@michaelroberts24 - Bluesky Profile

Replacing capitalism – not with socialism, but with democracy? Leading left economists Jason Hickel and Yanis Varoufakis jointly wrote an article for the British newspaper, the Guardian this week. It was headlined as “We can move beyond the capitalist model and save the climate – here are the first three steps.” Jason Hickel is professor at the Autonomous University of Barcelona and a visiting senior fellow at LSE. Yanis Varoufakis is the leader of MeRA25, a former finance minister and author of

Replacing capitalism – not with socialism, but with democracy?

Leading left economists Jason Hickel and Yanis Varoufakis jointly wrote an article for the British newspaper, the Guardian this week. It was headlined as “We can move beyond the capitalist model and save the climate – here are the…

13.02.2026 09:51 — 👍 0 🔁 0 💬 0 📌 0

Japan election: from stagnation to stagflation In Japan, a general election is taking place tomorrow, just months after Sanae Takaichi became the nation's first female prime minister. Takaichi is an arch-conservative, ultra nationalist and a devotee of Margaret Thatcher. She became prime minister last October by winning an internal party race for the presidency of the beleaguered governing Liberal Democrat Party (LDP), battered by two disastrous elections in as many years and currently without a majority in either house of the Japanese parliament.

Japan election: from stagnation to stagflation

In Japan, a general election is taking place tomorrow, just months after Sanae Takaichi became the nation's first female prime minister. Takaichi is an arch-conservative, ultra nationalist and a devotee of Margaret Thatcher. She became prime minister…

07.02.2026 17:03 — 👍 1 🔁 0 💬 0 📌 0

Thailand election: change or more of the same? The south-east Asian country, Thailand, is holding a general election on Sunday. Of the 72m Thais, 53m are eligible to vote. They will vote for the 500-seat House of Representatives. While 400 seats are filled through constituency races under a first-past-the-post system, the other 100 are distributed to the contesting parties based on proportional representation. Then those elected to the House will vote to pick the next prime minister with a simple majority is needed for the prime minister to win.

Thailand election: change or more of the same?

The south-east Asian country, Thailand, is holding a general election on Sunday. Of the 72m Thais, 53m are eligible to vote. They will vote for the 500-seat House of Representatives. While 400 seats are filled through constituency races under a…

07.02.2026 08:32 — 👍 0 🔁 0 💬 0 📌 0

The debasement trade and the future of the dollar The gold price against the US dollar is back above $5000 per oz after its recent short sharp contraction last week. The unprecedented rise in the gold price, particularly since the beginning of the Trump Mark 2 presidency one year ago, is the result of what is being called the ‘debasement trade’. This trade means that financial institutions, both public and private, are apparently trading out of US financial assets ie dollar cash and dollar debt, in particular.

The debasement trade and the future of the dollar

The gold price against the US dollar is back above $5000 per oz after its recent short sharp contraction last week. The unprecedented rise in the gold price, particularly since the beginning of the Trump Mark 2 presidency one year ago, is the…

05.02.2026 13:15 — 👍 0 🔁 0 💬 0 📌 0

AI and creative destruction Capital expenditure by the ‘hyperscalers’ and tech giants into AI data centres and chips etc continues to pour in. So far, the rise in AI-related investment is not particularly large by historical standards. According to a study by the Bank for International Settlements (BIS), at around 1% of US GDP, it is similar in size to the US shale boom of the mid-2010s and half as large as the rise in IT investment during the dot-com boom of the 1990s.

AI and creative destruction

Capital expenditure by the ‘hyperscalers’ and tech giants into AI data centres and chips etc continues to pour in. So far, the rise in AI-related investment is not particularly large by historical standards. According to a study by the Bank for International…

03.02.2026 09:23 — 👍 0 🔁 0 💬 0 📌 0

Kevin Warsh – Wall Street’s man Kevin Warsh, President Trump’s nominee to replace Jay Powell as Chair of the Federal Reserve next May, is the epitomy of a Wall Street, hedge fund insider. Educated at Stanford University and currently a fellow of its graduate school, he is also a member of the secretive Bilderberg Group set up in the 1950s to work out strategy for the preservation of ‘Western democracy’ as the Cold War with the Soviet Union intensified.

Kevin Warsh – Wall Street’s man

Kevin Warsh, President Trump’s nominee to replace Jay Powell as Chair of the Federal Reserve next May, is the epitomy of a Wall Street, hedge fund insider. Educated at Stanford University and currently a fellow of its graduate school, he is also a member of the…

31.01.2026 12:40 — 👍 1 🔁 0 💬 0 📌 0

US economy: beneath the bombast Amid all the bombast and threats over Greenland in his Davos speech, US President Trump made a series of boasts about the success of the US economy, which was, of course, down to him. “Growth is exploding, productivity is surging, investment is soaring, incomes are rising, inflation has been defeated,” he told the gathering of the world’s political and financial elite.

US economy: beneath the bombast

Amid all the bombast and threats over Greenland in his Davos speech, US President Trump made a series of boasts about the success of the US economy, which was, of course, down to him. “Growth is exploding, productivity is surging, investment is soaring, incomes are…

25.01.2026 11:34 — 👍 0 🔁 0 💬 0 📌 0

From Monroe to Donroe, Greenland and Carney Today, US President Trump makes his speech to the assembled political and economic leaders of world capitalism at the World Economic Forum in Davos, Switzerland. The main issue before is, amazingly, the Arctic island of Greenland. Greenland? – how did that name come about for an area that is mostly covered in ice? Apparently, it was a marketing ploy by Viking explorers who arrived over one thousand years ago.

From Monroe to Donroe, Greenland and Carney

Today, US President Trump makes his speech to the assembled political and economic leaders of world capitalism at the World Economic Forum in Davos, Switzerland. The main issue before is, amazingly, the Arctic island of Greenland. Greenland? – how did…

21.01.2026 10:53 — 👍 0 🔁 0 💬 0 📌 0

The consensus: from Washington to London The Washington Consensus was a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington DC multilateral institutions, the International Monetary Fund (IMF) and the World Bank. The Washington Consensus term was first used in 1989 by British economist John Williamson and was the foundation for global policies designed to promote ‘free markets’, both domestically and globally, as well as reducing the role of the state through privatisation and ‘deregulation’ of labour and financial markets.

The consensus: from Washington to London

The Washington Consensus was a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington DC multilateral institutions,…

16.01.2026 14:00 — 👍 0 🔁 0 💬 0 📌 0

ASSA 2026 -part two: the heterodox – technofeudalism; climate change; china; inequality While the mainstream sessions were obsessed with AI, having dropped climate change as a major theme in their sessions, the radical economics sessions still analysed the impact of global warming. One paper found that there was “strong and robust evidence that extreme heat increases local market concentration by shifting market share from smaller to larger firms. In addition, extreme heat reduces firm productivity while increasing the average markup.

ASSA 2026 -part two: the heterodox – technofeudalism; climate change; china; inequality

While the mainstream sessions were obsessed with AI, having dropped climate change as a major theme in their sessions, the radical economics sessions still analysed the impact of global warming. One paper found…

11.01.2026 13:14 — 👍 0 🔁 0 💬 0 📌 0

ASSA 2026: part one, the mainstream – AI, tariffs, inflation and the dollar ASSA is a massive conference of economists from around the world, organised by the American Economics Association. (AEA). Every year thousands attend and there are hundreds of sessions and papers. Most of these are mainstream, but there are sessions organised by heterodox organisations like the Union for Radical Economics (URPE). This year’s conference took place in Philadelphia. Each year, I divide my report into two posts: the mainstream and the radical heterodox.

ASSA 2026: part one, the mainstream – AI, tariffs, inflation and the dollar

ASSA is a massive conference of economists from around the world, organised by the American Economics Association. (AEA). Every year thousands attend and there are hundreds of sessions and papers. Most of these are…

08.01.2026 11:29 — 👍 1 🔁 0 💬 0 📌 0

Venezuela and oil Within hours of the US military strikes on Venezuela and the capture of its president, Nicolas Maduro, President Trump proclaimed that “very large United States oil companies would go in, spend billions of dollars, fix the badly broken infrastructure, and start making money for the country.” Trump did not hide that a major reason for the attack and kidnapping of Maduro was aimed at putting the US in control of Venezuela’s vast oil reserves, described as “our oil” by Trump.

Venezuela and oil

Within hours of the US military strikes on Venezuela and the capture of its president, Nicolas Maduro, President Trump proclaimed that “very large United States oil companies would go in, spend billions of dollars, fix the badly broken infrastructure, and start making money for…

05.01.2026 12:58 — 👍 0 🔁 0 💬 0 📌 0

China: AI, involution and the national plan During his New Year’s Eve address broadcast, China's Communist leader Xi praised the country’s advancements in key sectors. Images ranging from humanoid robots performing kung fu to new hydropower projects rolled on the screen as he spoke. He also announced that the National People’s Congress would discuss the country’s new five-year plan at its upcoming legislative session in March. China’s 15th five-year plan is all about AI.

China: AI, involution and the national plan

During his New Year’s Eve address broadcast, China's Communist leader Xi praised the country’s advancements in key sectors. Images ranging from humanoid robots performing kung fu to new hydropower projects rolled on the screen as he spoke. He also…

04.01.2026 14:48 — 👍 0 🔁 0 💬 0 📌 0

Forecast for 2026 In many ways, the world in 2026 faces similar challenges to the year of 2025 – only more intense. The big themes of the past year are evolving, rather than disappearing. In my forecast for 2025 last year, I reckoned that “a recession in 2025 is unlikely; but on the other hand, it is too early to argue for any sustained rise in profitability across the G7 that could drive productive investment and productivity growth to new levels.

Forecast for 2026

In many ways, the world in 2026 faces similar challenges to the year of 2025 – only more intense. The big themes of the past year are evolving, rather than disappearing. In my forecast for 2025 last year, I reckoned that “a recession in 2025 is unlikely; but on the other hand, it…

29.12.2025 08:58 — 👍 0 🔁 0 💬 0 📌 0

Top ten posts of 2025 At the end of every year, I remind readers of the ten most popular posts on my blog over the last 12 months. But first, just to let you know: since I started the blog in 2010, there have been 6.2m viewings on the blog from 2.5m visitors. During that time I have posted 1350 times. In 2025, I did 69 posts with 483,365 viewings.

Top ten posts of 2025

At the end of every year, I remind readers of the ten most popular posts on my blog over the last 12 months. But first, just to let you know: since I started the blog in 2010, there have been 6.2m viewings on the blog from 2.5m visitors. During that time I have posted 1350…

23.12.2025 09:56 — 👍 0 🔁 0 💬 0 📌 0

Books of the year 2025 Every year at this time, I look back at the books that I have reviewed during the year on this blog. This time I shall include some that I did not review but now consider might interest readers. Let’s start with some mainstream works that attracted much attention. In the US, Abundance by Ezra Klein and Derek Thompson, writers at liberal mainstream

Books of the year 2025

Every year at this time, I look back at the books that I have reviewed during the year on this blog. This time I shall include some that I did not review but now consider might interest readers. Let’s start with some mainstream works that attracted much attention. In the US,…

16.12.2025 12:33 — 👍 0 🔁 0 💬 0 📌 0

Extreme inequality – and what to do about it The latest World Inequality Report 2026 reveals the stark cleavage between rich and poor in the world – a division that is getting wider to the extreme. Based on data compiled by 200 researchers organised by the World Inequality Lab, the report finds that fewer than 60,000 people – 0.001% of the world’s population – control three times as much wealth as the entire bottom half of humanity.

Extreme inequality – and what to do about it

The latest World Inequality Report 2026 reveals the stark cleavage between rich and poor in the world – a division that is getting wider to the extreme. Based on data compiled by 200 researchers organised by the World Inequality Lab, the report finds…

10.12.2025 10:00 — 👍 0 🔁 0 💬 0 📌 0

Stagflation and the K-shaped economy The Financial Times points out that, on the campaign trail last year, Donald Trump vowed to “immediately bring prices down, starting on Day One”. Yet, since his return to the White House in January, inflation has remained elevated. As a result, Trump’s approval rating has slipped, weighed down by concerns over the cost of living. However, last Wednesday, he claimed America’s cost of living worries are a…

Stagflation and the K-shaped economy

The Financial Times points out that, on the campaign trail last year, Donald Trump vowed to “immediately bring prices down, starting on Day One”. Yet, since his return to the White House in January, inflation has remained elevated. As a result, Trump’s approval…

09.12.2025 08:28 — 👍 1 🔁 0 💬 0 📌 0

AI and the railway mania The AI bubble continues. The Magnificent Seven of tech media continue to drive the US stock market, along with the AI companies. The ten largest US companies by stock market value, holding over 40% of the total market cap of the S&P-500 index, have continued to shift upward in price, well above any increase in earnings (profits) recorded. Recent earnings from major US ‘hyperscalers’ (AI development companies) show that revenue growth remains strong, but free cash flow is being sucked up by accelerating capital expenditure.

AI and the railway mania

The AI bubble continues. The Magnificent Seven of tech media continue to drive the US stock market, along with the AI companies. The ten largest US companies by stock market value, holding over 40% of the total market cap of the S&P-500 index, have continued to shift…

04.12.2025 12:34 — 👍 0 🔁 0 💬 0 📌 0

UK: the ‘make or break’ budget The UK had an apparently important financial event today. The Labour government’s finance minister (called the Chancellor of the Exchequer, a feudal royal term), Rachel Reeves presented the government’ s tax and spending measures for the year (and years ahead). It was billed as a ‘make or break’ budget for the Labour government which is languishing badly in the opinion polls – its share of support has halved from an already low election result of 34% in July 2024 when Labour won a landslide of seats.

UK: the ‘make or break’ budget

The UK had an apparently important financial event today. The Labour government’s finance minister (called the Chancellor of the Exchequer, a feudal royal term), Rachel Reeves presented the government’ s tax and spending measures for the year (and years ahead). It…

26.11.2025 17:28 — 👍 1 🔁 0 💬 0 📌 0

COP 30: it’s no joke The usual joke about the United Nations Climate Change Conferences (COPs) is that each one is a ‘cop-out’. Each time there is a failure to agree on ending fossil fuel production as the source of energy, even though it is now well established that carbon and other greenhouse gas emissions come mainly from the use of fossil fuels. Each time there is a failure to agree to significant planned and implemented reductions in emissions from all sources, production, transport, wars etc.

COP 30: it’s no joke

The usual joke about the United Nations Climate Change Conferences (COPs) is that each one is a ‘cop-out’. Each time there is a failure to agree on ending fossil fuel production as the source of energy, even though it is now well established that carbon and other greenhouse…

23.11.2025 08:51 — 👍 1 🔁 1 💬 0 📌 0

Chile: another turn to the right? Chile has a general election today. Around 15m voters can take part in the first round to elect a new president, the lower house and half the seats of the senate. Incumbent President Gabriel Boric, who was elected in 2021, is constitutionally barred from seeking a consecutive second term. So all is up for grabs. Boric was a former student activist who got a decisive victory in 2021.

Chile: another turn to the right?

Chile has a general election today. Around 15m voters can take part in the first round to elect a new president, the lower house and half the seats of the senate. Incumbent President Gabriel Boric, who was elected in 2021, is constitutionally barred from seeking a…

16.11.2025 08:21 — 👍 0 🔁 0 💬 0 📌 0

HM 2025 part two – nature, rent, profit and AI In this part two, I resume my review of the Historical Materialism conference in London with a look at some of the sessions on climate change, ecology and the impact of artificial inteliigence – as well as on the state of the world economy. As the climate crisis worsens globally, naturally there were several sessions on how capitalism is destroying humanity, other species and the planet itself.

HM 2025 part two – nature, rent, profit and AI

In this part two, I resume my review of the Historical Materialism conference in London with a look at some of the sessions on climate change, ecology and the impact of artificial inteliigence – as well as on the state of the world economy. As the…

13.11.2025 09:08 — 👍 0 🔁 0 💬 0 📌 0

Historical Materialism 2025 part one: imperialism and war Every year the Historical Materialism journal holds a conference in London. It is attended by (mostly) academics and students to discuss Marxist theory and critique capitalism. This year the conference seemed very well attended and the best organised ever. There was a huge range of sessions and plenaries on economics, culture, technology, imperialism, war and gender issues. There were many ‘streams’ of presentations on fascism, technology (AI), imperialism, climate change and, of course, Marxist theory.

Historical Materialism 2025 part one: imperialism and war

Every year the Historical Materialism journal holds a conference in London. It is attended by (mostly) academics and students to discuss Marxist theory and critique capitalism. This year the conference seemed very well attended and the…

11.11.2025 08:31 — 👍 0 🔁 0 💬 0 📌 0

Debt and the cockroaches Let the Financial Times sum it up: “US stocks ride AI hype and trade truce to 6-month winning streak S&P 500 and Nasdaq post longest runs of monthly gains in years.” The FT points out that US stocks have hit their longest monthly winning streak in four years as AI hype, declining interest rates and Donald Trump’s move to dial back his trade war led the way.

Debt and the cockroaches

Let the Financial Times sum it up: “US stocks ride AI hype and trade truce to 6-month winning streak S&P 500 and Nasdaq post longest runs of monthly gains in years.” The FT points out that US stocks have hit their longest monthly winning streak in four years as AI hype,…

01.11.2025 17:36 — 👍 0 🔁 0 💬 0 📌 0

Depression and creative destruction The latest economic activity indicators called purchasing managers indexes (PMIs) confirm that the major economies are still crawling along – neither slipping into slump nor picking up pace. The global PMI stands at 52.4 in September (any score above 50.0 means expansion, any score below means contraction). Source: JPM In effect, the major economies remain in what I call a Long Depression that started after the Great Recession of 2008-9.

Depression and creative destruction

The latest economic activity indicators called purchasing managers indexes (PMIs) confirm that the major economies are still crawling along – neither slipping into slump nor picking up pace. The global PMI stands at 52.4 in September (any score above 50.0 means…

24.10.2025 10:50 — 👍 1 🔁 0 💬 0 📌 0

The AI bubble and the US economy The US stock market continues to hit new record highs; the bitcoin price is also close to highs and the gold price has rocketed to all-time highs. Investors in financial assets (banks, insurance companies, pension funds, hedge funds etc) are wildly optimistic and confident about financial markets. As the chair of Rockefeller International, Ruchir Sharma put it: “Despite mounting threats to the US economy — from high tariffs to collapsing immigration, eroding institutions, rising debt and sticky inflation — large companies and investors seem unfazed.

The AI bubble and the US economy

The US stock market continues to hit new record highs; the bitcoin price is also close to highs and the gold price has rocketed to all-time highs. Investors in financial assets (banks, insurance companies, pension funds, hedge funds etc) are wildly optimistic and…

14.10.2025 12:27 — 👍 0 🔁 0 💬 0 📌 0

Gold: what’s behind the boom? This week the price of gold in US dollars hit $4000 per troy oz. This is an historic high (at least in nominal dollars). But even that high looks set to be surpassed, with investment bank Goldman Sachs forecasting $4900 per oz by year end. And the gold price in other major currencies has also been rising. What is behind this unprecedented rally?

Gold: what’s behind the boom?

This week the price of gold in US dollars hit $4000 per troy oz. This is an historic high (at least in nominal dollars). But even that high looks set to be surpassed, with investment bank Goldman Sachs forecasting $4900 per oz by year end. And the gold price in other…

09.10.2025 09:04 — 👍 0 🔁 0 💬 0 📌 0

The frontiers of value Güney Işıkara and Patrick Mokre have published an insightful book that explains how Marx’s theory of value operates to explain the trends and fluctuations in modern capitalist economies. Called Marx’s Theory of Value at the Frontiers - Classical Political Economics, Imperialism and Ecological Breakdown, the title tells the reader that the book is about taking Marx’s law of value towards what they call its ‘frontiers’, namely markets and trade; imperialism and the global environmental crisis.

The frontiers of value

Güney Işıkara and Patrick Mokre have published an insightful book that explains how Marx’s theory of value operates to explain the trends and fluctuations in modern capitalist economies. Called Marx’s Theory of Value at the Frontiers - Classical Political Economics,…

03.10.2025 07:53 — 👍 0 🔁 0 💬 0 📌 0

Argentina: the chainsaw breaks down Last week US Treasury Secretary Scott Bessent offered a $20bn swap line to Javier Milei’s government in Argentina and pledged to buy its bonds, as the Trump administration moved to shore up its ideological ally. The measures temporarily halted a rout in Argentine foreign exchange and bond markets triggered by the rapid depletion of the country’s foreign reserves as Milei sought to defend an overvalued currency.

Argentina: the chainsaw breaks down

Last week US Treasury Secretary Scott Bessent offered a $20bn swap line to Javier Milei’s government in Argentina and pledged to buy its bonds, as the Trump administration moved to shore up its ideological ally. The measures temporarily halted a rout in…

29.09.2025 09:18 — 👍 0 🔁 0 💬 0 📌 0

Latest posts by michaelroberts24.bsky.social on Bluesky

@michaelroberts24 is following 10 prominent accounts