The people who control the money will try to save their own necks and to heap pain and hardship on working people. But still, the crisis is laying waste to neo-liberal dogma and the policies based on it. It exposes the rottenness of the whole edifice. And allows us to imagine the potential of, and work towards, an economy that serves people, not profit.
The coronavirus outbreak is triggering an economic recession far deeper than the one that followed the 2008 banking crash. Chunks of the money mountains are breaking off and sliding into an abyss.
While we struggle to get used to the lockdown, worrying about friends, family and vulnerable people in our communities, the flesh-eating hyenas who control the world economy are struggling to protect their fortunes.
Here is a quick summary of the way it looks today in the Financial Times. (I’ve included links to the articles, although many are behind paywalls – sorry for that!)
Forecasts of economic recession. Macquarie bank, in a note to investors, said:
The global economy is in deep recession. […] Quantifying the magnitude of the near-term hit with any certainty is not possible [but] the partial data to February show that the hit to China is without precedent.
Macquarie’s models suggest that the…
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