Featured

Timing is Everything

By Permalink

Caution: Housekeeping Required. Please help keep this website alive. It is necessary to pay the site manager and web designer each year. They need to get paid, but funds are short. Can you help? Donate here All donors to ISLET can enjoy the 501(c) tax write off. A paypal contribution will go directly to the technical staff who manage this site. Thank you very much.

Trump the Neocons

By Permalink

“Trump Policy Will Unravel Traditional Neocons,” TRNN, July 23, 2016. SHARMINI PERIES, EXECUTIVE PRODUCER, TRNN: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. On Friday, just after the Republican National Congress wrapped up with its presidential candidate, Donald Trump, Paul Krugman of the New York Times penned an article titled "Donald Trump: The Siberian Candidate." He said in it, if elected, would Donald Trump be Vladimir Putin's man in the White House? Krugman himself is worried as ludicrous and outrageous as the question sounds, the Trump campaign's recent behavior has quite a few foreign policy experts wondering, he says, just what kind of hold Mr. ...

US NATO pressures EU support

By Permalink

“US-NATO Border Confrontation with Russia Risks Nuclear War and Loss of European Partner,” The Real News Network, July 17, 2017  Michael Hudson says that the US-led confrontational approach of NATO with Russia is driving European countries to consider disbanding or leaving the military alliance due to increased security risks JESSICA DESVARIEUX, TRNN: Welcome to the Real News Network. I'm Jessica Desvarieux in Washington. President Obama met with NATO leaders in Warsaw last weekend to what seemed like a restatement of vows to protect Europe. Let's take a listen to what the president had to say. BARACK OBAMA: In this challenging moment, I want to take this opportunity to state clearly what will never change. And that is the unwavering commitment of the United States ...

Financially Approved Financed History

By Permalink

A Travesty of Financial History – which bank lobbyists will applaud Review of William Goetzmann, Money Changes Everything: How Finance Made Civilization Possible (Princeton University Press, 2016) Michael Hudson Debt mounts up faster than the means to pay. Yet there is widespread lack of awareness regarding what this debt dynamic implies. From Mesopotamia in the third millennium BC to the modern world, the way in which society has dealt with the buildup of debt has been the main force transforming political relations. Financial textbook writers tell happy-face fables that depict loans only as being productive and helping debtors, not as threatening social stability. Government intervention to promote economic growth and solvency by writing down debts and protecting debtors at creditors’ expense is accused of causing ...

The Clinton Foundation?

By Permalink

Clinton email and Foundation TRNN July 8 2016. “Is the Real Scandal the Clinton Foundation?,” TRNN, July 8, 2016. Michael Hudson says the media has failed to look beyond the emails and into potential conflicts of interest during Hillary Clinton's tenure as Secretary of State. PAUL JAY, TRNN: Welcome to the Real News Network. I'm Paul Jay. On Thursday morning, the media fest and political fest around Hillary Clinton's email scandal continued, as the head of the FBI, James Comey, spoke at a congressional House oversight committee. Here's a little clip of what was said there. But let me just foreshadow--maybe the emails aren't the real issue that should be in front ...

Socrates: debt and the cyclical rise and fall of societies

Last week I attended a wonderful conference in the university town of Tübingen, Germany, on “Debt: The First 3500 Years,” to bring ancient historians together to discuss David Graeber’s book Debt: The First 5000 Years. I was enlightened by two papers in particular. Doctoral fellow Moritz Hinsch from Berlin collected what Socrates (470-399 BC) and other Athenians wrote about debt, and the conference’s organizer, Prof. John Weisweiler, presented the new view of late imperial Rome as being still a long way from outright serfdom. The 99 Percent were squeezed, but “the economy” grew – in a way ...

The Brexit Silence

By , Permalink

As published on Counterpunch The media in the United States have treated the British vote against remaining in the European Union (EU) as if it is populist “Trumpism,” an inarticulate right-wing vote out of ignorance at being left behind by the neoliberal economic growth policy. The fact that Donald Trump happened to be in Scotland to promote his golf course helped frame the U.S. story that depicts the Brexit vote as a “Trump vs. Hillary” psychodrama – populist anger and resentment vs. intelligent policy. What is left out of this picture is that there is a sound logic to oppose membership in the EU. It is Nigel Farage’s slogan, “Take Back Control.” The question is, from whom? Not only from “bureaucrats,” but from ...

The Planned Obsolescence of Consumer Sovereignty

By No tags Permalink

An interview with Bonnie Faulkner's Guns n Butter show. This is Guns and Butter, April 5, 2016. Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy’s balance sheet of assets by debtors and rent payers. More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That’s what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services. I’m Bonnie Faulkner. Today on Guns and ...

US imperialism the BREXIT culprit

By Permalink

How Western Military Interventions Shaped the Brexit Vote, TRNN, June 25, 2016. Michael Hudson argues that military interventions in the Middle East created refugee streams to Europe that were in turn used by the anti-immigrant right to stir up xenophobia GREGORY WILPERT, TRNN: Welcome to the Real News Network. I'm Gregory Wilpert, coming to you from Quito, Ecuador. Britain's referendum in favor of leaving, or exiting, the European Union, the Brexit referendum, as the results are known, won with 52 percent of the vote on Thursday, June 23, stunning Europe's political establishment. One of the issues that has raised concern for many is that what does the Brexit mean for Britain's and Europe's economy and politics. This was one of the main topics ...