https://southfront.org/next-economic-crisis-and-looming-post-multipolar-system/ Written and produced by SF Team: J.Hawk, Daniel Deiss, Edwin Watson; Voiceover by Dermot Arrigan The Impending Crisis At one time, specifically during the post-World War 2 Bretton Woods era, it looked like as if the capitalist model could be indefinitely sustainable and avoid plunging the world into major world conflicts. That era began to come to an end during the stagflation crisis of the 1970s, and came to a complete end at the end
Tag "economic crisis"
Translated by Scott Humor, editing and subtitles by Leo With every new day we get news from Ukraine reminiscent of a plot sketched by some drunk Hollywood screenwriter of “disaster movies.” Every day we hear that something else fell, exploded, collapsed and derailed. Where is it all going, given the presence of several nuclear power stations? I don’t even want to think about it. A few years ago, one
By James Petras for Information Clearing House The economic, political and social outlook for 2012 is profoundly negative. The almost universal consensus, even among mainstream orthodox economists is pessimistic regarding the world economy. Although, even here, their predictions understate the scope and depth of the crisis, there are powerful reasons to believe that beginning in 2012, we are heading toward a steeper decline than what was experienced during the Great
by Dr. Paul Craig Roberts for Global Research The Bureau of Labor Statistics (BLS) reported Friday that the economy gained only 103,000 new jobs in December–not enough to keep up with population growth–but the rate of unemployment (U.3) fell from 9.8% to 9.4%. If you are confused by the report, you are among the many. In truth, what fell was not the number of unemployed people but the number of
To be very honest, I have not kept a close eye on what has been going on in the EU or, even less so, Greece. I also get a strong feeling that there is a lot of smoke and propaganda around all this. I would like to share with you two very different outlooks on this topic: the analyses of investment banker Marshall Auerback and French economist Franck Biancheri. They
Down on the Euro Animal Farm, some animals are more equal than others, finds Eric Walberg Two million people took to the streets of Athens last week in the country’s second general strike this month, protesting the austerity measures proposed by their socialist government. All of Greece came to a 24-hour standstill and the airport was closed as a result of the action. The only public transport was the commuter
Here are some of the figures which Michael Moore gave to Amy Goodman today on Democracy Now: This is the way it is now in this country. The wealthiest one percent right have more financial wealth than the bottom 95 percent combined. When you have a situation like that, where the one percent essentially not only own all the wealth, but own Congress, call the shots, are we really telling
While the “big story” right now is the situation in Iran, check out this other “big story” which is not getting nearly as much attention: The American Empire Is Bankrupt by Chris Hedges De-Dollarization: Dismantling America’s Financial-Military Empire by Michael Hudson (thanks to C. for bringing these two articles to my attention!)
The Hummer. The ultimate symbol of American arrogance. The bloated, loud, gas-guzzling road monster trailer trash uses to impress cheerleaders and kill “ragheads”. The ultimate rejection of any kind of ecological sensitivity. The proud expression of the imperial hubris which wannabe Texas machos (like Dubya) liked to see Americans drive in. The Hummer is being sold to “Communist” China. What a pathetically fitting end for this obnoxious piece of garbage.
by Caroline Hedley for The Guardian A record 32.2 million people took advantage of the US welfare initiative that allows low-income individuals to exchange “stamps” for groceries in January, according to a United States government report. The average recipient was given $112.82 (£77) per month to spend through the recently-renamed ‘Supplemental Nutrition Assistance Program’, or ‘SNAP’. The figures show an increase of over 4.3 million claimants in just ten months,
Reuters reports: Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar’s role that was missing at the London G20 summit. Strengthened regional currencies would be a basis for the new unit, which could also be partially backed by gold, Russia said in a statement released on the sidelines of the summit. Chinese
This from today’s Democracy Now: The Washington Post reports major US banks are on pace to spend more than half their bailout money on rewarding their shareholders. The thirty-three banks are set to receive some $163 billion in government bailouts. Half of that sum would go toward paying off shareholders over the next three years. The Bush administration touted the bank bailout as necessary to resume lending. But Treasury officials
MARKET DATA – 13:06 UK FTSE 100 3796.71 down -291.12 -7.12% Dax 4148.65 down -371.05 -8.21% Cac 40 3042.78 down -268.09 -8.10% Dow Jones 8691.25 up 172.04 2.02% Nasdaq 1603.91 down -11.84 -0.73% BBC Global 30 4842.99 up 5.55 0.11%
MARKET DATA – 18:50 UK FTSE 100 4040.89 -188.84 -4.46% Dax 4571.07 -213.34 -4.46% Cac 40 3298.18 -177.22 -5.10% Dow Jones 8651.03 -382.63 -4.24% Nasdaq 1645.80 -50.88 -3.00% BBC Global 30 4814.27 -54.50 -1.12%
by Michael Hudson for Global Research Mr. Paulson’s bailout speech on Monday, October 13 poses some fundamental economic questions: What is the impact on the economy at large of this autumn’s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury’s bailout of Wall Street (but not the rest of the economy!) sustain a debt overhead that is growing exponentially? Is
Unemployment. I thought I would never – ever- experience that. I had great Ivy League degrees, five languages, plenty of connections with the high and mighty and I was darn good at what I was doing. And then, one day, I got fired. Not for not doing my job, but for doing it. Doing it too well in fact. That story still cannot be told, but I will sum it
Check out today’s figures: the markets are going down in flames: It’s not good taste to say so, but I told you it would.
Following a concerted action by most major governments stocks have rebounded and have powerfully surged upwards on Monday: (click on image for closer look) Is anyone (besides traders) really buying this?! Have anyone heard anything which should lead us to believe that the fundamental (structural and political) issues which have triggered last week’s panic have been addressed? Is there any reason to believe that the dollar, and therefore the entire