CAPITALIST FRONTS

ROGER BOYD—In 2025, Fiat sold 533,726 cars (+3%) in Brazil and 74,004 in Argentina (+64%) for a total of 607,730 out of a total of 888,456. Of the other markets, Italy was flat at 143,789, Turkey down 25% at 71,251, Germany down 30% at 21,397, France down 37% at 20,287, Spain down 35% at 9,785, and the UK down 41% at 8,764. In December 2025, Fiat sold just 149 cars in the UK; down 83% y-o-y. Fiat is dying in Europe and Turkey, with 68% of its sales in the growing South American market which is served by the completely standalone South American unit. The production of passenger cars in Italy in 2025, which includes other brands such as Abarth, Alfa Romeo and Lancia, fell 24.5% y-o-y to only 213,706; less than in 1955. The death of Fiat in Europe will be the death of mass car manufacturing in Italy.

ALASTAIR CROOKE—So, finally an act of unvarnished predatory action by Trump and his team – the abduction of President Maduro in a lightning night-time military strike – has launched 2026 into a pivotal moment. A pivotal moment not just for Latin America, but for global politics.

OLIVER BOYD—The seizure of Maduro represents something much more significant on the regional and global scale. First of all, while this may not spell the end of the Bolivarian revolution (commemorating, of course, the outstanding continental leadership and heroism of Simon Bolivar, so poorly understood in the US), this must be one of its blackest moments. Secondly this is about a return to the “Rosevelt corollary” to the original Monroe doctrine, a corollary introduced by Teddy Rosevelt which elevated the doctrine from simple opposition to European colonialism to a far more aggressive vision of the US as continental policeman, at liberty to remedy almost any conceivable threat to US influence or interest.

J MATSON HEININGER—The hollow man discovered a dark art: the alchemy of rage. He learned that by pointing his finger at the stranger, the immigrant, the outsider, he could summon legions to his banner. “They are coming for your jobs, your homes, your children!” he thundered, and the fearful believed him.

With threats and promises—none sincere, all expedient—he stormed the gates of power. And lo, the people in their desperation gave him the crown. He sat upon the throne not through wisdom or valor, but through the ancient magic of the demagogue: divide and conquer, threaten and bully, promise everything while delivering naught.

GARLAND NIXON—In this extensive and candid livestream from Moscow, Garland Nixon provides a critical commentary on contemporary left-wing politics in the United States, international conflicts involving Russia, and the role of smaller European countries in geopolitical tensions. He begins by reflecting on the nature of so-called democratic socialists in America, particularly focusing on figures like Bernie Sanders and Alexandria Ocasio-Cortez (AOC), whom he accuses of being “sheepdogs” that maintain the illusion of a left-wing opposition while ultimately supporting the imperialist and war-mongering policies of the Democratic Party. Nixon expresses deep skepticism about the authenticity of these politicians, suggesting they serve to keep the working class aligned with the establishment rather than challenging it.