There are growing signs that the United States may be on the verge of another major financial crisis, one that could start in the $3 trillion private credit market, which is already seeing significant turmoil, before spreading to other sectors. Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson to discuss the serious problems on Wall Street. Hudson warned that the US economy is built on a Ponzi scheme that depends on continuing to pour money into a bloated, bubbly financial system based on unsustainable speculation, not industrial production. VIDEO: https://www.youtube.com/watch?v=Blv49u3Q230 Check out our related short video about the private credit crisis on Wall Street: https://www.youtube.com/watch?v=S1cx9Zk6WZk Topics 0:00 Introduction 1:37 Highlights of Michael Hudson 3:29 Interview starts 4:18 2008 financial crisis 5:04 Zero interest-rate policy (ZIRP) 7:31 Private equity 9:17 Lack of investment 10:34 Wealth inequality 12:08 Debt defaults 14:10 Depression fears 16:12 US govt supports Wall Street 19:07 Ponzi schemes 23:51 US economic problems 27:35 Iran war impact 30:16 Financialization of economy 33:46 Outro

The peace talks held between the US and Iran in Islamabad, Pakistan failed. Despite a temporary, two-week ceasefire Donald Trump announced a naval blockade of the Iranian blockade of the Strait of Hormuz. Ben Norton explains the USA's strategy, and how it is targeting China and Asian economies that import oil, natural gas, and other important commodities from the Persian Gulf. VIDEO: https://www.youtube.com/watch?v=qDH5qMZSPm4 Topics 0:00 Peace talks in Pakistan fail 1:07 Trump blockades the blockade 2:53 Iran trolls the US 3:45 Trump's contradictory posts 6:12 Ceasefire 6:51 Israeli attack on Lebanon 8:17 Trump threatens Iran 9:45 Trump targets Cuba 10:38 Strait of Hormuz 11:41 Iran toll challenges petrodollar 13:12 Logic behind US blockade 14:01 Scott Bessent threatens China 15:31 USA targets China's oil supply 16:29 China condemns US blockade 17:06 Dangers of escalation 18:38 Chinese tankers 20:37 China's oil reserves 21:11 China's supply chain shocks 22:59 Trump wants leverage 24:09 The US is losing the war 26:25 Iran's message to Trump 27:45 Outro

The US government has pushed for years for a war with China, selling billions of dollars of weapons to separatists in Taiwan. However, those plans are falling apart, after the leader of the KMT, the Nationalist Party based in Taipei, took a historic trip to the mainland, promoting peace. Ben Norton explains the importance of Cheng Li-wun's meeting with Xi Jinping, and the complex political history of Taiwan. VIDEO: https://www.youtube.com/watch?v=fiDtfdBYHBQ Topics 0:00 KMT leader visits Beijing 1:28 US "prickly porcupine" strategy 2:09 KMT, Chinese Nationalist Party 2:48 Taiwan's ruling party DPP 3:27 Nancy Pelosi visit 4:17 Taiwan's DPP supports Israel 4:42 Fears of new Ukraine 5:22 US war plans 6:22 US arms sales to Taiwan 7:09 USA uses Taiwan as proxy 8:12 (CLIP) KMT leader on Ukraine 9:08 Is Taiwan the next Ukraine? 9:28 Elections results in 2024 10:12 Lai Ching-te is unpopular 10:54 Iran war hurts Taiwan 11:48 Energy crisis 12:27 TSMC and advanced chips 13:45 Neoliberalism 14:10 Developmental state 14:54 Economic insecurity 15:14 Trump tariff threats 15:48 Beijing does not want war 17:12 Beijing opposes separatism 18:06 UN: Taiwan is part of China 18:50 One China policy 19:46 Map of Taiwan recognition 20:05 List of Taiwan recognition 20:45 Cross-strait relations 22:19 Rising trade 23:13 One country, two systems 24:31 US military bases 24:58 Peaceful reunification 25:27 Poll: Taiwan independence 26:09 Future leader of Taiwan? 26:48 Divisions within KMT 27:27 Modern history of Taiwan 29:05 Chiang Kai-shek 29:41 Democracy? 30:46 Cold War One propaganda 31:39 Sun Yat-sen 34:40 Historic step for peace 36:14 Outro

The United States and Iran agreed to a temporary, two-week ceasefire. However, Tehran said Washington immediately violated it, by allowing Israel to bomb Lebanon. Ben Norton explains how the USA has repeatedly lied about its diplomacy, and how Donald Trump's "art of the deal" is based on deception. VIDEO: https://www.youtube.com/watch?v=gdidAa3CsU0 Check out our related video "Iran is winning the war. This is why": https://www.youtube.com/watch?v=zV26rb-9YsE Topics 0:00 Iran war ceasefire 0:52 US ceasefire violations 2:40 Israel attacks Lebanon 3:25 Energy crisis and inflation 4:50 Both sides claim victory 5:32 Iran says USA violated deal 6:23 Trump's "art of the deal" 7:17 Israel bombs Lebanon 8:09 Strait of Hormuz 9:22 Russia and China UN veto 10:27 Peace talks in Pakistan 10:54 US military will stay 11:11 Trump threatens "civilization" 11:54 US empire violates treaties 14:28 Trump's 15-point plan 16:10 Iran's 10-point proposal 17:55 Someone is lying 19:04 USA underestimates Iran 20:00 Iran establishes new order 21:19 US imperialism continues 23:01 Outro

Is the United States on the verge of another financial crisis? Some top Wall Street executives fear the bankruptcies in the $3 trillion private credit industry could spread, as firms prevent investors from withdrawing their capital, in what resembles a bank run. Then there are problems with the AI bubble and Big Tech stock market bloat. Ben Norton explains. VIDEO: https://www.youtube.com/watch?v=S1cx9Zk6WZk Check out our other video explaining how the Iran war will transform the global economy: https://www.youtube.com/watch?v=kocFwbTbs1Q Topics 0:00 New financial crisis coming? 0:36 Private credit industry 1:27 Cockroaches in private credit 2:18 Bank run similarities 3:32 Bank exposure 5:13 (CLIP) ex Goldman Sachs CEO 6:06 Trump admin scheme 7:55 Blackstone CEO funded Trump 8:48 AI and software companies 9:13 AI bubble 9:42 Big Tech Magnificent 7 (Mag 7) 10:13 US stock market bubble 10:40 AI drives US GDP growth 11:11 Most Americans in recession 11:43 Richest 10% consume 50% 11:57 Iran war, energy crisis, food 13:17 Outro

Iran is winning the war that was started by the USA and Israel. This is now admitted even by major Western media outlets. Tehran has successfully destroyed the US military bases in West Asia (aka the Middle East), forcing the Pentagon to operate from Europe. Ben Norton explains Iran's goals, and how it is seeking to establish deterrence and escalation dominance, using asymmetric tactics. VIDEO: https://www.youtube.com/watch?v=zV26rb-9YsE Topics 0:00 Iran is winning the war 2:32 Iran's strategic goals 2:47 Failure of regime change 3:34 US military bases 4:25 Iran destroyed US bases 7:32 USA wages war from Europe 8:53 Bases used by USA in Europe 9:30 Iran's objectives 10:05 Gulf monarchies (GCC) 13:46 Normalization with Israel 14:54 Threats to Gulf regimes 16:40 Lifting of US sanctions 19:10 Oil and Strait of Hormuz 22:34 Escalation dominance 23:33 Costs of the war 25:34 USA running out of missiles 26:59 Deterrence 29:17 US and Israel are losing 29:42 Multipolar world 31:34 Outro

The US-Israeli war on Iran is transforming the geopolitical order, and could even unleash a global economic crisis. The conflict has caused the largest oil shock in history, disrupting global markets and driving up fuel and food prices. To better understand the implications for the world, Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson, who discussed how Iran is challenging US dollar dominance and undermining Washington’s control over the global oil market, which has been a key pillar of US foreign policy. VIDEO: https://www.youtube.com/watch?v=kocFwbTbs1Q Read the transcript here: https://www.geopoliticaleconomy.report/p/war-iran-change-economy-michael-hudson Topics 0:00 Intro 4:29 Highlights 7:21 Interview starts 10:10 US plan to control oil 12:25 USA war strategy 18:55 Struggle for sovereignty 21:06 Why the war started now 26:05 Petrodollar system 30:16 Strait of Hormuz 32:02 Largest oil crisis ever 34:14 Energy & food crisis 37:10 Debt crisis 39:31 Outro

The war on Iran is part of a larger attempt by the US empire to reverse the decline of Western hegemony and recolonize the Global South. After invading Venezuela, Donald Trump wants to "take" Cuba, Greenland, and Gaza. Meanwhile, Israel is annexing the West Bank and colonizing southern Lebanon. Ben Norton explains the imperialist plan. VIDEO: https://www.youtube.com/watch?v=_Xa_Kahzhic Topics 0:00 Geopolitical context of Iran war 0:37 (CLIP) Trump vows to expand US empire 0:56 Plans to expand US empire 1:21 Colonial Donroe Doctrine 2:13 (CLIP) Trump wants Venezuela's oil 2:32 US military attacks Latin America 3:17 Lula: "They want to colonize us again" 3:51 US dominance declines, China rises 4:59 Trump threatens BRICS 6:25 Plans to revive Western colonialism 7:19 (CLIP) Marco Rubio praises colonialism 8:32 Marco Rubio 9:13 US oil blockade of Cuba 10:19 (CLIP) Trump hopes to "take Cuba" 10:49 US plan to recolonize Cuba 12:31 (CLIP) Trump on Cuban sugar barons 12:47 Exiled Cuban oligarchs in Florida 13:05 Cuban Revolution 13:48 Miami mafia 14:42 When Cuba was a US colony 15:39 US plans to colonize Greenland 15:53 Critical minerals supply chain 17:03 US attempt to save hegemony 17:45 (CLIP) Trump: USA will "own" Gaza 18:08 Israel is annexing West Bank 18:24 Israel invaded South Lebanon 19:48 Oil and gas in Middle East 20:21 Netanyahu's colonial Iran speech 20:56 (CLIP) Netanyahu on "barbarians" 21:32 (CLIP) Pete Hegseth on "savages" 21:48 Colonial rhetoric 22:25 (CLIP) Trump cites Manifest Destiny 22:45 Colonial propaganda 24:36 Gilded Age redux 26:39 Attempt to reverse decolonization 27:53 Will war backfire on US empire? 29:43 Outro

A top advisor to Donald Trump, billionaire venture capitalist David Sacks, warned that, if the war on Iran continues, "Israel could just be destroyed", or it could even use a nuclear weapon. Ben Norton explains how Washington sabotaged multiple peace deals and negotiations with Tehran, putting the world on the path toward catastrophe. VIDEO: https://www.youtube.com/watch?v=Mo9IHy0y8mo Topics 0:00 (CLIP) US official warns of nuclear war 0:22 Israel's nuclear weapons 2:04 UN vote against nukes in Middle East 3:00 US hypocrisy on Israel & Iran 3:34 Trump advisor David Sacks 4:55 (CLIP) Trump advisor on Israel & Iran 6:04 David Sacks, Silicon Valley billionaire 8:35 US military escalates war on Iran 9:24 This war is unpopular 10:00 Iran wants deterrence 10:53 Israel is running out of interceptors 13:33 Reports of damage in Israel 14:09 Censorship in Israel & Gulf regimes 16:36 Limited water in Persian Gulf 17:48 (CLIP) Gulf regimes in danger 18:56 Dangerous to be a US "ally" 20:31 Ali Khamenei opposed nukes 21:38 New leader Mojtaba Khamenei 22:35 Iranian military criticized fatwa 23:37 Will Iran get nuclear weapons? 25:16 Iran negotiations with USA 26:48 US-Israeli surprise attack in 2025 27:19 Iran nuclear deal (JCPOA) 28:09 Conclusion 29:27 Outro

In response to the US-Israeli war, Iran shut down the Strait of Hormuz, the most important oil chokepoint on Earth, causing energy prices to skyrocket. However, Tehran is allowing Chinese tankers through, and says other ships can pass if they agree to sell oil in China's currency, the renminbi (aka yuan). Iran is also targeting offices of major American corporations, and wants to force them out of the Middle East (West Asia), while trying to expel US military bases. Ben Norton explains how this war affects the petrodollar system, and the dominance of the dollar as the global reserve currency. VIDEO: https://www.youtube.com/watch?v=X2zBWcGahuc Topics 0:00 Iran war causes energy crisis 0:29 Oil price skyrockets 0:56 Fears of economic crisis 2:07 Strait of Hormuz 3:21 Iran permits Chinese oil tankers 4:17 Iran says: sell oil in RMB, not USD 4:43 Dollar dominance & petrodollar 6:28 Asymmetric warfare 6:59 US military bases in Middle East 7:47 Iran strikes CIA stations 8:46 Iran hits US refueling planes 9:10 US empire underestimated Iran 10:32 Iran targets US corporations 12:03 Economic warfare 13:07 (CLIP) Scott Bessent on sanctions 14:05 New leader Mojtaba Khamenei 15:21 Iran strategy spelled out 17:08 Tehran wants revenge 18:51 Yemen, Red Sea, Bab al-Mandab 22:16 US war on Yemen in 2025 23:23 Anti-colonial wars 24:16 Trump sends more US troops 25:21 Iran's Kharg Island 26:21 Global energy crisis 27:24 Trump wants military coalition 29:02 Iran allows Chinese ships 29:59 US dollar dominance 30:37 US current account deficit 31:20 Exorbitant privilege of dollar 32:19 Dedollarization 32:52 West seized Russia's reserves 33:49 Central banks buy gold 34:16 US Treasury securities 34:47 Oil sales in dollars 36:26 Trump threatened BRICS 37:16 Iran promotes dedollarization 37:42 China & Russia de-dollarize 38:33 India 39:34 UAE 40:18 Saudi Arabia 41:04 Iran & Indonesia join BRICS 42:14 Iran proposes BRICS currency 42:31 Divisions within BRICS 43:12 Struggle against imperialism 45:12 Outro

Why is the USA waging war on Iran? It's not just because of Israel. Washington wants to control the oil of the Middle East (West Asia) to maintain the petrodollar system. The Trump admin fears the dedollarization movement's challenge to the global reserve currency, which is the US empire's most powerful tool. Ben Norton explains. VIDEO: https://www.youtube.com/watch?v=zcXrvKVsPV8 Topics 0:00 Iran war, US & Israel 0:32 World War I analogy 1:47 Middle East wars 2:56 Oil reserves 3:51 (CLIP) Trump wants Venezuela's oil 4:14 Oil blockade of Cuba 4:59 Strait of Hormuz 5:40 Trump admin targets Iran's oil 6:06 (CLIP) US wants "to get all of the oil" 6:30 USA is top oil producer 7:11 Dollar as global reserve currency 7:55 Sanctions and financial system 9:00 Dedollarization 9:50 (CLIP) Trump fears dedollarization 10:07 Iran joins BRICS 10:22 Iran promotes dedollarization 11:08 Resistance groups 11:38 Petrodollar system 13:14 US oil deal with Saudi Arabia 15:06 Oil is (mostly) sold in US dollars 16:38 China buys Iranian oil with yuan 17:05 Venezuela sold oil in renminbi 17:26 Petrodollar and Venezuela 18:19 Trump official: Iran war for oil 19:44 USA targets China 20:44 Exorbitant privilege of US dollar 22:26 Commodities priced in USD 23:19 Financial elites benefit 24:17 US stock market: 60% of world 24:54 Global elites hold US assets 26:57 Gold standard to oil standard 28:11 Richest 10% hold 90% of stocks 28:43 Dedollarization grows 29:21 Rise of China (and India) 30:01 China buys oil with yuan 31:20 Iraq sold oil for euro, not USD 32:19 USA controls Iraq's oil revenues 33:30 Venezuela's oil revenues 34:19 Trump fears de-dollarization 35:00 UAE sells China LNG in RMB 36:01 Saudi Arabia considers yuan 36:51 Saudi BRICS invitation 37:15 UAE joined BRICS 37:44 War among BRICS members 38:29 US provokes Saudi-Iran conflict 39:10 China brokers Saudi-Iran deal 39:39 Petrodollar war 40:52 Israel and lobbying 43:34 Israel: US aircraft carrier 44:20 (CLIP) Biden: Israel "investment" 44:36 Israel and petrodollar 45:11 The tail does not wag the dog 46:05 Suez crisis of 1956 47:28 Origins of US-Saudi alliance 48:30 US-Israel alliance is recent 49:58 Bigger picture of US imperialism 51:55 Outro