries Pay for Its Wars
Economist Michael Hudson explains how American imperialism has created a global free lunch, where the US makes foreign countries pay for its wars, and even their own military occupation. Max Blumenthal and Ben Norton discuss the economics of Washington’s empire, the role of the IMF and World Bank, attempts to create alternative financial systems like... Read More
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Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders. Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson, who reveals how the economy actually works,... Read More
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There's no doubt that the Coronavirus is a serious infection that can lead to severe illness or death. There's also no doubt that 'virus hysteria' has been used for other purposes. Wall Street, for example, has used virus-panic to advance its own agenda and get another round of trillion dollar bailouts. In fact, it took... Read More
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Summary After being attacked by monetarists and others for many decades, MMT and the idea that running government budget deficit is stabilizing instead of destabilizing is suddenly gaining applause from the parts of the political spectrum that long opposed MMT: the banking and financial sector, especially the Republicans. But what is applauded is in many... Read More
Nobody, anywhere, could have predicted what we are now witnessing: in a matter of only a few weeks the accumulated collapse of global supply chains, aggregate demand, consumption, investment, exports, mobility. Nobody is betting on an L-shaped recovery anymore – not to mention a V-shaped one. Any projection of global gross domestic product (GDP) in... Read More
You don’t need to read Michel Foucault’s work on biopolitics to understand that neoliberalism – in deep crisis since at least 2008 – is a control/governing technique in which surveillance capitalism is deeply embedded. But now, with the world-system collapsing at breathtaking speed, neoliberalism is at a loss to deal with the next stage of... Read More
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1-- Unemployment is off-the-charts Thursday's jobless claims leave no doubt that the country is in the grips of another severe recession. More than 6.6 million Americans filed for unemployment insurance in the last week. That number exceeds the gloomiest prediction of more than 40 economists and pushes the two-week total to an eye-watering 10 million... Read More
As much as Covid-19 is a circuit breaker, a time bomb and an actual weapon of mass destruction (WMD), a fierce debate is raging worldwide on the wisdom of mass quarantine applied to entire cities, states and nations. Those against it argue Planet Lockdown not only is not stopping the spread of Covid-19 but also... Read More
September 17, 2019 was a significant day in American economic history. On that day, the New York Federal Reserve began emergency cash infusions into the repurchasing (repo) market. This is the market banks use to make short-term loans to each other. The New York Fed acted after interest rates in the repo market rose to... Read More
The Senate's $2 Trillion Coronavirus Relief Package is not fiscal stimulus and it's not a lifeline for the tens of millions of working people who have suddenly lost their jobs. It's a fundamental restructuring of the US economy designed to strengthen the grip of the corrupt corporate-banking oligarchy while creating a permanent underclass that will... Read More
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Even before the Covid-19 crisis had slashed stock prices nearly in half since it erupted in January, financial markets were in an inherently unstable condition. Years of quantitative easing had loaded so much money into stock and bond prices that stock price/earnings multiples and bond prices were far too high by any normal and reasonable... Read More
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The next bailout will be our last
Imagine if the congress approved a measure to form a public-private partnership between the US Treasury and the Federal Reserve. Can you imagine that? Now imagine if a panicky and ill-informed Congress gave the Fed a blank check to bail out all of its crooked crony corporate and Wall Street friends, allowing the Fed to... Read More
The Fed is reopening its most controversial and despised crisis-era bailout facility, the Primary Dealer Credit Facility. The Wall Street Journal describes the PDCF as "an overnight loan facility for primary dealers (that) provides round-the-clock backup source of funding to banks." The WSJ's description grossly understates the facility's real purpose which is to transfer the... Read More
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1-- Investors are cashing in and heading for the exits According to Bloomberg News: "Investors made their biggest dash for cash in history" in the last week. "They channeled $137 billion into cash-like assets and a record $14 billion into government bonds in the five days through March 11.....(while) money managers are liquidating en masse."... Read More
On Thursday, the Federal Reserve announced its biggest market intervention to date, a massive $1.5 trillion injection into the short-term funding markets ("repo") aimed at preventing grossly-inflated stock valuations from resetting at lower prices. There should be no misunderstanding about the Fed's real intention or whether its meddling will work. When financial assets are purchased... Read More
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The federal reserve recently announced a $1.5 trillion dollar coronavirus "stimulus" package, $500 billion of which will go to incentivize banks to keep lending. Another maneuver, cutting Federal Reserve interest rates from an already low amount to effectively 0%, means big banks will be handed the equivalent of interest-free cash under the assumption that they... Read More
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Public Banking Institute Podcast Michael Hudson: [00:00:00] There's recognition that commercial banking has become dysfunctional and that most loans by commercial banks are either against assets – in which case the lending inflates the prices of real estate, stocks and bonds – or for corporate takeover loans. The economy’s low-income brackets have not been helped... Read More
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Is the planet under the spell of a pair of black swans – a Wall Street meltdown, caused by an alleged oil war between Russia and the House of Saud, plus the uncontrolled spread of Covid-19 – leading to an all-out “cross-asset pandemonium” as billed by Nomura? Or, as German analyst Peter Spengler suggests, whatever... Read More
Last week's violent gyrations in the stock market are the result of a tug-of-war between two well-represented groups of investors. One group thinks the Coronavirus will severely impact the global economy pushing stocks further into the red, while the other group believes the Fed will intervene in the market once more and save the day.... Read More
I recently wrote a long movie review (sort of) that focused on Wall Street stories that airbrush Jews out of the picture and instead create the impression that plain old goy males are responsible for all kinds of financial nastiness when dealing with sums over, say, a hundred million dollars (and MUCH more). The review... Read More
Imagine if stock prices decoupled from the real economy and steadily rose on the back of central bank policy. Imagine if a decade of historic low rates, perennially-optimistic forward guidance and trillions of dollars in bond purchases triggered the longest rally in Wall Street history. Imagine if investors shrugged off bad news, (flagging GDP, poor... Read More
There's a chance that the coronavirus will be contained in the United States and that fewer people will be infected than in China or Iran. But there's also a possibility that the highly-contagious virus will spread and that there will be sporadic outbreaks across the country. If this latter scenario takes place, then the ructions... Read More
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There are three main reasons why stocks are falling hard. 1-- Uncertainty. It's impossible for investors to gauge the economic impact of the rapidly-spreading coronavirus or its effect on stock prices. Investors buy stocks with the expectation that their investment will grow over time. In periods of crisis, when the environment becomes unfamiliar and opaque,... Read More
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A little known specialized bond created in 2017 by the World Bank may hold the answer as to why U.S. and global health authorities have declined to label the global spread of the novel coronavirus a “pandemic.” Those bonds, now often referred to as “pandemic bonds,” were ostensibly intended to transfer the risk of potential... Read More
Monday's 1,000 point bloodbath was followed by Tuesday's 879 point rout, lobbing 8% off total market value in less than 48 hours. The two-day drubbing has left traders and fund managers in a state of shock. Growing pessimism and uncertainty are pushing markets to the brink of a vicious downward spiral which will lead to... Read More
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The relationship between distorted art and ugly behavior is not always obvious, but it is intuitive. As with the ancient Greek comparison of bad poets with bad politics, American society, through the systematic distribution of wealth into the hands of a small group of greedy capitalists and Jews, has the art and leadership of a... Read More
When investors buy stocks, stock prices rise. That is the immutable law of the market. It doesn't matter if the money comes from big financial institutions, Mom and Pop day-traders or Central Banks. The same rule applies: Buy more stocks and prices go higher. So when the Federal Reserve launched its recent "repo rescue" operation,... Read More
President Trump's State of the Union was objectively an excellent center-right speech. He told stories of strength in the face of adversity and heroism through individual Americans from all walks of life, effectively projecting the image of a unified, meritocratic, compassionate, prosperous and ascendant America on the brink of achieving world peace and Martian exploration.... Read More
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A five-alarm fire has broken out in a little known, but critically important area of the financial system where high-quality bonds are swapped for cash. The "repo" market, which is short for repurchase agreements, is part of the nondeposit, shadow banking system that remains largely unregulated despite the fact that it was ground zero in... Read More
Last year, AT&T got a $3 billion dollar tax break from the GOP's "Tax Cuts and Jobs Act" giveaway to the rich. During its push for the tax cut, the telecommunications giant promised it would create thousands of new middle class jobs. One thing they left out: not for Americans. An excellent investigation conducted by... Read More
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IMMR CoffeeHouse Discussion Forum # 8 Full Transcript (EDITED VERSION) Thurs. Dec. 19, 2019 Michael Hudson on how debt money has pushed the US and European economies to their financial limit. Followed by an open discussion forum. INVITATION: I’m sure you have many discussions of bank money causing problems. My focus is on how banks... Read More
Not too long ago, the platonic form of an evil Jewish finance-capitalist running as a Democrat would be laughed out of the room. This was a major factor in Michael Bloomberg's decision to run as a Republican in his then long shot bid to become Mayor of Democratic stronghold New York City in 2000. Despite... Read More
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It was very gratifying to see Tucker Carlson’s recent attack on the activities of Paul Singer’s vulture fund, Elliot Associates, a group I first profiled four years ago. In many respects, it is truly remarkable that vulture funds like Singer’s escaped major media attention prior to this, especially when one considers how extraordinarily harmful and... Read More
Last year Gary Cohn, a Goldman Sachs Jewish robber baron who served as Trump's economic advisor, met with a number of CEOs at a Wall Street Journal hosted event meant to promote the "Tax Cuts and Jobs Act." The law cut the corporate tax rate from 35% to 21%. Cohn asked how many in the... Read More
When the New York Federal Reserve began pumping billions of dollars a day into the repurchasing (repo) markets (the market banks use to make short-term loans to each other) in September, they said this would only be necessary for a few weeks. Yet, last Wednesday, almost two months after the Fed’s initial intervention, the New... Read More
Thirty-eight years ago when I was in charge of United States domestic economic policy, the US Treasury and President Reagan believed that the purpose of economic policy was to serve the country, not Wall Street and the banks or the corporations or any of the various organized interest groups. Our idea was that policy could... Read More
A Total-Returns Profile of Economic Polarization in America
Based on work with Dirk Bezemer, with charts by Howard Reed Polarization in America, 23 September 2019 Those who praise the post-2008 economy as a successful recovery point to the fact that the stock market has soared to all-time highs, while the unemployment rate has fallen to a decade-low. But is the stock market a... Read More
The main problem with the US economy is that globalism has been deconstructing it. The offshoring of US jobs has reduced US manufacturing and industrial capability and associated innovation, research, development, supply chains, consumer purchasing power, and tax base of state and local governments. Corporations have increased short-term profits at the expense of these long-term... Read More
U.S. Navy photo by Mass Communication Specialist 2nd Class John Philip Wagner, Jr./Released
Sooner or later the US “maximum pressure” on Iran would inevitably be met by “maximum counter-pressure”. Sparks are ominously bound to fly. For the past few days, intelligence circles across Eurasia had been prodding Tehran to consider a quite straightforward scenario. There would be no need to shut down the Strait of Hormuz if Quds... Read More