Gold, Overproduction, and the Emerging Monetary Crisis

On November 8, Senate Democrats made a deal with Republicans to end the government shutdown. The deal was attacked by many podcasters allied with the Democratic Party’s progressive wing.

Led by President Trump, Republicans threatened to cut or end funding for the SNAP (food stamps) program. In 2024, some 41 million people depended on the program.

In the face of court orders, they backed down, but the Supreme Court allowed them to go ahead with the cutoff. Hours before eight Democrats caved to Republican demands and announced they’d vote to end the government shutdown on Republican-Trump terms.

Palestine

On October 9, a new ceasefire in Gaza was announced. The last one took effect in January 2025 as Donald Trump assumed office. Many hoped this was the end of the Gaza genocide.

In March, the genocide resumed as Trump and Zionist entity leaders made clear their aims included the complete removal of the Palestinian population from Gaza. Kept open was whether this process was through ethnic cleansing or physical annihilation (literal genocide).

Physical annihilation was achieved by killing through mass bombing, cutting off food and water, causing manufactured famine, and disease.

Marxism versus Individual Terror

On September 10, far-right youth group Turning Point USA leader Charlie Kirk was assassinated by a sniper at Utah Valley University in Orem, Utah. The FBI arrested 22-year-old Tyler Robinson, who turned himself in at the urging of his family. Turning Point USA specializes in organizing far-right youth to support the Republican Party and Donald Trump. Kirk was a thorough-going bigot who specialized in baiting African Americans, Muslims, women’s rights activists, gays, trans people, leftists, progressives and liberals. He also made anti-Semitic remarks that in no way excluded his strong support for Zionism.

Artificial Intelligence

On August 15, 2025, U.S. President Donald Trump met with Russian President Vladimir Putin in Alaska. Alaska was once a Russian colony that was purchased by the U.S. in 1867 and became a state in 1959.

The anti-imperialist YouTuber Brian Berletic expressed concern that the Trump administration might attempt to kidnap Putin. This did not seem so far-fetched in light of the Israeli-U.S. attack on Iran aimed at decapitating Iran’s political and military leadership. This occurred as they were supposed to engage in negotiations to normalize relations. Unlike Iran, Russia has nuclear weapons and the ability to deliver them to the U.S. mainland, making any kidnap attempt unlikely, and Putin returned home safely.

Trump has refused to walk away from the Russo-Ukrainian war, and there were no breakthroughs in ending it. The war started with the 2014 U.S.-organized right-wing coup to overthrow the popularly elected Ukrainian government of Viktor Yanukovych. Coup leaders, called the Euromaidan movement, were supported by a coalition of pro-U.S. imperialist liberals and Ukrainian fascists who provided the muscle power.

Class War at Home, Imperialist War Abroad

Last month, June 2025, saw the twelve-day U.S.-Israeli war against Iran. On July 4, U.S. Independence Day, Donald Trump signed his “Big Beautiful Bill.” The bill means class war at home, and the twelve-day war against Iran points to more imperialist war abroad. This month, we examine the class war at home and the capitalist war economy.

Trump’s Big Beautiful Bill is a massive attack on the working class, science, art, education, and human culture in general. We could write volumes about this wretched thing, but we will zero in on the attack on the working class. The spearhead is the attack on the Medicaid program. To grasp its importance, it helps to understand Marx’s theory of wage labor and surplus value.

MAGA

On June 13, 2025, Israel attacked Iran. It is clear that the Trump regime knew it was coming and approved of it. Then, on June 22, the U.S. directly attacked the peaceful Iranian nuclear energy program with bunker-busting bombs. On June 25, the U.S. and the Zionist entity announced they were halting the bombing attacks for the time being, and Iran then halted its counterattacks against the Zionist entity, ending what is being called “the twelve-day war” for now. Next month, we will examine the consequences of the twelve-day war.

Last month, I noted that the tariff war shows we are entering a period similar to that between August 1914 and August 1945. The U.S.-Israeli twelve-day war against Iran confirms it. Significantly, Israel has threatened to launch such a war many times over the last 30 years, claiming it was concerned Iran was developing nuclear bombs. This is even though there is no indication Iran was interested in developing a nuclear bomb — Iran’s clergy-run regime has declared many times that nuclear weapons are sinful and forbidden by the Muslim religion and God.

Unraveling of the Post-1945 Order

As May winds down, the Gaza genocide continues, as do negotiations to end the Russo-Ukraine war, with no clear end in sight as of this writing. The Republican House of Representatives passed a bill now being considered by the Senate aimed at big cuts in government-supported Medicaid and possible cuts in Medicare and Social Security. The bill also features making earlier Trump-Republican tax cuts permanent, as well as adding more.

Liberals and progressives claim Republicans want to cut Medicaid to finance the tax cuts (capitalists don’t like to pay taxes) — but this is not their main motive.

Cutting Medicaid forces more of the poor onto the labor market by making them financially desperate to find a job or go without medical insurance. Nothing is being done to make more jobs available, nor are there plans to force bosses to provide medical insurance or wages sufficient to afford private insurance. They are intended to force people to work for wages that do not even pay the value of their labor power.

Liberation Day

On April 2, President Trump announced his “Liberation Day” tariffs. As this blog concentrates on economic questions, this was the biggest event of the last month. But before I get to the tariff, I’ll look at other developments.

Kilmar Abrego Garcia lived and worked legally in Maryland since 2019. The Trump administration accused him of belonging to a gang, arrested and put him on a plane heading for a notoriously brutal El Salvadoran prison. He had not been convicted of any crime. They then claimed they’d committed an administrative mistake.

On April 10, the Supreme Court unanimously ordered the return of Kilmar Abrego Garcia. As of this writing (April 28), he remains imprisoned, and Trump has refused to follow the court’s order. [I wonder whether the high court regrets last year’s decision that even after leaving office, a president cannot be criminally prosecuted for any action taken while in office in pursuit of their duties? I don’t know the answer, but it seems the court is like a man sawing off the branch he is sitting on. -SW]

Gaza Genocide Resumes as U.S. Wages War on Yemen

On March 17, the Gaza genocide resumed, first the blockade and then the bombing. It appears we are back where we were under Genocide Joe Biden. Up until then, Trump was better for the Palestinian people in one sense. After his election, negotiations paused the genocide. The pause began on January 19, the day before he became president.

Now the only difference is that, in theory, the Biden administration supported the so-called two-state solution that had been Washington’s official policy since 1993, with the Oslo Accords. The West Bank and the Gaza Strip would form a separate Palestinian state, while the rest of historic Palestine would belong to the Zionist entity, the Jewish State of Israel. Biden insisted that Gaza’s Hamas administration be replaced by the rule of the notorious collaborationist Palestinian Authority, under Mahmoud Abbas, who has acted as a Zionist agent. The Biden administration, like its predecessors, opposed anything like (bourgeois) democratic rule in Gaza.

Though he supported this approach in his first administration, Trump has now junked it. He’s made it clear that all Palestinians will have to leave Gaza, promising they will enjoy a wonderful life somewhere outside Palestine. In addition, the U.S. would own Gaza, transforming it into some kind of hotel casino resort, owned by U.S. capitalists that would include the Trump Organization itself.

The Decline of Imperialist Democracy

As explained last month, Donald Trump kept his promise to end the genocidal military assault by the Zionist entity against Gaza. I will not call this a war. He then unveiled his own plan for “post-war” Gaza. Trump plans the permanent removal of 100% of the Palestinians from Gaza.

Who will replace them? Trump indicates that the U.S. itself would own Gaza, not Israel. Trump did not explain what this ownership means. Does it mean that U.S. businesses (including Trump’s family businesses) would build hotels and casinos to take advantage of Gaza’s beautiful Mediterranean climate? Or would Gaza become some sort of U.S. territory? He also implied that U.S. forces would replace Israeli forces, though he later walked that back claiming U.S. forces wouldn’t be needed in a Palestinian-free Gaza. (1 )

Trump claimed Gaza Palestinians would be resettled at some beautiful place nearby, such as in Jordan or Egypt, though there were some stories it might be distant Indonesia. The governments of Jordan and Egypt expressed strong opposition to any forcible resettlement in their countries. His plan also raises questions about the future of West Bank Palestinians. Many of them, as in Gaza, are refugees from other parts of Palestine. Even before Israel began its genocide in October 2023, the Zionist entity was putting pressure on the West Bank — will the next step be to drive Palestinians out of there as well? Will the U.S. own the West Bank as well as Gaza?