The recent trajectory of Argentina and Venezuela provides a very clear lesson to US empire. It’s as close as you can get to a natural experiment with countries. 20 years ago they were both stridently left wing members of the “Pink Wave”. Now things are very different. The lessons are clear. But is Washington, DC aware enough to see them? And does it want to? These are the questions we’re diving into with this produced video. Along the way we attempt to get beyond the cliches and explain all of the history of these two very different countries.
Sometimes video scripts come easy. 6 years ago I predicted that Saudi Arabia as we know it would be done by 2030. Today I double down on that by addressing the most common objection to the idea I have gotten by far. A week or so back someone tweeted at me that Saudi Arabia was safe because people will always need oil. Within five hours of receiving that tweet I had this script written and ready to go. The world doesn’t have to give up on oil to end the Saudi royal family. We just have to use like 5-10% less of it. In today’s video I describe this simple, under acknowledged economic point, with graphs and the results of a real world experiment that Covid was generous enough to hand us in 2020.
Some analysts I trust have gotten a little too complex on this topic. Yes, there are many concrete reasons why Saudi Arabia’s intervention in the oil market at the beginning of this month makes sense. The fact that prices have not risen much since the announcement is an indication of just how quickly the world recession is destroying oil and gas demand. But the fact remains that Saudi Arabia decided to make this cut a month before the November mid-term elections. This is a calculated slap in the face to Joe Biden and the Democratic party. It is not, however an insult to the United States as a whole, as I explain in today’s video.
One of my goals with this channel is to constantly add to the breadth of countries covered. I think today’s video does a great job of doing exactly that. You’ve certainly heard me complain about Libya before, but I’ve always avoided this aspect of the tragedy, because it’s just so damn complicated. There are a lot of moving parts to the fall of the Sahel. Two developments convinced me to take the time necessary to make this video happen. One negative, and one very positive. The death of Chad’s president at the hands of a militia trained in Libya, and the almost miraculous ( and very tenuous ) emergence of a unified government in Libya. Diving into Chad, and comparing it with what I know about Sudan gave me some more perspective on the region. Obviously, I am barely scratching the surface here, but I feel like this is a crucial piece of information for understanding this vital region of Africa. I also enjoy the way the information was conveyed. I hope you do too!
We are obsessed with globalization. Whether we are celebrating it, as we did for most of my adult life, or condemning it, as seems to be becoming the fashion, it’s an omnipresent topic. But we don’t always follow through on that obsession to recognize globalization’s effects. On Saturday morning, as I worked my way through Martin Meredith’s Fate of Africa, a history of the continent since independence, I feel like one of the gaps in my understanding slammed shut. If you’re a current events nerd like me, you’ve probably read dozens of reports over the years, agonizing over how hard it seems to be for many African countries to get it together. But for some reason these potted histories of Africa all leave out the most important factor in those many failures. Today’s video is an attempt to correct those potted histories. I hope you enjoy it!
Syria makes me so sad. If you’ve been with me through the Trump years, you’ll remember that I’ve periodically celebrated Trump’s approach to Syria. The truth is I got played.
The fact that Trump hasn’t gone whole hog and launched Iraq 2003 2.0 in Syria is a good thing, but Obama accomplished that too. We were promised more. Over and over. Today’s video makes clear how little was delivered.
Futures Markets are a lot more interesting than you’d think. They are a key piece of financial infrastructure, that helped us build the modern world. If you’re interested, William Cronon’s book, “Nature’s Metropolis” is fascinating on the way that futures markets freed farmers and other economic actors from the tyranny of uncertainty and time. On Monday we got a rare, frightening look at what can happen when a futures market breaks. In this video we lay out why US oil prices fell into the -30s on Monday April 20th.
Despite what much of the business press has told you, this price fall wasn’t just a financial oddity. If certain things don’t happen, these prices risk becoming a monthly occurrence. As the Coronavirus depression proceeds, we are likely to see further examples of financial machinery breaking down. Get a preview by watching today’s video.
This Coronavirus thing impacts everything. The oil market is no exception. I’ve committed to some pretty strong predictions about the future of the oil market and how it means the end of the current regime in Saudi Arabia. I still stand by all of those predictions, but it’s hard to say whether this current crisis accelerates the timeline, or slows it down. Starting March 6th, Saudi Arabia went to war against every other producer in the world.
I believe that the US oil industry will be the most prominent victim. The sustained period of low oil and gas prices we are about to experience may bring us to an inevitable future more quickly. Saudi Arabia will be the last oil producer. The crucial question remains the price at which they are able to sell that oil for. It’s now possible to envision a future where Saudi Arabia controls price again… but only briefly. Today’s video explains…
I feel like the broader arc of Trump’s Iran policy has been ignored recently. The incredibly flashy and violent gyrations of escalation have gotten a lot of coverage, but there isn’t enough emphasis on why we’re here. Sure, I suppose it’s fun to get bogged down on the question of whether or not assassinating the general of a country we are not at war with is a good idea, but we’re kind of missing the forest for the trees. No matter what you think of the Soleimani killing, we should be more focused on how we got here. And that’s what I try to do today with this video. I attempt to evaluate Trump’s “Maximum Pressure” policy against Iran, and I find it wanting.
My guess is that today’s video will get lots of comments along the lines of “You’re only realizing this now?” and “Obviously!”. For many observers of the Middle East over the past two decades it is transparently obvious that the United States has been the problem. Nobody else has been overthrowing governments and sowing chaos with the abandon that the Bush, Obama and Trump administrations have. At least a million lives have been lost, and an entire region of the world has lost out on two decades of economic development because the US wanted to cover up for the fact that their client state, Saudi Arabia, had done 9-11. So yeah, we’re the bad guys. Obviously. But that doesn’t mean it can’t get worse.
Our bad guy status is not so obvious to the US public at large. And it’s certainly not so obvious to the US media. That’s why I think it’s worthwhile to mark the trajectory here. The US isn’t just a damaging actor, it’s been getting progressively worse. Many argue that Obama was better than Bush, and his attempt at an Iran Nuclear Deal really was a serious attempt at peace, but everything else he did was a continuation of the horrors of the Bush presidency. More than that, it was an intensification of them. Obama destroyed Libya and Syria without even pretending to rebuild them. His drone program led to fewer US casualties, but its scope and brutality put us into even more morally fraught territory that its initially smaller bodycount hid from us. And Trump, with his gleeful embrace of war crimes is obviously another big step down the path to heck. Things really are getting worse. That’s worth marking, which is one of the things I attempt to do with today’s video…