Daily News 07/23

Daily News 07/23

The K-Shaped Collapse of the US Economy

Michael Hudson and Radhika Desai explain how Trump’s MAGA economy rests on war, debt, asset bubbles and a shrinking real economy.Michael Hudson: Well, the headline is really that the US economy is all about Donald Trump right now. The main thing, as you have just pointed out, is the war with Iran that he is escalating. Instead of rolling things back, he is bombing Iran. Iran has taken a response that is irreversible. It has closed down trade not only in the Strait of Hormuz but also in the Red Sea, with the Yemenis’ support, and it is bombing Bahrain’s port. It is absolutely certain that there is going to be a shutdown in the oil trade, and that is going to affect the entire world economy and push it into what I think is going to be as serious a depression as the 1930s. That is the US economy.

Iran War Background — OIl Corporations Want Iran’s Oil and Trump Obayed: The Iranian Oil Grab how the international oil cartel carved up the oil resources of Iran after the overthrow of Mossadegh. A full account of a little-known story by an expert in the oil-industry field. By Harvey O’Connor (1955) Iran Announces Nationalization of Foreign Oil Interests. On March 16, 1973, Iran’s Shah, Mohammad Reza Shah Pahlavi, announced a significant shift in the country’s oil management, declaring the nationalization of foreign oil interests. This move transitioned foreign oil companies from producers to customers of Iranian oil, with the National Iranian Oil Company (NIOC) assuming control of production and refining facilities starting March 20. The announcement followed the St. Moritz Agreement, which modified earlier arrangements from 1954 to enhance Iran’s control over its oil resources, ensuring higher production capacity and prices comparable to other Persian Gulf producers. Nationalization reflected a broader trend among oil-exporting countries aiming for greater sovereignty over their resources, particularly in the context of rising tensions in the region, exemplified by the Arab-Israeli conflict and Iraq’s nationalization of U.S. interests. The repercussions of Iran’s nationalization contributed to the oil crises of the 1970s, affecting global oil prices, consumer economies, and international relations. This period marked a pivotal moment in the power dynamics between oil-exporting nations and international oil companies, leading to a long-lasting impact on energy policies worldwide.

Trump’s Two Killing Fields Why is his violence escalating at home and abroad? In response to public outrage following ICE’s recent murders in Houston and Maine, the Department of Homeland Security moved to pause vehicle stops. But the pause reportedly infuriated Trump, who ordered ICE to continue the stops. ICE’s arrests and aggression continue to escalate. Trump’s war with Iran is also escalating, with the U.S. striking critical infrastructure sites including power stations and bridges, and Iran attacking a U.S. base in Jordan, killing two American troops (one is still missing)

DOJ Subpoenaed Phone Records From NYT Reporters and Their Family Members The move was in reaction to the publication’s reporting on Trump’s Qatari-gifted Air Force One.

Charles Derber: Trump Didn’t Create America’s Authoritarianism—He Exposed It Are Americans Wired for Authoritarianism? Charles Derber argues the nation’s democratic ideals have long masked an entrenched system of elite rule. As Donald Trump openly defies constitutional norms and concentrates power in the White House, many Americans see him as a dangerous break from the nation’s democratic traditions. Sociologist Charles Derber argues the opposite. In this wide-ranging conversation with Robert Scheer, the Boston College professor contends that authoritarianism has been embedded in the American political system since its founding. In his new book, Wired for Authoritarianism: American Oligarchy and How to Revive America for the People. Derber draws on the history of the Constitution, the Magna Carta, corporate power, and popular resistance, Derber argues that Trump did not invent oligarchy—he simply stripped away the illusion that the United States was ever governed primarily by the people. The discussion explores the country’s long struggle between concentrated wealth and democratic movements, asking whether today’s crisis marks the collapse of an old political order—or the beginning of a genuine fight to build one that serves ordinary Americans

Three speeches on a single day signaled a dying American democracy

Environment: Running Out the Clock Today, July 22, 2025, the Climate Clock ticked below 4 years. That means we are running our of time to limit global warming to 1.5°C. And to be perfectly honest, we are simply not going to slash fossil fuels and climate changing emissions enough in the next 3 years and 364 days left protect our future from the deadliest, most expensive, and cruelest impacts of climate change. Many of us are taking action. Across the world, communities are building the solutions we need to protect people and planet, and fighting for climate justice. We’re participating in the global day of action Sun Day on September 21 to highlight those solutions. If you’re interested in learning more about Sun Day and plugging into the organizing, join a call tomorrow evening at 6pm ET / 3pm PT with bill Mckibben and Third Act.

US Start-Up’s Seabed Mining Plan Flouts International Law, Critics Say The proposal encroaches on a marine preserve, and French Polynesia banned seabed mining in 2022.

India’s ‘Cockroaches’ won’t be so easily crushed! Yesterday’s Cockroach Janata Party (CJP) ‘Sansad Chalo’ mobilisation was huge. It was the most significant rallying point yet of this online Gen Z ‘satirical’ movement. The Delhi police and Modi’s Bharatiya Janata Party (BJP) were completely dumbfounded at the scale of protests.

U.S. viewed less favourably than China by Canadians, new poll suggests

‘Gaza Is One Giant Graveyard’

Ludwig IntituteT rue Unemployment is 24.7%

Tick bites are on the rise in the US and UK. Here’s how to protect yourself

Senate Votes to Keep the AI Medicare Pilot In Place This month Senate Republicans voted against an effort to rein in a controversial pilot program that introduces prior authorization in traditional Medicare using AI – a policy that will likely make seniors navigate additional administrative burdens to get approval for necessary medical care.