1. Germany already said the war is illegal.
2. US now threatening "complete obliteration" of Iran's energy system and, maybe, of desalination plants – i.e., war crimes.
3. Reminder: The war is conducted from Ramstein, Germany: "the nerve center of America’s operations against Iran".
What gives?
Speaking of USD hegemony, some of us have worried for a while that Trump won't allow the US Federal Reserve to exercise its global dollar lender of last resort function.
The downside is flight out of US Treasuries.
yeap
bsky.app/profile/lale...
we are in the kinds of times where a strong government could easily justify such measures, bypassing political opposition and entrenched capital interests
bsky.app/profile/cmmo...
USD 200 a barril is the kind of carbon shock therapy that will have devastating social and economic effects across the world.
Yes over long run it may shift us faster to public renewable but till then there's a lot of short term pain
bsky.app/profile/bloo...
indians are livid...(this is cover of leading magazine)
American global standing was already down after Trump's tariff war and security threats. It will now collapse as the US creates insecurity and scarcity for both rich and poor countries.
Ahem at this point we have about one European leader that is actively trying to stop the disaster that's around the corner.
every crisis intensifies distributional struggles - fossil capital already hiking prices a la @isabellamweber.bsky.social
if we are not careful, this crisis too will mean gigantic distributional gains for capitalists, via higher public debt that will strangle our collective ability to transform
It may be our chance to rebuild the transfirmative state - to respond to crises with orderly transformations.
We'll soon need price controls, shortage management systems, other crisis interventions tools.
A global crisis of finance can be status-quo managed by central banks, this is not one.
Trying to not despair at what's coming, I entertain the thought that this an absurd Ionescu play where Trump is trying new ways to get the Fed to lower rates.
