How Spain Bankrupted the World’s Largest Empire

Sep 27, 2025 | Spain once ruled the world. In the 16th century, it built the first true global empire, stretching across Europe, the Americas, Africa, and Asia. Mountains of gold and silver from Mexico and Peru poured into its treasuries — more wealth than any empire had ever controlled. And yet, within a century, Spain was bankrupt.

In this episode of The Financial Historian, we uncover how Spain — the richest empire on earth — destroyed itself with bad economics. From the Price Revolution that triggered Europe’s first wave of inflation, to endless religious wars that drained the crown’s coffers, to pirates and privateers who turned Spain’s treasure fleets into floating banks ripe for plunder, the story is both epic and familiar. Spain confused treasure with real wealth, and its rivals — England and the Dutch — used Spanish silver to build navies, banks, and trade systems that would outlast the empire itself.

The lesson is urgent today. Floods of money — whether from debt, credit, or money-printing — don’t guarantee prosperity. Without systems, discipline, and investment in real productivity, wealth corrodes from within. Spain’s empire collapsed because it mistook treasure for security. Are we making the same mistake now?

Marxism and Elon Musk | Chris Hedges

Sep 27, 2025 | Chris Hedges is a Pulitzer Prize–winning author and journalist who was a foreign correspondent for fifteen years for The New York Times. He has covered numerous wars across the decades, written many books—including America: The Farewell Tour and American Fascists: The Christian Right and the War on America—and has been involved in work for prisoner advocacy. In this episode, Robinson and Chris discuss Donald Trump, Elon Musk, and the rise of American fascism. More particularly, they address comparisons between Trump and Hitler, DOGE, the new crisis for the Democratic Party, Israel and Palestine, the Christian far right, Marxism, and more. Chris’s latest book is A Genocide Foretold (Penguin Random House, 2025).

Wie die Schweiz zur weltweiten Goldmacht aufstieg

Sep 24, 2025 | Die Schweiz fördert kein eigenes Gold – und doch wird hier ein Grossteil des weltweit gehandelten Goldes verarbeitet. Trotz geopolitischer Herausforderungen hält sich die Schweiz weiterhin an der Spitze. NZZ-Wirtschaftsredaktor Benjamin Triebe ordnet ein. Und: Wir besuchen eine der grössten Edelmetallraffinerien weltweit.

Trump kündigt 100-Prozent-Zoll auf Arzneimittel an

Sep 26, 2025 | US-Präsident Donald Trump hat Zölle von 100 Prozent auf Arzneimittelimporte in die Vereinigten Staaten ab Oktober angekündigt. Sollten Arzneimittelhersteller eine Produktionsstätte in den USA bauen, könnten sie die Zölle umgehen, schrieb Trump auf seiner Plattform Truth Social. Dem Verband der forschenden Pharmaunternehmen in Deutschland vfa zufolge, hätten die Zölle gravierende Auswirkungen auf die internationalen Lieferketten und gefährdeten die Versorgung von Patienten in den USA und Europa. Der Branchenverband der deutschen Chemie- und Pharmaindustrie VCI nannte die Ankündigung einen Tiefpunkt für die Handelsbeziehungen mit den USA.

Die Vereinigten Staaten sind das wichtigste Exportland für die deutsche Arzneimittel-Branche. 2024 gingen dem Statistischen Bundesamt zufolge Waren im Wert von 27 Milliarden Euro und damit knapp ein Viertel der deutschen Pharmaexporte in die USA.

About Trump's Economic Policies | Paul Krugman | Buitenhof

Sep 15, 2025 | Economist and Nobel Prize winner Paul Krugman talks about the impact of the murder of Charlie Kirk, the power of the European market, and Trump's economic policies.

Beyond Trump’s Carriage Ride: Britain’s Cautionary Tale for the US

Sep 21, 2025 | Donald Trump’s visit to Britain this week came with royal pageantry, but the cautionary tale is what’s outside the palace gates. Britain’s post-Brexit reality is a warning for America. From Brexit to MAGA, both nations abandoned the larger stories that once bound their people together.

Wealth Tax Would Be Deadly for French Economy, Says Europe’s Richest Man

THE GUARDIAN: LVMH owner Bernard Arnault, who could take €1bn hit, says proposed 2% levy ‘aims to destroy liberal economy’

Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.

The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”.

The idea of a wealth tax has steadily gained ground in France because of a political crisis, with the government trying to push through unpopular budget cuts. The idea of a 2% wealth tax on fortunes worth more than €100m has been proposed by Gabriel Zucman, an economics professor who has become a household name in France.

The economist argues that the tax – named the Zucman tax by others – could help France with its squeezed budget. The French president, Emmanuel Macron, this month appointed a new prime minister, Sébastien Lecornu, after the centrist François Bayrou failed to win support for an austerity budget. » | Jasper Jolly | Sunday, September 21, 2025

ISF, héritage, dividendes… Au-delà de l’impôt Zucman, les propositions socialistes pour «taxer les riches» : DÉCRYPTAGE - La taxe très polémique sur les plus grands patrimoines reste son cheval de bataille dans les négociations avec Matignon, mais le PS a d’autres mesures en tête pour créer des recettes. »

Bernard Arnault étrille Gabriel Zucman et sa taxe sur les riches : Le milliardaire français estime que l’économiste est un « militant d’extrême gauche » animé d’une « volonté clairement formulée de mettre à terre l’économie française ». »

DOSSIER : Taxe Zucman sur le patrimoine des grandes fortunes : notre dossier pour tout comprendre : Cet impôt plancher de 2 % sur le patrimoine des 0,01 % des Français les plus riches est préconisé par l’économiste Gabriel Zucman et défendu par la gauche. Serait-il adopté ? »

The End of the American Experiment. 1776 to 2025.

Sep 20, 2025 | The American experiment is coming to an unceremonious end on the eve of our 250th birthday. It was quite a run. Alas, the steady erosion of our liberal institutions over the past half century has laid the groundwork for our final act.

Strong language alert!

The Collapse of Everyday Life in America Has Begun

Sep 8, 2025 | Everyday life in America is unravelling before our eyes — and the signs are impossible to ignore. From skyrocketing living costs and housing market crashes to empty shelves, retail closures, and failing healthcare systems, the very foundation of American life is cracking. In this video, we expose the shocking truth behind why daily life in the U.S. is collapsing in 2025 — and what it means for millions of families already struggling to survive.

This must be the economy produced by “a very stable genius”! Trumponomics by any other name. — © Mark Alexander

Hamburger Helper Sales Rise as Americans Try to Stretch Their Food Dollars

THE NEW YORK TIMES: The price of beef and other grocery items are climbing, and consumers are turning to canned meats and a 1970s staple.

In the 1970s, Hamburger Helper became a staple on American dinner tables as families, strained by inflation and soaring beef prices, looked to turn a pound of ground beef into an entire meal.

These days, those same pressures are why the flavored pasta mix is coming to the rescue again.

While most food companies are seeing declines in consumer demand for their products, sales of Hamburger Helper are up 14.5 percent in the year through August, getting an extra bump from its appearance on an episode of “The Bear” in June, according to the company that owns the brand, Eagle Foods.

And it’s not just Hamburger Helper. Sales of foods commonly purchased by consumers when financial times get tough are on the rise, according to industry analysts. Purchases of rice are up 7.5 percent this year. Distressed shoppers are also buying more cans of tuna, salmon and sardines. Sales of beans and boxes of macaroni and cheese are also strong, based on data from the research firm Circana.

Uncertainty about the economy and higher tariffs levied on goods from a variety of countries have led many consumers to refocus their spending on essentials or items that are good values, while cutting back on extras or unnecessary spending. » | Julie Creswell | Saturday, September 20, 2025

How can this be? I thought that the economics genius now in the driving seat in America was going to bring down the price of eggs for the beleaguered American consumer, and fix the US economy BIGLY! This must be another one of the president's failures. — © Mark Alexander

Post-Brexit UK Must Choose: America or Europe?

Sep 19, 2025 | Brendan Donnelly and John Stevens discuss the choice post-Brexit Britain must make between Europe and America. They predict that the UK will opt for Europe in the medium to long term, despite the short term attractions of the “special relationship.

SPEAKERS:
John Stevens is the Chairman of the Federal Trust and a former Conservative MEP.
Brendan Donnelly is the former Director of the Federal Trust and a former Conservative MEP.

ABOUT THE FEDERAL TRUST:
The Federal Trust is a research institute studying regional, national, European and global levels of government. It has always had a particular interest in the European Union and Britain’s place in it. The Federal Trust has no allegiance to any political party. It is registered as a charity for the purposes of education and research.


The FEDERAL TRUST can be supported on Patreon here.

Michael Lambert: UK Politics after Brexit

September 20, 2025

A truly excellent synopsis. I can't argue with any of these opinions. My biggest fear now is that the nation will become trumpified. Short of a miracle, the TRUMPIFICATION of the UK seems to be almost inevitable. What a depressing thought that is! — © Mark Alexander

Bank of England Holds Interest Rates at 4% and Slows Scheme to Sell Stock of UK Bonds

THE GUARDIAN: Decision on government debt holdings could reduce market jitters and Treasury’s borrowing costs

The Bank of England has left interest rates on hold at 4% and will slow the pace of its “quantitative tightening” programme in the year ahead to avoid distorting jittery government bond markets.

The central bank’s nine-member monetary policy committee voted 7-2 to leave borrowing costs unchanged, after five cuts since summer 2024, including a reduction last month.

The MPC had been widely expected to pause rate cuts this month as annual inflation remained at 3.8% in August, nearly double the target level.

The Bank’s governor, Andrew Bailey, said: “Although we expect inflation to return to our 2% target, we’re not out of the woods yet so any future cuts will need to be made gradually and carefully.” » | Heather Stewart, Economics editor | Thursday, September 18, 2025

Navidi: Trump-Forderung "ist absolute Frechheit und Zumutung"

Sep 16, 2025 | US-Präsident Donald Trump fordert von der EU, drastische Zölle auf Produkte aus China und Indien zu verhängen - bis zu 100 Prozent. Die US-Wirtschaftsexpertin Sandra Navidi hält dies für willkürlich und gefährlich - und warnt vor einer Eskalationsspirale im globalen Handel.

Why Tariffs Won’t Bring Back Manufacturing Jobs, Krugman Explains

Sep 13, 2025 | Nobel laureate Paul Krugman argues that tariff “chaos” and Trump's immigration policies are the real drag on growth by raising costs, freezing investment, and ultimately hitting consumers. He says a 1950s-style manufacturing revival is illusory, tariff revenue won’t fix the deficit, and U.S. trade-rule credibility has suffered lasting damage. On New York City politics, he expects only marginal policy shifts if Democratic nominee for mayor Zohran Mamdani wins.

Europe in a Raw Materials Frenzy – How We Can Become Independent of Trump and China | Documentary...

Sep 12, 2025 | Crises such as the war in Ukraine, geopolitical tensions with China, and the trade dispute with Trump are changing Europe's view of raw materials. Access to critical materials is becoming a strategic challenge. The EU aims to become more independent with the Critical Raw Materials Act – by mining, processing, and recycling critical raw materials directly in Europe.

But the transformation is complex: While magnesite and graphite are being mined in Austria, resistance is forming in Serbia against a large-scale lithium project. Critics complain of environmental destruction and corruption, while supporters see it as an economic opportunity for Serbia and all of Europe.

The topic of recycling is also gaining importance: Researchers such as Marie Perrin from ETH Zurich are working on innovative processes for recovering rare earths from electronic waste.

European mining is at a turning point – caught between geopolitical pressure, technological progress, and social resistance.

Schulden in Europa: Wie groß ist die Gefahr? | ARTE Europa - Die Woche

Sep 12, 2025 | In Frankreich bringt die Schuldenkrise Premierminister Bayrou zu Sturz. Die Abgeordneten stellten sich gegen seinen Sparkurs und auch weite Teile der Bevölkerung sind dagegen. Doch nicht nur in Paris sorgt die Finanzpolitik für Streit: Mehrere Mitgliedsländer haben Geldprobleme und kürzen im Bildungs-, und Gesundheitswesen. Die EU-Kriterien zur Neuverschuldung können nur die wenigsten Länder einhalten.

Global Capitalism: Evidence and Symptoms: U.S. Capitalism’s Decline Accelerates

Sep 11, 2025 | Trump endlessly boasts about “the great economy” he has delivered. At the same time, increasing masses of Americans experience sharply deteriorating economic conditions. In response to numerous requests, Professor Wolff systematically presents the evidence and symptoms of the accelerating decline of capitalism in the U.S.

Larry Ellison Dislodges Elon Musk as World’s Richest Person

THE GUARDIAN: Oracle co-founder’s shares rose by 40% in early trading, valuing his fortune at $393bn, just ahead of Musk’s $384bn

US tech billionaire Larry Ellison has overtaken Elon Musk as the world’s richest person after shares in Oracle, the business he co-founded, rocketed in early trading on Wednesday.

Ellison’s wealth has surged after the company, in which he owns a stake of 41%, reported better than expected financial results.

Oracle shares rose by more than 40% in early trading to $340 a share, valuing the business software company at $958bn (£707bn) and Ellison’s stake at $393bn, just ahead of Musk’s fortune of $384bn, according to Bloomberg’s billionaires index.

The jump in the shares is the company’s largest single-day increase ever and the biggest ever one-day wealth increase on the Bloomberg index. The pair sit comfortably ahead of Facebook founder Mark Zuckerberg and Amazon’s Jeff Bezos. » | Dan Milmo | Global technology editor | Wednesday, September 10, 2025

Democracy Now! Jeffrey Epstein & JPMorgan: How the Largest US Bank Enabled the Sexual Predator's Crimes

Sep 9, 2025 | Amid growing pressure for the Trump administration to release the full Jeffrey Epstein files, a New York Times investigation reveals how the country's largest bank, JPMorgan Chase, enabled Epstein's sex-trafficking operation and profited from its ties to him. The exposé is based on more than 13,000 pages of legal and financial records. The Times reports JPMorgan processed more than 4,700 transactions for Epstein totaling more than $1.1 billion, including payments to some of the women who were sexually trafficked. The bank "arranged for Epstein to be able to pay those victims, both in the U.S. and in Eastern European countries and in Russia," says David Enrich, deputy investigations editor for The New York Times. Epstein "operated in large part because he had unfettered access to the global financial system. And for many years, it was JPMorgan that was providing him with that access."

Is every bastard at the top corrupt these days? It sure seems like it. — © Mark Alexander