The 2026 US midterms may expose a broken party system as Trump, corporate Democrats and grassroots socialists prepare for a deeper class conflict.

Michael Hudson and Radhika Desai explain how Trump’s MAGA economy rests on war, debt, asset bubbles and a shrinking real economy.

Michael Hudson and Radhika Desai examine Alan Greenspan’s legacy at the Federal Reserve, the rise of central bank independence, the repeal of Glass-Steagall, and the transformation of US monetary policy into a machine for protecting Wall Street bubbles rather than productive investment. They argue that the Fed’s easy-money regime has inflated asset prices, weakened the real economy, and left the dollar system exposed to another financial crisis.

Michael Hudson and Radhika Desai argue that the Iran war has exposed the limits of US military, financial and oil power. They examine how rising oil prices, dollar fragility, central bank policy and global moves away from US financial control are accelerating the shift towards a post-US economic order.

Michael Hudson and Radhika Desai argue that Trump’s Beijing trip exposed the limits of US power, with China refusing to rescue Washington from its Iran war, dollar sanctions and weakening global position.

Michael Hudson and Radhika Desai argue that US swap lines with Gulf allies reveal a dangerous reversal in the dollar system: former petrodollar suppliers may now need bailouts. As war risks, debt leverage and politicised Treasury lending collide, the discussion exposes how dollar primacy depends less on market confidence than on geopolitical pressure and emergency credit.

Radhika Desai and Michael Hudson, ‘The Blockade Stage of Trump’s absurdities,” Geopolitical Hour, April 14, 2026. Radhika: Hello and welcome to the 59th Geopolitical Economy Hour, the conversation that illuminates the fast-changing political economy and geopolitical economy of our times. I'm Radhika Desai, and you are watching Radhika Desai: Geopolitical Economist. The mounting absurdity of Trump's war on Iran has entered a new, even more rarefied phase with the announcement of a blockade on the Persian Gulf and on the Gulf of Oman by the Trump administration. As with all of Trump's actions, particularly in recent weeks, the rationale is hard to discern. It's supposed to be a counter to what the administration sees as Iran's blockade or rather control over the Strait of Hormuz. But it is an open question whether ...

Who plans the economy—the public through elected institutions, or private finance through the Fed, markets, and lobbying? We trace how “central bank independence” became regulatory capture, why asset inflation replaced industrial policy, and what genuine democratic planning would prioritize: wages, production, and public investment over bubbles.

Michael Hudson and Radhika Desai dissect the economic illusion of Trump’s presidency six months into his second term. From manipulated markets to rising debt, gutted institutions, inflationary tariffs, and vanishing public services, they show how Trump’s policies enrich the top 1% while accelerating decline for everyone else. As MAGA voters begin to feel betrayed, and even allies like Elon Musk break ranks, the cracks widen. This episode unpacks how perception replaces policy—and why the crash may come faster than expected.

This episode of the Global Economy Hour discusses that the U.S., under the guise of promoting “freedom,” is enforcing policies that undermine European sovereignty, especially in relation to energy dependence and trade with Russia and China. The irony of Western sanctions and coercion, which have not only failed to weaken targeted countries but have also fostered stronger alliances between nations like Russia, China, and members of BRICS, has countered Western attempts at domination.