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Global Economy

Latin America’s Plan To Challenge US Dollar With New Currency

December 4, 2022 Ben Norton, Multipolarista. , , ,
The US dollar is used in the majority of international trade, and its status as the global reserve currency gives the United States an “exorbitant privilege” that underpins its geopolitical and economic dominance. Yet opposition to Washington’s hegemony is growing around the world. Institutions of Eurasian integration are proposing their own currencies and payment systems. Latin America, too, has ambitious plans to end its dependence on the US dollar. Prominent economist Andrés Arauz, a leftist leader who came close to winning Ecuador’s 2021 presidential elections, published a blueprint for a “new regional financial architecture” to unite Latin America, challenging the hegemony of the dollar and Washington-dominated institutions like the International Monetary Fund.

China’s Leadership Shines Bright In Asia’s Moment

December 2, 2022 Danny Haiphong, Black Agenda Report. , , ,
Asia possesses many of the world's largest and fastest-growing economies. In this era of growing discord and crisis in the West, the majority of nations around the world are looking to Asia to set a different example. The region took center stage in the week of November 11 to 18 as the emerging economies of Cambodia, Indonesia, and Thailand hosted the Association of Southeast Asian Nations (ASEAN) Summit, the G20, and the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting respectively. These important exchanges provided numerous opportunities for major countries to assert their leadership on the world stage. And in this regard, it was China that shined the brightest. One of the highlights was Chinese President Xi Jinping's meeting with U.S. President Joe Biden in Bali, Indonesia ahead of the convening of the G20 summit.

Sanctions: A Wrecking Ball In A Global Economy

November 30, 2022 Popular Resistance. , , ,
Join a discussion of the latest developments in key regions of the world with several authors of the new anthology: SANCTIONS: A Wrecking Ball in a Global Economy.  Intensifying US sanctions, imposed on a third of humanity, are sending shock waves through the world economy. Now this brutal form of economic warfare on civilian populations is being contested. US dollar dominance is being challenged as the currency of global trade. Sanctions have boomeranged back on the US and EU countries with inflation, supply chain shortages, and a looming recession causing hardship at home. But by far the greatest burden is borne by 40+ sanctioned countries. The US response is doubling down on harsher sanctions. What are the implications?

China’s Leadership Shines Bright In Asia’s Moment

November 21, 2022 Danny Haiphong, Friends of Socialist China. , , ,
Asia possesses many of the world’s largest and fastest-growing economies. In this era of growing discord and crisis in the West, the majority of nations around the world are looking to Asia to set a different example. The region took center stage in the week of November 11 to 18 as the emerging economies of Cambodia, Indonesia, and Thailand hosted the Association of Southeast Asian Nations (ASEAN) Summit, the G20, and the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting respectively. These important exchanges provided numerous opportunities for major countries to assert their leadership on the world stage. And in this regard, it was China that shined the brightest.

We Are Faced With A Gang Of Assassins Who Control The Global Economy…

November 21, 2022 Chicago ALBA Solidarity. , , , ,
I want to conclude by referring to a meeting currently taking place there in Egypt, they call it the COP. This is COP number I don’t know what exactly, because since 1995 when they started doing these meetings there in Germany, because they were worried about global warming, about poisoning the planet, about the destruction of the planet. And they reach agreements, but they don’t fulfill any of them, and then they get back together and they make more agreements, and they don’t fulfill any of those either. Who does not comply? The countries that pollute the planet the most, the very ones that should comply with what the agreements mandate. Because countries like ours here in Central America and the Caribbean, which do not have high levels of pollution but are rather the victims of global warming, hence the hurricanes, the droughts, everything...

IMF Warns Of ‘Wave Of Debt Crises’ Coming In Global South

November 14, 2022 Ben Norton, Multipolarista. , , ,
The International Monetary Fund (IMF) has said a “wave of debt crises” may be coming in the Global South, and “the global economy is headed for stormy waters,” as the world faces a “geopolitical realignment” that will be “permanent.” The US-dominated financial institution warned “the worst is yet to come,” as the depreciation of most currencies against the dollar and rising interest rates make it hard for both governments and companies to service their dollar-denominated debt. The director of the IMF’s research department, Pierre‑Olivier Gourinchas, made these comments in a press briefing on October 11. Countries comprising a third of the entire global economy are expected to contract in 2022 or 2023, he prognosticated. “In short, the worst is yet to come; and for many people, 2023 will feel like a recession,” he said.

EU Confesses ‘Our Prosperity Was Based On China And Russia’

October 20, 2022 Ben Norton, Multipolarista. , , , , , , , ,
The West’s economic prosperity following the end of the first cold war in 1991 was built on a neoliberal capitalist economic model that was only made possible due to the extraction of wealth from China and Russia, the European Union’s top foreign-policy official, Josep Borrell, has confessed. “Our prosperity was based on China and Russia – energy and market,” Borrell said. China provided the US and EU with a massive market, low-paid labor, and cheap consumer goods. And after the Soviet Union was overthrown, mass privatizations in Russia and steps at integrating it into the West helped Europe secure huge amounts of inexpensive energy. But the significant rise in workers’ living standards in China, as well as the proxy war in Ukraine and the EU’s corresponding pledge to boycott Russian gas and oil, have greatly increased the cost of living and doing business in Europe, making its products uncompetitive in global markets.

Michael Hudson: A Roadmap To Escape The West’s Stranglehold

October 10, 2022 Pepe Escobar, The Cradle. , , , , ,
It is impossible to track the geoeconomic turbulence inherent to the “birth pangs” of the multipolar world without the insights of Professor Michael Hudson at the University of Missouri, and author of the already seminal The Destiny of Civilization. In his latest essay, Professor Hudson digs deeper into Germany’s suicidal economic/financial policies; their effect on the already falling euro – and hints at some possibilities for fast integrating Eurasia and the Global South as a whole to try to break the Hegemon’s stranglehold. That led to a series of email exchanges, especially about the future role of the yuan, where Hudson remarked: “The Chinese whom I’ve talked to for years and years did not expect the dollar to weaken. They’re not crying about its rise, but they are concerned about flight capital from China as I think after the Party Congress [starting on October 16] there will be a crackdown on the Shanghai free-market advocacy. Pressure for the coming changes has been long building up.

Wang Yi: Making Every Effort For Peace And Development

October 2, 2022 Friends of Socialist China. , , ,
Delivering his September 24 speech, Wang began by noting that humanity was facing various challenges, including the continued resurfacing of the Covid-19 pandemic, uncertain global security, and fragile and unsteady global recovery. “The world has entered a new phase of turbulence and transformation…But we are also at a time full of hope. The world continues to move towards multipolarity…Around the world, the people’s call for progress and cooperation is getting louder than ever before.” Posing the question of how to “ride on the trend of history to build a community with a shared future for mankind”, he explained that “China’s answer is firm and clear.”

Greg Watson’s Bold Campaign For A World Grid

October 2, 2022 David Bollier. , ,
As humanity hurtles inexorably toward a steady-state, no-growth economy, whether by choice or the imperatives of climate collapse, the idea of sharing electricity on a global scale is becoming more relevant than ever. Such an infrastructure would deliver huge benefits. It would spur adoption of renewable energy and reduce carbon emissions while making the world's power systems more flexible and resilient. The systems thinker and maverick architect Buckminster Fuller first proposed the World Grid idea in the 1970s. While the idea was daringly futuristic then, it garnered some serious attention. When the World Grid concept was presented by Canadian prime minister Pierre Trudeau to then-USSR premier Leonid Brezhnev, Soviet technical experts concluded that the concept was "feasible" and "desireable."

China Is Not The Enemy—It Is America’s Indispensable Economic Partner

October 1, 2022 Robert Scheer, Scheer Post. , , ,
China—along with Russia—shares the attention of an increasingly provocative United States. Confusing rhetoric regarding policy in Taiwan, unsanctioned trips from powerful American political figures to Taipei and other agitating measures point to a new chapter emerging in the relationship between China and the U.S. Author and columnist Zachary Karabell, who has extensive experience in writing about China and doing business there,  joins Scheer Intelligence to remind us of the extensive economic relationship that exists between the two world powers. He focuses on his book “Super Fusion: How China and America Became One Economy And Why The World Depends On It,” and how a souring between them could spell more trouble at home.

Will The Samarkand Spirit Revive The Word ‘Mutual’ In World Affairs?

September 22, 2022 Vijay Prashad, People's Dispatch. , , , , ,
In mid-September 2022, the nine-member Shanghai Cooperation Organization (SCO) met in Samarkand, Uzbekistan, for its 22nd Meeting of the Council of Heads of State. Because China, India, and Pakistan are members of the SCO, the organization represents about 40% of the world’s population; with the addition of Russia, the SCO countries make up 60% of the Eurasian territory (the other member states of the organization are Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and now Iran). In its Samarkand Declaration, the final declaration of this meeting, the SCO represented itself as a “regional” organization, although the sheer scale of the SCO would allow it to claim to be a global organization with as much legitimacy as the G-7.

China’s Development Path: Indigenous Innovation And Global Competition

August 28, 2022 William Lazonick and Yin Li, Scheer Post. , , ,
In our INET working paper, “China’s Development Path,” we employ the “social conditions of innovative enterprise” framework to analyze the key determinants of China’s development path from the economic reforms of 1978 to the present. First, we focus on how government investments in human capabilities and physical infrastructure provided foundational support for the emergence of Chinese enterprises capable of technological learning. Second, we delve into the main modes by which Chinese firms engaged in technological learning from abroad—joint ventures with foreign multinationals, global value chains, and experienced high-tech returnees—that have contributed to industrial development in China. Third, we provide evidence on achievements in indigenous innovation [1]—by which we mean improvements in national productive capabilities that build on learning from abroad and enable the innovating firms to engage in global competition—in the computer, automobile, communication-technology, and semiconductor-fabrication industries. Finally, we sketch out the implications of our approach for the role of innovation in China’s development path as it continues to unfold.

We Need To Build The Architecture Of Our Future

June 24, 2022 Vijay Prashad, Tricontinental: Institute for Social Research. , , ,
In April 2022, the United Nations established the Global Crisis Response Group on Food, Energy, and Finance. This group is tracking the three major crises of food inflation, fuel inflation, and financial distress. Their second briefing, released on 8 June 2022, noted that, after two years of the COVID-19 pandemic: the world economy has been left in a fragile state. Today, 60 per cent of workers have lower real incomes than before the pandemic; 60 per cent of the poorest countries are in debt distress or at high risk of it; developing countries miss $1.2 trillion per year to fill the social protection gap; and $4.3 trillion is needed per year – more money than ever before – to meet the Sustainable Development Goals (SDGs). This is a perfectly reasonable description of the distressing global situation, and things are likely to get worse.

This New Import Law Will Hurt US Consumers

June 23, 2022 Moon of Alabama. , , , , ,
The Chinese government had launched a large scale program to solve the problem once and for all. It subsidized companies to move production facilities to Xinjiang. For geographic reasons these are now mostly in the northern part of Xinjiang. The government also organized large camps for vocational and language training. After people went through those they were offered jobs in the new factories where they work in exchange for normal wages. The U.S. anti-China propaganda campaign claims that these Uighur people were forced to take up their new jobs and calls that 'forced labor'. It is not. Working in some industry far from home is normal in China. It is the reason why each year during the Spring Festival season 300 million  people in China travel to reunite with their families. Real forced labor is what one sees in the U.S. prison industry where prisoner have no choice but to work for a few pennies which the prison will in the end regain due to absurd prices for small necessities prisoners have to pay for.
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