Crisis
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Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 6)
New Threats, New Resistances and New Alternatives
12 November 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
We conclude with thoughts about the agency for resistance to these neoliberal policies, both ones in existence since the early 1990s (Bond 2014) and those that are being re-introduced through SEZs and the renewed export-led ‘growth’ strategy. (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 5)
Local South African Economic Conditions
6 November 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
As the world economy spirals into crisis stage, with fully-fledged deglobalisation and a new round of financial turmoil, the South African context is just as foreboding. Corporations and workers alike are ill prepared for the period ahead, (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 4)
Africa’s Renewed Crises of Unbalanced Trade, Disinvestment, Debt
29 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
In addition to China, Africa is meant to be one of the most critical markets for South Africa’s SEZs, and attracting other investment, trade and finance to the continent was one justification for entering the BRICS bloc, according to Jacob Zuma (...) -
Another look at the Federal Reserve’s panic in September 2019 and solutions to the crisis
28 October 2019 - by Eric Toussaint
You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market [1]. The repo market designates a mechanism used by banks to (...) -
New bubbles, mounting debt: preparing for the coming crisis
24 October 2019 - by Ben Reynolds
A new global recession looms on the horizon, pointing to a new era of financial crisis, government bailouts and popular outrage. Financial markets roil and the banking system groans. The US Federal Reserve cuts interest rates, even as Chairman (...) -
Corporate debt, fiscal stimulus and the next recession
23 October 2019 - by Michael Roberts
The debt owed by corporations in the major economies has risen since the end of the Great Recession in 2009. With global growth slowing and the prospect rising of an outright global recession recurring ten years after the last one, the debt (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 3)
The China Factor
22 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
The most crucial factor in whether South African SEZs succeed may well be the complicated role of China. There are three aspects worth discussing: overall demand; Chinese incoming FDI to South African SEZs (such as is driving Coega and (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 2)
Global Economic Volatility and Socio Political Reactions
16 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
Trade and currency wars, financial volatility and economic turbulence are now the most important features of the world economy. The elements of a new international financial crisis are in place. Although we do not know when it will break out, (...) -
A global manufacturing recession
2 October 2019 - by Michael Roberts
As we enter October, the global recession is with us – in manufacturing. The PMI (Purchasing Managers’ Index) manufacturing activity indexes for most of the major economies are below 50, the threshold for expansion or contraction. These are only (...) -
The Credit Crunch is Back and the Federal Reserve Panics on an Ocean of Debt
25 September 2019 - by Eric Toussaint
In a state of panic and under pressure from big capital and President Trump, on Tuesday 17 September 2019, the Fed (the US Federal Reserve) pumped $53.2 billion into the banks because they were short of day-to-day funding available from the (...) -
The Banking Sector and the Global Crisis
18 September 2019 - by Eric Toussaint
The banking system in India is faced with the worst crisis in the last few decades of its existence. The Non-Performing Assets of the Indian banks – both private and public – points towards a full-blown financial crisis that has a significant (...) -
A profits recession?
22 July 2019 - by Michael Roberts
This week, we get the first US company reports on earnings for the second quarter of 2019. And it looks as though there will be the first back-to-back drop in overall earnings since the mini-recession of 2016. S&P 500 companies are (...) -
Inequality and risk – both rising
23 May 2019 - by Michael Roberts
The US Federal Reserve governor Lael Brainard, in a speech in Washington, revealed the extent of rising inequality in the US. Using the latest income and wealth data, she outlined that the incomes and wealth of working-class (the American (...) -
Boom and then bust?
30 April 2019 - by Michael Roberts
Last March, [I posted that the global economy seemed to be in a fantasy world->https://thenextrecession.wordpress.com/2019/03/22/the-fantasy-world-of-the-long-depression where stock markets hit new highs but output of goods and services, (...) -
A delicate moment
17 April 2019 - by Michael Roberts
The IMF-World Bank meeting in Washington this weekend revealed again that the world economy is slowing down and the prospect of an outright recession is getting much higher. The IMF economists cut their outlook for global growth to the lowest (...) -
Structural violence and the struggle for state power in Rwanda
8 April 2019 - by Andy Storey
The 1994 Rwandan genocide occurred despite the existence of a peace and power sharing agreement (the Arusha Accords) to which all parties to the conflict had ostensibly subscribed. This paper addresses the failings of the Arusha peace and power (...) -
The Economic Crisis and the Central Banks
25 March 2019 - by Eric Toussaint
Everything is in place for a new international financial crisis to occur. We don’t know exactly when it will break out. But it will, and its impact will be felt all over the planet. The major factors contributing to the crisis situation are: (...) -
Crisis after crisis: Why financial sector reform is not enough – A Post-Capitalist Alternative
18 September 2018 - by Walden Bello
It is now clear that financial crises are not discrete events but are linked phenomena that have been unleashed on the globe ever since the financial markets were liberalized during the Reagan-Thatcher era in the early 1980’s. To take just the (...) -
The political economy of a long depression
23 May 2018 - by Joseph Choonara
It is now a full decade since the financial turmoil that heralded the beginning of the “long depression”. On a global scale, the recession that developed in the wake of the collapse of the Wall Street bank Lehman Brothers in autumn 2008 was over (...) -
Shocking report: Macroeconomic indicators improve but Greece’s society is suffering
9 February 2018 - by Confédération hellénique des cadres, artisans et marchands
Greek society in economic decline: Three out of four are long-time unemployed. 51% of the households depends on pensions. One in five households is afraid to lose its home. 70% of the young Greeks want to look for a work abroad. 16.3% say they (...) -
The Asian financial crisis: Lessons learned and unlearned
18 August 2017 - by Yilmaz Akyüz
Governments in both mature and emerging economies no doubt draw lessons from financial crises in order to adopt measures to prevent their recurrence. However, it is often the case that such measures are designed to address the root causes of the (...) -
Today Greece, tomorrow the world
20 July 2015 - by Mike Roscoe
Greece has been living beyond its means, having borrowed too much during the easy times. Its underlying economy is too weak to support its preferred lifestyle, which is why the Greek government is now being told by its main creditors, the IMF (...) -
Six years later...
30 September 2014 - by Sushovan Dhar
We vividly remember how the collapse of Lehman Brothers almost destroyed the world financial system There was neither remembrance nor anamnesis of that horrible day which shook the financial world and brought it to its knees six years ago. On (...) -
’Deglobalisation’ Is the Way to Reduce Inequality
19 June 2014 - by Pablo Solón
The race of globalisation is leaving the majority of the world’s population far behind. According to Unicef, the richest 20% of the population gets 83% of global income, while the poorest quintile has just 1%. This trend is getting worse. A new (...) -
Spain
Spanish State: After the abdication of the king, it’s time to checkmate the regime
5 June 2014 - by Esther Vivas
The regime is collapsing, it is dying and in its last-ditch struggle to survive, the king has abdicated. Never has the regime resulting from the Transition been as widely challenged as it is today. The pillars on which it rests, the monarchy, (...)
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