Michael Hudson and Steve Keen: How the Global Crisis Will Unfold
Michael Hudson and Steve Keen: discuss how the Iran war economic crisis will generate inflation first, and then deflation and depression.
Read more...Author Archives: Yves Smith
Links 3/31/2026
Iran War: Trump Threatens Destruction of Iran Electric Generation and Oil Wells Even as WSJ Reports Temporary TACO on Trying to Force Open Strait of Hormuz
Today’s Iran war update: WSJ – Trump is trying to rearrange the deck chairs on the Titanic by not opening the Strait now but still fighting
Read more...Five Reasons Why the US Declined To Enforce Its De Facto Blockade on Cuba for Russia
Cuba gets a bit of an energy break thanks to a Russian tanker, but this delivery won’t change outcomes.
Read more...Drillers See Triple-Digit Crude and Hit the Brakes
Why drillers won’t be sucker punched by increasing production in response to a very large price increase that may be short-lived.
Read more...Iran War: US/Israel Escalation and Forceful Iran Retaliation Continue as Trump Says He May Take Iran’s Oil and Pakistan Hosts Talks With Nobody; Mr. Market Finally Waking Up as Brent Rises to $115
Today’s Iran war update: Trump fantasies deepen as the US suffers irreparable damage to its military and the global economy takes body blows.
Read more...Iran War: More Signs of a Long Conflict and Resulting Severe Economic Damage
The latest Iran war update: both sides dig in, virtually assuring at least a long-ish conflict and economic devastation.
Read more...Links 3/28/2026
Iran War: More Escalation – US Strikes Iran Steel Plants, Israel Sends Third Missile at Iran Nuclear Plant; Yemen Joins War
Today’s Iran war update: the escalation dynamic intensifies as economies all across Asia are the first to bleed out
Read more...Book Review: How Genetics Shapes Our Ideas About Vice and Blame
IMHO, the book “Original Sin” makes a wildly unsound case for the genetic roots of sin, vice and guilt, and our attitudes toward punishment.
Read more...The Controversy Over Deep-Sea Mining, Explained
Deep-sea mining backers want metals for clean tech. Indigenous Pacific Islanders call it a threat to life, culture, and the ocean itself.
Read more...Iran War: Trump Faffs About, Extending Deadline for Strike Threat by 10 Days as US Military and Energy/Materials Shortfalls and Shortages Expected in Weeks; Iran Allows Transit of Trapped “Friendly” Ships
Today’s Iran war update: Trump and his inner circle seem astonishingly oblivious to accelerating damage to the economy and the military.
Read more...Two Verdicts in Two Days: How American Courts Are Rewriting the Rules for Big Tech and Children
Will two verdicts against tech platform operators over the danger to children lead to a tidal wave of lawsuits? That jury is out.
Read more...Australia’s Fuels Dependence Turns Into a Crisis
Australia is on its way to becoming the first advanced economy major victim of the Iran war due to baffling policy choices.
Read more...Iran War: Accelerating Economic Damage Creates Urgency on Strait of Hormuz Closure; Shambolic US Assault Preparations Continue; Iran Demands Recognition of Sovereignity Over Strait; Houthis Set to Strangle Red Sea Traffic if US Makes Ground Attack
Trump’s fight with the Iran war tar baby is at great risk of creating even more dangerous escalation.
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