We are not being told the whole story about the crisis hitting the U.S. banking system. It is far deeper and more extensive than what is being reported in the big media. The following article a shortened adaptation adapted from that written by Ambrose Evan Pritchard (the Telegraph 2 May 2023). This adaption was published… Read More Over 2,000 US Banks Are Insolvent
By Joe Montero The British are in trouble. A new government under Liz Truss and Chancellor of the Exchequer (in other words the treasurer), Kwasi Kwarteng, has just handed down a mini budget. And it has caused a storm. It is a disaster such as that it is even dividing the ranks of the government and ruling… Read More Truss government budget to deliver the British hard times and trash the economy
Photo by Julian Smith/AAP… Read More Use climate bill to consolidate support base and move towards effective climate action
By Joe Montero People have been saying that the economy is in strife for a long time, and along with the climate crisis, the rising cost of living that is making the headlines. Everyone feels it. No wonder this has shaped up at the centre of politics in Australia. We are told that this is… Read More Australia’s economy faces problems rooted in its structure
By Joe Montero House prices are soaring across Australia, increasing in some places by up to 20 percent of pre-pandemic levels. Rents have risen by more than 8 percent. Rising inflation and interest rate have not worked to change the trend. The latest figures from the Australian Bureau of Statistics show the value of the country’s residential… Read More Affordable housing can be created with a multipronged approach
By Joe Montero Results of the second round of the French parliamentary elections this past weekend will have an enormous impact on France. Being the second most powerful economy in Europe what happens there has an impact across the continent, and this is going to be felt around the world. Although Emanuel Macron got through… Read More French National Assembly election throws the country into political turmoil
Richard D Wolf, professor of economics emeritus at the University of Massachusetts, wrote the following. It was first published by the Pressenza International Press Agency (6 June 2022). Inflation is on the rise and hurting many. Although Wolf’s alternatives to fighting this threat are within the context of the United Sates, they have universal application,… Read More There are better ways to stop inflation than by hiking interest rates
By Joe Montero Australia’s inflation rate is rising and set to rise further still. In the first three months of this year, it rose 5.1 percent, according to Jim Chalmers, the Treasurer of the newly elected Labor government. He has suggested that further interest rate rises are on the horizon. The Reserve Bank has not… Read More Australia’s inflation rate is rising and why this is happening?
Photo from AAP: Anthony Albanese… Read More Australia’s anaemic economy requires an alternative
International affairs analyst Pepe Escobar, in (The Cradle 14 April 2022), interviewed Dr Sergey Glazyev of Russia, widely regarded as one of the most influential economists in the world, and the Minister in Charge of Integration and Macroeconomics of the Eurasia Economic Union (EAEU).Glazyevsays a complete overhaul of the western-dominated global monetary and financial system is under way. And the… Read More The Russia-China strategic partnership: Exclusive interview with Russia’s Sergey Glazyev
