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More than 20 years after his death, we’re still living in the neoliberal world Milton Friedman made. The arc of neoliberalism begins in 1947, gathers steam in the 1970s, and reaches its zenith in the 1990s before breaking into a million pieces and forever out of the control of its progenitors. The story of Milton Friedman rises and falls along with it, and it’s a complicated one of ego, ambition and academic notoriety; a confluence of factors and foibles that came to define the modern economic age. This is the story of Milton Friedman, one of the principal architects of the modern world.
Resources
Subscribe to Current Affairs Magazine
Current Affairs: We’re Living In the World That Milton Friedman Made
Mises Institute: Friedrich A. Hayek
The New York Times: The Great Liberator
Ancestry: Jeno Saul Friedman
Johan Van Overtveldt: The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business
Britannica Money: Classical Economics
International Adam Smith Society: About Adam Smith
Britannica Money: David Ricardo
Wikipedia: Jeremy Bentham
Wikipedia: Cesare Beccaria
Wikipedia: Laissez-faire
Stanford Encyclopedia of Philosophy: Karl Marx
Competition and Appropriation: Retrospectives: The Origins of Neoclassical Microeconomics
Stanford Encyclopedia of Philosophy: William Stanley Jevons
Econlib: Leon Walras
Econlib: Alfred Marshall
Harvard University: Raising Keynes: A Twenty-First-Century General Theory
Jacobin: Right-Wing Populism Did Not Kill Neoliberalism
C.J. Polychroniou: Economics and the Left: Interviews with Progressive Economists
Quinn Slobodian: Hayek’s Bastards: Race, Gold, Iq, and the Capitalism of the Far Right
The Mont Pelerin Society: About
The Atlantic: The Heritage Foundation
Current Affairs: Why Libertarians Oppose Civil Rights
ProMarket: Aaron Director’s Legacy: The Beginning of Doubt is the Beginning of Wisdom
Stanford Encyclopedia of Philosophy: Karl Popper
Econlib: Ludwig von Mises
Chicago Booth: George J. Stigler
Free to Choose Network: The Power of Choice - Mont Pelerin Society
Investopedia: Permanent Income Hypothesis: Definition, Function, and Effects
Wikipedia: Natural rate of unemployment
Investopedia: Monetarism Explained: Theory, Formula, and Keynesian Comparison
Harris School of Public Policy: Permanent Income
Federal Reserve Bank of St. Louis: The Fed and the Dual Mandate
Bureau of Labor Statistics: The Employment Situation – September 2026
Milton Friedman, Anna Jacobson Schwartz: A Monetary History of the United States, 1867-1960
Binyamin Appelbaum: The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society
Freien Universität Berlin: The Methodology of Positive Economics
Social Science Encyclopedia: Milton Friedman On Economic Methodology
Economic Reform Australia: The F-twist – realism, economic policy analysis and climate change
CATO Institute: Who Said TANSTAAFL First?
Milton Friedman: The Free Lunch Myth
Milton Friedman: Taxation, Inflation, and the Role of Government
Investopedia: Market Definition: Economics, Types, and Key Features
Bernard Harcourt: The Illusion of Free Markets: Punishment and the Myth of Natural Order
Current Affairs: Ralph Nader
History: Auto safety crusader Ralph Nader testifies before Congress
The New York Times: A Friedman doctrine‐- The Social Responsibility of Business Is to Increase Its Profits
Scholarly Commons: Powell Memorandum: Attack On American Free Enterprise System
The Heritage Foundation
The Cato Institute
The Manhattan Institute
The American Legislative Exchange Council
Brookings: What we learned from Reagan’s tax cuts
PBS News: Column: How Reaganomics, deregulation and bailouts led to the rise of Trump
Wikipedia: Personal Responsibility and Work Opportunity Reconciliation Act of 1996
Free To Choose: The Original 1980 TV Series
EdChoice: Milton Friedman on the Phil Donahue Show in 1979
Investopedia: Stagflation Explained: What We Learned From the 1970s Crisis
Investopedia: Understanding the Phillips Curve: Inflation and Unemployment Dynamics
Investopedia: Demand-Pull Inflation: Understanding Causes and Differences from Cost-Push
npr: Conservative Advocate
U.S. News: Repeal of Glass-Steagall Caused the Financial Crisis
C-SPAN: User Clip: Clinton: ‘Big Government Is Over’
ProMarket: The Complicated Legacy of the “Chicago Boys” in Chile
Center for the History of Political Economy: Slaves or Mercenaries: Milton Friedman and the Institution of the All-Volunteer Military
C-SPAN’S American History TV: Milton Friedman debates government intervention
Amnesty International: Chile: 50 years since the coup d’état, exercising historical memory is vital for the country’s future
The Guardian: Guess what? Self-interest is bad for the economy
The New York Times: What Would Keynes Have Done?
The New Yorker: Covert Operations
The Progressive: The Politics of Racial Resentment
Current Affairs: A Trillion Dollars Isn’t Worth It If You Have to Be Elon Musk
UNFTR Resources
Video: Why We’re Still Living in Milton Friedman’s Neoliberal World.
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The Bitchuation Room’s Francesca Fiorentini returns to UNFTR’s Phone A Friend to break down the midterms, what Democrats need to be focusing on next and how the current leadership isn’t up to the challenges ahead. Progressive politics often finds itself at a crossroads during election cycles. In this conversation, we look at how the establishment handles internal pressure and why the narrative surrounding the midterms remains so contentious. Francesca offers her perspective on the shifting dynamics of the left and what it means for the party base moving forward.
Resources
The Bitchuation Room (with Francesca Fiorentini)
UNFTR Resources
Video: Francesca Fiorentini: Dems vs The Future.
Transcript: Phone A Friend: Francesca Fiorentini.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
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Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
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This week we connected some dots that should scare everyone—Russell Vought’s think tank’s 7 step playbook for refusing to seat elected members of Congress, a raid on Ilhan Omar’s home, and Trump name-dropping Vought as someone about to make history. Then we looked at France, where the eurozone’s version of our debt problem is playing out without the escape hatch of a sovereign currency (a useful reminder of exactly what we’d be dealing with if the dollar ever loses its privileged position).
Chapters
Intro: 00:00:38
Quick Takes: 00:01:34
Phone A Friend: 00:04:54
Max Notes: 00:07:19
Killer Left Take of the Week: 00:30:53
Chart of the Week: 00:31:51
Outro: 00:33:25
Resources
Today: Pete Hegseth Vows to Livestream Execution of Fort Hood Shooter
ABC10: Why Trump is reopening his effort to remove Federal Reserve governor Lisa Cook
PBS NewsHour: Kimberly Guilfoyle’s full speech at the Republican National Convention | 2020 RNC Night 1
NewsNation: Kimberly Guilfoyle accuser speaks out: ’I paid her $300K’
Ziwe: Hasan Piker Is an Iconic Guest
The Bitchuation Room (with Francesca Fiorentini)
Common Dreams: Israel Has Demolished Majority of Villages in Southern Lebanon—Mostly After the Ceasefire
USA Today: Trump hints at ‘big surprises’ to come ahead of midterm election
The Hill: Trump teases diesel announcement, big move from Vought
The Wall Street Journal: What Might Russ Vought’s ‘Tremendous’ Surprise Actually Be?
Bradley Onishi: American Caesar: How Theocrats and Tech Lords Are Turning America into a Monarchy
CRA: Can Congress Seat a Member-Elect Who Vows to Destroy our Constitution?
Politico: DHS agents search Rep. Ilhan Omar’s home
Vote In Or Out: The Project 2025 Progress Report
The Trump Tracker: What’s Been Implemented
The Hill: Bill to claw back public media, foreign aid funds clears key Senate hurdle with Vance breaking tie
Project 2025 Tracker
Ray Williams: Project 2025: The Architects Are Taking a Victory Lap
The Heritage Foundation: Project 2025 Publishes Comprehensive Policy Guide, ‘Mandate for Leadership: The Conservative Promise’
Aeroswift Legal: The Orchestration
ProPublica: “We Want the Bureaucrats to Be Traumatically Affected”
ProPublica: The Shadow President
CRA: Who We Are
CRA: Policy Brief: Assessing the Marxist-Muslim Alliance Aimed at America’s Heart
Library of Congress: Victor Berger: Topics in Chronicling America
Britannica: Victor Berger
Daniel Greenfield: The Constitutional Case for Keeping DSA Members Out of Office
FindLaw: U.S. Code - Unannotated Title 2. The Congress § 26. Roll of Representatives-elect
GovInfo: Enrolling Members; Administering the Oath
United States House of Representatives: The Honorable Kevin F. McCumber
Newsweek: Jeffrey Toobin on How Trump Could Intervene in Midterms
Wikipedia: Gregory Bovino
MPRnews: 24 hours after Bovino’s departure, ICE activity appears unchanged
The Latin Times: Homan Warns Larger ICE Crackdown During Doral Speech: “Wait Until You See What We Do in 2027”
The Latin Times: ICE Says It’s Deported 356,000 People This Year While 70% of Detainees Have No Conviction
The Latin Times: Homan Says ICE ‘Isn’t Going Anywhere’: What His Threat Means for 5 Immigrant Hubs
CBS News: Rep. Ilhan Omar’s D.C. home searched by Homeland Security investigators
Reuters: US immigration authorities raid home of Democratic Trump critic Ilhan Omar
DailyWire: ICE Investigating Rep. Ilhan Omar, Homan Confirms
CNN: Rep. Ilhan Omar responds after federal officers search her home
Zeteo: How Many Israelis Were Killed BY ISRAEL on October 7th?
Paul Krugman: What’s the Matter With France?
UNFTR Resources
Video: On The Record 10-13-26 (Trump’s Secret October Surprise: What Is He Planning?)
Episode: Project 2025.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
Become a member at unftr.com/memberships.
Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
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Max and 99 are back for another round of Omnibus. They hit headlines on what comes after hyperpolitics and whether the DSA becomes a career vehicle or a disciplining force, and the botched Tennessee execution. Then they tackle listener emails on the historical case that federal spending was never tied to tax revenue, what you’d call a hybrid of social democracy and democratic socialism, and the real estate collapse accelerating the credit crunch. Enjoy!
Chapters
Intro: 00:00:35
Headlines: 00:05:33
Emails: 00:33:21
Beyond the Bullshit: 01:01:34
Memberships: 01:19:21
Outro: 01:19:40
Resources
The Guardian: Christa Pike is ‘up and walking’ for first time after failed execution, lawyer say
Jacobin: What Comes After Hyperpolitics?
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
Become a member at unftr.com/memberships.
Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility
Intro music by Hold Fast.
Support the show: https://www.unftr.com/memberships
See omnystudio.com/listener for privacy information.
This week we diagnosed the economy as a giant zit—good numbers on the surface, all of it concentrated in AI investment and stock market gains for the top 10%, while wages fall below inflation, consumer confidence hits a 12-year low, and the 10-year Treasury just blew past its 2007 peak. Then we looked at what the pop actually looks like: a private credit unwind that drags the banks with it, a Fed that can’t buy its way out this time, and Scott Bessent left holding the bag. The Buffett Indicator is sitting at 235%. Maybe that’s why he retired...
Chapters
Intro: 00:00:42
Quick Takes: 00:01:24
Max Notes: 00:06:35
Killer Left Take of the Week: 00:21:10
Chart of the Week: 00:22:15
Outro: 00:23:16
Resources
CBS Sunday Morning: Alan Alda on fighting Parkinson’s with laughter
This Past Weekend w/ Theo Von: Zohran Mamdani
NBC News: U.S. bombers scrambled out of U.K. airbase after threats
CNBC TV-18: Pete Hegseth’s ‘Just Warriors’ Speech: ‘No Fatties, No Wimps, No Radicals’
Bloomberg Television: Brazil Real Surges After Bolsonaro Takes Surprising Lead
ABC News: US monitoring reported fatal case of pneumonic plague in Russia
WSWS.org: With complicity of media and Democrats, Trump prepares major escalation of Iran war
ADP: National Employment Report
Bureau of Economic Analysis: Personal Income and Outlays, August 2026
The Conference Board: US Consumer Confidence
U.S. Bureau of Labor Statistics: Employment Situation Summary
Steve Rattner on Substack
Schwab: Fed Hikes in 12-0 Vote, Commits to Inflation Fight
Bloomberg: Treasury 10-Year Yield Hits Highest Since 2002 on Rate Outlook
Squire Patton Boggs: The Private Credit Market: The Data Behind the Headlines
Federal Reserve: Monetary Policy Report – July 2026
Federal Reserve Bank of New York: Remarks at 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City
CNBC: Fed meeting recap: Warsh says inflation is still too high as Fed hikes for the first time since 2023
Yahoo! Finance: Trump slams the Fed rate hike, says he told Warsh ‘you might as well vote with the board’
CNBC: Warsh’s regime change at the Fed pushes ahead – and meets resistance
CNBC: Warsh faces Fed independence test as Bessent moves in on central bank’s turf
PWC: Private credit’s next phase — growth under pressure
International Monetary Fund: Bank Lending to Nonbank Financial Institutions Continued To Increase Rapidly in 2025
Democracy! Now: Lula vs. Bolsonaro (Again): Brazil’s Presidential Race Goes to Runoff as Right Wing Makes Gains
MacroMicro: US - Total Market Cap (% of GDP)
UNFTR Resources
Video: On The Record 10-06-26 (Trump’s Economy is a Giant Zit.)
Episode: Private Credit: Just Because We’re Not Talking About It Doesn’t Mean It’s Not a Problem.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
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Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility
Intro music by Hold Fast.
Support the show: https://www.unftr.com/memberships
See omnystudio.com/listener for privacy information.
Private credit headlines have calmed down in recent months. It could be because these debt markets are doing just fine...or it could be because we’re too distracted by wars, exploding bond yields, and gas prices. But just because there haven’t been high-profile bankruptcies like last year’s First Brands or Tricolor doesn’t mean there isn’t trouble brewing in the opaque private credit markets. Consternation about these portfolios is growing: redemption requests are outpacing inflows, reports of massive payment-in-kind adjustments keep surfacing, and credit default swaps on private credit-backed loans are popping up. This crisis may not be as concentrated as the 2008 meltdown, but the numbers are bigger. And at the center of it all is a market we can’t see.
Resources
Federal Reserve: The Rise in Mortgage Defaults
Bloomberg: SoftBank’s OpenAI Debt Gets Costlier, Riskier and Even Bigger
The Japan Times: Apollo mulls raising SoftBank loan to $9 billion for OpenAI bets
IFR: Trading frenzy builds in hyperscaler debt and CDS markets
LSEG: Get ahead of the September index roll
Yahoo! Finance: Alphabet, Meta, and Microsoft Are Hiding $3 Trillion in Debt On the AI Boom’s Hidden Ledger
Yahoo! Finance: Blue Owl Capital (OWL) Ties Into Meta’s $50 Billion Hyperion Expansion
Reuters: Private credit bosses hit back at ‘misinformation’ over First Brands collapse
Reuters: Private credit roundup: Software marks and Blackstone’s backlog of redemptions
Bloomberg: Private Credit Defaults Are 1%, 6% or 19%, Depending Who You Ask
UNFTR Resources
Video: How AI Debt Could Blow Up Private Credit.
Essay: Private Credit: Just Because We’re Not Talking About It Doesn’t Mean It’s Not a Problem.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
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Max and 99 are back for another round of Omnibus. They hit headlines on the Paramount-Warner merger as a preview of what oligarchs do when anyone tries to govern them, plastic fusing with coral reefs in a new phenomenon researchers are calling “plasticoral,” and rapid third-country deportations getting the Supreme Court’s temporary blessing. Then they tackle listener emails on whether this era is an aberration or just capitalism unmasked, DSA overreach and the pace of the left, and the real arguments against raising corporate taxes.
Chapters
Intro: 00:01:02
Headlines: 00:24:06
Emails: 00:34:33
Memberships: 00:55:30
Outro: 00:56:19
Resources
The New York Times: Supreme Court Allows Rapid Third-Country Deportations, for Now
Big by Matt Stoller: Paramount-WB Isn’t Just a Loss, It’s a Prelude
Wired: Plastic Is Melting Onto Corals
Instagram: Hermit Crab Conservation Project
UNFTR Resources
Episode: The Montreal Protocol.
Video: How AI Debt Could Blow Up Private Credit.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
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Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility
Intro music by Hold Fast.
Support the show: https://www.unftr.com/memberships
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Despite only having between 95,000 and 120,000 members nationwide, the Democratic Socialists of America (DSA) has a hot political hand. To most Americans the DSA remains a mystery, but its impact is being felt in elections throughout the country. Conservatives are keeping one eye open but are largely dismissive. Establishment liberals are furious with the group. This episode puts the DSA in historical context and offers insight into how past challenges and current opposition present future opportunities for the social movement of record in the United States.
Chapters
Intro: 00:00:44
Max Notes: 00:01:27
Outro: 00:28:47
Resources
Commentary: The Democratic Socialist Congregation
The Washington Post: Don’t fear a ‘Bolshevik revolution.’ It’s a DSA fairy tale.
Americans for Prosperity: On Constitution Day, here are the ways the DSA agenda undermines America’s founding
UNFTR Resources
Video: On The Record 09-29-26 (The Rise Of The DSA: What You Need To Know.)
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
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Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
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Intro music by Hold Fast.
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An original episode on how Trump will ultimately represent the final chapter of the American experiment. Empires don’t collapse. They crumble. But they’re reduced to a handful of chapters in history texts that depict them in stages with defined beginnings and ends. Donald Trump has already managed to set the stage for World War Three though it looks far different than prior great wars. He is the culmination of the hubris of empire. Here on my thoughts on how this goes down and what comes after.
Resources
Washington Post: How Four U.S. Presidents Unleashed Economic Warfare Across the Globe
UNFTR Resources
Video: The Final Chapter: Trump and the End of the American Experiment.
Essay: It’s Just Trump Against the World.
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If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
Become a member at unftr.com/memberships.
Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility
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Max and 99 are back for another round of Omnibus. They hit headlines on Carney’s airport privatization sellout and the Ebola outbreak in the DRC that’s on pace to be the worst the world has ever seen. Then they tackle listener emails on AI recursive self-improvement hype and the TESCREAL cult behind it, Greenland’s surrender of sovereignty to Trump, and why “regulation” is just a sanitized word for protection. Enjoy!
Chapters
Intro: 00:00:31
Headlines: 00:13:20
Emails: 00:28:40
Memberships: 01:03:21
Outro: 01:04:45
Resources
Subscribe to Current Affairs Magazine.
Wired: The World Forgot About Ebola. The Organization Fighting It Has Never Been More Worried
Canadian Dimension: Carney’s airport privatization is a looming disaster: ‘Highway 407 of the skies’
UNFTR Resources
Video: Why We’re Still Living in Milton Friedman’s Neoliberal World.
--
If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.
Become a member at unftr.com/memberships.
Buy yourself some Unf*cking Coffee at shop.unftr.com.
Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.
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Intro music by Hold Fast.
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From the publisher's feed
Unf*cking The Republic® (UNFTR) is dedicated to progressive politics, leftist economic theories, and social justice in the United States. Join us for deep dives into socialism, labor rights,…
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