Podcasts about Great Depression

Adam Haman helps Bob dissect a recent episode of the Coleman Hughes show, where he interviewed Iman Virjee on his new book on asset bubbles. Bob clarifies the description, and then pushes back on Virjee's analysis of the Great Depression.Mentioned in the Episode and Other Links of Interest:The YouTube version of this episode.Coleman Hughes' interview of Aman Virjee.This episode's sponsor, the free Plan-B guide from ExPatMoney.Bob's article on the Depression of 1920-1921. Bob's book on the Great Depression. Bob's presentation on theories of the Depression.The HamanNature substack.Help support the Bob Murphy Show.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah discusses the challenges that Eisenhower and Kennedy faced in a changing United States before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. Harry Truman and Dwight Eisenhower pursued a post-war foreign policy of containing the growing threat of the Soviet Union and the spread of communism.See omnystudio.com/listener for privacy information.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah discusses the challenges that Eisenhower and Kennedy faced in a changing United States before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. Harry Truman and Dwight Eisenhower pursued a post-war foreign policy of containing the growing threat of the Soviet Union and the spread of communism.See omnystudio.com/listener for privacy information.

From the mid-nineteenth century through the dust bowl years of the Great Depression, a new kind of migrant worker became a familiar sight in communities across America. The Hobo: A History of America's First Climate Migrants (Princeton UP, 2026) by Dr. Robert Suits traces the journeys of these homeless men and women, showing how hobo work was an adaptation to energy transitions and a harsh and unpredictable climate, and how the hobo played a central role in the histories of industrialization and westward expansion.Challenging common depictions of the hobo as a world-weary, bearded man in ragged clothes, Dr. Suits reveals how these wandering laborers were often fastidious and heartbreakingly young. Forever on the move due to economic hardship and climate disaster, they chased harvests and took seasonal jobs in industries like logging and mining. Too often they couldn't find employment at all. Suits describes the difficult, dangerous, and highly unstable jobs they worked while shedding light on the hobo life and philosophy, from their techniques for stowing away on railroads to their unique blend of socialist, anarchist, and anti-work thought. He traces the emergence of the hobo to the advent of steam and the need for manual laborers in places where this new technology couldn't reach and describes how a growing reliance on the internal combustion engine brought an end to hobo work.Drawing on oral histories, environmental data, and cutting-edge digital methods, The Hobo paints an unforgettable portrait of an eclectic group of wandering radicals, troublemakers, poets, and writers, demonstrating how their experiences upend some of our basic assumptions about how environments and technologies shape society. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/african-american-studies

From the mid-nineteenth century through the dust bowl years of the Great Depression, a new kind of migrant worker became a familiar sight in communities across America. The Hobo: A History of America's First Climate Migrants (Princeton UP, 2026) by Dr. Robert Suits traces the journeys of these homeless men and women, showing how hobo work was an adaptation to energy transitions and a harsh and unpredictable climate, and how the hobo played a central role in the histories of industrialization and westward expansion.Challenging common depictions of the hobo as a world-weary, bearded man in ragged clothes, Dr. Suits reveals how these wandering laborers were often fastidious and heartbreakingly young. Forever on the move due to economic hardship and climate disaster, they chased harvests and took seasonal jobs in industries like logging and mining. Too often they couldn't find employment at all. Suits describes the difficult, dangerous, and highly unstable jobs they worked while shedding light on the hobo life and philosophy, from their techniques for stowing away on railroads to their unique blend of socialist, anarchist, and anti-work thought. He traces the emergence of the hobo to the advent of steam and the need for manual laborers in places where this new technology couldn't reach and describes how a growing reliance on the internal combustion engine brought an end to hobo work.Drawing on oral histories, environmental data, and cutting-edge digital methods, The Hobo paints an unforgettable portrait of an eclectic group of wandering radicals, troublemakers, poets, and writers, demonstrating how their experiences upend some of our basic assumptions about how environments and technologies shape society. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

This Day in Legal History: The End of Roosevelt's Hundred DaysOn this day in 1933, Franklin Roosevelt signed three pieces of legislation that closed out what the country has been calling the Hundred Days ever since: the Banking Act of 1933, the National Industrial Recovery Act, and the Farm Credit Act, with the Home Owners' Loan Act having been signed three days earlier. The Banking Act of 1933 is the one most lawyers know, because the popular name attached to it — Glass-Steagall — has been doing rhetorical work in financial-regulation debates for ninety-three years.Carter Glass of Virginia and Henry Steagall of Alabama, the Senate Banking chair and the House Banking chair respectively, built the statute around two structural propositions: that commercial banks should be separated from investment banking and the speculative securities business that had helped pull the country into the Great Depression, and that depositors at member banks should be protected by a federal deposit insurance scheme so that a panic at one bank did not become a panic everywhere.The deposit insurance piece became the Federal Deposit Insurance Corporation. The separation piece was the part that got partially repealed by the Gramm-Leach-Bliley Act in 1999 and then revisited in the aftermath of the 2008 financial crisis. The National Industrial Recovery Act, signed the same day, set up the National Recovery Administration and the Public Works Administration and was meant to coordinate industry-wide codes of fair competition; the Supreme Court struck the centerpiece codes provision down two years later in A.L.A. Schechter Poultry Corp. v. United States in 1935 on nondelegation and Commerce Clause grounds, an opinion that nearly killed the early New Deal and prompted Roosevelt's court-packing plan two years after that. The Farm Credit Act consolidated and refinanced the agricultural lending system that the Great Depression had taken to the brink.The legal point worth remembering is that this last day of the Hundred Days was, in retrospect, the moment the federal regulatory state of the twentieth century stopped being a collection of post-Civil-War commissions and started being the integrated structure of agencies, deposit-insurance funds, securities oversight, labor regulation, and welfare administration that the country has lived inside ever since. The fact that the Schechter Court was waiting in the wings to strike down the most ambitious piece of that day's work is part of the lesson. The constitutional question of how much economic ordering a Congress and a President can do at once was not answered on June 16, 1933 — it was framed.The Supreme Court on Monday declined to take up E.D. v. Noblesville School District, a free-speech challenge brought by the parents of an Indiana high-school student whose school district had refused to let her post flyers for her student-run anti-abortion club on classroom and hallway walls. The student, identified in court papers by initials because she was a minor when the case was filed, had been the founder of Noblesville High School's Students for Life chapter. The flyers she wanted posted featured images of demonstrators holding “Defund Planned Parenthood” signs. Noblesville Schools removed the flyers under a district policy giving administrators content-based authority over student materials displayed on school property, and the parents sued under the First Amendment.The Southern District of Indiana sided with the district in 2024, and the Seventh Circuit affirmed in 2025, both applying Hazelwood School District v. Kuhlmeier, the 1988 case that lets public schools regulate the content of school-sponsored expressive activities if the regulation is reasonably related to legitimate pedagogical concerns. The cert denial leaves Hazelwood intact in the Seventh Circuit and everywhere else.The piece worth flagging is Justice Alito's dissent from denial, joined by Justice Thomas, which urged the Court to grant review and use the case to revisit Hazelwood's framework. The dissent argues that Hazelwood was wrongly decided to the extent that it lets schools draw viewpoint-based lines under the cover of pedagogical-concern review, and that the doctrinal distinction Hazelwood draws between school-sponsored speech and Tinker-style independent student speech has become unworkable in the age of student clubs, distributed school messaging, and post-Mahanoy off-campus speech. Two votes are not five votes. But two votes naming a case as the vehicle they wanted are how the next decade of student-speech cases gets queued up. The Court has now told litigants what kind of vehicle it might be looking for. Expect a steady drumbeat of cert petitions teeing up the Hazelwood revisit over the next several terms.US Supreme Court turns away free speech claim by anti-abortion student | Reuters via Maryland Daily RecordThe Supreme Court also turned away on Monday the National Shooting Sports Foundation's challenge to New York's General Business Law § 898, the public-nuisance statute the New York legislature passed in 2021 to let the state and certain private plaintiffs sue firearms manufacturers, distributors, and dealers for endangering the public through the marketing and distribution of their products.The challenge was supported by Smith & Wesson, Sturm, Ruger, Beretta, Glock, and Sig Sauer, and went up on appeal from a 2024 Second Circuit decision that held the New York statute is not preempted by the Protection of Lawful Commerce in Arms Act, the 2005 federal statute that broadly immunizes the gun industry from civil liability arising from the criminal misuse of firearms.The Second Circuit reasoned that the PLCAA's “predicate exception” — which preserves state-law claims when the firearms industry has violated a state or federal statute applicable to the sale or marketing of firearms — covers a state public-nuisance statute that, by its terms, regulates the sale and marketing of firearms. The cert denial leaves the Second Circuit's reading in place, leaves New York's statute on the books and enforceable, and leaves the industry with a litigation exposure it had hoped to neutralize.The strategic part of the case is going to be the copycat statutes. California, New Jersey, Washington, Delaware, Illinois, and Hawaii have all enacted versions of the New York approach since 2021, and other states have similar bills in committee. Each of those statutes is going to invite its own PLCAA-preemption fight in its own circuit, and the cumulative jurisprudence is going to get built case by case until either Congress amends PLCAA or the Court decides one of these cases is the right vehicle to step in. Today's denial was not that vehicle.SCOTUS Upholds NY Law Allowing Lawsuits Against Gunmakers | The Daily SignalThe third notable cert denial on Monday was the end of the road for Tata Consultancy Services Ltd. in its long-running trade-secret fight with DXC Technology — the successor in interest to Computer Sciences Corporation. TCS had asked the Court to review a Fifth Circuit decision that affirmed a $168 million judgment against it for misappropriating CSC's life-insurance-administration software trade secrets and using them to build TCS's own BaNCS platform, which TCS then used to win a $2.6 billion contract with the insurer Transamerica.The Northern District of Texas verdict, returned in 2022, had been $56 million in compensatory damages and $112 million in punitives, and the Fifth Circuit upheld the punitives ratio in 2025 over TCS's BMW v. Gore and State Farm v. Campbell challenge to the proportionality of the punitive award and over its Defend Trade Secrets Act extraterritoriality arguments. The cert petition pressed both points and pressed a circuit split on the standard for proving misappropriation by an independent contractor that had been given access to source code under a nondisclosure agreement, but the Court declined.The practical immediate effect is that TCS will recognize a roughly $70 million one-time exceptional charge in Q1 of its 2027 fiscal year and the total exposure on the matter — combining the affirmed judgment with previously taken provisions — settles in around $220 million. The broader effect is doctrinal stability. The Fifth Circuit's analysis on cross-border trade-secret damages and on the extraterritoriality limits of the DTSA stand. Both questions are going to recur, and the next vehicle that brings them up may catch the Court in a different mood, but for now the law is what the Fifth Circuit said it was.US Supreme Court rejects TCS challenge in $168 million trade secrets case | Business Standard This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

On this episode, we're joined by author Kathryn Stockett to discuss her new novel, The Calamity Club, which follows a group of remarkable women as they confront the reactionary social, cultural, and economic forces that defined much of the American South during the Great Depression.It has been 17 years since Stockett published The Help, one of the defining publishing successes of its era, and she shares with us the anxiety she felt returning to this world after writing a wildly successful, albeit controversial, literary phenomenon. She explains why, this time around, she attempted—and failed—to write a follow-up book that was less likely to become a cultural lightning rod.For all of The Calamity Club's stifling Mississippi heat and small-town prejudice, the predominant feeling readers are left with is joy. That's because this sweeping story is leavened by the voices of two of the funniest and most fully realised characters you're likely to encounter in any book this year. Hosted by Ryan Edgington. Produced by Lily Woods and Matt Hennessey.

From the mid-nineteenth century through the dust bowl years of the Great Depression, a new kind of migrant worker became a familiar sight in communities across America. The Hobo: A History of America's First Climate Migrants (Princeton UP, 2026) by Dr. Robert Suits traces the journeys of these homeless men and women, showing how hobo work was an adaptation to energy transitions and a harsh and unpredictable climate, and how the hobo played a central role in the histories of industrialization and westward expansion.Challenging common depictions of the hobo as a world-weary, bearded man in ragged clothes, Dr. Suits reveals how these wandering laborers were often fastidious and heartbreakingly young. Forever on the move due to economic hardship and climate disaster, they chased harvests and took seasonal jobs in industries like logging and mining. Too often they couldn't find employment at all. Suits describes the difficult, dangerous, and highly unstable jobs they worked while shedding light on the hobo life and philosophy, from their techniques for stowing away on railroads to their unique blend of socialist, anarchist, and anti-work thought. He traces the emergence of the hobo to the advent of steam and the need for manual laborers in places where this new technology couldn't reach and describes how a growing reliance on the internal combustion engine brought an end to hobo work.Drawing on oral histories, environmental data, and cutting-edge digital methods, The Hobo paints an unforgettable portrait of an eclectic group of wandering radicals, troublemakers, poets, and writers, demonstrating how their experiences upend some of our basic assumptions about how environments and technologies shape society. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/american-studies

It's important to remember that while the biggest gripe in this country has been paying a bit more for gas than we'd prefer to pay, the Iranian situation has been the equivalent of what the U.S. went through economically during the peak of the Great Depression. If the price of oil stays lower – the U.S. wins whether Iran agrees formally to an end on Friday or not. 

This is a Grave Talks CLASSIC EPISODE! PART TWOWisconsin is known for its beer, cheese, football, and breathtaking lakes. But hidden in the shadows of its towns and cities are stages where the final curtain never truly falls. For over a century, historic theaters across Wisconsin have entertained audiences, survived fires, weathered the Great Depression, and even outlived the actors who once graced their stages. Some are restored, some stand in decay, but many share one chilling common thread: ghosts that refuse to leave.Michael Brown and researcher Todd Dehring pull back the velvet curtain on Wisconsin's most haunted theaters. These are not just buildings; they are cultural landmarks infused with history, tragedy, laughter, and sorrow — emotions strong enough to imprint themselves on the very walls.From strange shadows in the balcony to unexplained voices echoing across empty stages, these theaters tell a story beyond their performances. Actors, projectionists, and even audience members who never left still seem to make their presence known. Paranormal investigators who have stepped into these spaces report intense energy, dramatic apparitions, and encounters that leave no doubt: the show must go on… even for the dead.This episode doesn't just explore Wisconsin folklore — it uncovers real hauntings tied to the state's historic theaters. Whether it's a spirit lingering backstage, a phantom light flickering where no bulb should glow, or the unmistakable sound of applause in an empty hall, these stories prove that the stage of the afterlife is alive and well in Wisconsin.#HauntedTheaters #WisconsinHauntings #TrueGhostStory #RealHaunting #GhostStories #HauntedWisconsin #ParanormalInvestigation #HauntedPlaces #Supernatural #GhostHunters #RealParanormal #AfterlifeLove real ghost stories? Want even more?Become a supporter and unlock exclusive extras, ad-free episodes, and advanced access:

This is a Grave Talks CLASSIC EPISODE!Wisconsin is known for its beer, cheese, football, and breathtaking lakes. But hidden in the shadows of its towns and cities are stages where the final curtain never truly falls. For over a century, historic theaters across Wisconsin have entertained audiences, survived fires, weathered the Great Depression, and even outlived the actors who once graced their stages. Some are restored, some stand in decay, but many share one chilling common thread: ghosts that refuse to leave.Michael Brown and researcher Todd Dehring pull back the velvet curtain on Wisconsin's most haunted theaters. These are not just buildings; they are cultural landmarks infused with history, tragedy, laughter, and sorrow — emotions strong enough to imprint themselves on the very walls.From strange shadows in the balcony to unexplained voices echoing across empty stages, these theaters tell a story beyond their performances. Actors, projectionists, and even audience members who never left still seem to make their presence known. Paranormal investigators who have stepped into these spaces report intense energy, dramatic apparitions, and encounters that leave no doubt: the show must go on… even for the dead.This episode doesn't just explore Wisconsin folklore — it uncovers real hauntings tied to the state's historic theaters. Whether it's a spirit lingering backstage, a phantom light flickering where no bulb should glow, or the unmistakable sound of applause in an empty hall, these stories prove that the stage of the afterlife is alive and well in Wisconsin.#HauntedTheaters #WisconsinHauntings #TrueGhostStory #RealHaunting #GhostStories #HauntedWisconsin #ParanormalInvestigation #HauntedPlaces #Supernatural #GhostHunters #RealParanormal #AfterlifeLove real ghost stories? Want even more?Become a supporter and unlock exclusive extras, ad-free episodes, and advanced access:

The July 4th Illusion: Jekyll Island's Creature, Manly P. Hall's Secret Destiny, and the Stolen Soul of 1776 Today we're dropping the full red-pill marathon of pure, unfiltered truth. We're connecting every dot from the secret 1910 Jekyll Island meeting that birthed the Federal Reserve creature, to the engineered Great Depression as the ultimate reset, all the way back to the biggest lie of them all: America's so-called founding on that July 4th birthday we're told to celebrate every year. Web Site: www.DontTreadonMerica.com https://linktr.ee/DontTreadonMerica Email the show: Donq@donttreadonmerica.com DTOM Store (Promo code DTOM for 10% off) Sponsors: www.makersmark.com www.NordVPN.com  Promo Code: DTOM www.alppouch.com/DTOM www.dubby.gg Promo code: DTOM Social Media:   Don't Tread on Merica TV   DTOM on Facebook   DTOM on X    DTOM on TikTok    DontTreadonMericaTV   DTOM on Instagram    DTOM on YouTube

Elon Musk has become the world's first trillionaire, with the IPO of his company SpaceX. He is a symbol of how the United States has become an oligarchy, where elections are bought by rich elites and large corporations, and extreme wealth is concentrated in a few hands. Ben Norton explains. VIDEO: https://www.youtube.com/watch?v=Dj-hd3l4dSo Topics 0:00 Elon Musk, world's first trillionaire 0:50 Oligarchy 1:54 SpaceX IPO 3:06 SpaceX is losing lots of money 4:13 Wall Street changes the rules 5:39 Trump coin pump and dump 6:14 Reasons to avoid SpaceX 7:04 Musk: symbol of US oligarchy 8:45 Wealth concentration 9:55 Gilded Age & robber barons 11:13 Money wins US elections 13:06 Elon Musk funded Trump 14:52 Larry Ellison buys up media 17:14 Capitalist class 18:19 Progressive Era 19:27 Great Depression & New Deal 20:08 Golden Age of capitalism 20:59 Tax rates 22:08 Tax burden shifts onto workers 23:24 Billionaires avoid taxes 24:34 Neoliberalism 25:18 Financial crisis & QE 26:54 Neofeudalism / technofeudalism 28:27 Artificial intelligence (AI) 29:24 Universal basic income (UBI) 30:50 Nationalize Big Tech 33:04 China's alternative 33:58 Outro

This is a Grave Talks CLASSIC EPISODE!In 1929, the Egyptian Theatre in DeKalb, Illinois, opened its doors just as the Great Depression began. Built in the style of ancient Egypt, it became one of over 100 theaters inspired by the discovery of King Tut's tomb. For nearly a century, it has been a community landmark, hosting vaudeville shows, films, concerts, and events. But beneath the glamour and golden décor lies another story—one steeped in the paranormal.The Egyptian Theatre is said to be home to at least six distinct spirits. Witnesses report encounters with a woman in green, a loyal supporter named Irv who refuses to leave, and even the presence of a young girl whose laughter still echoes long after shows end. These phantoms seem tied to both the vaudeville era and modern times, suggesting the building is alive with history that refuses to rest.In this episode of The Grave Talks, we sit down with marketing and communications director Jeanine Holcomb to explore the haunted legacy of the Egyptian Theatre, its ghosts, and the stories that keep audiences coming back for more than just the shows.#EgyptianTheatre #HauntedTheatre #GhostStories #TheGraveTalks #HauntedIllinois #ParanormalHistory #LadyInGreen #HauntedPlaces #VaudevilleGhosts #HauntedEgyptianLove real ghost stories? Want even more?Become a supporter and unlock exclusive extras, ad-free episodes, and advanced access:

This is a Grave Talks CLASSIC EPISODE! PART TWOIn 1929, the Egyptian Theatre in DeKalb, Illinois, opened its doors just as the Great Depression began. Built in the style of ancient Egypt, it became one of over 100 theaters inspired by the discovery of King Tut's tomb. For nearly a century, it has been a community landmark, hosting vaudeville shows, films, concerts, and events. But beneath the glamour and golden décor lies another story—one steeped in the paranormal.The Egyptian Theatre is said to be home to at least six distinct spirits. Witnesses report encounters with a woman in green, a loyal supporter named Irv who refuses to leave, and even the presence of a young girl whose laughter still echoes long after shows end. These phantoms seem tied to both the vaudeville era and modern times, suggesting the building is alive with history that refuses to rest.In this episode of The Grave Talks, we sit down with marketing and communications director Jeanine Holcomb to explore the haunted legacy of the Egyptian Theatre, its ghosts, and the stories that keep audiences coming back for more than just the shows.#EgyptianTheatre #HauntedTheatre #GhostStories #TheGraveTalks #HauntedIllinois #ParanormalHistory #LadyInGreen #HauntedPlaces #VaudevilleGhosts #HauntedEgyptianLove real ghost stories? Want even more?Become a supporter and unlock exclusive extras, ad-free episodes, and advanced access:

The official history of Johnston County gives her exactly one sentence."The first woman to hold elected office was Luma McLamb, Republican Register of Deeds from 1928 to 1932."That's it. No paragraph. No chapter. One sentence in a list of firsts.But here's what that sentence doesn't tell you: she won in a county so reliably Democratic that Republicans controlled it for exactly four years in the entire twentieth century. She served through the stock market crash, and the bank failures, and the first three years of the Great Depression — keeping the county's records while her neighbors sold off land they couldn't afford to keep.And then the wave that brought her in went back out, and sixty years passed before another woman won a countywide election in Johnston County.One sentence. She deserves more than that.#Benson #election #depression

The Roaring Twenties were definitely roaring in 1922. The United States was marked by postwar recovery and economic growth. Mass production made consumer goods more available to Americans. Innovations like automobiles, radios, and airplanes led to the development of new industries. There was a sense of optimism about the future, and the sky seemed to be the limit. It wouldn't last long. But in 1922, no one knew the Roaring Twenties would crash into the Great Depression. Life was good.

Al Capone, a name that still echoes through the annals of American crime history, was one of the most notorious gangsters of all time. Born in 1899 to Italian immigrant parents in Brooklyn, New York, Alphonse Gabriel Capone rose from humble beginnings to become the kingpin of organised crime in Chicago during the Prohibition era. Known for his charismatic personality and ruthless tactics, Capone built an empire based on bootlegging, prostitution, and gambling. He cultivated a Robin Hood-like image, opening soup kitchens during the Great Depression while simultaneously orchestrating brutal acts of violence and murder against rival gangs. This was Capone's Chicago—a city where every shadow held a secret, every handshake could be a deal with the devil, and at the centre of it all, pulling the strings, stood the undisputed king of America's criminal underworld.His story continues to serve as a powerful reminder of the consequences of the misuse of power.

Earn up to a 4% yield on your physical gold or silver, paid in gold ounces: https://Monetary-Metals.com/CommodityLynette Zang draws striking parallels between the Great Depression and the situation we're in today and she believes that if things don't change fast, this crash will be worse, and it's all by design. Lynette explains why gold and silver are the only way to protect ourselves from the fallout ahead and how we can unite to fight back against the corrupt political elites orchestrating this crisis.Join the First LIVE Commodity Culture Bootcamp June 27: https://join.jesseday.caZang International: https://www.zangintl.comLynette's Youtube channel: https://www.youtube.com/@ZangIntlFollow Lynette on X: https://x.com/TheLynetteZangJoin the LIVE Commodity Culture Bootcamp June 27: https://join.jesseday.caSubscribe to the FREE Commodity Culture Newsletter: https://readplaza.com/commoditycultureFollow Jesse Day on X: https://x.com/jessebdayCommodity Culture on Youtube: https://youtube.com/c/CommodityCulture

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the enormity of World War II before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. The Japanese attack on Pearl Harbor spurred Americans to enter World War II. The economic and industrial might of the United States helped secure a decisive Allied victory, and the United States emerged from the war as a world superpower.See omnystudio.com/listener for privacy information.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the enormity of World War II before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. The Japanese attack on Pearl Harbor spurred Americans to enter World War II. The economic and industrial might of the United States helped secure a decisive Allied victory, and the United States emerged from the war as a world superpower.See omnystudio.com/listener for privacy information.

Liaquat Ahamed, winner of the Pulitzer Prize for his history of the Great Depression is out with a prequel called 1873, the story of the breathtaking, first, truly global economic boom, and the bust that followed. I'll be in conversation with Ahamed at The Nantucket Book Festival on June 14th. I reached out to him now for a brief chat, because a lot of educated readers are wondering - is 1873 a preview of what's to come?

Joanne Tramel highlights the Christian impact of Frances Perkins (1880-1965), best known as the first female cabinet member, President Franklin D. Roosevelt's Secretary of Labor. Perkins held early values of the Christian duty to the poor and naturally pursued labor advocacy. After witnessing the horrific Triangle Shirtwaist Factory fire in 1911, she turned to politics to become pivotal in institutions and policies such as the S.S.I., minimum wage, overtime, and child labor laws, public works projects of the Great Depression, and the women's workforce of WWII.

Let's talk about concerns of another Great Depression....

Last time we spoke about the One Hundred Regiment Offensive. During Phase Three of the One Hundred Regiment Offensive, CCP forces in the Taihang/Jizhong area emphasized strongpoint attacks and transportation warfare. Rather than trying to defeat Japanese units head-on, they used tactics such as night raids and ambushes to disrupt Japanese supply routes and communications. The underlying goal was to make Japanese logistics unstable, weakening their ability to maintain control and conduct effective operations. After CCP successes, the Japanese responded with large-scale "mopping-up" operations beginning October 6. As the Eighth Route Army continued resisting, it adopted flexible methods to counter the Japanese sweeps, especially rapid repositioning and targeted ambushes. One notable action described involves an ambush of a Japanese convoy that caused substantial enemy losses, demonstrating how disrupting enemy mobility could blunt the effectiveness of larger Japanese operations. Overall, the situation remained fluid, with both sides continually adapting their tactics in an ongoing contest for control across occupied North China.   #205 The Hubei-Henan Campaign of 1940-1941 Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. By 1940, the war had settled into a grueling stalemate, with Japanese troops occupying vast swathes of central China, including parts of Hubei, but facing persistent Chinese guerrilla and conventional resistance that prevented total consolidation. In the aftermath of the Battle of Zaoyang in the summer of 1940, Japanese forces had secured the key cities of Yichang and Shashi along the middle reaches of the Yangtze River. Yet Chinese Nationalist troops of the Fifth War Area retained firm control over the vital territories east and west of the Xiang River. Their defensive lines formed a broad arc stretching from the southwest of Yuan'an through Jingmen, north of Zhongxiang, and the rugged foothills of the Dahong Mountains, extending northwest to Suixian. These positions straddled both banks of the Xiang River, anchored on the right by the Wudang Mountains and on the left by the Tongbai range. Working in close coordination with guerrilla detachments operating in the southeast, Chinese units repeatedly harassed the Japanese garrisons that had pushed into Yichang. The constant pressure on the enemy's flanks left the Japanese forces in Yichang and Shashi dangerously exposed and hemmed in, unable to expand or consolidate their gains. To the Japanese high command, this situation had become an intolerable thorn that demanded immediate removal.   Under Generalissimo Chiang Kai-shek, the Chinese Nationalist government faced severe strains as the war with Japan escalated. Its problems were not only military, but also political and economic. Deep ideological and territorial rivalries with the CCP meant that efforts to present a single front were constantly undermined. Although the two sides officially formed a United Front in 1937, earlier violence and competition, such as the 1927 Shanghai Massacre and the CCP's Long March of 1934 – 1935 had left distrust and strategic differences in place. As a result, Nationalist resistance was harder to coordinate than it would have been under full unity. Meanwhile, the CCP strengthened its position in northern China by expanding rural strongholds. Through land reforms and the use of guerrilla warfare, the communists were able to win local support and apply pressure to Japanese forces in ways that often did not require large, conventional armies. This strategy also drew influence and manpower away from the Nationalists' more traditional, state-centered military structure.   Economically, the Nationalists were squeezed from multiple directions. The loss of China's coastal industrial regions to Japanese occupation forced the government to rely heavily on the interior, with Chongqing becoming a key base. That geographic shift left the administration more vulnerable to shortages of critical supplies, especially raw materials, fuel, and modern weapons. On top of wartime disruption, the global Great Depression intensified fiscal and logistical difficulties, limiting how quickly and effectively the Nationalists could mobilize resources for large-scale operations. By late November 1940, these weaknesses intersected with renewed Japanese pressure. Japanese commanders were also concerned about the possibility of a major Nationalist push, particularly fears of a counteroffensive by the Thirty-first Army Group under General Tang Enbo.    Determined to break the stalemate, the Japanese launched a major offensive in late November 1940. Preparations had begun in earnest early that month. Engineers repaired and expanded highways and bridges, constructed new defensive works and airfields, and stockpiled vast quantities of rations, ammunition, steel-hulled boats, and rubber rafts in the Zhongxiang area. Five regiments were concentrated near Zhongxiang, while additional troops east and west of the Xiang River brought the total strength to more than three divisions. Along the Suixian–Xiangyang Highway, Japanese forces were reinforced to divisional strength, supported by increased artillery and tank detachments. These meticulous measures left no doubt that the enemy was ready for a large-scale operation.   By 23 November the Japanese had completed their deployments and moved into assault positions. The Japanese forces assigned to the Central Hubei Operation were placed under the overall command of Lieutenant General Waichirō Sonobe, who directed the campaign from his headquarters in Wuhan. Sonobe's 11th Army drew on a broad mix of formations, combining units from the 3rd, 4th, 15th, 17th, 39th, and 40th Divisions. The offensive backbone for the thrust into central Hubei province was reinforced by the 18th Independent Mixed Brigade, which helped supply the infantry strength needed for sustained fighting across difficult ground. In practice, this multi-division structure reflected the 11th Army's key mission in the region, acting as the main Japanese formation after the earlier Battle of Zaoyang and it emphasized coordinated divisional advances supported by attached brigades and specialized elements, including limited armored capabilities.   In terms of manpower, the Japanese force is commonly estimated at roughly 40,000 to 50,000 troops. This strength included several infantry regiments and artillery batteries, along with only limited armored elements rather than a fully armored formation. Because the operation depended on finding and exploiting opportunities quickly, it was supported by aerial reconnaissance and bombing carried out by the 3rd Air Brigade operating in central China. Infantry units formed the majority of the fighting power, while artillery was used to provide suppressive fire during advances. Air support, meanwhile, was intended to help identify and target Chinese positions—particularly along important riverine and rail corridors, where disruptions could slow resistance and complicate Chinese reinforcement or retreat.   To manage the operation across varied terrain and combat tasks, Sonobe's command used smaller combined formation often described as task forces, that could operate with some flexibility. Among them were the Kayashima Force, commanded by Major General Koichi Kayashima of the 18th Independent Mixed Brigade, consisting of the entire brigade reinforced by elements of the 40th Division. The Muragami Force, under Lieutenant General Keisaku Muragami, commander of the 39th Division, which included the full division plus supporting non-infantry units. The Hirabayashi Force, led by Lieutenant General Morito Hirabayashi of the 17th Division, formed from detachments of the 17th and 15th Divisions.The Kitana Force, commanded by Lieutenant General Kenzo Kitana of the 4th Division, incorporating portions of the 4th Division and the Kususe Armored Force. These four groups were deployed in parallel around Tangyang, Jingmen, Zhongxiang, and north of Jingshan. The Hanjima Force, commanded by Lieutenant General Fusataro Hanjima of the 3rd Division, positioned near Suixian along the Xiangyang–Hua Highway. This task-force approach helped tailor combat power to specific mission profiles—such as flanking movements, raids, or pressure on Chinese defensive lines—while keeping the overall campaign plan under a unified command.   Equipment choices also reflected the tactical environment of Hubei. The Japanese units made use of Type 95 Ha-Go light tanks for reconnaissance and for anti-infantry roles, typically best suited to the reconnaissance, pursuit, and screening functions that were available even with constrained armor numbers. For fire support, the force relied on conventional artillery, including 75mm Type 90 guns for field engagements and 105mm howitzers for heavier bombardment where stronger explosive impact was needed. Together, these assets were intended to allow Japanese formations to maneuver around Chinese positions and apply pressure in rugged landscapes where rivers, roads, and rail lines often determined the rhythm of battle.   Logistics were a decisive factor in whether the operation could sustain momentum. Sonobe's army depended heavily on existing transportation infrastructure, particularly rail lines radiating from the Wuhan hub toward forward areas such as Suizhou and Zaoyang. These routes were critical for moving ammunition, replacements, and other supplies closer to the front as the Japanese advanced. The campaign also used river transport along the Yangtze River, including motorized barges and steamers, to deliver supplies to units operating near waterways. However, reliance on these corridors came with risks: Chinese interdiction raids could disrupt shipments, forcing convoys to be escorted and increasing the time and resources required to keep the forward units supplied. Overall, this dependence on both rail and fluvial networks highlighted a central operational challenge, maintaining secure access to transportation arteries in contested territory so that the Japanese could keep fighting effectively rather than stalling as supplies dwindled.   The Central Hubei Operation was driven by an intelligence assessment that Chinese troop movements were signaling preparations for a Nationalist counteroffensive. Acting on that interpretation, the Japanese began tightening plans and positioning forces early in the final days of November 1940. On 23 November 1940, the Japanese 11th Army under Lieutenant General Waichirō Sonobe began organizing for the offensive in central Hubei. In order to conduct a coordinated advance across the Han River, the army arranged its forces into five groups, each tasked with moving in a way that supported the broader pincer-style pressure on Chinese positions. The approach also reflected lessons drawn from the earlier Zaoyang–Yichang campaign earlier in 1940, when Japanese divisions had been able to cross the Han River at multiple points, such as Dangyang, Jiukouzhen, and Shayangzhen—to help secure access toward Yichang and the Yangtze route. Logistics were built around infrastructure the Japanese had already established during prior operations. The Hankou hub supported the 11th Army through arrangements that included munitions storage, medical facilities, and transport coordination. Supplies and reinforcements were moved using truck convoys and river crossings, while forward depots—such as those at Shayangzhen northwest of Hankou—provided additional capacity, including freight handling and field hospitals. Because the area was not secure, these supply points were also guarded against threats from guerrilla activity, which could disrupt communications and threaten personnel and equipment.   Operationally, the offensive used limited artillery and air support, reflecting Japanese constraints and directives aimed at keeping the campaign short and avoiding commitments that could stretch units beyond their logistical reach. Instead of trying to grind down Chinese defenses through prolonged bombardment, the plan prioritized speed, reconnaissance, and focused disruption. Japanese intelligence preparation relied heavily on aerial reconnaissance over the Han River valley to locate Chinese positions and infer where resistance would likely concentrate. That information enabled Japanese units to coordinate select maneuvers, including converging pressure from different directions. Where river transport mattered, coordination with naval or riverine elements supported movement and resupply, with overall oversight connected to the China Expeditionary Army.   Anticipating the coming assault, the Chinese Fifth War Area headquarters acted swiftly on instructions from the National Military Council. Orders were issued to the River West Army Group (30th and 77th Corps), the Right Army Group (44th and 67th Corps), and the Central Army Group (41st and 45th Corps) to employ a flexible defensive strategy: hold key positions firmly while committing the main strength to strike the enemy's outer flanks at the decisive moment. The 59th Corps was directed to advance toward the Xiangfan area, ready to reinforce operations on either bank of the river as the situation developed.   As commander of the Fifth War Area, Li Zongren arranged the defense to meet a likely Japanese thrust along the Han River, particularly in the approaches to Wuhan and Yichang, following the wider stalemate that settled in after the 1938 fall of Wuhan. The Fifth War Area could draw on roughly 300,000 troops, though many units were understrength, and the overall readiness varied by locality. Among the formations Li Zongren placed in the most sensitive sectors was the 31st Army Group under General Tang Enbo, which Japanese planners had identified as a potential threat to Japanese intentions in the region. In keeping with the terrain and the limits on manpower, Li's defensive design relied heavily on natural barriers—most importantly the Han River itself—and on the defensibility of rugged ground. Forces were arrayed to hold or contest riverbank positions, supported by fortifications, trenches, and smaller auxiliary elements. Divisions such as the 44th were positioned with an eye toward slowing an enemy crossing and forcing the Japanese to fight for difficult approaches rather than moving rapidly. At the same time, irregular forces and prepared defensive works were used to complicate Japanese reconnaissance and to make it harder for the attacker to coordinate a clean operational flow. Strategically, Li Zongren leaned on elastic defense rather than attempting to win decisive battles at fixed lines. Regular units were supported by guerrilla-style harassment intended to strike Japanese vulnerabilities, especially supply and transportation, between forward bases and the front. Local operations, including actions coming from areas such as Xinyang, were designed to disrupt Japanese logistics in periods when the Nationalists were still managing shortages of ammunition and medical supplies. Militias in the inter-mountainous regions further reinforced this approach: instead of seeking costly frontal engagements, they concentrated on disruption, delaying movements, and making Japanese operations slower and more expensive.   At dawn on 25 November the Japanese offensive began, with columns advancing along multiple axes. On the western Xiangyang front, more than 1,000 troops from Tangyang and over 3,000 from Jingmen struck Hengdian and Yanzhimiao, shattering the positions of the Chinese 30th Corps. Simultaneously, a column moving from Zhujiafu toward Tunglinling split into several detachments and drove deep northward into Liangshuijing, Xiajiazi, and Kuaihuopu. By nightfall the River West Army Group had regrouped along the line from Hengdian through Yanzhimiao to Kuaihuopu. On 26 November the Japanese reached Xianzhu. The following day they assaulted Liuhouji and Lijiatang in a day-long battle that ended in stalemate. At dusk the 30th Corps launched a powerful counterattack; the 27th and 31st Divisions dispatched raiding parties into the enemy's rear. Unable to withstand the pressure, the Japanese fell back toward Jingmen and Zhongxiang, pursued by Chinese forces that inflicted heavy losses.   Along the Jingmen–Zhongxiang Highway the Japanese massed more than 3,000 troops to attack Changshoutian and Wangjiatian, encircling Changjiachi and Shahetian. The Chinese 149th Division withdrew in good order to the stronger Wangjiahe–Wulongguan line. On 26 November enemy strength grew to 4,000–5,000. One column advanced on Sanligang while the main body assaulted Peizhai, Wangjiahe, and Yunanmen. Fighting continued until dark without decisive result. On 27 November the main force of the 44th Corps counterattacked from Wangjiahe, converging with the 67th Corps advancing from the northwest. The coordinated assault inflicted severe casualties, yet the Japanese continued to fight stubbornly. On the Suixian front, more than 2,000 Japanese troops reached Liangshuikou on the morning of 25 November and launched a violent attack against the 123rd Division at Lishan. Two additional columns, each exceeding 1,000 men, pushed westward toward Hoyuantian and Qingmingpu; their numbers swelled steadily as darkness fell. On 26 November fierce combat raged against the 124th and 127th Divisions at Jinjishan and Qingmingpu. A separate force of 700–800 men advanced from Xihe via Langhetian to Tangjiafan. After clashing with the 41st Corps, the Japanese near Qingmingpu linked up with those at Jinjishan and moved toward Hoyuantian on 27 November. That night the detachment at Tangjiafan reached the vicinity of Huantan Zhen, confronting the 125th Division. Recognizing that the enemy had become dangerously dispersed, the War Area Command ordered its units to hold critical localities while the main forces exploited the mountainous terrain for ambushes. The tactic proved effective. Heavy fighting continued until 28 November, when the Japanese, unable to achieve their objectives, began a general withdrawal. Chinese forces west of Xiangyang immediately took up the pursuit. The enemy opposing the Right Army Group was routed and retreated along several routes. In the Suixian sector, Japanese units at Hoyuantian and Huantan Zhen were caught in converging attacks by the Central Army Group, driven back to high ground, and encircled. In a desperate attempt to relieve the trapped forces, the Japanese rushed 1,500–1,600 infantry and cavalry troops from Suixian and Yingshan through Shangshitian and Shatian in a flanking maneuver—only to be ambushed once more. Covered by aircraft and armor, the enemy withdrew toward Suixian and Xihe as Chinese troops pressed forward along the line from Chunchuan to Anchu, Lishan, and Gaocheng. By 30 November all Chinese Army Groups had restored their original positions.   The Central Hubei Operation produced uneven battlefield outcomes, particularly in reported casualties. Japanese accounts describe relatively limited losses, just 132 killed and 445 wounded attributed to advantages in air superiority, artillery, and armored support, even though the advance was complicated by difficult terrain. At the same time, Japanese forces faced persistent Chinese counterattacks along the Han River, which contributed to localized pressure and eventual withdrawal. The Japanese reported 6,439 Chinese killed  and 474 captured, but the evidence base is uncertain and the language of reporting suggests possible exaggeration or propaganda. Conversely, Chinese-era estimates reportedly placed Japanese losses at roughly 5,000 killed and 7,000–8,000 wounded, illustrating a substantial gap between competing narratives. Some alternate reconstructions suggest total Chinese casualties in the range of 20,000–30,000, depending on whether wounded and missing personnel are included. However, because wartime reporting was fragmented and inconsistent, there is no fully verifiable casualty ledger for all units involved.   Despite these tolls, the operation did not appear to achieve a decisive Chinese destruction of Japan's intended target force. The Chinese Fifth War Area, including elements associated with the 31st Army Group under Tang Enbo, suffered attrition but generally avoided annihilation. No major command-level losses are indicated in the surviving accounts, and unit formations were not described as collapsing permanently. On the material side, Japan reportedly seized rifles and supplies from positions that Chinese forces had encircled or abandoned in the short term, but overall equipment losses for either side were described as limited, consistent with the operation's restricted intensity.    Strategically, the operation offered Japan short-term tactical advantages—notably through localized envelopments and the temporary pressure of combined-arms support—but it failed to translate these gains into a sustained strategic result. The fighting also strained Japanese logistics in central China, especially given that the offensive was not followed by major reinforcements. At the same time, it exposed continuing vulnerabilities in rugged terrain where Chinese guerrilla activity and organized counteraction could offset superior firepower.   Ultimately, the Central Hubei Operation produced no net territorial gains. By the end of the week, Japanese troops had returned to positions that did not fundamentally alter control in central Hubei. Local clashes may have disturbed formations and disrupted movement temporarily, but the campaign did not create durable forward bases, did not change administrative control meaningfully, and did not permanently disrupt key supply corridors. The territorial status quo largely persisted: Chinese Fifth War Area forces maintained positions north of the Yangtze River, and there was no widespread abandonment of strongholds sufficient to indicate a strategic collapse.   In the months following the Japanese repulse in central Hubei in November 1940, enemy forces remained largely immobilized across the Jing-Xiang plains, their earlier ambitions checked by determined Chinese resistance. Seeking to regain momentum and draw Chinese strength away from other theaters, the Japanese high command prepared a massive offensive into southern Henan in late January 1941. By the end of the month they had concentrated an imposing array of seven infantry divisions, one independent cavalry brigade, three independent armored regiments, and one independent artillery regiment. In all, more than 150,000 infantrymen, over 8,000 cavalry, 550 artillery pieces, 300 tanks, and 200 armored cars stood ready. Over a hundred aircraft were massed at forward bases in Anyang, Xinxiang, Huaiyang, and Xinyang. From early January onward, ammunition and equipment had been laboriously shipped up the Yangtze and moved inland to Xinyang, while Japanese reconnaissance planes repeatedly overflew Chinese rear areas. Additional troops were concentrated in southern Henan itself.   On 20 January, as a preliminary move to pin down Chinese forces and facilitate the main effort in central Henan, the Japanese 18th Independent Mixed Brigade, together with elements of the 39th and 4th Divisions, launched a limited attack against the Chinese 29th and 33rd Army Groups. The principal assault, however, began on 24 January under the overall command of Lieutenant General Katsuichiro Enbu. The Japanese organized their southern Henan forces into three powerful columns: The Left Flank Force, built around the entire 3rd Division reinforced by the 8th Regiment of the 4th Division and the Mizuno Armored Unit, commanded by Lieutenant General Fusataro Hanjima of the 3rd Division. The Central Force, centered on the 17th Division (less one regiment) and strengthened by the 67th Regiment of the 15th Division and the Yoshimatsu Armored Unit, commanded by Lieutenant General Amaya of the 40th Division. The Right Flank Force, formed around the main body of the 40th Division, also under Lieutenant General Amaya.   In support of this main thrust, Japanese forces in northern Anhui and eastern Henan—principally the 4th Cavalry Brigade with the Hirabayashi Tank Regiment—advanced westward from Haozhou toward Woyang. The Ouda Regiment of the 21st Division pushed west from Suzhou, while the Uguchi and Kobayashi Regiments of the 35th Division, accompanied by engineer, cavalry, artillery, and tank units, moved from Kaifeng, Tongxu, and Zhuxian Zhen along the north bank of the Yellow River and through the flooded areas toward Zhengzhou. These supporting columns were intended to tie down Chinese reserves and prevent reinforcement of the southern front.   The National Military Council in Chongqing correctly assessed the enemy's intention: to drive north along the Beiping-Hankou Railway with their main strength, force a decisive battle against the Chinese field armies, and rely on the northern Anhui–eastern Henan forces to strike westward in coordination. Accordingly, the Council instructed the Fifth War Area to avoid a costly frontal engagement. Instead, a small portion of its troops would offer delaying resistance along the railway, while the main force would maneuver to the enemy's flanks and rear, severing communications and launching devastating counterattacks. In compliance, the Fifth War Area left only a single division near Xiping on the Beiping-Hankou line. The bulk of its strength—carefully concealed in depth on both sides of the enemy's expected axis of advance—remained highly mobile, ready to strike the Japanese flanks or rear the moment the enemy divided his forces or pushed toward Runan, Yancheng, or Wuyang. This elastic strategy proved decisive.   At dawn on 25 January the Japanese southern Henan forces advanced in three columns. The Left Flank Force moved along the line from Xiaolindian to Gucheng and Chashan. The Central Force struck northward from the Minggang area. The Right Flank Force crossed the Huai River between Huaijiao Zhen and Chengyang under heavy air support. Japanese planes bombed Chinese positions relentlessly. True to plan, Chinese units employed only light screening forces to harass the enemy with ambushes and flank attacks, preserving their main strength for the decisive moment.   By 26 January the Japanese had reached the line from Piyang to Gaoyi, Xingtian, and Queshan. On the 27th they pressed on to Chunshui, Shahetian, and Zhumadian. At this point Chinese mobile forces sprang into action. The 13th Corps of the 31st Army Group swung northward toward Xiangheguan, while the main body of the 85th Corps moved toward Shangcai to begin an enveloping maneuver. The 68th Corps of the 11th Army Group struck the enemy rear south of Xiangheguan; the 55th Corps advanced from Tanghe to Piyang; and the 59th Corps of the 33rd Army Group pushed toward Nanyang. On 29 January the 13th Corps attacked the Japanese Left Flank Force near Jieguanting and Xiaoshidian south of Wuyang, while the 85th Corps struck the Right Flank Force around Runan, southeast of Shangcai. The enemy's Central Force, advancing along and west of the railway, found the Chinese positions already evacuated and failed to trap any major units. The Japanese columns on the extreme flanks suffered over 3,000 casualties and lost six tanks in the fighting around Jieguanting.   By 31 January the enemy, desperate to rescue his exposed flank columns, reordered his forces. The Central Force executed turning movements on both sides: elements of the 15th Division swung right from Suiping through Shangcai to converge with troops moving north from Runan against the 85th Corps, while the main body of the 17th Division split into two columns and advanced from Suiping through Xiping toward Wuyang. Simultaneously, the main force of the 3rd Division and part of the 4th Division also converged on Wuyang, hoping to link with the 17th Division and crush the 13th Corps near Jieguanting and Xiaoshidian. Before the trap could close, however, the Chinese 13th and 85th Corps withdrew in good order to the area north of Ye Xian, between Yancheng and Shangshui, and north of the Sha River. When the Japanese broke through at Wuyang and Shangcai they found no major Chinese forces to destroy.   Meanwhile, Chinese troops from western Henan, the 59th, 55th, and 68th Corps, advanced from Tanghe, Piyang, and points north to strike the enemy rear at Wuyang. On 29 January the 84th Corps and local guerrillas in western Anhui recaptured Chengyang and continued the pursuit. The Japanese, having failed to concentrate superior strength or control the battlefield, now found themselves isolated. Their rear communications were severed, and they were under constant pressure from the 68th, 55th, and 59th Corps. After days of exhausting combat the enemy began to withdraw southward on the night of 2 February. Leaving only rear guards at Wuyang and Baoanzhai to tie down the 13th Corps, the main body of the 3rd Division moved from Fangcheng toward Nanyang and Zhenping. The 13th Corps immediately counterattacked, recaptured Baoanzhai and Wuyang, and pursued the enemy toward Fangcheng.   On the night of 2 February, as the Japanese main force approached Nanyang, the 17th Division together with elements of the 15th and 4th Divisions had already pushed south from Wuyang via Xiangheguan toward Piyang, hoping to link with forces moving east from Nanyang and trap the Chinese 68th, 55th, and 29th Corps. Fierce resistance by the 68th Corps near Xiangheguan inflicted heavy losses and forced the enemy to abandon large quantities of supplies. Further south, the 29th Corps exacted still greater casualties around Piyang. On the night of 7 February the trapped Japanese column split: part retreated along the Tanghe–Piyang highway, while the main body withdrew along the Tongbo–Xinyang highway toward Xinyang, leaving many dead behind. The Chinese 85th Corps pursued southeastward, while elements of the 13th, 29th, 55th, and 59th Corps harried the enemy toward Xinyang. By the time the fighting ended, all Chinese units had regained their original positions.   In coordination with the southern Henan offensive, the Japanese forces in northern Anhui and eastern Henan advanced westward in four columns on the morning of 25 January. The Ouda Regiment of the 21st Division struck west from Suzhou. The 4th Cavalry Brigade, reinforced by the Hirabayashi Tank Regiment, split into three routes from Bozhou to attack Woyang, Shanheji, and Shuangqiao, clashing bitterly with a Chinese cavalry division near Shizihe and Niqiuji. The Uguchi Regiment of the 35th Division advanced through the flooded areas from Tongxu and Zhuxian Zhen, while the Kobayashi Regiment moved westward along the north bank of the Yellow River near Zhengzhou. Japanese aircraft intensified their bombing of Chinese cities and front-line positions, including Zhoujiakou, Zhengzhou, Yancheng, Ye Xian, Xiangcheng, Wuyang, and Luoyang. On 29 January one enemy column reached Santaiji and suffered heavy losses under Chinese attack. Threatened on the left by forces near Huaiyang, two Chinese corps withdrew temporarily to the line from Fuyang to Taihe and Jieshou. On 5 February the Japanese captured Taihe and Jieshou, but a Chinese counterattack on the morning of 6 February regained both towns, forcing the enemy to retreat northeastward.   The Battle of Southern Henan, which opened on 25 January and concluded on 10 February after seventeen days of continuous fighting, ended in a clear Chinese victory. Japanese casualties exceeded 9,000; when the enemy withdrew from Nanyang more than 300 military vehicles were left burning on the battlefield. Large quantities of arms, ammunition, and supplies fell into Chinese hands. Chinese losses were significantly lighter. The enemy had hoped to force a decisive battle along the railway and shatter the Chinese armies of the Fifth War Area. Instead, skillful Chinese maneuver, timely flank attacks, and relentless pressure on the enemy's rear and communications had turned the Japanese offensive into a costly failure. The victory not only preserved the integrity of the central Chinese front but also demonstrated once again the effectiveness of elastic defense and mobile counteroffensive tactics against a numerically superior but overextended foe.   In the wake of their costly repulse in central Hubei the previous November and the even more humiliating defeat in Southern Henan between late January and early February 1941, the Japanese sought once more to regain the initiative in the spring of 1941. Their target was western Hubei, where Chinese forces continued to deny them freedom of movement along the middle Yangtze. The entire Japanese 13th Division garrisoned the Yichang salient. Its regiments were deployed in a defensive arc: the 65th Regiment and the 19th Artillery Regiment held positions east of the city at Longchuanpu, Tumenya, and Yaqueling; the 104th Regiment guarded the northwest approaches; and the 17th Cavalry Regiment patrolled the Yangchalu–Baishanao sector. On the west bank of the Yangtze, the 58th Regiment had constructed strong bridgehead fortifications between Chaojialing and Shangwulongkou, ready to support any renewed thrust westward.   Facing this entrenched enemy was the Chinese 26th Corps, entrusted with the critical mission of river defense on the west bank of the Yangtze opposite Yichang. The corps commander had organized his forces into three sectors. The 41st Division held the right zone, anchoring its line from Mujiatian and Tanjiataizi northward to the vicinity of Fanjiah u. The 32nd Division defended the left zone, stretching from Mujiatian through Ceyang to Xiangzikou. The 44th Division remained in corps reserve near Caojiafan, poised to reinforce either flank or exploit opportunities for counterattack.   On 6 March 1941 the Japanese struck. Having quietly reinforced their forces west of Yichang to more than three regiments, supported by cavalry and artillery, they opened the assault at 5:30 a.m. with a violent artillery barrage, followed immediately by infantry advances under cover of air strikes. Chinese security positions at Tanjiataizi and Chaojiadian were overrun. The enemy then hurled itself against the main line at Changgangling. Simultaneously, 600 to 700 Japanese troops, backed by planes and guns, assaulted Fanjiah u. After hours of bitter fighting both localities fell. On the morning of 7 March, Japanese aircraft again spearheaded the attack, enabling the capture of positions at Qianjiatai and Wujiaba. The enemy pressed on toward Qianjiachong and Yutaishan but was thrown back. Meanwhile, the force that had taken Fanjiah u clashed fiercely with the Chinese 44th Division around Taipingqiao; although the division was eventually compelled to withdraw to the eastern end of the bridge under relentless air attack, it continued to resist stubbornly. When the enemy seized Hut zeye from the direction of Fanjiah u, the 32nd Division fell back in good order to the line from Tunziqiao to Tuyanzhong, where it beat off further assaults. By this stage the Japanese had driven themselves into a dangerously narrow salient, exposed on both flanks.   Seizing the moment, the River Defense Force reorganized its lines. The 103rd Division of the 8th Corps relieved the sector from Mujiatang through Yingzishan to Chaotianguan, while the 26th Corps consolidated new positions at Yutaishan, Pijiashan, Qingshuiba, Guangongling, and Xiaopingshanba. The plan was clear: hold the enemy east of this line, then launch a converging counterstroke to destroy the invaders and restore the original front. On 8 March two guerrilla columns from the 41st Division struck at Changgangling and Fanjiayuan, while another detachment hit the enemy east of Pifengjian. More than 2,000 Japanese troops assaulted the 44th Division's positions from Gaolingpo and Dajiaobian toward Wanghuzizhong; determined resistance by the 44th Division, supported by elements of the 41st, brought the attack to a standstill. Later that day the enemy managed to penetrate the 32nd Division's line at Tianwangshi, forcing Chinese troops to fight a delaying action along the outskirts of the Shibai Fortress from Mingjiachong to Heitangou.   Dawn on 9 March brought renewed Chinese initiative. The 103rd Division occupied the line from Tutiling to Shizinao and advanced in several columns against the enemy. A portion of the 44th Division waged a grim holding action on the high ground flanking Guojiaba, suffering heavy losses but buying time for the main body to launch a powerful flank attack against the Japanese at Taipingqiao and Xianglingkou. By dusk Chinese forces had captured the enemy strongpoints at Dujiaoba and Dajiaobian along the highway, annihilating numerous enemy troops. The 32nd Division threw its main strength against the area northwest of Dajiaobian; heavy fighting raged around Wanghuzizhong into the afternoon until enemy reinforcements were driven off. The 41st Division, meanwhile, executed effective flank attacks that yielded significant gains. On 10 March the 103rd Division recaptured the high ground at Xiawulongkou and north of Tianzipo, while guerrillas of the 41st Division continued to harass the enemy through every gap in his lines. When positions at Hongshipo and Lungtanping held by the 44th Division were breached, the division withdrew to the western heights of Bomuping and faced the enemy anew.   At dawn on 11 March, after suffering severe casualties, the Japanese resorted to smoke screens and began withdrawing eastward along several routes. Chinese pursuit forces swiftly retook Xianglingkou, Guojiaba, Guangongling, Tianwangshi, and Dajiaobian. By 12 March the enemy had fallen back to a defensive line running from east of Taipingqiao to Hu z'ai and Huangnikeng. On 13 March Chinese units launched general counterattacks. Unable to withstand the pressure, the Japanese retreated to their original positions. The eight-day engagement thus ended exactly where it had begun.   The battle had been fought with only a portion of the available Chinese forces, yet it proved decisive. The Japanese, who had hoped to crack the river defenses and resume their westward drive, instead suffered 4,000 to 5,000 casualties. The swift and skillful Chinese counteroffensive not only restored the front but left the enemy shaken and apprehensive. Their design to push deeper into western Hubei was decisively thwarted, buying precious time for the broader Chinese war effort in the Yangtze theater and demonstrating once again that determined defense, timely reinforcement, and aggressive counteraction could blunt even the most carefully prepared Japanese offensive. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. In November 1940, a Central Hubei Operation using five task forces attempted to exploit Chinese dispersal but achieved no territorial gains despite local successes. A larger January 1941 offensive into southern Henan deployed 150,000+ troops but again failed strategically. Despite Japanese tactical advantages and superior firepower, logistical constraints and rugged terrain favored mobile Chinese resistance. Both campaigns ended with Japanese withdrawals and restored Chinese positions, demonstrating that determined defense and timely counteraction could blunt large-scale Japanese operations.

This week on TrendsTalk, ITR Economist and Speaker Taylor St. Germain examines the rapid growth of US data center construction and why the industry remains a key economic bright spot. While forecasts call for continued expansion through 2028, new challenges surrounding energy infrastructure, electricity costs, and proposed legislation could reshape the outlook. Will data center growth continue at its current pace, or are early warning signs beginning to emerge?

Spider-Noir on Amazon Prime is a take on the black and white Spider-Man from the comics and is played by Nicolas Cage, who also played a version of this character from Spider-Man: Across the Spiderverse. This post WW1/prohibition/Great Depression era world sees Ben Reilly, a retired Spider-Man who has to find a new reason to be a hero, since the normal Spidey tragedy happens to him. This is a fairly true to the classic film noir stylings and Cage goes full Nick Cage and we absolutely loved it.0:00 - The Spider/Intro1:10 - Initial impressions6:00 - Noir has two definitions8:50 - A who's who of character actors11:40 - The Spider of it all 18:00 - Some of yall don't under the “noir” in Spider-Noir23:35 - It's a good story53:30 - What we'vebeen watching/What's next

Demetrick and Jesse hold down the fort (Corey ditched the show to chase what turned out to be a cardinal in North Carolina) for an episode about cracks forming in every direction at once.Michael Saylor just sold Bitcoin. Only thirty two coins, but the symbolism is louder than the size. The diamond hands era of MicroStrategy may be ending, and the bear is getting cozy on the couch.Meanwhile the AI IPO machine is sucking the life out of every other market. SpaceX is reportedly skipping the traditional IPO path and getting listed directly into the S&P 500, which would route retirement and 401k money straight into the company. The guys break down why that looks less like innovation and more like a setup for a future bailout, and what xAI, Anthropic, and OpenAI hitting the public markets at the same time means for liquidity everywhere else.From there it gets real. Demetrick's algorithm has stopped showing him reverse seared filet mignon and started feeding him cheese crusted liver and gourmet PB&J recipes. His luxury car uncle just posted a Hyundai Sonata. The Great Depression cosplay is in full swing, and the guys compare rice and bean stockpiles.Plus Corey calls in to explain the Y2K38 bug from first principles, with Demetrick finally understanding binary after a lifetime of bad teachers, and a fully unhinged closing segment about why Black Widow is secretly a wildcard and why Avengers Doomsday is going to print money.Drop questions in the YouTube comments. Join the Discord.

Entrepreneur and author Steve Vesce comes on to talk about his book, One Ordinary Man: A Novel Based on the True Story of Harry Hopkins. Mr. Vesce follows Hopkins as he get intertwined in ever larger events, first the Great Depression and then helping to form The Big Three: FDR, Churchill and Stalin. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode of Scaling UP! H2O, host Trace Blackmore sits down with workplace resilience expert and U.S. Marine veteran Tiffany Wentz‑Root to decode how different generations show up in the industrial water treatment industry. From the Silent Generation's post‑war loyalties through Baby Boomers' commitment to long hours, Gen X's distrust of corporate loyalty, Millennials' desire for purpose and feedback, and Gen Z's demand for emotional literacy, the conversation illustrates how each cohort was shaped by historical and technological upheaval. The discussion reframes "hustle culture" and argues that a focus on mental health and values alignment can increase retention and performance. Generations and the events that shaped them Tiffany explains that generations are roughly 20–30 year cohorts defined by shared formative experiences. The Silent Generation (1928‑45) endured the Great Depression and World War II; Baby Boomers (1946‑64) were taught loyalty and stability; Gen X (1965‑80) witnessed mass layoffs and became fiercely independent; Millennials (1981‑96) were helicopter parented and accustomed to participation trophies; and Gen Z (1997‑2012) grew up online, socializing via games and apps and weathering school shootings and a pandemic. These histories explain why Baby Boomers and Gen X equate "hard work" with hours logged, whereas Millennials and Gen Z measure effort by pride, alignment and emotional impact. Gen Z's exposure to constant online crises makes them the "anxious and afraid generation" with record rates of anxiety and depression, highlighting the need for supportive leadership.   Hustle culture versus emotional literacy The conversation challenges the idea that toughness equals success. Wentz‑Root stresses that leaders must "stop prizing strength" and recognize that feeling and processing emotions is hard work. She advocates for environments where people can bring their whole selves to work rather than suppressing feelings in order to conform to traditional hustle culture. She notes that Gen Z sees phone calls as "prehistoric" and prefers to communicate via apps like Snapchat or Discord, so older professionals should adapt their communication style—using fewer capital letters, punctuation and more emojis or GIFs—to avoid appearing angry or dismissive. For water treatment companies seeking to recruit young professionals, she urges them to articulate company values and support mental health, because Gen Z will leave if work doesn't align with their skills or passions. Practical strategies for leaders and organizations To bridge the generational divide, Wentz‑Root proposes creating a "social contract": a collaboratively defined set of values, behaviors and communication norms that are revisited regularly. Such agreements encourage teams to discuss how they prefer to give and receive feedback, when to use Slack versus meetings, and what good work looks like across ages. She also recommends structured cross‑mentorship, matching senior employees who are nearing retirement with junior colleagues based on skills rather than age, so institutional knowledge isn't lost. She cautions against judging younger staff as entitled or weak; rather, leaders should ask why behaviors exist and treat differences as strengths. Lastly, she reminds Baby Boomers and Gen Xers that sharing decades of hard‑earned experience with Gen Z isn't charity—it's how you build a legacy and ensure the industry thrives. For water‑treatment professionals, recognizing that "different doesn't mean wrong" can unlock better collaboration, innovation and resilience. By replacing judgment with curiosity, establishing social contracts and mentorship programs, and adapting communication to younger workers, leaders can turn generational tension into an asset. Listen to the full conversation above. Explore related episodes below. Stay engaged, keep learning, and continue scaling up your knowledge! Timestamps 02:32 — Trace Blackmore introduces the episode and sets the context: exploring generational dynamics in the industrial water treatment community 09:20 — Tiffany Wentz‑Root introduces herself as a Marine Corps veteran and therapist who helps corporations improve communication, empathy and resilience. 15:07 — Definition of a "generation" and how cohort boundaries from Silent Generation to Gen Alpha are defined 18:06 — Examination of how Baby Boomers were taught loyalty and work stability, Gen X learned independence after witnessing mass layoffs, and Millennials received participation trophies and craved feedback 00:24:33 — Wentz‑Root calls for leaders to stop equating strength with suppressing emotion; feeling and processing emotions is difficult work 25:02 — Gen Z is described as the anxious and afraid generation with record levels of anxiety, depression and suicide, shaped by school shootings and constant online news 27:03 — Contrasting COVID experiences: Trace led a team through uncertainty, while Tiffany's son saw the lockdown as "awesome" because he stayed home playing games. 28:41 — Discussion of how Gen Z socializes through apps like Snapchat, Discord and Steam; texting is archaic and phone calls are "prehistoric" 32:09 — Panel reflections: Baby Boomers and Gen X define hard work by hours worked, Millennials by pride in results, and Gen Z by alignment with skills and passions 33:37 — Tiffany emphasizes that "different doesn't mean wrong," urging listeners to see younger workers' needs as strengths 40:26 — Introduction of social contracts: teams co‑create values, behaviors and communication norms to bridge generational expectations 42:42 — The role of cross‑generational mentorship; match people by skill and career stage, not age, and leverage Gen Z's expertise with tech and communication platforms 01:13:26 — Trace's closing reflections: in male‑dominated, hustle‑driven industries, ignoring emotions isn't sustainable; sharing knowledge now ensures a legacy and a thriving future   Quotes "We need to stop prizing strength first and foremost. We need to understand that emotions are very difficult to face. To feel your feelings, to name them, to process them—that's hard" "When I asked, 'What's your definition of hard work?' the baby boomer said, 'I put in a lot of hours.' Gen X said, 'I put in a lot of hours.' Millennials said, 'I get the job done and I'm proud of it.' Gen Z said, 'It's when the work that I've done aligns with my skills and my passions, and I feel good about what I did'" "Judgment kills curiosity … When I see someone of a different generation with a different way of communicating, I automatically go, 'That's bad, that's weird.' Instead, I want you to step into curiosity and say, 'Why would they do that? What happened in their life that shaped them to be this person?'"   Connect with Tiffany Wentz-Root Phone: (425) 359-5088 Email: tiffany@resilientroots.com Website: resilientroots.com  LinkedIn: https://www.linkedin.com/in/tiffanywentz-root/    Guest Resources Mentioned  Generational Diversity Outline  Bridging the Gap: Navigating Generational Diversity at Work 17776: What football will look like in the future by Jon Bois Pity the Reader: On Writing with Style (Paperback) by Kurt Vonnegut (Author), Suzanne McConnell (Author) Washington's Farewell: The Founding Father's Warning to Future Generations by John Avlon   Scaling UP! H2O Resources Mentioned  AWT (Association of Water Technologies)  Scaling UP! H2O Academy video courses  Submit a Show Idea  The Rising Tide Mastermind    Words of Water with James McDonald Today's definition is an ion with a net negative charge, formed when an atom or molecule gains one or more electrons. Examples include bicarbonate, chloride, and sulfate. Can you guess the word or phrase?   2026 Events for Water Professionals  Check out our Scaling UP! H2O Events Calendar where we've listed every event Water Treaters should be aware of by clicking HERE.   

This Day in Legal History: Congress Repeals the Gold ClauseOn this day in 1933, Congress passed the Joint Resolution that voided the gold clauses written into nearly every long-term contract and bond obligation in the United States, both public and private. The resolution declared that any provision purporting to require payment “in gold or a particular kind of coin or currency” was “against public policy,” and that obligations could be discharged dollar for dollar in whatever legal tender currency was in force at the time of payment. It was a remarkable act of legislative power: a one-paragraph statute that rewrote the payment terms of millions of existing contracts overnight, in the middle of the Great Depression, to make Franklin Roosevelt's recent abandonment of the gold standard actually stick. The Supreme Court took up the inevitable challenge two years later in the Gold Clause Cases — Norman v. Baltimore & Ohio, Nortz v. United States, and Perry v. United States — and in February 1935 it upheld the resolution as applied to private contracts by a 5-4 vote, while telling the United States, in Perry, that it had violated its own contractual word in repudiating gold-payment promises on government bonds, but that the bondholder had suffered no compensable injury. The doctrinal residue of that compromise is still with us: Congress can use its monetary powers to alter private contract terms retroactively when monetary policy requires it, the rule that has quietly underwritten every major monetary intervention since, from Bretton Woods to the post-2008 emergency lending programs. June 5 is not a day most lawyers mark on the calendar, but the resolution Congress passed on this date is one of the cleanest examples in American law of a legislature using its enumerated powers to dissolve a contract term that had been considered, until that moment, untouchable.The Supreme Court on Thursday handed Hikma Pharmaceuticals — and the entire generic drug industry — a 9-0 win in a case that had been hanging over the so-called “skinny label” pathway for years. Justice Ketanji Brown Jackson, writing for a unanimous Court in Hikma Pharmaceuticals USA Inc. v. Amarin Pharma, Inc., held that Amarin, the maker of the brand-name fish-oil drug Vascepa, had not plausibly alleged that Hikma actively induced infringement of Amarin's patents covering a still-patented cardiovascular use of the drug. The skinny label is a feature of Hatch-Waxman generic-drug law that lets a generic manufacturer copy only the unpatented uses of a brand drug by literally carving the patented uses out of its FDA-approved label, which is supposed to let cheaper generics reach the market for the unpatented indications even while patents on other indications are still in force. Brand companies have been trying for years to sue around that carve-out under the active inducement statute, 35 U.S.C. § 271(b), by pointing to generic press releases, marketing language, or website descriptions and arguing that doctors could read those statements as encouragement to prescribe the generic for the still-patented use. The Federal Circuit had bought a version of that argument and revived Amarin's case. The Supreme Court rejected that approach, and the test that Justice Jackson articulated is meaningful: the question is not how doctors might interpret what a generic manufacturer said, but whether the manufacturer itself actively encouraged the infringing use. Neutral statements that could be read as instructions to infringe do not count. The practical effect is to shore up the skinny label pathway and make it harder for brand companies to weaponize induced infringement against generic competition. The decision was originally framed as a pharmaceutical-industry case, but its inducement standard will reach across patent law generally and into every industry where § 271(b) gets litigated.It's unanimous: SCOTUS agrees with Hikma in ‘skinny label' case vs. Amarin | Fierce PharmaAlso unanimous on Thursday: the Supreme Court in Sripetch v. SEC held that the Securities and Exchange Commission can obtain disgorgement of a wrongdoer's ill-gotten gains without having to prove that any individual investor lost money. Justice Neil Gorsuch wrote the opinion for a 9-0 Court, which is itself a small surprise given the Court's recent pattern of skepticism toward broad SEC remedial powers. The case came out of a penny-stock pump-and-dump scheme that Ongkaruck Sripetch ran across some 20 small companies — buy shares quietly, promote them aggressively, sell into the bubble — and the SEC won an order requiring him to disgorge roughly $3 million. Sripetch's argument on appeal was that disgorgement is supposed to be tied to investor harm, that the SEC had not shown specific pecuniary losses traceable to him, and that the order was therefore not the kind of equitable relief the Court approved in its 2020 Liu v. SEC decision. The Court disagreed, on traditional equity principles: disgorgement, the Court explained, is measured by the defendant's unjust gain, not the plaintiff's quantified loss, and equity has always been willing to strip a wrongdoer of profit even when the victim cannot mathematically prove harm. The practical importance for the SEC is enormous — the agency reports collecting roughly $1.4 billion in disgorgement in fiscal 2025 alone, and a contrary ruling would have forced the SEC into an evidentiary burden that pump-and-dump and insider-trading cases are notoriously bad at supplying. The opinion is also a reminder that the Court's recent administrative-state skepticism is not all in one direction: when the question is grounded in old equity doctrine, the same justices who narrowed SEC adjudication in Jarkesy are willing to leave the agency's remedial toolkit intact.US Supreme Court Backs SEC in Fight Over ‘Disgorgement' Power | US NewsThe third and most constitutionally significant of Thursday's rulings was FCC v. AT&T, in which the Supreme Court upheld 8-1 the Federal Communications Commission's longstanding practice of imposing forfeiture penalties on regulated carriers through its own in-house process, without first giving the carrier a jury trial. Chief Justice John Roberts wrote the majority, with Justice Clarence Thomas the lone dissenter. The case grew out of the FCC's headline-making fines against AT&T, Verizon, T-Mobile, and Sprint for selling access to real-time customer location data to third parties without consent — fines that ran nearly $200 million across the four carriers, with AT&T's portion at $57 million and Verizon's at $46.9 million. The carriers challenged the fines on Seventh Amendment grounds, arguing that the Court's 2024 decision in SEC v. Jarkesy — which struck down the SEC's in-house adjudication of securities-fraud penalties as a violation of the jury-trial right — should reach FCC forfeitures too. The Court said no, on a structural distinction that matters: an FCC forfeiture order is not self-executing. The FCC cannot collect on its own. If a carrier refuses to pay, the matter is referred to the Justice Department, which then has to file a civil action in federal district court — a proceeding in which the carrier is entitled to a full jury trial and the government has to prove the violation de novo, with no deference to the FCC's findings. That collection-stage jury trial, Roberts wrote, is enough to satisfy the Seventh Amendment, even though the agency itself first issues the penalty. Justice Thomas's dissent argued the in-house process is no less coercive than the SEC adjudication the Court rejected in Jarkesy and would have extended Jarkesy here. The practical takeaway: agency in-house penalty proceedings survive after Jarkesy if there is a real, downstream jury-trial backstop. Expect every regulator with a similar two-step enforcement structure to point to this opinion the next time someone tries to push Jarkesy further.Court rules against cell service providers over right to jury trial in FCC proceedings | SCOTUSblog This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns.   Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about investing at all-time highs. (0:03:58) The Japanese bubble and crash as one of history's biggest market anomalies. (0:05:39) Why Japan's long-term returns look very different when viewed over 50 years. (0:06:27) Lessons from the Great Depression and the worst stock market crash in U.S. history. (0:07:43) Why the best long-term returns often follow the worst crashes. (0:08:53) The role of diversification and self-awareness in managing portfolio risk. (0:09:55) Defining investment success by achieving personal goals—not beating benchmarks. (0:10:42) Why inflation feels so painful psychologically for investors and households. (0:11:42) Ben's three favorite long-term inflation hedges: human capital, housing, and stocks. (0:13:47) Why market timing is psychologically seductive—and so difficult to execute successfully. (0:15:00) Why handling losses is the single most important skill in investing. (0:16:13) How devastating the economic side of the Great Depression really was. (0:18:49) What policymakers learned from the Great Depression and 2008. (0:20:39) The difference between recessionary and non-recessionary bear markets. (0:21:52) Why the biggest up days and down days tend to cluster together in bear markets. (0:23:18) Preparing for inevitable bear markets with a durable long-term plan. (0:25:07) Why the stock market and the economy can diverge dramatically. (0:28:10) The difference between volatility and risk—and why risk is often personal. (0:29:37) Why comparing the stock market to a casino is fundamentally wrong. (0:31:55) How modern investing platforms encourage speculative behavior. (0:33:18) How extreme Japan's 1980s asset bubble became before collapsing. (0:35:43) The most important diversification lessons from Japan's lost decades. (0:37:39) How common "lost decades" actually are in stock market history. (0:40:58) Three dimensions of diversification: geography, asset class, and strategy. (0:41:53) Why there is no perfect portfolio—only the right portfolio for you. (0:42:52) Common ways investors lose money in markets. (0:44:03) Why investors should be skeptical of billionaire market predictions. (0:45:57) Ben's evolving definition of success and raising good, kind children.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

──────────────────────────────────────── [00:03:00] AI-Reconstructed Inflation Data: The Dollar Has Lost 81% of Its 1980 Value — Official CPI Admits Only 74% The Reality Index strips hedonic adjustments and owner's equivalent rent: $1 in 1980 now buys 19 cents — official CPI says 26; since COVID alone the loss is 40–50%. ──────────────────────────────────────── [00:15:00] Official Recession Is Two Negative Quarters — We've Had Negative Growth in Almost Every Quarter Since 2022 Brownstone's Jeffrey Tucker: cumulative economic losses since 2020 are already roughly half the entire Great Depression — concealed entirely by manipulated government statistics. ──────────────────────────────────────── [00:25:00] Kevin Warsh Will Measure Inflation With 'Trimmed Mean PCE' — a New Metric That Removes All the Bad Data Knight: the formula has changed eight times in 35 years, always minimizing the true rate of price increases — and Warsh has already announced publicly how he intends to rig it again. ──────────────────────────────────────── [00:38:00] Only 20 S&P Stocks Hit Records — Identical to the Dot-Com Peak When 7 of the 20 Were Internet-Related Bank of America's Hartnett: the market is narrowly focused on one hopium industry producing no revenue — concentration levels almost identical to March 2000, with AI replacing internet stocks. ──────────────────────────────────────── [00:50:00] Trump Drops the $1.776 Billion Slush Fund — But the IRS Immunity Addendum That Saves His Family $100 Million Stays Todd Blanche testified he is 'not moving forward with the fund' — but neither he nor his deputy would put the IRS immunity provision in writing or formally reverse it. ──────────────────────────────────────── [01:02:00] Blanche Shows Congress the Epstein Co-Conspirator Files — They Are Almost Entirely Blacked Out A congressman said he nearly ran out of black ink in the hallway — the co-conspirator files are so heavily redacted the American people are told nothing about who Epstein worked with. ──────────────────────────────────────── [01:12:00] Trump Wants His Face on the $250 Bill — an 1866 Law Bans Living Persons From Currency, Congress Is Moving to Change It Trump's image already appears on park passes, passports, and federal building banners — visitors covering his face on park passes are warned they'll be invalidated. ──────────────────────────────────────── [01:24:00] UK Bodycam: Police Handcuffed a Stabbing Victim and Let Him Bleed Out for an Hour Henry told officers nine times he could not breathe and four times he had been stabbed — one officer said 'I don't think you have, mate'; he was formally arrested for assault and died before anyone believed him. ──────────────────────────────────────── [01:47:00] Gerald Celente: We Are Already in Stagflation and It Will Become Dragflation — the Global Economy Has Not Recovered From COVID Celente: Germany, France, UK — every major economy declining; Powell denied inflation; Yellen called it transitory; 2020 money printing is the root cause of everything now hitting. ──────────────────────────────────────── [01:58:00] Celente Reads Trump's Iran War Lie Timeline: 'A Whole Civilization Will Die Tonight' — Then Ceasefire — Then Iran Fired Missiles March 7: 'They'll cry uncle.' April 7: 'A whole civilization will die tonight.' Rubio announced ceasefire talks — Iran fired missiles at a US base that night. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

──────────────────────────────────────── [00:03:00] AI-Reconstructed Inflation Data: The Dollar Has Lost 81% of Its 1980 Value — Official CPI Admits Only 74% The Reality Index strips hedonic adjustments and owner's equivalent rent: $1 in 1980 now buys 19 cents — official CPI says 26; since COVID alone the loss is 40–50%. ──────────────────────────────────────── [00:15:00] Official Recession Is Two Negative Quarters — We've Had Negative Growth in Almost Every Quarter Since 2022 Brownstone's Jeffrey Tucker: cumulative economic losses since 2020 are already roughly half the entire Great Depression — concealed entirely by manipulated government statistics. ──────────────────────────────────────── [00:25:00] Kevin Warsh Will Measure Inflation With 'Trimmed Mean PCE' — a New Metric That Removes All the Bad Data Knight: the formula has changed eight times in 35 years, always minimizing the true rate of price increases — and Warsh has already announced publicly how he intends to rig it again. ──────────────────────────────────────── [00:38:00] Only 20 S&P Stocks Hit Records — Identical to the Dot-Com Peak When 7 of the 20 Were Internet-Related Bank of America's Hartnett: the market is narrowly focused on one hopium industry producing no revenue — concentration levels almost identical to March 2000, with AI replacing internet stocks. ──────────────────────────────────────── [00:50:00] Trump Drops the $1.776 Billion Slush Fund — But the IRS Immunity Addendum That Saves His Family $100 Million Stays Todd Blanche testified he is 'not moving forward with the fund' — but neither he nor his deputy would put the IRS immunity provision in writing or formally reverse it. ──────────────────────────────────────── [01:02:00] Blanche Shows Congress the Epstein Co-Conspirator Files — They Are Almost Entirely Blacked Out A congressman said he nearly ran out of black ink in the hallway — the co-conspirator files are so heavily redacted the American people are told nothing about who Epstein worked with. ──────────────────────────────────────── [01:12:00] Trump Wants His Face on the $250 Bill — an 1866 Law Bans Living Persons From Currency, Congress Is Moving to Change It Trump's image already appears on park passes, passports, and federal building banners — visitors covering his face on park passes are warned they'll be invalidated. ──────────────────────────────────────── [01:24:00] UK Bodycam: Police Handcuffed a Stabbing Victim and Let Him Bleed Out for an Hour Henry told officers nine times he could not breathe and four times he had been stabbed — one officer said 'I don't think you have, mate'; he was formally arrested for assault and died before anyone believed him. ──────────────────────────────────────── [01:47:00] Gerald Celente: We Are Already in Stagflation and It Will Become Dragflation — the Global Economy Has Not Recovered From COVID Celente: Germany, France, UK — every major economy declining; Powell denied inflation; Yellen called it transitory; 2020 money printing is the root cause of everything now hitting. ──────────────────────────────────────── [01:58:00] Celente Reads Trump's Iran War Lie Timeline: 'A Whole Civilization Will Die Tonight' — Then Ceasefire — Then Iran Fired Missiles March 7: 'They'll cry uncle.' April 7: 'A whole civilization will die tonight.' Rubio announced ceasefire talks — Iran fired missiles at a US base that night. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the legacy of President Franklin Roosevelt before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. In the midst of the Great Depression, Americans turned to Franklin Delano Roosevelt and his New Deal. The bevy of programs and new government agencies created under FDR did not solve the problems resulting from economic depression.See omnystudio.com/listener for privacy information.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the legacy of President Franklin Roosevelt before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. In the midst of the Great Depression, Americans turned to Franklin Delano Roosevelt and his New Deal. The bevy of programs and new government agencies created under FDR did not solve the problems resulting from economic depression.See omnystudio.com/listener for privacy information.

THE FIRST ALL-STAR GAME with author Randall Sullivan What happens when a botched assassination attempt on a president, the “Outfit,” the Great Depression, and the Legend of Babe Ruth collide in Chicago? Author Randall Sullivan reveals how the first so-called “Game of the Century” helped pull America out of its darkest era. Discover the untold history of baseball's first All-Star Game and the legends that shaped the sport. In 1933, an assassin fired six bullets at President-elect Franklin D. Roosevelt in Miami. Every single bullet missed FDR, but they fatally struck Chicago Mayor Anton Cermak. Out of the political chaos of that assassination, a city's desperation to escape the shadow of Al Capone's crime syndicate, and the darkest, most terrifying days of the Great Depression, an unbelievable gamble was born. To save the city's morale, a new mayor and a sports editor dreamed up the ultimate distraction: the first Major League Baseball All-Star Game. The Book THE FIRST ALL-STAR GAME: Babe Ruth, FDR, and America at the Crossroads (Atlantic Monthly Press, June 2, 2026) Summary Brian O'Leary sits down with three-time Pulitzer Prize nominee Randall Sullivan to discuss his new book, THE FIRST ALL-STAR GAME: Babe Ruth, FDR, and America at the Crossroads (Atlantic Monthly Press, June 2, 2026). Sullivan explains that the book was born from his discouragement over modern political polarization, leading him to research how the United States survived the Great Depression. The conversation traces the chain reaction of events that created the 1933 Chicago World's Fair and the first-ever All-Star Game. This includes a Miami assassination attempt on President-elect Franklin D. Roosevelt that resulted in the death of Chicago Mayor Anton Cermak. Throughout the episode, we dive into the towering mythos of Babe Ruth, noting that his absence in 1925 caused American League attendance to plummet. We also explore the cultural fallout of the 1919 Black Sox scandal, the iron-fisted rule of Commissioner Kenesaw Mountain Landis, and the forgotten legacies of players like Chuck Klein and Lefty O'Doul. Key Takeaways The Origins of the All-Star Game: The 1933 game was staged as a one-off exhibition for the Chicago World's Fair. It was pitched by sports editor Arch Ward to Mayor Edward Nash to boost morale after Mayor Cermak's tragic death. Babe Ruth's Unmatched Stardom: Ruth's absence due to illness in 1925 caused American League attendance to drop by 34%. Furthermore, he holds the top three WAR (Wins Above Replacement) seasons in Major League history. That's just the tip of the iceberg of the Ruthian Legend (and reality). The Black Sox Legacy: The 1919 scandal resulted in a complicated trial where players were acquitted by a working-class jury. However, Judge Landis later banned them for life, restoring baseball's image in the eyes of the outraged American public. Overlooked Baseball Legends: Sullivan argues that Lefty O'Doul deserves Hall of Fame recognition. O'Doul not only hit .398 with 254 hits in a 154-game season, but he was also instrumental in bringing baseball to Japan and in developing it there. Chapters Introduction to Randall Sullivan and his new book, The First All-Star Game. Finding inspiration in America's resilience during the Great Depression. FDR's assassination attempt and its connection to the Chicago World's Fair. The creation of the “Game of the Century” by Arch Ward. Babe Ruth's towering legacy and massive impact on baseball attendance. The 1919 Black Sox scandal trial and Judge Kenesaw Mountain Landis. Unfairly judged players: The forgotten greatness of Chuck Klein. Why Lefty O'Doul deserves a spot in the Baseball Hall of Fame. Final thoughts on the historical significance of the 1933 All-Star Game. Memorable Quotes “If Michael Jordan had been injured in a season, maybe NBA attendance would've dropped by 3.4%… but without Babe Ruth, it dropped by 34%.” – Randall Sullivan “I want people to understand… that this was more than a game. And it was more than the inauguration of a tradition. It was a turning point in American history.” – Randall Sullivan Resources Mentioned THE FIRST ALL-STAR GAME: Babe Ruth, FDR, and America at the Crossroads (Atlantic Monthly Press, June 2, 2026). By Randall Sullivan The Big Fella: Babe Ruth and the World He Created. By Jane Leavy The Called Shot: Babe Ruth, the Chicago Cubs, and the Unforgettable Major League Baseball Season of 1932. By Thomas Wolf Baseball in the Roaring Twenties: The Yankees, the Cardinals, and the Captivating 1926 Season. By Thomas Wolf Eight Men Out (1988 Film). Arch: A Promoter, Not a Poet : The Story of Arch Ward. By Thomas B. Littlewood Relevant Content published at UNRELENTING – The O'Leary Review Thomas Wolf on The Brian D. O'Leary Show. Discussion on BASEBALL IN THE ROARING TWENTIES. (September 30, 2025) Is this still baseball? How the All-Star Game lost its heart. MLB's shift toward speed and sponsorship is eroding America's Game, but fans don't have to take it lying down (July 15, 2025) What the History Books Scrubbed from the 1927 Yankees. Forget the sanitized myths of the 1927 Yankees. Before Murderer's Row became immortal, they were hot-headed brawlers fueled by bizarre blunders, petty feuds, and a morning diet of warm blood. (October 3, 2025) Cubs Announcer Became President Thanks to Baseball. Before Ronald Reagan saved the free world from Soviet nuclear annihilation, he was a $75-per-week radio announcer recreating Cubs games hundreds of miles from Wrigley Field. (October 4, 2025) How a Utility Infielder Eavesdropped His Way to Oblivion. Fred McMullin (one of the “Eight Men Out”) and the fatal price of the shortcut. (May 19, 2026) Refuse the Sanitized Version of America. Join UNRELENTING. If today's unvarnished look at baseball's gritty past resonated with you, step into the inner circle. UNRELENTING – The O'Leary Review is a relentless defense of our cultural heritage, athletic tradition, and economic independence against elites who seek to sanitize our history. Support the Mission & Enter The Junto Upgrade to a paid subscription to access our private council and unlock our entire historical archive. The Monthly Option ($14.99/month or $100/year): Get unrestricted access to The Junto (our private community for real-time strategy), the Full Vault of locked essays and podcasts, monthly strategic briefs, and our curated reading list. Founding Member ($497/year) — Strictly limited to 20 members: Get all previous benefits, plus four private 1:1 strategy consultations per year to refine your business or copy, and priority access to all future products. Let's reverse the decline. Upgrade Your Subscription Here: https://briandoleary.substack.com/subscribe

“Be optimistic about the boom, but don't buy the stock.” — Liaquat Ahamed on the AI bubble Yesterday, Alexander Starritt argued that the 2008 financial crash ruined the lives of his generation. But compared with the great crash of 1873, 2008 looks like a tremor. The Pulitzer Prize-winning economic historian Liaquat Ahamed has a new book out today, 1873, which presents this 19th century economic crash as the first truly global financial crisis. In 1870, three globalising infrastructure projects were completed in quick succession: the US transcontinental railroad, the Suez Canal, and the Trans-India railroad linking Bombay to Calcutta. Into this newly integrated global economy, the Franco-Prussian War injected a trillion-dollar-equivalent indemnity that the Rothschilds helped France raise — and the resulting dramatic capital flows produced three simultaneous bubbles in Berlin, Vienna, and New York. A French journalist named Jules Verne worked out that for the first time, you could circumnavigate the globe in less than eighty days. Around the world in one global economic crisis. The lesson for posterity, Ahamed warns, is that the authorities made a catastrophic error by doubling down on the gold standard, producing decades of deflation that triggered an anti-semitic and anti-globalist populism, and ultimately led to the Great Depression of the 1930s. So what does that tell us about today's AI boom, which is about to be rocketed by three trillion-dollar IPOs? Be optimistic about the boom, the wise Ahamed says. But don't buy the stock. Five Takeaways •       Jules Verne and the First Global Economy: In 1870, three iconic infrastructure projects were completed: the US transcontinental railroad, the Suez Canal, and the Trans-India railroad linking Bombay to Calcutta. A French newspaper noted that for the first time, a traveller could circle the globe in less than eighty days. Jules Verne read the article and found his next novel. The point for Ahamed: this moment marked the creation of a genuinely integrated global economy for the first time in history. And with global integration came the first global financial crisis. The boom of the 1850s and 1860s was not irrational. It reflected real economic growth. The crash came from what happened next. •       The Trillion-Dollar Indemnity and Three Simultaneous Bubbles: Under the peace treaty ending the Franco-Prussian War, France was required to pay Germany an indemnity worth the equivalent of $1.2 trillion in today's money. With the help of the Rothschilds, France raised this sum in six months. The resulting capital injection caused the Berlin and Vienna equity markets to rise 200–300 percent. Simultaneously, European capital fleeing the war flowed into US railroad construction, inflating that bubble further. A third bubble formed in foreign borrowing on the London capital markets, as money chased yield in countries that should never have been given credit. Three bubbles, one crash. •       The Wrong Lesson from 1873: Gold Standard Orthodoxy: When the crash came, the authorities made a catastrophic error: they concluded that the gold standard had worked because the 1850s and 1860s boom had happened under it. They failed to see that the crash itself was partly produced by the gold standard's rigidities. The resulting decade of deflation crushed farmers, debtors, and ordinary people across Europe and America, fuelling anti-globalist populism. The same orthodoxy — applied by Montagu Norman and others in the 1920s — helped cause the Great Depression. We always fight the last war. •       The Rothschilds: Scapegoated Despite Being Innocent: The Rothschilds were at the centre of the 1873 boom as the world's leading bond underwriters. Presciently, they kept a low profile during the most speculative phase of the bubble. When the crash came, they were viciously scapegoated — part of the wave of antisemitism that swept Europe in the wake of the depression. Ahamed's irony: the Rothschilds were blamed for a crisis they had been cautious enough to partially avoid. The story of 1873 is, among other things, a story of how financial panic turns into political persecution. •       The AI Boom: Be Optimistic, Don't Buy the Stock: Andrew's final question: should we buy Anthropic and OpenAI when they go public? Ahamed's answer, via the lesson of every bubble from 1873 to 1929 to the dot-com era: bull markets are usually driven by real fundamentals — until the last phase, when they become untethered. The 1920s were rational until 1927; the dot-com era was rational until 1997. The dilemma: the last irrational phase may still produce 40 percent gains. Ahamed's advice: be optimistic about the AI boom. It reflects real productivity growth. But don't buy the stock. About the Guest Liaquat Ahamed is a financial historian and investment manager. He graduated with degrees in economics from Cambridge and Harvard, worked at the World Bank in Washington, D.C., and had a twenty-five-year career as a professional investment manager based in London and New York before turning to writing. He is the author of 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (Penguin Press, June 2, 2026) and Lords of Finance: The Bankers Who Broke the World (winner of the 2010 Pulitzer Prize, the Council on Foreign Relations Arthur Ross Gold Medal, and the Financial Times Best Business Book of the Year). He lives in Washington, D.C. References: •       1873: The Rothschilds, the First Great Depression, and the Making of the Modern World by Liaquat Ahamed (Penguin Press, June 2, 2026). •       Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed (Penguin Press, 2009) — the Pulitzer Prize-winning predecessor, referenced throughout. •       Episode 2928: Alexander Starritt on Drayton and Mackenzie — directly referenced at the opening; the 2008 companion. •       James Surowiecki, “Why Stocks Keep Going Up,” The Atlantic — referenced in the final exchange. About Keen On America Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting. WebsiteSubstack

GET HEIRLOOM SEEDS & NON GMO SURVIVAL FOOD HERE: https://heavensharvest.com/wam USE Code WAM to save 25% plus free shipping! USE Code WAM50 for 50% off on select items like the #10 cans & MRE packs! Pledge here! Just a dollar a month can help keep us alive! https://www.patreon.com/user?u=2652072&ty=h&u=2652072 EXCLUSIVE replays of hour plus long live shows are available here at $5 a month or more! BUY GOLD HERE: https://firstnationalbullion.com/schedule-consult/ Avoid CBDCs! GET 10% OFF ON SHILAJIT FROM DR. KAUFMAN WHEN YOU USE CODE WAM10 HERE: https://medauthentica.com/discount/WAM10?redirect=/products/authentica-shilajit%3Fsca_ref=10867124.wrNV3jkYSaMg9 HELP SUPPORT US AS WE DOCUMENT HISTORY HERE: https://gogetfunding.com/help-keep-wam-alive/# Josh Sigurdson reports on the massive shortages worldwide from the Strait of Hormuz crisis to the droughts and restrictive government mandates as "Energy Lockdowns" are drafted to force people into a digital ration based system. Wheat prices are about to skyrocket to due historic shortages and that is going to affect so many other foods on the shelves. Farmers are speaking out saying they're having the "worst wheat crops in decades" which goes all the way back to the 1950s. Similarly, there is a record cattle head shortage going back to 1952 as well. The population of earth was about one eighth back then of what it is today. Potato prices are exploding higher than ever before and sulfuric acid is in a deficit. Experts like Jeff Currie are warning that this is much worse than people are making it out to be. In the coming couple of months, people will see the largest damaging effects of this international shortage yet, from engine oil to food and gas prices. Not to mention manufactured water shortages from data centers. As Currie points out, most have no idea the magnitude of this problem because they aren't out dealing with bushels of wheat or working with refineries daily. Meanwhile, according to Chris Martenson, the world will have to function on the same amount of oil it had in 2010. When we consider the inflation adjusted basis, this means the economy would have to shrink by 50%. This is equal to the Great Depression. The difference is that now most people are far more dependent than in 1929. With the Iran War continuing and new breaking news of attacks between Iran, the United States, Kuwait and Bahrain, this is only going to escalate. Add in already existing energy lockdown mandates that would force you inside, eating ration food and restricted from traveling anywhere, then add in the issue of the Lone Star Tick and meat allergies with Alpha Gal Syndrome, then add in the lab grown meat being pushed forward as a replacement, it couldn't be more obvious that we are walking lockstep into the new digital ration system, utilizing these manufactured crises as an "excuse." Prepare yourselves! Stay tuned for more from WAM! GET YOUR WAV WATCH HERE: https://buy.wavwatch.com/WAM Use Code WAM to save $100 and purchase amazing healing frequency technology! Get Your SUPER-SUPPLIMENTS HERE: https://vni.life/wam Use Code WAM15 & Save 15%! Life changing formulas you can't find anywhere else! Get local, healthy, pasture raised meat delivered to your door here: https://wildpastures.com/promos/save-20-for-life/bonus15?oid=6&affid=321 USE THE LINK & get 20% off for life and $15 off your first box! DITCH YOUR DOCTOR! https://www.livelongerformula.com/wam Get a natural health practitioner and work with Christian Yordanov! Mention WAM and get a FREE masterclass! You will ALSO get a FREE metabolic function assessment! GET YOUR APRICOT SEEDS at the life-saving Richardson Nutritional Center HERE: https://rncstore.com/r?id=bg8qc1 Use code JOSH to save money! PayPal: ancientwonderstelevision@gmail.com FIND OUR CoinTree page here: https://cointr.ee/joshsigurdson PURCHASE MERECHANDISE HERE: https://world-alternative-media.creator-spring.com/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-alternative-media For subscriber only content! BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2026

This week we kick off Pride 2026 with a look at the sapphic doom of Dracula's Daughter, the sequel to the landmark horror movie, 1931's Dracula. The 30's was rough on everyone being that we were smack dab in the middle of The Great Depression so taking wild chances on vanity projects was bad for business. Not to be outdone in the realm of bad business decisions, Universal Studios took on two ill-advised projects that put the future of the studio in jeopardy. With the Laemmle family out of the picture, the studio committed to a sequel to one of its biggest hits of the decade and put it in the hands of the horniest writers in Hollywood who asked what if our movie's vampire was also haunted by her desire for women? Dracula's Daughter finds the titular woman in London immediately following the destruction of her father by Abraham Van Helsing. She steals his body, ritually destroys it, and then finds herself still unable to resist hunting London's young women. Desperate, she turns to a psychiatrist to free her from her diabolical curse, being a lesbian. Get Physical Media Booklet Essay featuring Dave's Werewolf Women of the SS essay here: https://www.seanabley.com/store/ Get your own Bring Me The Axe! Pride shirt here: https://www.bonfire.com/wickedqueeraxe/ Join the Bring Me The Axe Discord: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://discord.gg/snkxuxzJ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Support Bring Me The Axe! on Patreon:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://patreon.com/bringmetheaxepod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Buy Bring Me The Axe merch here:⁠⁠⁠⁠⁠ https://www.bonfire.com/store/bring-me-the-axe-podcast/

In this episode, we explore the rise and fall of Rolf Harris — from his beginnings in Perth during the Great Depression to becoming one of the most recognisable entertainers in Britain and across the Commonwealth.Join Holly and Matthew as they follow Harris through the early days of television, novelty music, children's entertainment, painting, the wobble board, and the strange cultural landscape of post-war Britain, examining how an Australian performer became a trusted household figure for generations of audiences.But alongside that public image ran a much darker story.This episode also examines the allegations, convictions, and testimonies that emerged later in Harris's life, including the broader context of Britain's entertainment industry, Operation Yewtree, and the culture that allowed powerful figures to avoid scrutiny for decades.This episode contains discussion of child sexual abuse, grooming, and exploitation.Become a supporter of this podcast: https://www.spreaker.com/podcast/weird-crap-in-australia--2968350/support.

Are we in the middle of one of the greatest bull markets of our lifetime?In this episode, Robert Ross zooms out from the daily noise around earnings, Fed meetings, wars, tariffs, oil shocks, and market volatility to explain his “100-year market cycle” framework. Since the Great Depression, stocks have moved through long secular bull and bear markets, with each major bull cycle powered by a new wave of economic development.Today, Robert argues that artificial intelligence is the force driving the next phase of this secular bull market. He explains why this looks more like the middle of a long-term cycle than the end, why earnings growth matters more than bubble narratives, and why the S&P 500 could have far more upside if this cycle resembles previous bull markets.He also answers a listener question about whether massive SpaceX and OpenAI IPOs could mark a market top, discusses why he avoids hyped IPOs at launch, and closes with a reminder to ride the bull market without getting reckless.

Special Episode! Look back at history and ahead to the future as Ophira Edut of The AstroTwins guides you through an 18.6-year repeating cycle in astrology, known as the McWhirter Cycle, that's accompanied our most famous booms and busts. Learn why we've named 2026, 2027 and 2028 "The Great Compression"How the Leo and Aquarius north node cycles could impact AI, Wall Street, crypto and moreLearn how 2026-28 echoes key moments in American history from Jamestown (1607) to the Declaration of Independence (1776) to the Great Depression, the Gold Standard, the Dotcom Boom, the Great Recession of 2008, to the rise of machine learning and the crypto bubble of 2017-18. Also: a special note about solar energy for the 2036-37 Leo north node cycle and what the means right now.Meet the (mostly women!) "profits of prophets" who influenced JP Morgan, Cornelius VanderbiltThe eerie parallel in timing between the astrological (lunar node) cycles and a cycle rhythm discovered by Herbert Hoover's Chief Economic Analyst after the Great DepressionPlus...Meet the (mostly women!) "profits of prophets" who influenced JP Morgan, Cornelius VanderbiltThe eerie parallel in timing between the astrological (lunar node) cycles and a cycle rhythm discovered by Herbert Hoover's Chief Economic Analyst after the Great Depression

While the podcast team is taking a Radical Sabbatical, Kim is interviewing authors of the books that have had a big impact on her in the past two years.  In this episode, Kim speaks with Gary Gerstle, best-selling author of The Rise and Fall of the Neoliberal Order and ten other books. Kim said that after reading this book, she began to feel that when it comes to economic policy, we really have a one-party system. The architect of the New Deal Order was FDR, a Democrat, but its general contractor was Eisenhower, arguably the most progressive of all American presidents. The architect of the Neoliberal order was Reagan, but its general contractor was Clinton. Kim also said that reading this book made her realize that, time and again throughout her career, she thought she was working towards progressive ends, not understanding how neoliberalism had taken hold of the Democratic Party.  Gerstle explains that “the phrase political order is meant to connote a constellation of ideologies, policies, and constituencies that shape American politics in ways that endure beyond the two-, four-, and six-year election cycles. In the last hundred years, America has had two political orders: the New Deal order that arose in the 1930s and 1940s, crested in the 1950s and 1960s, and fell in the 1970s; and the neoliberal order that arose in the 1970s and 1980s, crested in the 1990s and 2000s, and fell in the 2010s At the heart of each of these two political orders stood a distinctive program of political economy. The New Deal order was founded on the conviction that capitalism left to its own devices spelled economic disaster. It had to be managed by a strong central state able to govern the economic system in the public interest. The neoliberal order, by contrast, was grounded in the belief that market forces had to be liberated from government regulatory controls that were stymying growth, innovation, and freedom. The architects of the neoliberal order set out in the 1980s and 1990s to dismantle everything that the New Deal order had built across its forty-year span. Now it, too, is being dismantled.  Alarmingly, there seems to be no coherent policy around whatever it is replacing the Neoliberal order–just a mad grab for wealth, leading to even greater disparities than those that led to the Gilded Age's excesses and to the Great Depression. Guest Background: Gary Gerstle is Paul Mellon Professor of American History Emeritus and Paul Mellon Director of Research at the University of Cambridge. He is the author and editor of more than ten books, including two prizewinners, American Crucible (2017) and Liberty and Coercion (2015). He is a Guardian columnist and has also written for the Atlantic Monthly, the New Statesman, Dissent, The Nation, and Die Zeit, among others. He frequently appears on BBC Radio 4, BBC World Service, ITV 4, Talking Politics, and NPR. CHAPTERS (00:00) Introduction to Radical Sabbatical and Guest (03:03) Understanding Liberalism and Neoliberalism (06:11) The Evolution of Liberalism in America (09:06) The New Deal and Its Impact (12:10) Violence and Wealth Inequality in Capitalism (14:59) The Great Depression and Its Consequences (18:07) Defining Political Order (21:11) The Rise of the Neoliberal Order (24:05) Clinton's Role in Neoliberalism (26:58) The Gorky Automobile Factory and Communism's Appeal (31:19) The Rise of Soviet Communism as a Challenge to Capitalism (36:18) The Treaty of Detroit: Compromise Between Labor and Capital (41:43) Transition to Neoliberalism: The Powell Memo and Its Impact (49:13) Telecom Act of 1996: Deregulation and Its Consequences (54:16) The 2008 Financial Crisis: A Turning Point for Neoliberalism Connect with the Radical Candor team: ⁠⁠⁠⁠⁠⁠Website⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss how Progressive foreign policy brought the United States into World War I before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. Despite efforts to remain neutral, the United States entered World War I in 1917. The Americans helped the Allied powers secure victory a year later. The war took the lives of millions, and resulted in immense destruction and political instability in Europe and beyond. See omnystudio.com/listener for privacy information.

On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss how Progressive foreign policy brought the United States into World War I before introducing Wilfred McClay. Americans have overcome many challenges throughout our history, including the American Revolution, the Civil War, the Great Depression, two World Wars, and the Cold War. Studying the great stories from our past inspires us to preserve the blessings of liberty in our day. Now you can study these stories with Hillsdale College. Hillsdale’s free online course, “The Great American Story: A Land of Hope,” explores the history of America as a land of hope founded on high principles. In presenting the great triumphs and achievements of our nation’s past, as well as the shortcomings and failures, it offers a broad and unbiased study of the kind essential to the cultivation of intelligent patriotism. Despite efforts to remain neutral, the United States entered World War I in 1917. The Americans helped the Allied powers secure victory a year later. The war took the lives of millions, and resulted in immense destruction and political instability in Europe and beyond. See omnystudio.com/listener for privacy information.

We join Alex Hastie of Ohio v. The World Podcast once again! and Author Paul Dickson (https://www.amazon.com/Bonus-Army-American-Epic/dp/0802714404) to discuss the Bonus Army march of veterans seeking compensation during the Great Depression, and the horrible way they were treated. Learn more about your ad choices. Visit megaphone.fm/adchoices

Making the case for free markets requires sound research and clear communication. The American Institute for Economic Research is one of the top think tanks doing that work today. AIER, founded in 1933 amidst the Great Depression, has long championed classical liberal principles—yet today, it faces the challenge of restoring momentum on both sides of […]

Whip open your wallets, because no one affects your paycheck like this man. We just sat down with Austan Goolsbee — President of the Federal Reserve Bank of Chicago. He's a Macarthur Genius, former Chair of Obama's Economic Advisors, and the coolest economist we know: Picture Ted Lasso meets Paul Volcker… He's the Maestro of our Money Supply, and he guided the economy through the ‘08 financial crisis and today's Inflation Situation.So Auston spilled the money beans for us: The 2009 phone call with the President that was the worst financial briefing since the Great Depression… What it's like in the room when he votes to change interest rates (spoiler: The table is huuuuge)... How he'd grade outgoing Fed Chair J-Poww… and why he's not a “Dove” or a “Hawk” — He's a “Data Dog.”If you want to know when you can finally afford buy a house, then Austan Goolsbee has the insights on the forces affecting that — And he makes dropping data sound as smooth as a beer commercial.CHAPTERS:Intro: Austan Goolsbee Joins TBOYObama's "Worst Briefing Since 1932" — Goolsbee On The 2009 Financial CrisisPaul Volcker's One Rule For Every Crisis: Don't Blow Your CredibilityThe 31% Housing Rule: Why Most Americans Are At Foreclosure RiskWhy Housing Has Compounded 5% A Year For 25 YearsDid Tariffs Cause Inflation? Goolsbee On The 1% BumpIs Stagflation A Real Threat In 2026? Goolsbee Says "We're Not 1978"Will AI Take Your Job? The Lump Of Labor Fallacy ExplainedWhy The Federal Reserve Has 12 Regional BanksInside The FOMC: How The Fed Actually Sets Interest RatesGoolsbee On Kevin Warsh: The New Fed Chair & Why The Job MattersThe "Data Dog" Approach: What Goolsbee Watches Instead Of CPIFed Independence: Why Inflation Roars Back Without ItGoolsbee's Jerome Powell Grade: First Ballot Hall Of FamerRapid Fire: Sunk Cost Fallacy, Ditka, And Best Chicago RestaurantNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

This week, we explore the life of the first woman Secretary of Labor, Frances Perkins, and how in the midst of the Great Depression she helped reshape the nation by fighting for minimum wage, Social Security, and unemployment insurance.To access bonus episodes and listen to Throughline sponsor-free, subscribe to Throughline+ via Apple Podcasts or at plus.npr.org/throughline.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy