Economic crisis

Unable to Squeeze Another Dime From Black People, Subprime Economy Runs Aground

November 27, 2025 Jon Jeter, Black Agenda Report. Educate! Economic crisis, Finance and the Economy, South Africa, Subprime lending

Among the most exploited South Africans during 48 years of white minority misrule were the vineyard workers who were often paid with daily rations of wine to supplement their pitiful wages. Known as the “dop”—Afrikaans slang for “drink”—the practice was outlawed in 1960, but it was only after voters of all races went to the polls to abolish apartheid 34 years later that the Black majority government began to enforce the ban. In late 2000, I went to South Africa’s wine-growing region in the Western Cape to interview a white attorney who had recently purchased a vineyard in the hopes of fulfilling his lifelong dream of producing award-winning wines.

Cuba’s Participatory Path In A Time Of Economic Siege

November 26, 2025 Isaac Saney, Resumen English. Strategize! Cuba, Economic Blockade, Economic crisis, Participatory Democracy

Amid one of the most severe economic moments since the triumph of the Revolution—and under the weight of a suffocating, ever-expanding U.S. imperial siege—Cuba is attempting something that remains almost unthinkable in the so-called advanced capitalist democracies: it is involving its citizenry directly, consciously, and systematically in charting the country’s economic future. While the wealthy western nations increasingly marginalize their own working populations, Cuba insists that the resolution of the crisis must be a collective, participatory, and profoundly democratic undertaking.

Cheap Tricks For Hard Problems

July 29, 2025 Hamilton Nolan, How Things Work. Strategize! climate crisis, Economic crisis, Environment, Insurance

The future is impossible to predict in its particulars. But if you understand the nature of a problem, and the nature of the economic incentive structure relating to the problem, and the nature of the political system and the personalities of the decision-makers surrounding the problem, it is very possible to make medium-term predictions about the general nature of what is going to happen with high confidence. Climate change. Big problem. It is hard to say to what extent humanity as a whole, as embodied by all the governing structures of the world, will rally itself to respond wisely to the problem, and how much damage to humanity’s well-being will occur in the meantime.

Trump Is Setting The US Economy Up For Another Great Financial Crisis

June 27, 2025 C. J. Polychroniou, Truthout. Educate! Donald Trump, Economic crisis, Finance and the Economy, Trump Administration, wealth inequality

The financial system of the United States has always been prone to instability and crises. Now, however, under the new Trump administration, which is pushing for major cuts in regulation, including in the cryptocurrency sector in which the Trump family has a major financial stake, the financial system has become more vulnerable than ever, posing serious risks to the wider economy. Of course, this matters very little to Donald Trump, his family, and his billionaire friends. For Trump, the actual meaning of “America First” is “self-enrichment.” In the interview that follows, progressive economist Gerald Epstein, a leading expert in finance and banking, talks about the changing nature of the U.S. finance system under Trump 2.0.

Ecuador: Luisa González Signs Unity Pact To Counter Neoliberalism

April 1, 2025 Orinoco Tribune. Strategize! CONAIE, Constituent Assembly, Daniel Noboa, Dollarization, Economic crisis, Ecuador, Indigenous movement, Neoliberalism, US Imperialism

This Sunday, March 30, as the electoral campaign for Ecuador’s presidential elections on April 13 progresses, Luisa González, candidate of the leftist Citizen Revolution movement, participated in the National Meeting for an Equitable, Plurinational, and Violence-Free Ecuador. There, she signed an agreement with indigenous movements and other social organizations ahead of the runoff. Before tens of thousands of people gathered in Tixán, Alausí canton, Chimborazo province, González signed a roadmap to advance toward unity with Guillermo Churuchumbi, national coordinator of the Pachakutik movement.

To Build Just And Sustainable Cities, We Need Community Banking

February 10, 2025 Oscar Perry Abello, Next City. Create! Banking, climate crisis, Community Banks, Economic crisis, Money

Hardly anyone these days talks about how banks have the power to create new money. Most bankers would say something along the lines of “We’re in the business of taking deposits and making loans.” That’s technically correct, but the precise relationship isn’t obvious. In 2023, a working paper from the Federal Reserve Bank of Philadelphia stated: “Private money creation by banks enables lending to not be constrained by the supply of cash deposits. During the 2001–2020 period, 92 percent of bank deposits were due to funding liquidity creation, and during 2011–2020 funding liquidity creation averaged $10.7 trillion per year, or 57 percent of [gross domestic product].”

Two Major Retailers Close, Terminate Workers

December 25, 2024 Otis Grotewohl, Workers World. Educate! Bankruptcy, Big Box Stores, Economic crisis, Worker Rights and Jobs

One week before many of their workers were planning to celebrate the winter holidays with loved ones, two major retailers announced they were officially closing all store locations. The Columbus, Ohio-based discount department store Big Lots! publicly revealed Dec. 19 they were officially closing all their shops, while Party City made a similar revelation the very next day. Most store employees learned about the news either while at work or through media coverage on their day off. Big Lots! started closing many of its locations earlier in the year. According to an article in USA Today on Dec. 20, more than 400 stores already closed in 2024, and the company also filed for Chapter 11 bankruptcy protection.

US Navy Falters; Yemen’s Blockade Bankrupts Israel’s Eilat Port

July 19, 2024 Robert Inlakesh, MintPress News. Resist! Economic crisis, Israel, Naval Blockade, Palestine, Ports, Yemen

Despite the formation of a multinational naval coalition led by the United States, the Israeli-controlled Port of Eilat has reportedly gone bankrupt and is seeking a government bailout. The situation underscores the failure of U.S.-led efforts against Yemen’s Ansar Allah–known pejoratively as the Houthis–blockade in the Red Sea, enforced until Israel ends its war on Gaza. “It must be acknowledged that the port is in a state of bankruptcy,” said Gideon Golber, CEO of the Port of Eilat, who has been vocal about the port’s dire economic condition for months and is now appealing for financial support from the Israeli government.

‘Israel In Collapse’: 46,000 Businesses Forced To Close Since 7 October

July 11, 2024 News Desk, The Cradle. Educate! Economic crisis, Israel, Palestine, Wars and Militarism

Forty-six thousand Israeli businesses have been forced to shut as a result of the ongoing war and its devastating effect on the economy, Hebrew newspaper Maariv reported on 10 July, referring to Israel as a “country in collapse.” “This is a very high number that encompasses many sectors. About 77 percent of the businesses that have been closed since the beginning of the war, which make up about 35,000 businesses, are small businesses with up to five employees, and are the most vulnerable in the economy,” Yoel Amir, CEO of Israeli information services and credit risk management firm, CofaceBdi, told Maariv.

A Fair Tax Agenda For Wall Street

June 15, 2024 Sarah Anderson, Inequality.org. Create! Economic crisis, Tax Reform, Wall Street, wealth inequality

Financial institutions still extract too much wealth from working families and funnel too much of that wealth into massive executive bonuses that encourage excessive risk-taking – and even financial fraud.[2] And, as we saw with the spate of regional bank failures in 2023, reckless executives can still drive their firms into the ground and walk away with grand fortunes while relying on taxpayer money to contain the damage.[3] Much more needs to be done to ensure our financial system contributes to a healthy economy and focuses on long-term value creation instead of short-term speculation that might pump up CEO pay but does little for the rest of us. Today’s hearing will examine one important tool for guiding Wall Street in this direction: tax policy. Next year, the scheduled expiration of several provisions in the 2017 Tax Cuts and Jobs Act will force a major tax debate in Congress.

More Banks To Fail? Not In North Dakota

September 1, 2023 Ellen Brown, Scheer Post. Create! Big Banks, Economic crisis, Finance and the Economy, North Dakota, Public Banks

U.S. banks are again in the crosshairs. Standard and Poor’s has downgraded five new middle-tier banks and put three others on negative outlook. This follows sweeping downgrades earlier in August by Moody’s, which cut credit ratings on 10 banks and placed four of the 15 largest U.S. banks on review for possible downgrade. As with the banks going into receivership earlier this year, concerns include interest rate risk due to unrealized losses from long-term securities. Meanwhile, the U.S. government itself has been downgraded by Fitch Ratings, which questions the government’s ability to finance its nearly $33 trillion federal debt.

War By Other Means: Short Selling JPMorgan Chase

August 9, 2023 Ellen Brown, Scheer Post. Create! Banks, China, Economic crisis, JP Morgan Chase

When the FDIC put Silicon Valley Bank (SVB) and Signature Bank into receivership in March, a study reported on the Social Science Research Network found that nearly 200 midsized U.S. banks were similarly vulnerable to bank runs. First Republic Bank went into receivership in May, but the feared contagion of runs did not otherwise occur. Why not? As was said of Lehman Brothers 15 years earlier, the targeted banks did not fall; they were pushed, or so it seems. One blogger shows how even JPMorgan Chase, the country’s largest bank, could be pushed — not perhaps by local short-sellers, but by China.

Who Is Hustling Who?

August 6, 2023 Mukoma Wa Ngugi , Africa Is A Country. Strategize! Africa, Corruption, Cuba, Economic crisis, Kenya

There should be no doubt that Kenya is in an intractable economic crisis. Filling up gas for a drive from Nairobi to my hometown in Limuru cost 10,000 ksh (about USD70). As a result of the high gas costs prices for everything else have gone up, including public transportation. And those who cannot hike up operating costs, such as the hordes of boda boda motorcycle taxis, are hardly making anything or operating at a loss. Tax hikes mean those who are employed are taking less money home. And no point in kidding ourselves, in a corrupt country some of that money being generated from the higher taxes is going to the politicians.

On Second Anniversary Of ‘Presidential Coup,’ Tunisians Continue Resistance

July 27, 2023 People's Dispatch. Resist! Coups, Economic crisis, Mass Action, Tunisia

June 25 marked two years since Tunisian President Kais Saied virtually took over the country in what has come to be called a ‘Presidential coup.’ Over the past two years, he has sought to reshape the state to fit his own vision. Notably missing in this project has been the people of Tunisia. Two years later, Tunisia has a new constitution and a new parliament but these were ‘approved’ despite intense opposition from political parties and civil society and extremely poor participation from the people. In a statement released on the anniversary of the Saied’s takeover, the Workers’ Party of Tunisia said that two years later, “the country is on the verge of bankruptcy and is suffering from increasing dependence.

The Federal Debt Trap: Issues And Possible Solutions

July 13, 2023 Ellen Brown, Scheer Post. Create! Bubble, Debt, Economic crisis, Finance and the Economy, Pentagon Budget, Taxes

“Rather than collecting taxes from the wealthy,” wrote the New York Times Editorial Board in a July 7 opinion piece, “the government is paying the wealthy to borrow their money.” Titled “America Is Living on Borrowed Money,” the editorial observes that over the next decade, according to the Congressional Budget Office (CBO), annual federal budget deficits will average around $2 trillion per year. By 2029, just the interest on the debt is projected to exceed the national defense budget, which currently eats up over half of the federal discretionary budget. In 2029, net interest on the debt is projected to total $1.07 trillion, while defense spending is projected at $1.04 trillion.

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