Author Archives: Yves Smith

Short Iran War + Ansar Allah v. Saudis Update

Today’s Iran war news: IIran and Ansar Allah have dug into “ever be escalating” mode as the US may be manning up too.

Record Tanker Rates Leave Heavy Crude Stranded in the Americas

Nosebleed high tanker rates, thanks to Iran attacks on vessels, are producing oil supply chain breakage on the other side of the planet.

Michael Hudson on the Swedish Central Bank’s Wannabe Nobel Prize 2026

Michael Hudson gives a terse takedown on how the fake economics Nobel prize shores up destructive elite-serving orthodoxies.

Financial Sanctions and the Global Payments Network

Complexity of the payments system means that currencies like the yuan are not benefitting from sanctions as much as widely believed.

Why Fall Yard Care Could Start With Doing Less – But Not Nothing

How to justify to yourself and your neighbors not getting rid of most of the leaves in your yard: because soil health.

Links 10/13/2026

UN and The Hague Confront Impunity for War Crimes

The UN, whose duties extended to combatting war crime and genocide, has been reduced to bearing witness.

Big Money, Party Politics, and Congressional Leadership in the 2026 Election: From the Rockies to the Himalayas

In the 2026 midterms, congressional leaders of both parties are drawing very big money from megadonors, while small donors barely register.

Michael Hudson on the Oil Markets

Michael Hudson gives an immediate and longer-term take on the state of the oil market.

The UN at the Breaking Point and What Could Come Next

The UN is a dead man walking, yet BRICS members unrealistically hope for reform. What organizations could be models for moving forward?

Worker-Managed Firms Curb Inequality and Promote Competitiveness

Worker-managed firms not only reduce inequality but are in the main very efficient.

Michael Hudson: The AI Crash Is Coming, And You Will Pay For It

Hudson and Desai discuss the probable AI crash in the context of US tech policy, historical bubbles, and the contrast with China’s approach.

Global Imbalances and the China Challenge

A useful discussion of the key China policy measures that have enabled it to achieve and maintain a dominant position in exports.

If Our Government Makes Dollars, What Is the ‘National Debt’?

Debunking one of the pet memes of elite-serving finance orthodoxy: that national debt of a currency issuer should be seen as a problem.