No new jobs were added to the US workforce in August, fuelling fears that the world’s largest economy is heading back into recession. Analysts expected at least 75,000 new jobs to have been created in the US last month, but the figure came in at zero, sparking further falls on stock markets around the [...]
The nation state is once again proving its special usefulness as a vehicle for managing capitalist crisis. Partly, this follows from the renewal of Keynesian monetary and fiscal policies. Other key dimensions of state usefulness include its more direct provision of financial guarantees to private enterprises and its over-priced purchase of “toxic” assets (those [...]
The dirty little secret is that we never had a debt “crisis.” We had a jobs crisis. While Republicans were arguing about the faux “crisis” and the press and Obama joined them, we got a series of disturbing economic signals. Consumer confidence was down, manufacturing was off, May and June’s job numbers were pathetic. [...]
“The US to some extent lives in debt to the entire world. And that isn’t right.” The former head of Russia’s Central Bank has said that the US is to some extent Indebted to the entire world and that in a unipolar system which keeps pursuing globalization, this spells an inevitable collapse. By RT [...]
“It is a common theme” that the United States, which “only a few years ago was hailed to stride the world as a colossus with unparalleled power and unmatched appeal is in decline, ominously facing the prospect of its final decay,” Giacomo Chiozza writes in the current Political Science Quarterly. The theme is indeed [...]
We live in a globalized economy where Americans are consumers of the last resort and the dollar is still the safe haven for the planet’s hoarded surplus value. The new recession that the Republicans are engineering with such impunity will instantly put into doubt all three pillars of McWorld, each already shakier than generally imagined: [...]
While the advanced capitalist countries are hit by an acute crisis of recession and unemployment, the developing world is facing, apart from the fall-out of this crisis, an acute food crisis. Hunger afflicts the developing world today with a virulence not seen in decades. World food prices, not just in nominal but in real [...]
Topics: The jobless recovery; the debt ceiling and default charade; China; Greece: banks, not countries, receive the bailouts; financial warfare; IMF and EU; European Central Bank; US credit default swaps; US agricultural exports create food dependency; currency devaluation devalues the price of labor; class war of banks against the rest of society. “When I [...]
The collapse of the Spanish model threatens this pyramid scheme from several directions: first, German and French banks’ exposure is far greater in Spain than in Greece and Ireland; second, the scale of the cajas’ problems has yet to be fathomed; third, the social problem—a population that has grown by 18 per cent in [...]
1 ‘Eurozone on verge of economic collapse’- George Soros Mon Jun 27, 2011 4:11PM presstv Billionaire George Soros says Europe’s debt crisis has brought the eurozone to the brink of an “economic collapse” and inevitably some of its members will leave the union. “There’s no arrangement for any countries leaving the euro, which [...]