Financial Crisis

Casino Capitalism And Derivatives Market: Time For A ‘Lehman Moment’?

January 16, 2024 Ellen Brown, Scheer Post. Educate! Capitalism, Derivatives, Finance and the Economy, Financial Crisis

Reading the tea leaves for the 2024 economy is challenging. On January 5th, Treasury Secretary Janet Yellen said we have achieved a “soft landing,” with wages rising faster than prices in 2023. But critics are questioning the official figures, and prices are still high. Surveys show that consumers remain apprehensive. There are other concerns. On Dec. 24, 2023, Catherine Herridge, a senior investigative correspondent for CBS News covering national security and intelligence, said on “Face the Nation,” “I just feel a lot of concern that 2024 may be the year of a black swan event. This is a national security event with high impact that’s very hard to predict.”

Is Neoliberalism Really Dead?

December 17, 2023 Radhika Desai and Michael Hudson, Geopolitical Economy. Resistance Report Anti-capitalism, Financial Crisis, Media, Neoliberalism

t's happening again. Reports of the death of neoliberalism are once again proliferating. Just take a look at the UK Guardian. In the UK Guardian website, there is a whole series of stories whether it is "Neoliberalism is Dying," "The Rise and Fall of Neoliberalism," "Biden Just Declared the Death of Neoliberalism," "Is Neoliberalism Finally Over?," "Is Neoliberalism Finally Dead?" and "Is the Neoliberal Era Over Yet?" And of course there are also contrary views: "The National Institutes of Health Say Neoliberalism is Not Dead." And there is also a very interesting story in The Jacobin, which says "The Rumors are False: Neoliberalism is Alive and Well." Well, this is not the first time that the death of neoliberalism has been announced.

What Will Happen When Banks Go Bust?

February 23, 2023 Ellen Brown, Scheer Post. Educate! Bail-Ins, Banking, Credit Unions, Finance and the Economy, Financial Crisis

Financial podcasts have been featuring ominous headlines lately along the lines of “Your Bank Can Legally Seize Your Money” and “Banks Can STEAL Your Money?! Here’s How!” The reference is to “bail-ins:” the provision under the 2010 Dodd-Frank Act allowing Systemically Important Financial Institutions (SIFIs, basically the biggest banks) to bail in or expropriate their creditors’ money in the event of insolvency. The problem is that depositors are classed as “creditors.” So how big is the risk to your deposit account? Part I of this two part article will review the bail-in issue.

World Bank Downgrades Global Growth Forecast

January 13, 2022 Nick Beams, WSWS.org. Educate! Financial Crisis, Global Economy, World Bank

As the Omicron variant of COVID-19 rips through the world’s population, the World Bank has forecast slowing global growth for 2022 as well as the following year in its Global Economics Prospects report issued on Tuesday. While it was certainly not its intention, the report is an exposure of the claims by capitalist governments that no serious public health measures can be undertaken to eliminate the pandemic because they would be detrimental to the “economy.” In fact, as the figures in the report make clear, the policy of “let it rip” being pursued by virtually all governments is producing ever worsening economic conditions. No changes will be made, however, as the economy is completely subordinated to finance capital which opposes any measures that impede the accumulation of wealth in the hands of a rapacious oligarchy.

The Great Recoil Of Neoliberal Globalization

October 24, 2021 Paolo Gerbaudo, ROAR Magazine. Strategize! Financial Crisis, Global Economy, Globalization, Neoliberalism

The current political era is best understood as a “great recoil” of economic globalization. It is a moment when the coordinates of historical development seem to be inverting, upsetting many of the assumptions that dominated politics and economics over the last decades. This moment corresponds to the “second movement” socialist economic historian Karl Polanyi described in his book The Great Transformation, when phases of capitalist expansion recede and are met by “societal responses.” According to Polanyi, in phases of profound crisis like that opened by the 1929 Wall Street Crash, society tends to act defensively, erecting forms of social protection against a capitalist logic that has manifestly failed to deliver prosperity, yet becomes even more aggressive in its attempts to extract profit.

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