military

The essence of classical free market economics was to restrict Executive power – in an epoch when war-making power was the major abuse of national interests. Just as the lower house of bicameral legislatures had taken over the power to…

Michael Hudson and William Hartung make the argument that military spending was exempted from cuts in the debt ceiling deal because it had strong backers who protected it. They also reveal that the US debt ceiling was put into place to keep…

A world in which basic natural resources are neither cheap nor abundant and in which the debt levels in leading economies are very high is one prone to geopolitical instability.

This is the first in a two-part essay on the origins of the sovereign debt crisis. Here the emphasis is on Germany’s central role in the last century and a half of European history and in the formation of the euro

Do yourself a favor and pick up a copy of The Good Soldiers today. As I can’t know where you stand on these wars, I can’t say whether or not reading the book will change your mind. But I can guarantee you that its on-the-ground perspective…

The private sector (particularly the household sector) is overly indebted. The level of debt households now carry cannot be supported by income at the present levels of consumption. The natural tendency, therefore, is toward more…

World War II was the last war the United States fought with a formal declaration of war. The wars fought since have had congressional approval, both in the sense that resolutions were passed and that Congress appropriated funds, but the…

henever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form,…

There are four ways to reduce real debt burdens: by paying down debts via accumulated savings. by inflating away the value of money. by reneging in part or full on the promise to repay by defaulting by…

Here's a fabulous look into the political economy of oil by Andy Lees. His view is that the era of cheap oil is over. But, more than that, natural resources as a whole are increasingly dear. And a world of dwindling natural resources has…