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Trump’s $34 Trillion Deficit and Debt Bomb
This week Trump released his latest budget for 2019-20 fiscal year. It calls for $2.7 trillion in various social spending cuts over the decade, including $872 billion in reductions in Medicare, Social Security, Disability spending; another $327 billion in food
Financial Imperialism – The Case of Venezuela
Invasion of Venezuela by US and its proxies is just around the corner! This past week vice-president Pence flew to Colombia once again—for the fifth time in recent weeks—to provide final instructions to US local forces and proxy allies there …
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Big Economic Questions of the Day: Trump Tax Cuts, Economic Growth, Inflation. Monetary Policy. Undocumented Immigrants
Recently I have had several journalists, academics and progressive activists ask me my opinion on some of the key economic questions of the day. Here are some of my replies: on Trump tax cuts and US growth, current immigration debates, …
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Trump’s Wall & National Emergency Declaration Coming
Just leaked today that Senator McConnell, Trump’s echo, has indicated that Trump will declare a national emergency today, even as he signs a compromise bill with Pelosi and the Dems to fully fund his Wall. Mainstream media thinks this is …
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China-US Trade Negotiations Approach Final Phase
Senior negotiators of the US (Lighthizer) and China (Liu He) have been meeting in Washington this past week (Jan. 30-31) as the US-China trade war approaches a climax. China continues publicly to offer concessions to the US on market access …
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Global Economy on the Brink as Davos Crowd Parties On
At Davos, Switzerland every year the global capitalist elite gather to party…and to prepare for the year ahead. This year more than 1500 private jets will reportedly fly in. Thousands more of their underling staff will travel via business class …
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Trump’s “Real Trade War”: Subverting China’s Technological Advance
Trump’s trade strategy in relation to China has always been to pressure China on technology transfer and slow its nextgen technology development. Reducing the US-China trade deficit and getting China to open its markets to US financial interests have been …
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Trump’s Déjà Vu China Trade War
The past three days US and China negotiators have met in Beijing to try one last time before a true trade war erupts between them in March 2019. Higher level trade negotiators will follow up in Washington in coming weeks. …
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A US-China Trade War ‘Armistice’? Trump Blinks and Retreats at G-20
The first reports emerging from the G20 meeting in Buenos Aires today, December 2, 2018, are that Trump and Xi have agreed to put their trade war on hold, a kind of ‘trade war armistice’, at least for the next …
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The US – China Pending Trade War on the Eve of the G-20 Buenos Aires Meeting. Announced Tariffs in the Hundreds of Billions of Dollars
The US and China now approach the cliff of a real trade war. Tariffs in the hundreds of billions of dollars have been announced, but not yet implemented except for $50 billion on carefully selected mutual imports designed to …
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Global Oil Price Deflation 2018. The Drift Toward Global Recession is Underway
One of the key characteristics of the 2008-09 crash and its aftermath (i.e. chronic slow recovery in US and double and triple dip recessions in Europe and Japan) was a significant deflation in prices of global oil. After attaining well …
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None Dare Call It Victory: Analysis of US 2018 Elections
For months, the leadership of the Democratic Party hyped the message that a ‘blue wave’ was on its way that would politically engulf Trump and reverse his policies. Well, the wave washed up on shore on November 6, 2018, but …
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Election 2018 and The Unraveling of America. The Great Distraction. Rising Social Inequality
As Americans go to the polls today, November 6, 2018, no doubt some will be thinking of the hordes of immigrants we’re told are invading the US southern border. Or they may be remembering the pipe bombs, the killings in …
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Dissecting the US-NAFTA 2.0 Deal
Listen to my 30min. interview of November 2 with the Global Research News Hour in Canada dissecting the NAFTA 2.0 (USMCA) free trade of October and commenting on the upcoming November 6 midterm elections in the US.
How it’s a …
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Is the US-China Trade War for Real?
This incisive article was first published in May 2018 at the outset of the trade war
If Trump’s trade policy toward US allies is ‘phony’, by seeking only token adjustments to trade relations, then the US trade offensive targeting China …
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Trump’s Back Door Return to the TPP Free Trade Agreement in 2019/20?
This week the nations that were formerly part of the Transpacific Partnerships Free Trade Deal, that the US refused to join in 2017, concluded their TPP free trade agreement without the US.
Since January 2017 Trump the free trader has …
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True Dimensions of Trump’s $4-5 Trillion Tax Cuts
With Trump and Congress promising to deliver another $1T in tax cuts before year end 2018, with the US Budget Deficit and Debt projected already to exceed $1T a year, annually, for the next decade ($32T US debt by 2028), …
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The Post-US Midterm Elections Bombshell
Liberals and the left were shocked by the Kavanaugh confirmation this past weekend. They may experience an even greater shock to their political consciousness should the Democrats fail to take the House in the upcoming midterm elections.
The traditional media …
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Mexico -US -Canada NAFTA Trade Agreement Reached — A Phony Trade War!
Trump’s ‘trade war’ with allies, including Mexico-Canada, was and remains a phony trade war. A war of words for the purpose of consumption of Trump’s domestic political base before the November midterm elections. Trump has been playing his ‘economic nationalism’ …
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Trump at the UN: Lies, Damn Lies, & Statistics
This past week Donald Trump appeared before the United Nations Assembly in New York. In typical Trump style, he immediately launched into bragging about his accomplishments. Like most of his recent public appearances, it was a campaign speech directed to …
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Comparing Economic Crises: 1929 with 2008 and the Next
The business and mainstream press this month, September 2018, has been publishing numerous accounts of the 2008 financial crash on its tenth anniversary. This month attention has been focused on the Lehman Brothers investment bank crash that accelerated the general …
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On the 10th Anniversary of the Lehman Brothers 2008 Crash: Can ‘IT’ Happen Again?
This past weekend, September 15-16, marked the 10th anniversary of the Lehman Brothers Investment bank collapse and the subsequent generalized financial system crash that followed. Business and mainstream media flooded the airwaves and print publications with recounts and assessments of …
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South America’s “Made in USA” Growing Crises. Economic Destabilization of Brazil, Argentina and Venezuela
First published by GR on June 11, 2018
Emerging market economies are heading for an economic implosion. From South America to South Asia conditions are deteriorating rapidly and heading for an even more severe economic crisis in which many are …
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The Tech-Driven New ‘Business Model’ for the US Education System
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A higher ed colleague of mine recently responded to my ‘Amazon the Job Killer’ piece (see …
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The Amazon Business Model is A Job Killer: The Shift Towards E-Commerce. Artificial Intelligence (AI) and 31 Million Jobs Destroyed
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Prominent in the news this past week was the report that Amazon and its CEO, Jeff Bezos, reached record levels of market valuation and wealth. Amazon is now worth more than
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The Myth of Rising Wages in America
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This Labor Day 2018 marks yet another year of declining living standards for American workers. If one were to believe the media and press, rising wages belie that statement. The Wall …
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What Is Financial Imperialism? Looting Greece
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This month, August 2018, marks the ‘end’ of the 3rd debt bailout of Greece, 2015-18. If one were to believe the European and US press, Greece has now recovered and emerged …
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Ideology in Mainstream Economics – How It Works
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Mainstream economic policy is full of misrepresentation of reality. Propositions like ‘business tax cuts create jobs’, ‘income inequality exists because workers are not productive’, ‘free trade benefits everyone’, ‘inflation is always …
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Financial Fragility and Currency Markets. What’s Going on with Turkey?
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The global economy is again becoming financially fragile. Financial fragility is an indicator of increasing likelihood of the eruption of a major financial instability event–i.e. stock crash, bond market implosion, housing-commercial …
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Will Trump’s Trade War Precipitate a Currency War?
Last week, mid-July, Trump threatened $500 billion in tariffs on China imports, escalating his prior threat to impose $200 billion on China. He then threatened hundreds of billion in tariffs on world auto parts imports, targeting Europe. But Trump’s threats …
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Europe’s Central Bank (ECB) Failures: From 1999 Origins to 2017
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The European Central Bank, ECB, is at the heart of the failure to stabilize Europe’s economy since the 2008 global crisis. It is a central element as well in the institutional …
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The US Government Survey on ‘Precarious’ Jobs
The US Government’s Labor Department today, June 7, 2018, released a report on the condition of what’s called ‘precarious’ jobs in the US. The meaning of precarious is generally assumed to be contingent labor, alternative work arrangements, and, most recently, …
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Italian Debt Crisis Erupts: Is this a Greek Debt Crisis Writ Large?
This past week, as the Italian populist party, ‘5-Star’, began to form a government, suddenly the realities of the Italian debt (government and bank) and the 7 year stagnating Italian economy got the attention of media, investors and politicians. 5-Star …
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US-China Trade War, Kim-Trump Summit Collapse, Factional Splits Within America’s Elites
In previous print articles I argued there were three groups contending for control of US trade negotiations with China: big bankers and multinational corporations in the US primarily concerned with obtaining deeper access and penetration of China markets; the US …
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Trump’s Phony Trade War
Trump’s trade team heads off to Beijing this week of May 2018 to attempt to negotiate terms of a new US-China trade deal. The US decision whether to continue the exemptions on Steel and Aluminum tariffs with the European Union …
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Systemic Fragility in the Global Economy
To understand how the nine trends contribute to, or are associated with, systemic fragility it is necessary to define further what is meant by contribution. How do the nine trends differently cause fragility and therefore financial instability? What are the …
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Trump’s Tax Cuts, Budget, Deficits…Trump’s Recession 2019?
“Lies and misrepresentation of facts have become the hallmark of American politics in recent years more than ever before. Not just lies of commission by Trump and his crew, but lies of omission by the mainstream media as well.
In …
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US Stocks’ ‘Dead Cat Bounce’ and Second 1,000 Point Drop
Today the US stock market plummeted another 1,000 points. As this writer forewarned after last Monday’s 1175 pt. fall, the recovery would be a classic ‘dead cat bounce’. Well, the cat bounced the past two days–just not very high or …
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Stock Markets Implode Worldwide—What’s Next?
Today, February 5, 2018 the main US stock market, the DOW, fell another 1,175 points, the largest drop in its history. That followed a major decline of 665 points the preceding Friday. The total two day decline amounts to 7.5%. …
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Trump’s State of the Union Speech: Long on Theater, Short on Policy
Presidents’ State of the Union speeches used to report on accomplishments of the past year and proposals for new programs and policy changes for the next. Just as the country we once knew, those days are long gone.
In the
Trump and the Federal Reserve: US Shadow Bankers About to Deepen Control of US Economy
What’s sometime referred to as ‘shadow bankers’ have been running the economy and drafting US domestic economic policy since Trump took office. ‘Shadow’ banks include such financial institutions as investment banks, private equity firms, hedge funds, insurance companies, finance companies, …
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US Government Shutdown: Democrats Blink…Again
Today the Republican and Democrats in Congress agreed to end the so-called ‘shutdown’ of the US government over the weekend. Not much really ‘shut down’. Government workers were not at work over the weekend. There were no plans to stop …
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Video: 82% of Global Wealth Now Belongs to the Wealthiest 1%
Jack Rasmus’ commentary on OXFAM’s annual report pertaining to the relentless growth of wealth inequality globally, benefiting the wealthiest 1% investor class.
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Video: World’s Richest 1% appropriate 82% of Global Wealth, Prof. Jack Rasmus
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Why Bitcoin’s Fallen by Half
I recently was asked for my view of why Bitcoin prices have collapsed nearly by half this past week. From a high of near $20,000, it fell below $10,000. Other ‘altcoins’ (Ethereum, Ripple, etc.) have collapsed in price as much …
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Still More Austerity Imposed in Greece
Public demonstrations and opposition arising once again in Greece, as the Troika (European Commission, European Central Bank, IMF) demand still more austerity measures (pension cuts, privatizations, tax hikes) as part of the latest maneuvering by the Troika and its Syriza …
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Breitbart Billionaire Board Bashes Steve Bannon. The Traditional Elite vs. The Right Populist Challengers
Since the run-up to the election of 2016, the ruling elite in America who control the two wings of the single Corporate Party of America (CPA)—the Republican and Democratic Parties—have been battling it out with ‘right populist’ challengers over who …
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China Shifts Course, Is A Global Financial Crisis Brewing?
First published by GR on October 29, 2017
The past year the US and global ‘real’ economies have enjoyed a moderate recovery. Much of that has been due to China stimulating its economy to ensure real growth in anticipation of …
Read MoreChina Shifts Course, Is A Global Financial Crisis Brewing?
First published by GR on October 29, 2017
The past year the US and global ‘real’ economies have enjoyed a moderate recovery. Much of that has been due to China stimulating its economy to ensure real growth in anticipation of …
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Financial Asset Bubbles: From Subprimes and Credit Default Swaps (CDS) in 2008 to Bitcoin, Cryptocurrency and Exchange Traded Funds (ETFs) in 2018
Here’s a thought on the financial asset bubbles and Bitcoin-Exchange Traded Funds toxic derivatives today in historical context to 2008 events:
Is Bitcoin the new ‘Subprime Mortgage Bomb’? Just as subprime mortgage bonds precipitated a crash in the derivative, Credit …
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Bitcoins, Crypto-Currencies and Other Financial Asset Bubbles
The US and global economy are approached the latter stages in the credit cycle, during which financial asset bubbles begin to appear and the real economy appears to be at peak performance (the calm before the storm). This scenario was …
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The Real Causes of Deficits and the US Debt. Next Phases in Trump Fiscal Strategy
With the Senate and House all but assured to pass the US$4.5 trillion in tax cuts for businesses, investors, and the wealthiest 1 percent households by the end of this week, phases two and three of the Trump-Republican fiscal strategy
Macroeconomics and Social Inequality: A Thanksgiving Letter to Our Wealthiest 1% Americans
As this Thanksgiving holiday comes to an end and the Xmas season approaches, let’s not forget to give thanks to our richest 1% fellow Americans and their corporations. Thanks to all 1.25 million of you from the 130 million of …
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The Trump-US House of Representatives $4.6 Trillion Tax Cut: Who Pays?
“Last month Trump and released his initial proposals for cutting taxes on the rich. The proposals were developed behind closed doors by his key economic policy makers, Steve Mnuchin, Treasury Secretary, and Gary Cohn, director of the Trump Economic …
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Will Central Banks Survive to the Mid-21st Century?
(In this article, just published in the World Financial Review (London), Dr. Jack Rasmus comprehensively elaborates on the failures of global central banks’ nine-year experiment since 2008, their inevitable transformation, and ultimately, their survival beyond the mid-21st century. The article …
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The US Federal Reserve 4.5 Trillion Sell-Off. “Central Bankers at the End of Their Ropes”
This past week the US central bank, the Federal Reserve, announced it would begin selling off its $4.5 trillion debt that it accumulated since 2008 by buying up investors’ toxic mortgage and T-bonds at above market rates.
The Fed has …
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Update on Greek Debt Crises – Why Syriza Continues to Lose
This past August marked the second anniversary of the Greek debt crisis and the third major piling on of debt on Greece in August 2015 by the Eurozone ‘Troika’ of European Commission, European Central Bank, and the IMF. That 2015 …
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Central Banks as Engines of Income Inequality and Financial Crisis
My just published book, ‘Central Bankers at the End of Their Rope?: Monetary Policy and the Coming Depression’, Clarity Press, July 2017, is now available for immediate purchase on Amazon.com, as well as from this blog. (see book icon)…
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How Capitalist Central Banks Have Been Creating the Next Financial Crisis
As central bankers, finance ministers, and government policy makers head off to their annual gathering at Jackson Hole, Wyoming, this August, 24-26, 2017, the key topic is whether the leading central banks in North America and Europe will continue to …
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Financial Instability, Retreat of the Bond Market, Is a Global “Bond Rout” Brewing?
Bond markets in Europe and US are in rapid retreat this past week, in the wake of central bank announcements of coming rate hikes and balance sheet sell-offs. Will it spread to bubbles in stock markets in the US and …
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