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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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 Most RecentEconomics Archive

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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
Stocks fell last week following news that the yield curve on Treasury notes had inverted. This means that a short-term Treasury note was paying higher interest rates than long-term Treasury note. An inverted yield curve is widely seen as a sign of an impending recession. Some economic commentators reacted to the inverted yield curve by... Read More
The plunder is getting worse
American capitalism is based on plunder. With the continental USA plundered, American capitalism hoped to continue enriching itself by plundering Russia as it did under Yeltsin, carefully including the Russian “Atlanticist Integrationists” in the spoils in order to have support from the liberal, progressive forces in Russia for stripping Russia of its assets. But Putin... Read More
grrent-1
How China’s Urbanization Pays for Itself
San Franciscans unable to afford the $3,600 monthly rental for a one bedroom apartment sleep in the streets and, like most world cities Beijing recently faced a similar problem. Twenty-three million prosperous Beijingers wanted meals from local restaurants but the quarter-million migrant workers who delivered them could not afford the city’s eye-watering rents. Resourcefully, they... Read More
The Federal Reserve, responding to concerns about the economy and the stock market, and perhaps to criticisms by President Trump, recently changed course on interest rates by cutting its “benchmark” rate from 2.25 percent to two percent. President Trump responded to the cut in already historically-low rates by attacking the Fed for not committing to... Read More
Most of the people in the West or in North Asia usually never think about it, but Southeast Asia is one of the most depressed and depressing parts of the world. It has been through genocides, wars and atrocious military regimes. Then, those monstrous income disparities. According to The Bangkok Post, in 2018, “the 10%... Read More
After years of being kept in the doldrums by orchestrated short selling described on this website by Roberts and Kranzler, gold has lately moved up sharply reaching $1,510 this morning. The gold price has continued to rise despite the continuing practice of dumping large volumes of naked contracts in the futures market. The gold price... Read More
Binary options fraud flourished in Israel for years before the industry was gradually outlawed by the Knesset which first made binary options illegal only for Israeli investors. Finally, in 2017 the Knesset managed to ban the sale of binary options altogether (with a three month grace period). The legislation followed superb investigative reporting by The... Read More
Control of oil has long been a key aim of U.S. foreign policy. The Paris climate agreements and any other Green programs to reduce the pace of global warming are viewed as threatening the aim of dominating world energy markets by keeping economies dependent on oil under U.S. control. Also blocking U.S. willingness to help... Read More
Yesterday’s column referred to a “rising labor force participation rate” when it should have read “falling labor force participation rate.” Those of you who read the column before I made the correction must have been puzzled, but, little doubt, figured it out from the context. One of the main points of the article is that... Read More
I was very interested to see Senator Bernie Sanders take a group of American diabetics from Detroit to Windsor, Ontario to buy insulin. I used to own a pharmaceutical company in Windsor. In Canada, the life-saving medication insulin, which was invented in Toronto by Drs. Banting and Best, costs a tenth of what it does... Read More
The Bureau of Labor Statistics reports that the US economy created 148,000 new private sector jobs during July. The jobs number does not translate into employed people as increasingly Americans hold two or more jobs. For example, the BLS reports that from June to July the number of multiple job holders rose by 233,000 which... Read More
Capitalists have claimed responsibility for America’s past economic success. Let’s begin by setting the record straight. American success had little to do with capitalism. This is not to say that the US would have had more success with something like Soviet central planning. Prior to 1900 when the frontier was closed, America’s success was a... Read More
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Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United... Read More
Bluff was a central feature of British power even when the British empire covered a large part of the globe. A story illustrating this tells of a royal navy captain who was sent with a small ship to the far east to force a defiant local ruler to obey some orders issued by the British... Read More
See also: Turkeys Vote For Christmas—GOP Votes To Import Leftist Indian Overclass (And Also Depress Tech Wages) The House of Representatives recently passed H.R.1044, the Fairness for High-Skilled Immigrants Act. It’s now in the Senate’s Judiciary committee and could be voted on by the full Senate by September. Javanka is said to favor it, so... Read More
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It used to be comical, but suddenly it is not, anymore. In the past, blind hatred towards China could had been attributed to ignorance, or at least to indoctrination by the Western propaganda and mass media outlets. But now? China’s tremendous leap forward, its excellent, humane social policies and determined people-oriented scientific research, as well... Read More
Today there are reports of toxic algae blooms affecting the French Riveria, Lake Erie, and the Gulf of Mexico. See: , , and . Corporate farming is a huge contributor to toxic algae blooms. In days of old, farming was done intelligently. Every year part of the land was left fallow or planted with soil... Read More
The Honorable David L. Bazelon, Chief Judge of the U.S. Court of Appeals for the District of Columbia
How a Young Syndicate Lawyer from Chicago Earned a Fortune Looting the Property of the Japanese-Americans, then Lived...
As I was growing up in the suburban San Fernando Valley of Los Angeles during the 1960s and 1970s, organized crime seemed like a very distant thing, confined to the densely-populated cities of the East Coast or to America's past, much like the corrupt political machines with which it was usually associated. I never heard... Read More
See also: Colonization By Indian Leftists—The Downside Of “Merit-Based Immigration” Without a single hearing, the House of Representatives overwhelmingly passed a bill last week that would shaft middle-class Americans, benefit Big Tech, and elect a new Leftist Overclass. HR 1044, The “Fairness for High-Skilled Immigrants Act,” which should really be called the American Tech Worker... Read More
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EMBARGO DILEMMA Modern China has spent forty of its seventy years under American and Western embargoes, so the current round is nothing new. How likely is it to succeed? In 1949 Mao inherited the poorest country on earth, devastated by a century of wars, occupation, disease, and famine. The US immediately broke all contacts, withdrew... Read More
Considering the American rightwing’s absorption in war and hatred of Muslims, worship of capitalism whose operatives have sent American middle class jobs abroad, and blind support of Israel, a racist country, Americans desperately need a real leftwing. All we have is a fake leftwing. I sometimes think the last American leftist was British born Alex... Read More
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I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today’s show: De-Dollarizing the American Financial Empire. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trend, a Wall Street Financial Analyst and Distinguished Research Professor of Economics at the University of Missouri,... Read More
The mainstream media was too busy obsessing over Russiagate to notice that, according to an annual Social Security and Medicare Boards of Trustees report, the Social Security trust fund will run out of money by 2035. The trustees also reported that the Medicare Hospital Insurance trust fund will be empty by 2027. The trustees’ report... Read More
No one is talking about it openly, but, let us face it: those U.S.-made planes are crashing; the performance of Apple phones and computers is falling far behind those made by Huawei and other Chinese companies. Lenovo took over IBM and is doing extremely well. NASA is absolutely incapable of building decent rockets that would... Read More
We should not underestimate the power and logic of globalism. The fact is that, while Western nationalists lament diversity, the West’s wealthiest places are extraordinarily diverse and are growing richer: I am talking about our so-called ‘global cities’. These include such places as New York City, London, Paris, and, beyond the West, Singapore or Dubai.... Read More
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Why We Will Soon Be Eating Each Other
Today, FOE will explain economics, fraud, unemployment, and the end of the world. There will no longer be a need for economists, if there ever was. You will understand everything. FOE is that sort of column. Long ago, everybody worked on farms, growing food. This was a real service. People wanted food. They liked to... Read More
superimperialism
I’m Bonnie Faulkner. Today on Guns and Butter: Dr. Michael Hudson. Today’s show: The IMF and World Bank: Partners In Backwardness. Dr. Hudson is a financial economist and historian. He is President of the Institute for the Study of Long-Term Economic Trend, a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the... Read More
Since June 2009 Americans have lived in the false reality of a recovered economy. Various fake news and manipulated statistics have been used to create this false impression. However, indicators that really count have not supported the false picture and were ignored. For example, it is normal in a recovering or expanding economy for the... 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
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The US and Canada are not supporting “the return of democracy” in Venezuela as they claim. Instead, they are following in their histories of colonialism, imperialism, exploitation, illegal wars of aggression, and overthrowing governments. They are crushing democracy in Venezuela by exploiting class and race warfare, being carried out by an elite white-supremacist minority against... Read More
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The G20 Meeting in Japan
President Trump has threatened China’s President Xi that if they don’t meet and talk at the upcoming G20 meetings in Japan, June 29-30, the United States will not soften its tariff war and economic sanctions against Chinese exports and technology. Some meeting between Chinese and U.S. leaders will indeed take place, but it cannot be... Read More
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Hegemony vs. Humane Authority
In the course of his study of the Peloponnesian War Thucydides, the fifth century BC Greek historian, claimed that interstate relations are based on might, not right, and that states’ strategic interactions follow a recurrent pattern: while a change in the hierarchy of weaker states does not ultimately affect a given system, disturbances in the... Read More
fredchinatrain
It is Time to Stop Celebrating Inadequacy
China has an upcoming maglev train that will run at 373 miles an hour. By comparison, the United States increasingly looks like a country from an earlier age. Pop Quiz: Was this train engineered (a) by heartwarming, puzzled, oppressed, suffering, agonized minorities who ought to be making pizzas, or (b) by the brightest people China... Read More
The story line is going out that the economic boom is weakening and the Federal Reserve has to get the printing press running again. The Fed uses the money to purchase bonds, which drives up the prices of bonds and lowers the interest rate. The theory is that the lower interest rate encourages consumer spending... Read More
For more a quarter century I have been explaining that America is not losing jobs to foreign competition but to our own corporations moving the work abroad in order to lower their labor costs and raise capital gains and bonuses for owners and executives. My most recent explanation was May 14 ( ). It only... Read More
On May 28 I wrote that “the Western world is collapsing so rapidly that I am afraid that I am going to outlive it” ( ). My article was about the rising demonization of white people that is producing a collapse in their confidence. Inculcated guilt is making whites willing to accept discrimination against them... Read More
https://si.wsj.net/public/resources/images/B3-DA266_aristo_HD_20190130102246.jpg Aristotle in blue. The consensus among political and economic leaders today is that we must maximize economic growth. This assumption affects virtually the entire political spectrum, with the exception of a radical minority of anti-growth Greens advocating décroissance (“de-growth”). Everybody would like more money in their personal pocketbook, on their company’s balance sheet, and/or... Read More
As his limo carried him to work at the White House Monday, Larry Kudlow could not have been pleased with the headline in The Washington Post: "Kudlow Contradicts Trump on Tariffs." The story began: "National Economic Council Director Lawrence Kudlow acknowledged Sunday that American consumers end up paying for the administration's tariffs on Chinese imports,... Read More
Wherever I look at US policy, foreign or domestic, I see only insanity, ignorance, and incompetence. Take the issue of tariffs, which is Trump’s mistaken approach to bringing the jobs back home. The tariff “solution” overlooks that offshored US production counts as imports when US firms bring their goods into the US to be marketed.... Read More
I have been lonely in my concern with the dire economic implications of robotics, but now Clarity Press has provided me with some company by publishing The Artificial Intelligence Contagion by David Barnhizer and Daniel Barnhizer. It is telling as to the irrelevance of the economics profession that the coauthors are lawyers. The concerns about... Read More
As school children my friends and I were very interested in archaeology and ancient civilizations. We read all the available books. My best friend intended to become an archeologist and to explore ancient ruins about which we imagined more than we actually knew. As far as I can discern these days no one in the... Read More
I was listening while driving to rightwing talk radio. It is BS just like NPR. It was about the great Trump economy compared to the terrible Obama one. The US hasn’t had a great economy since jobs offshoring began in the 1990s, and with robotics about to launch Americans are unlikely ever again to experience... Read More
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Your Geopolitical Quiz for the Day: Two countries are embroiled in a ferocious rivalry. One country's meteoric growth has put it on a path to become the world's biggest economic superpower while the other country appears to be slipping into irreversible decline. Which country will lead the world into the future? Country A builds factories... Read More
We are having a propaganda barrage about the great Trump economy. We have been hearing about the great economy for a decade while the labor force participation rate declined, real family incomes stagnated, and debt burdens rose. The economy has been great only for large equity owners whose stock ownership benefited from the trillions of... Read More
Birmingham, once the manufacturing heart of Britain when it was the workshop of the world, rejuvenated itself after the implosion of its industrial base in the 1980s. That collapse, unimpeded by Margaret Thatcher and the Conservative government, was devastating even by the standards of the time because of Birmingham’s over-dependence on the automobile industry. “This... Read More
Solon, the Wise Lawgiver of Athens
A Four-Part Interview With Michael Hudson About His Forthcoming Book The Collapse of Antiquity
Note: Michael Hudson published … and forgive them their debts: Lending, Foreclosure, and Redemption From Bronze Age Finance to the Jubilee Year in November of last year. It is the first volume in what will be a trilogy on the long history of the tyranny of debt. I have interviewed him extensively as he writes... Read More
I may be too trusting, but I generally accept upgrades. Several months ago, I willingly accepted an iPhone operating system upgrade, and lost all the Notes I had stored on my phone. These notes contained bank and credit card details, passport details, and other useful things which I have to consult from time to time,... Read More
I don’t like flying. I consider it unnatural, unhealthy and fraught with peril. But I do it all the time. For me, it’s either fly or take an ox cart. In fact, I’ve been flying since I was six years old – from New York to Paris on a lumbering Boeing Stratocruiser, a converted, double-decker... Read More
After the second Boeing commercial airliner crashed in Ethiopia killing everyone on board, the FAA should have grounded the rest of the Boeing 737 Max 8 fleet in the interest of passenger safety. That would have helped to shore up public confidence in the FAA while giving Boeing the time it needed to locate and... Read More
Category Classics
Which superpower is more threatened by its “extractive elites”?
The sources of America’s immigration problems—and a possible solution