Inflation

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Inflation

Tax justice in Pakistan

27 July 2024 - by Pakistan Kissan Rabita Committee

Press statement Abolish taxation from electricity bills Reduce the price of electricity to 10 Rupees a unit Impose a super tax on the rich The recent expansion of indirect taxation in Pakistan has led to a hike in the prices of essential (...)
Broken Britain

4 July 2024 - by Michael Roberts

UK citizens vote in a general election on 4 July. The opinion polls currently forecast that the incumbent Conservative party will be heavily defeated after 14 years in government. The opposition Labour party is expected to gain a majority of (...)
Food inflation: The math doesn’t add up without factoring in corporate power

22 March 2024 - by GRAIN

Large farmers’ protests broke out in at least 65 countries over the past year. From India to Kenya through Colombia and France, desperation has hit a breaking point. Farmers warn that without better prices and more protection, their future is at (...)
Debt distress

2 November 2023 - by Michael Roberts

Last week, Zambia reached a deal for relief on nearly $4bn owed to private bondholders, raising hopes that a protracted debt restructuring by Africa’s second-largest copper producer was nearing its end. It had taken three years to get a (...)
Argentina election: from peso to dollar?

25 October 2023 - by Michael Roberts

Argentines will vote in general elections today with both the mainstream parties weakened by the legacy of multiple economic crises and challenged by a libertarian outsider, Javier Milei. The deeply unpopular current president Alberto (...)
Polycrisis again

8 October 2023 - by Michael Roberts

At the beginning of this year, I wrote [a post->https://thenextrecession.wordpress.com/2023/01/05/polycrisis-and-depression-in-the-21st-century on how the capitalist mode of production was in what some call a ‘polycrisis’, where various crises: (...)
Russia’s war economy

18 August 2023 - by Michael Roberts

The currency has been steadily losing value since the beginning of the year and has now slid past RUB100/$. That’s down 26%. The main cause of this decline is the fall in oil export revenues and the rising cost of military spending to prosecute (...)
Pakistan : The IMF deal and its critics

24 July 2023 - by Sushovan Dhar

Pakistan is on the precipice of a financial crisis. The population struggles to cope with ever-dwindling purchasing power, foreign reserves dwindle, inflation soars, and the country faces widespread unrest. Tensions are high as forthcoming (...)
The cost of living and profits

14 July 2023 - by Michael Roberts

The [latest employment report->https://www.oecd.org/employment-outlook/2023 from the OECD is a real eye-opener on the cost of living crisis and whether wage rises or profit rises have been the biggest contributor to the rise in inflation. On (...)
The two Bs on inflation

29 May 2023 - by Michael Roberts

A recent paper by mainstream heavyweights, Ben Bernanke (former Federal Reserve chief) and Olivier Blanchard (former chief economist at the IMF) has raised some eyebrows. Bernanke and Blanchard seek to argue that the inflationary spike in the (...)
Rates up, economy down

5 May 2023 - by Michael Roberts

The two main central banks in the advanced capitalist economies, the US Federal Reserve and the European Central Bank (ECB), raised their ‘policy’ interest rates again this week. The policy rate sets the floor for all borrowing rates in these (...)
Central banks: boom or slump?

3 February 2023 - by Michael Roberts

Three of the major central banks met and raised their policy interest rates yet again in the so-called ‘fight against inflation’. Interest-rate levels are now at 15-year highs. But the financial markets took the comments of the central bankers (...)
Europe: caught in a trap

27 July 2022 - by Michael Roberts

The major economies are moving closer to recession, if they are not already there; and yet inflation rates continue to rise (for now). The latest surveys of business activity, called Purchasing Managers Indexes (PMIs), show that both the Euro (...)
Inflation: wages versus profits

16 May 2022 - by Michael Roberts

The Governor of the Bank of England, Andrew Bailey set the attitude of the mainstream view on the impact of inflation in February, when he said that “I’m not saying nobody gets a pay rise, don’t get me wrong. But what I am saying is, we do need to (...)