United States of America (USA)
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The Persistence of Global Capitalism’s Long Depression
8 August 2024 - by Ashley Smith, Michael Roberts
While the Biden administration and its liberal apologists crow about the economic recovery, in reality US capitalism, and indeed global capitalism, remain stuck in a slump with seemingly no end in sight. Spectre’s Ashley Smith interviews Michael (...) -
1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough !
From Paul Wolfowitz (2005-2007) to Ajay Banga (2023-...): the US President’s men control the World Bank
12 June 2024 - by Eric Toussaint
In July 2024, the World Bank and the IMF will be 80 years old. 80 years of financial neo-colonialism and the imposition of austerity policies in the name of debt repayment. 80 years is enough! The Bretton Woods institutions must be abolished and (...) -
Newsflash: Inequality in Neoliberal America
31 May 2024 - by David Schultz
If anyone is perplexed or surprised why Americans are so upset about the economy, they should look no further than the Income Distribution and Dynamics in America (IDDA) recent report by the Federal Reserve Board of Minneapolis and its data (...) -
1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough !
The Meltzer Commission on the IFI at the US Congress in 2000
29 May 2024 - by Eric Toussaint
In July 2024, the World Bank and the IMF will be 80 years old. 80 years of financial neo-colonialism and the imposition of austerity policies in the name of debt repayment. 80 years is enough! The Bretton Woods institutions must be abolished and (...) -
Biden Should Stop Attacking the International Criminal Court
25 May 2024 - by Branko Marcetic
The ICC seeking arrest warrants for Israeli leaders is a major step forward for international law. US officials’ attacks on the ICC are a major step backward for US global standing. I’ve had some elected leaders speak to me and be very blunt: (...) -
Profits: margins and rates
5 April 2024 - by Michael Roberts
US corporate profit margins are at record highs, despite slowing price inflation and rising wage increases. Looking at the whole US economy, non-financial sector profit margins are at their highest level in the 21st century (over 16%) and not (...) -
Shawn Fain: Workers Deserve More Time for Themselves
2 April 2024 - by Shawn Fain
On Thursday, March 14, Vermont senator Bernie Sanders introduced a Senate bill that would mandate a standard thirty-two-hour workweek with no loss in pay. The same day, Sanders chaired a hearing of the Senate Health, Education, Labor and (...) -
Series: 1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough !
Domination of the United States on the World Bank
28 February 2024 - by Eric Toussaint
In July 2024, the World Bank and the IMF will be 80 years old. 80 years of financial neo-colonialism and the imposition of austerity policies in the name of debt repayment. 80 years is enough! The Bretton Woods institutions must be abolished and (...) -
Julian Assange and his possible extradition to the US: on the legal and procedural situation
24 January 2024 - by Guillermo Garcia
The writing below is based on a conference by Professor Julien Pieret of the “Universié Libre de Bruxelles”, dated September 29, 2023, and related to the current legal and procedural situation of the extradition process of Julián Assange by the (...) -
Goldilocks and the last mile
8 December 2023 - by Michael Roberts
Last week, the second estimate for the US real GDP in Q3 of 2023, i.e. national output, was released. It came in at 5.2% on an annualised basis. That seemed a very strong figure, only surpassed in the recent period by Q4 2021, when the US (...) -
Debt distress
2 November 2023 - by Michael Roberts
Last week, Zambia reached a deal for relief on nearly $4bn owed to private bondholders, raising hopes that a protracted debt restructuring by Africa’s second-largest copper producer was nearing its end. It had taken three years to get a (...) -
US economy expanding?
28 October 2023 - by Michael Roberts
The first estimate of third quarter real GDP growth in the US was released yesterday. It showed the US economy expanded by an annualised rate of 4.9%. The Financial Times called this a “blistering pace that, not for the first time, defied (...) -
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 (...)
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