US Fed-Induced World Stagnation Deepens Debt Distress
US and Fed bad cooking has led to weak growth the world, and by urging poor countries to borrow at once-low rates, debt distress.
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Michael Hudson: We Need a New Political Vocabulary
Yves here. Thank the persistent and very long running campaign to move the values of the US to the right for the hollowing out of the meaning of traditional political labels that Michael Hudson describes below. It can’t be said often enough that the change in the where the center was perceived to sit was […]
Read more...Status of US Dollar as Global Reserve Currency: Central Banks Diversify from USD-Assets to Other Currencies and to Gold
Long, slow erosion of the US dollar’s dominance. China’s renminbi keeps losing ground, many other currencies gain, as does gold
Read more...After the European Elections: Fiscal Policy is the Elephant in the Room
Fiscal pressures are set to intensify battles among shifting European leadership groups as to how much to spend and on what.
Read more...The Fed’s “Chicken Run”: Why Sticking with High Rates Will Crash the Economy
How the Fed is acting like James Dean in the famous “chicken run” auto race in Rebel Without a Cause.
Read more...Michael Hudson: US Cryptocurrency as an Offshore Banking Center
Yet another cryptocurrency scheme, here for its major use case, tax evasion. But for a good cause, the US dollar!
Read more...Global South Suffering Due to Powerful Nations’ Elite-Serving Policies
The World Bank projects the worst slowdown in over four decades in 2024. This is mainly due to Western powers’ contractionary policies
Read more...Trump Versus Biden: The Substantial Fall in Real Wages for Most Workers Under Biden
An important new paper contradicts Democratic pundits, showing that most workers lost in real wage terms under Biden
Read more...Consumers Regard the Cost of Money as Part of the Cost of Living
This column examines why consumer sentiment in the US remained depressed in 2023 despite low unemployment and falling inflation, and finds that increasing borrowing costs can explain much of this gap.
Read more...Oh Deary, Where Did My Rate Cuts Go? Fed’s Wait-and-See Now Entrenched? And Suddenly Lots of Talk About “Rate Hikes”
What Fed chair Powell said about rate hikes, no rate cuts, rate cuts, and the QT slowdown while getting rid of MBS entirely
Read more...James Galbraith: Industrial Policy Is a Good Idea, but So Far We Don’t Have One
Industrial policy, despite recent lip service, is out of favor because doing ambitious things isn’t lucrative enough for the right people.
Read more...Europe’s New Fiscal Rules Harm Working People and Women, Boost Right-Wing Radicals
New EU fiscal rules, touted as creating and economic growth, actually embody a dangerous agenda to shred social safety nets.
Read more...Yanis Varoufakis: Greece, EU Elections, Palestine & the International Order – JACOBIN Interview with David Broder
Varoufakis weighs in on topics of keen interest: the looting of Greece, then and now, the European left, and Palestine.
Read more...Mapping the Economic Costs of War
Looking at the economic impact of war on neighboring countries, including ones not part of the theater of conflict.
Read more...The Rise and Fall of Paper Money in Yuan China, 1260–1368
This column studies the rise and fall of paper money in 13-14th century China over three stages: full silver convertibility, nominal silver convertibility, and fiat standard.
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