Fearless commentary on finance, economics, politics and power

Why it is important to recognize that ICE is a paramilitary operation. Among other things, they are harder to reform than traditional police.

Michael Hudson and Lena Petrova discuss the breakdown of the US-led order, Trump’s misguided efforts to maintain primacy, and what comes next

Carl Benedikt Frey traces the history of technological innovation. But does that constitute progress?

The notion that Trump Deputy Chief of Staff Stephen Miller and his allies may be falling out of favor with Trump is a delightful distraction, but we shouldn’t let palace intrigue take our focus off the looming civil conflict.

Population stagnation or even shrinkage has major implications for prospects for housing, employment, and consumer spending.

According to the news article in Damage Assessment (paywall that may be surmounted by registration) in Science by Jeffrey Mervis, the stated goals of Trump v2.0 have been consistent and were implicit during Trump v1.0.  These have been: (1) shrink the size and scope of the federal government, (2) expand the power of the presidency, […]

China’s deflation crunch is getting worse.

Trump needs a face-saving way to de-escalate with Iran. Is an energy deal possibe?

Silicon Valley’s entry into defense contracting is often framed as a long-overdue modernization of a bureaucratic Pentagon. This article argues that the venture capital model is structurally misaligned with the requirements of strategic defense systems engineering. The rise of a Military–Industrial–Venture Complex risks collapsing governance into product design, accelerating technological deployment without corresponding institutional capacity, and increasing escalation and democratic accountability risks.

From Trump on down, the US is particularly keen on the retrograde.

The US’ gold holdings, allegedly the largest on the planet, have not been subjected to a comprehensive audit since the 1950s.

Trump for the moment is signaling a climbdown on his hyper-aggressive ICE tactics. But how long will this show of contrition last?

Another example of Ukraine war blowback on the West: banking costs rose and lending tightened due to the sanctions on Russia.