In the second of a three-part interview, 91自拍论坛鈥檚 Federico Fuentes sat down with听sociologist Malfred Gerig to discuss Venezuelan president Nicol谩s听Maduro鈥檚 economic policy response to what he terms the country鈥檚 鈥淟ong Depression鈥.
Global Financial Crisis (2007鈥2008 financial crisis, GFC)
Federico Fuentes sat down with sociologist Malfred Gerig听from the Central University of Venezuela to discuss the United States鈥 sanctions on Venezuela in the context of the country鈥檚 鈥淟ong Depression鈥.
In the first part of our interview, Austrian Marxist Michael Pr枚bsting, author of The Great Robbery of the South and Anti-Imperialism in the Age of Great Power Rivalry, discusses his views on imperialism in the 21st century with 91自拍论坛鈥檚 Federico Fuentes.
Capitalism is in crisis and new Labor Treasurer Jim Chalmers has offered little by way of analysis and even less optimism, argues William Briggs.听
The war in Ukraine has made an already critical food crisis worse. Fingers point to grain supply shortages, but the problem is far deeper and linked to the economic system that turns food into a profitable commodity, writes William Briggs.
Major multinational corporations听such as Shell and BP听have made much of cutting ties with Russia. The publicity value听has been significant, but it has a hollow ring to it, argues听William Briggs.
听
In 2009, economist Steve Keen walked from Canberra to Mount Kosciuszko after losing a bet that the Australian housing market would crash 40% after the Global Financial Crisis (GFC). However, he had been one of the few economists who actually predicted the coming of the GFC. And he still maintains that a crash in the Australian housing market is coming.
Yet another report has been released showing the capitalist 鈥渢rickle down鈥 promise is rubbish.
The 鈥 produced by the World Inequality Lab at the Paris School of Economics 鈥 busts the neoliberals鈥 myths about globalisation and privatisation working for everyone. It shows that the wealth gap is widening and, in some countries, very dramatically.
I know exactly where I was on August 9, 2007. It was a hot summer鈥檚 day 鈥 鈥渄ebtonation day鈥.
Bankers all over the world had lost their collective nerve and refused to lend to each other. The globally synchronised financial system froze, and began its descent into sustained failure. It then took more than a year, and Lehman Brothers鈥 collapse, before the world understood the gravity of the crisis.
Ten years on, that slow-motion crisis, a prolonged period of disinflation, noflation and deflation, is still playing out.
As expected, the major banks are preparing to launch a media war against the Turnbull government鈥檚 proposed $6.2 billion bank levy, as outlined in Treasurer Scott Morrison鈥檚 May 9 federal budget speech.
Australian Bankers鈥 Association head Anna Bligh was furious. She said a campaign was being considered, claiming the government was playing 鈥渇ast and loose鈥 with the nation鈥檚 financial system.
The onset of the Global Financial Crisis can be dated to July 2007, when two Bear Stearns hedge funds holding almost US$10 billion in mortgage-backed securities collapsed. That same month, bankers at Lehman Brothers paid themselves $US5.7 billion in bonuses.
Little more than a year later, Lehman Brothers filed for bankruptcy with debts of $US613 billion. It was the largest bankruptcy in history.
Greece's austerity-and-debt-driven crisis has prompted a humanitarian catastrophe.
The says half of all young people cannot find work, there is a growing shortage of essential medicines and child malnutrition rates have reached levels not seen since World War II.
- Page 1
- Next page