Financial Crisis

Are We On The Verge Of A Massive Emerging Markets Currency Collapse?

A big chunk of the trillions of dollars that it pumped into the financial system over the past several years has flowed into emerging markets. But now that the Fed has decided to begin “the taper”, investors see it as a sign to pull the “hot money” out of emerging markets as rapidly as possible. This is causing currencies to collapse and interest rates to soar all over the planet. Argentina, Turkey, South Africa, Ukraine, Chile, Indonesia, Venezuela, India, Brazil, Taiwan and Malaysia are just some of the emerging markets that have been hit hard so far.

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Global stock sell-off highlights financial parasitism

The banks and corporations have not used the handouts from governments and central banks for productive investment—to rebuild crumbling infrastructures or expand the productive forces. The Financial Times reported Friday that US capital spending is expected to grow this year at its slowest pace in four years. And it is estimated that American non-financial companies are currently sitting on a cash hoard of $1.5 trillion.

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UK’s long-term youth unemployment hits record high

According to the statistics from the Labour Force Survey (LFS), the number of under-25s without a job for a year or more increased from 266,000 in 2012 to 282,000 in September 2013, The Daily Mirror reported on Saturday.

Last year’s figure is just under the 285,000 recorded in 1993, when John Major was British Prime Minister.

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Who’s to blame for the crisis, bankers or benefit claimants?

In crucial ways – the scale of its attacks on social security, service privatisation and falling living standards for the majority – Cameron’s coalition has outdone even Margaret Thatcher. Its austerity programme halted recovery for four years and has cut most people’s real terms pay deeper and over a longer period than at any time since the 19th century. Wealth is being energetically redistributed up the income scale.

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Tory Priotities Writ Large

On the same day that the government announced it was scrapping the £180-million-a-year Social Fund for the destitute, a new survey showed that the big US internet companies operating in Britain have increased their UK sales last year by 18 per cent but paid even less tax to the Treasury than the year before.

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A Short History of Elite Responses To Political-Economic Crisis

The performance of the US economy from the mid-1970s to the present was no match for its relatively robust performance during what economists call the Golden Age – 1949 to 1973. This was in fact the longest period of sustained growth in US history, when most (white) working people had achieved a degree of material security unknown earlier and unattainable since. But from the late 1960s and through the 1970s economic malaise was increasingly in evidence, signaling worse to come: high rates of both inflation and unemployment -stagflation- was not supposed to be possible in a Keynesian (1) world, but there they were, and seemingly intractable.

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Did Someone Say “Crash”?

Net investment is down because there’s no demand. And there’s no demand because unemployment is high, wages are flat, incomes are falling, and households are still digging out from the Crash of ’08. At the same time, the US Congress and Team Obama continue to slash public spending wherever possible which is further dampening activity and perpetuating the low-growth, weak demand, perma-slump.

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UK firefighters to stage more strikes

“The Government must stop claiming they are negotiating when they have refused to talk for two months and insist on forcing through proposals that are unaffordable, unworkable and unfair,” said FBU General Secretary Matt Wrack.

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Detroit Bankruptcy Ruling Paves Way for Nationwide Attack on Pensions

The bankruptcy process will aid Orr—an unelected front-man for the banks—in selling off city assets, privatizing services, and reorganizing the city in the interests of the corporate and financial elite. The entire operation is aimed at maximizing the amount the banks, bond insurers and other financial institutions will extract from the looting of the city and its working class inhabitants.

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