UN report says global economy could be heading for systemic crises
By Nick Beams One of the key features of the present situation is the increasing domination of the global economy by giant corporations and finance capital which has led to the reduction of the labour share of income from 57 percent in 2000 to 53 percent today. The latest UN Trade and
Princeton University report: US class-based life expectancy gap widened to more than 8 years
BY Benjamin Mateus The recent report by leading Princeton University economists Anne Case and Angus Deaton (winner of the Nobel Prize in 2015), submitted last month to the fall 2023 edition of the Brookings Papers on Economic Activity, makes a conscientious account of the widening mortality gap that exists between Americans with and
Bond prices fall, financial risks rise
By Nick Beams One of the key issues at work in the selloff is whether the Treasury market has the capacity to finance the ever-growing levels of US debt. The selloff in the $25 trillion US bond market, one of the foundations of the global financial system, is continuing. The yield on
IMF downgrades global growth forecast as global financial problems still loom large
By Nick Beams The International Monetary Fund (IMF) has slightly revised down its forecast for global growth, largely on the back of worsening conditions in the euro zone and China. It has stated that a “full recovery toward prepandemic trends appears increasingly out of reach, especially in emerging market and developing
Bond market “rout” a result of major structural shifts
By Nick Beams. There is a growing realisation in financial and media circles that the selloff in the US bond market, which has seen a rapid rise in interest rates, is the product of far-reaching shifts in global financial markets. The initial hope was that the turbulence was simply the product of
World Bank Sri Lanka Update: Revenues underperformed, interest bill absorbed the total government revenue
By Staff Writer The World Bank (WB) issued its Development Update on Sri Lanka on Tuesday (03) and stated the country's "macroeconomic outlook remains uncertain, contingent on successful debt restructuring and structural reforms." Sri Lanka's economic crisis in 2022 was exacerbated by structural weaknesses, leading to high fiscal deficits and risky commercial
Crypto Tycoon SBF of FTX faces trial in New York
By Staff Writer Sam Bankman-Fried (SBF), now disgraced crypto tycoon of the collapsed FTX cryptocurrency exchange, was set to stand trial Tuesday (03) in New York for orchestrating a massive scheme to steal billions of dollars from FTX customer money. FTX was one of the largest cryptocurrency exchanges. According to the New
Fed pauses rate increases but indicates more to come
By Nick Beams The US Federal Reserve decided not to lift interest rates at its meeting yesterday, in line with market expectations. However, it signalled it could raise them again in at least one of its two scheduled meetings remaining for this year. After instituting a steep climb in rates, from near
Report to G20 summit glosses over problems in global financial system
By Nick Beams Sometimes it is hard to know whether statements issued by financial authorities are aimed at fooling themselves, the organisations to which they are being delivered or whether, they consider it best not to say too much in public documents lest this “frightens the horses.” This is the case regarding
There is no FED magic trick to achieve a soft landing
By Mihai Macovei Economic growth in the United States accelerated to a 2.4 percent annualized rate in the second quarter of 2023, picking up from 2.0 percent in the first quarter, and climbing well above the 1.8 percent rate predicted by economists. Many analysts are surprised that the US economy has continued to