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United States of America (USA)

America’s Housing Crisis

31 July 2023 - by Dan La Botz

The United States has a tremendous housing problem. There are not enough houses and apartments. Houses cost too much and apartments are too expensive. The housing problem affects everyone, especially those with low incomes. Lack of affordable (...)
Joe Biden Could Cancel Student Debt for Everyone Right Now

29 July 2023 - by Ben Beckett

Earlier this month, the Biden administration automatically discharged student debt for more then 800,000 borrowers. The move shows that, if he wanted to, Joe Biden could cancel debt for everyone else right now. He’s not doing that. Good news: (...)
Real Peace in Ukraine Means Ending Russian Invasion and US-EU Neocolonial Debt

1 July 2023 - by Blanca Missé

CADTM is very happy to republish the article Real Peace in Ukraine Means Ending Russian Invasion and US-EU Neocolonial Debt, organised by Haymarket Books, Yuliya Yurchenko, author of Ukraine and the Empire of Capital (2018), explained the (...)
The Supreme Court Doesn’t Have the Final Say on Student Debt

21 June 2023 - by Matt Bruenig

If the Supreme Court rules against Joe Biden on student debt, it will be a major blow. But there is a more straight forward path for Biden to unilaterally forgive a lot of student debt. In August of last year, Joe Biden announced that a (...)
Does the US Federal Deposit Insurance Corporation have enough resources to deal with a major banking crisis? And what about Europe?

14 June 2023 - by Eric Toussaint

Bank deposits in the US have been legally guaranteed up to a limit of USD 250,000 since 2008. The decision to enact a federal law that guarantees savers’ deposits was made in the early years of Franklin Delano Roosevelt’s administration. In 1933, (...)
Next Time, Dammit, Just Default

12 June 2023 - by James K. Galbraith

The debt deal is now law. Far-right Republicans were unhappy, because it doesn’t cut spending by enough. Center-left Democrats (there are no far-left Democrats in Congress) are unhappy, because they got nothing: It’s all concessions to win (...)
États-Unis:L’accord sur la dette est une tragédie

31 mai 2023 - par James K. Galbraith

Deux hommes sont sortis du bureau ovale. L’un d’eux, le président Joe Biden, a déclaré à propos de l’accord qu’ils venaient de conclure qu’il « réduisait les dépenses tout en protégeant des programmes essentiels pour les travailleurs et en stimulant (...)
The Debt Deal Is a Tragedy

31 May 2023 - by James K. Galbraith

Two men emerged from the Oval Office. One of them, President Joe Biden, said of the deal they’d just reached that it “reduces spending while protecting critical programs for working people and growing the economy for everyone.” The other, House (...)
The two Bs on inflation

29 May 2023 - by Michael Roberts

A recent paper by mainstream heavyweights, Ben Bernanke (former Federal Reserve chief) and Olivier Blanchard (former chief economist at the IMF) has raised some eyebrows. Bernanke and Blanchard seek to argue that the inflationary spike in the (...)
When President Joe Biden says that the US never denounced any debt obligation it’s a lie to convince people that there is no alternative to a bad bi-partisan agreement

Debt ceiling: Radio Silence Concerning United States President Franklin Roosevelt’s Repudiation of Debts

28 May 2023 - by Eric Toussaint

During your education, did you learn that during the 1930s the government of the USA unceremoniously repudiated a central provision of debt contracts that represented phenomenal sums? Do any history books analyze that act? Historical narratives (...)
First Republic – the case for public ownership

4 May 2023 - by Michael Roberts

The collapse of First Republic Bank is the latest chapter in the rolling banking crisis in the US. This was the second largest banking collapse in US financial history. It demonstrates yet further the case for public ownership of the banking (...)
The Mechanics of a Bond Market and its Impact on the Banking Crisis

10 April 2023 - by Michael Hudson

Why the Bank Crisis is Not Over The crashes of Silvergate, Silicon Valley Bank, Signature Bank and the related bank insolvencies are much more serious than the 2008-09 crash. The problem at that time was crooked banks making bad mortgage loans. (...)
Silicon Valley Bank’s Collapse Shows Little Has Changed for Big Banks Since 2008

14 March 2023 - by Branko Marcetic

The spectacular collapse of Silicon Valley Bank was caused by corruption, financial recklessness, and poor decision-making. With its bailout echoing 2008’s eager bailouts for the rich, it begs the question: How much longer will Americans put up (...)
SVB: from the valley to the chasm

13 March 2023 - by Michael Roberts

On Friday, Californian bank Silicon Valley Bank (SVB) became the largest bank to fail since the 2008 financial crisis. In a sudden collapse that shocked financial markets, it left billions of dollars belonging to companies and investors (...)
The US rate of profit in 2021

20 December 2022 - by Michael Roberts

Every year, I analyse the US rate of profit on capital. This is because the US data is the best and most comprehensive to use and because the US is the most important capitalist economy, often setting the scene for trends in global capitalism. (...)
Young people voted en masse

United States: Radicals and Socialists win landslide midterm elections!

10 November 2022 - by Yorgos Mitralias

The headlines of the international press on the outcome of the US midterm elections are not wrong: Yes, the long-awaited Republican tsunami did not materialise. And the Democrats held up much better than they had hoped. The reason for all these (...)
Student Debt Relief Is Undermining the Military’s Predatory Recruiting Practices

3 September 2022 - by Jordan Uhl

The US military has a long history of recruiting poor people by offering benefits like free college. With Joe Biden’s partial student debt forgiveness, GOP war hawks are fretting that the military won’t be able to prey on desperate young Americans (...)
Down the Jackson Hole

27 August 2022 - by Michael Roberts

Jay Powell, the chair of the US Federal Reserve, made a keynote speech at the annual summer symposium of central bankers in Jackson Hole. Powell reckoned that inflation was still too high and so the Fed’s tightening cycle was far from done. (...)
The IRA and the four horsemen of the climate apocalypse

9 August 2022 - by Michael Roberts

The announcement that US President’s Biden’s Inflation Reduction Act (IRA) has got the backing of pro-business, coal-mining owner Democratic Senator Manchin has been greeted with a wave of optimism that the US target of cutting carbon emissions in (...)
The Meltzer Report

29 March 2022 - by Allan H. Meltzer

The succession of crises that swept over the so called emerging countries in the nineties and the ensuing disastrous IMF and World Bank interventions provoked a world wide debate concerning the future and the role of these Bretton Woods’ (...)
Increased U.S. Military Spending Means More Militarism, Imperialism, and War

29 December 2021 - by Dan La Botz

The U.S. Congress is completely divided, Republicans versus Democrats. Except when it comes to the military. Bills for working people can’t be passed. But there’s always money for the generals and the arms-makers. Last week the U.S. Congress (...)
One year after: Joe Biden, president of the United States

24 December 2021 - by Eric Toussaint

Some commentators thought that Joe Biden as president would mean a Keynesian turn in the US. The same hopes and illusions had developed in the early days of Barack Obama’s presidency in 2009. In both cases, the election occurred when the US was (...)
“Your Debt Is Someone Else’s Asset”: Calls Mount to Cancel Debt & Halt Wealth Transfer to the Rich

16 December 2021 - by Amy Goodman, Astra Taylor , Nermeen Shaikh

As calls grow for Biden to extend the moratorium on student debt, we speak with the Debt Collective’s Astra Taylor and feature her new film for The Intercept, “Your Debt Is Someone Else’s Asset,” animated by artist Molly Crabapple. The $15 trillion (...)
Moderna’s free ride

29 October 2021 - by Vincent Kiezebrink

A leaked contract between Moderna and the European Commission indicates that the company’s vaccine profits will end up in some of the world’s worst tax havens. The contract signed with Moderna shows that it intends to receive payment for its EU (...)
The US Lost in Afghanistan. But US Imperialism Isn’t Going Anywhere

7 September 2021 - by Gilbert Achcar

The United States suffered grave losses in Iraq and Afghanistan, just as it did in Vietnam. But we shouldn’t mistake revisions of US military strategy after calamitous failures for a turn away from US imperialist ambitions. The debacle of the (...)