Recession

The 2020 Great Recession 2.0–Or Worse! (Part 1)

A month ago, in late February 2020, I was convinced the recession I have been predicting since January 2019 had arrived. Two weeks ago I began writing this would be another ‘Great Recession 2.0’, as in 2008-09. Now I’m not so convinced of even that. It may be worse, much worse. A bona fide Depression on the scale of the 1930s may be approaching.

US Senate’s Final Stimulus Bill: Why It Won’t Be Enough

March 25, 2020 Jack Rasmus, Jack Rasmus.com. Educate! Bailout, Congress, COVID-19, Recession

Just after midnight March 25, 2020, eastern time the US Senate passed a compromise bill of fiscal spending to address the accelerating economic decline. Both Democrat and Senate leaders agreed on the terms. US House of Representatives Speaker, Nancy Pelosi, indicated she would rush approval of the package seeking a unanimous voice vote of the House. Here’s what the terms of the stimulus package looks like, according to initial summaries by the Washington Post and CNN released within minutes of the bill passage: Middle class and worker households would get $500 billion in the form of direct checks ($250B) and increased unemployment insurance benefits for the next four months ($250B)

We Are Entering A Recession – But What Did We Learn From The Last One?

March 24, 2020 Ken-Hou Lin and Megan Neely, Theconversation.com Create! Coronavirus, COVID-19, New Economy, Recession

Ken-Hou Lin receives funding from the National Institutes of Health, the Bill & Melinda Gates Foundation, the Joyce Foundation, and the Institute for New Economic Thinking. Megan Neely does not work for, consult, own shares in or receive funding from any company or organization...

Neoliberalism’s Death Knell?

March 22, 2020 Michael Hudson, Information Clearinghouse. Create! Big Finance, Neoliberalism, Public Banks, Recession

In the latest It’s Our Money podcast, PBI Chair Ellen Brown and co-host Walt McRee speak with renowned economist Michael Hudson, member of the Public Banking Institute Advisory Board. Walt introduces the episode: The global economic devastation produced by market-driven profiteering has resulted in distressed and deprived citizens taking to the streets by the hundreds of thousands in cities around the globe and continues its destructive exploitation of our planet’s resources. The culprit is an aging “neo-liberal” economic system which produces historic social inequality while consolidating power in the hands of a few. Our guest, renowned economist Michael Hudson, says this system is more neo-feudal than neo-liberal – and that its inherent excesses are on the verge of bringing it down. Ellen reports that one example of its demise may be in Mexico where its new president is creating new public banks to help address some of its neo-liberal market inequities.

We Can’t Let This Economic Crisis Go To Waste

March 22, 2020 Thomas M. Hanna and Carlos Santos Skandier, Open Democracy. Create! Coronavirus, COVID-19, New Economy, Recession

The rapid spread of COVID-19, or the coronavirus as it is commonly known, has heightened economic fears and anxiety around the world. On Thursday March 12, US stock markets saw their biggest single day losses since Black Monday in 1987 and three days later the Federal Reserve announced that it would be cutting its benchmark interest rate to effectively zero and restarting its Quantitative Easing program. With businesses and whole cities shut down for the foreseeable future, a full-blown financial crisis is not out of the question and many analysts now see a recession later this year as an inevitability. As was the case during the last major financial crisis 12 years ago, the Trump administration appears to be considering and readying a wide range of government interventions to prop up collapsing markets and failing industries.

Coronavirus And The ‘Shock Doctrine’

March 20, 2020 By Sam Pizzigati and Sarah Anderson, Otherwords.org Strategize! Coronavirus COVID-19, Inequality, Pandemic, Recession

In times of crisis like the current coronavirus pandemic, these sorts of calls for cooperation become the drumbeat of our daily lives. Unfortunately, no drumbeat ever gets everybody marching in sync. In deeply unequal societies like our own, a wealthy few can exploit such catastrophes to make themselves even wealthier. Back in 2007, Naomi Klein explored this phenomenon brilliantly in her landmark book The Shock Doctrine.

Some Economic Responses To The Coronavirus Recession

March 17, 2020 Matt Bruenig, Peoplespolicyproject.org Create! Coronavirus, COVID-19, Finance and the Economy, Recession

In a normal recession, the proper goal of a policy response is pretty simple: increase output and employment by directly or indirectly increasing aggregate demand. Many proposed responses to this recession have fallen into this typical model. But, strictly speaking, this model does not really make sense for our current situation.

Twenty-First Century Neoliberalism Is Failing – Where Do We Go From Here?

March 16, 2020 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast COVID-19, health, Recession, Wall Street

Stock markets around the world have become very volatile over the past few weeks with record losses. We are in a global recession, which could become a depression in the United States. Panic over the coronavirus and falling oil prices triggered the crisis, but economists have predicted this for some time due to high levels of corporate debt and artificial propping up of Wall Street. It was just a question of when. We speak with economist Jack Rasmus, author of "The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump," about the current state of the economy and what we can expect from here. Rasmus posits that twenty-first-century neoliberalism is doomed to be highly unstable with rapid crashes and long recovery times. The system is going to change, but the direction it takes depends on what people do to demand a system that puts people before profits.

Coronavirus, Economic Networks, And Social Fabric

March 15, 2020 Richard Heinberg, Resilience.org. Create! Coronavirus, COVID-19, Local Economy, New Economy, Recession

The COVID-19 pandemic offers intriguing insights into how networked our modern world has become, and how we’ve traded resilience for economic efficiency. Case in point: someone gets sick in China in December of 2019, and by March of 2020 the US shale oil industry is teetering on the brink. What set off this unraveling? It was China’s deliberate—and arguably necessary—pull-back from economic connectivity. This tells us something useful about networked systems: unless there is a lot of redundancy built into them, any one node in the network can affect others. If it’s an important node (China has become the center of world manufacturing), it can disrupt the entire system. What would redundancy actually mean?

Global Financial Asset Deflation Underway: Prelude to Next ‘Great Recession’?

March 13, 2020 Staff, Jackrasmus.com Educate! Coronavirus, Finance and the Economy, Recession

This morning, Monday, March 9, financial asset markets continue to implode: US stocks are further collapsing -6% (Dow down 1650, Nasdaq >500 mid-day). Ditto Asian and Europe stock markets -6%. They were already declining sharply last week due to coronavirus induced supply chain shocks (reducing production) and expanding demand shocks (consumer spending contraction in select industries like travel, hotels, entertainment)...

Global Financial Asset Deflation Underway: Prelude To Next ‘Great Recession’?

March 12, 2020 Jack Rasmus, Informationclearinghouse.info Educate! Finance and the Economy, Recession

March 10, 2020 "Information Clearing House" - Monday, March 9, financial asset markets continue to implode: US stocks are further collapsing -6% (Dow down 1650, Nasdaq >500 mid-day). Ditto Asian and Europe stock markets -6%. They were already declining sharply last week due to coronavirus induced supply chain shocks ...

Coronavirus And Oil War Trigger Economic Collapse

March 9, 2020 Kevin Zeese, Popular Resistance Educate! Coronavirus, COVID-19, Oil and Gas, Recession

Economist Jack Rasmus reported on Sunday night, 'the economic collapse is underway. ' On top of the impact of the rapidly spreading coronavirus which was already crashing the markets, an oil war began between Russia and Saudi Arabia over the weekend. Crude oil prices plummeted 30 percent with oil prices suffering their biggest plunge since the Gulf War in 1991 over the weekend as the oil war developed. he Dow Jones had its single largest one-day point decline in history, dropping 2,013 points. This is just the beginning -- the oil war has just begun, the coronavirus is still in its early stages

Are Ordinary People In The United States Screwed? My Reply

August 18, 2019 Jack Rasmus on his website. Educate! Debt, Finance and the Economy, New Economy, Recession, wealth inequality

In short, the policies since 2008–both Obama’s and Trump’s–for ten years now have been subsidizing the rich, the elites, the owners of capital incomes like never before in US history. Tax cuts and Fed policies have subsidized (i.e. redistributed) tens of trillions of dollars for the elites from fiscal and monetary policies. The redistribution/subsidization has been so extreme that that fiscal and monetary policies are now effectively ‘dead in the water’ when it comes to try to stimulate the real US economy once it descends into recession–which is less than 12 months away for the US and already happening in Europe, Latin America, and parts of Asia. Fiscal policy in the US is now dead-ended as an effective stimulus policy tool due to the $22 trillion current US national debt levels and annual $1 trillion plus budget deficits.

America Traded One Recession For A Far More Serious One

September 27, 2018 Michael E. Porter, Bostonglobe.com Educate! Capitalism, Crisis, Recession, United States

The headline economic indicators – GDP growth, the unemployment rate, the stock market — all say that the United States is in the midst of a sustained economic expansion that was slow to develop after the Great Recession. But a deeper look at US performance offers far less cause for celebration. America is mired in a social progress recession. Data from the Social Progress Index, the first ever rigorous measurement of social performance across a broad range of indicators and all major countries, reveals that the quality of life and opportunities for many Americans is lagging. The fact is that our country is failing on many of the things we hold most dear. And it’s getting worse. The Social Progress Index focuses exclusively on social outcomes (not spending or inputs), capturing key aspects of quality of life, including health, water and sanitation, personal safety, education, and environmental quality.

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