Everything that people depend on for their daily lives has not just been disrupted, it’s been absolutely destroyed. So said Mark Bowen, head of emergency management for Bay County, Florida, after Hurricane Michael passed through the Florida Panhandle. Looking to the bigger picture, the last 20 years have seen a dramatic rise of 151% in […]
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Tag: IMF
A decade after the crash, a fairer, kind...
Ten years ago, the world economy ground to a halt in the wake of the biggest financial crash in the history of capitalism. The vastly overinflated atmospheric layer of global credit had burst. The banks and the entire financial system were in trouble, big trouble. Bear Stearns and Northern Rock led the collapse. Then on […]
The UK’s ‘economic model’: what it is an
With the Tories in increasing disarray and Labour leading in the polls, Jeremy Corbyn hammered home his party’s advantage at the Cooperative Party’s 100th anniversary conference. Corbyn wryly welcomed chancellor Philip Hammond’s warning that Labour poses an “existential challenge to our economic model”. “Yes we do,” he responded emphatically, adding: “I am not […]
Economy close to fatal debt overdose
Over the past year household incomes in the UK grew by just 1.5% but outstanding car loans, credit card balances and personal loans rose by 10%. That 8.5% gap is one measure of the increasingly difficult task most people face of putting food on the table, keeping warm in winter, paying for rent and travel. […]
Review: How Varoufakis’ dream turned int
Yanis Varoufakis lost his 2015 battle with what he calls “Europe’s deep establishment”. Now he’s working to build DiEM 25, a pan-European, cross-border movement of democrats. Their aim is to repair the European Union. In January, 2015 he was elected, with 140,000 votes, as finance minister in the Syriza-dominated government. His mission – to overturn […]
A new warning from Greece – loud and cle
There’s been a dramatic drop in consumption of basic commodities such as bread and milk in Greece in the first months of 2017, according to the Hellenic Food Industry Federation. It’s not hard to see why there’s such a decline under way. An increasing proportion of the Greek people can no longer afford to eat. […]
‘Global disintegration’ threatens world
The vertiginous, downward spiral of the global capitalist economy is at last forcing itself into the consciousness of even its most loyal supporters and advocates. Not the least affected among them is Professor Lawrence Summers. You won’t find a more steadfast and respected pillar of the economic and financial establishment anywhere on the planet. Chief […]