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Sergey Glazyev: ‘The road to financial multipolarity will be long and rocky’
In an exclusive interview with The Cradle, Russia’s top macroeconomics strategist criticizes Moscow’s slow pace of financial reform and warns there will be no new global currency without Beijing.
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The Washington Post is coming for your retirement benefits
When Jeff Bezos bought the Washington Post for $250 million in 2013, he didn’t transform it into a paper that elevated the perspectives of the wealthy elite—it had already been that for decades.
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How degrowth can help reduce global conflict
Defined as an equitable and democratic reduction of energy and material throughput targeted at rich nations and the globally wealthy, degrowth has grown in popularity over the last few years with growing political support.
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Adani’s fraudulent empire exposed
The Hindenburg Research, a short selling firm, brought out a 129-page report on the Adani group marshaling evidence of all the funding operations and offshore activities of the 578 subsidiaries and shell companies linked to the seven listed companies of the Adani group. The report states that this is the “biggest con in corporate history”.
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A Wall Street time bomb
After reaping huge fees off workers’ savings, private equity firms’ subterfuge could imperil promised benefits for millions of workers and retirees.
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Radio silence concerning United States President Franklin Roosevelt’s repudiation of debts
During your education, did you learn that during the 1930s the government of the USA unceremoniously repudiated a central provision of debt contracts that represented phenomenal sums?
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“Golden ruble 3.0” – How Russia can change the infrastructure of foreign trade
According to preliminary estimates of the Bank of Russia, in January-September 2022, it strengthened to $198.4 billion, which is $123.1 billion more than in the same period last year. This surplus was taken out of the country (at the same time, half went to pay off the external debts of Russian companies with their replacement by domestic ruble lending) and is reflected in the balance of payments item “net capital outflow”.
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How not to deal with a debt crisis
Jayati Ghosh warns against historically disastrous approaches to the sovereign-debt crisis hitting low- and middle-income countries.
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Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
According to a new report published by Oxfam, the richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.
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The impending world recession
The IMF managing director Kristalina Georgieva has now openly admitted that the year 2023 will witness the slowing down of the world economy to a point where as much as one-third of it will see an actual contraction in gross domestic product.
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BlackRock logo to be added to Ukrainian flag
Kyiv has announced the addition of a fifth corporate logo to the Ukrainian flag following news that BlackRock will be playing a crucial role in the reconstruction of the nation. The world’s largest investment management firm will join Raytheon Technologies, Northrop Grumman, Lockheed Martin, and McDonald’s upon the now-omnipresent blue and yellow flag.
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Germany could become ‘bankrupt state’ due to energy spending
Germany is fearing its own demise at its own hands as the measures it takes to combat the ongoing energy crisis are causing its reserves to falter.
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South Africans are fighting for crumbs: A conversation with trade union Leader Irvin Jim
South Africa is sitting on a tinderbox, says Irvin Jim, General Secretary of the country’s largest trade union NUMSA. The solution is to foster a spirit of solidarity which will have to come from people’s struggles and movements.
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Why Chinese ‘debt trap diplomacy’ is a lie
U.S. politicians and corporate media often promote the narrative that China lures developing countries into predatory, high-interest loans to build infrastructure projects as part of its Belt and Road Initiative.
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The political economy of effective altruism
If “what should I buy?” springs from the consumption portion of income, then “how should I give?” pertains to the portion not dedicated to current or future consumption. The first question would be asked by a citizen of the 99%, the second by a one-percenter.
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On income and wealth inequality
THE fact that income and wealth inequalities have increased quite dramatically under the neo-liberal regime is beyond dispute. The empirical work by Piketty’s team bears out the increase in income inequality. They use income tax data to infer about the share of the top 1 per cent of the population of a country in its national income.
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The fiscal requirement of a welfare state
THE post-second world war period had seen a spate of welfare state measures in the advanced capitalist countries, especially in Europe, in emulation of what the Soviet Union was effecting.
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Recession alert: we need a new unemployment insurance system
With the Federal Reserve pushing up interest rates, we appear headed for a new recession.
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Beating around the bush: polycrisis, overlapping emergencies, and capitalism
It is in vogue nowadays to describe the multifaceted and intertwined crises of capitalism without referring to capitalism itself. Obscure jargon of ‘overlapping emergencies’ and ‘polycrisis’ are brought up to describe the complexity of the situation, and they serve, with or without intention, to conceal the culprit, namely the totality of capitalist relations.
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Open veins of Africa bleeding heavily
The ongoing plunder of Africa’s natural resources drained by capital flight is holding it back yet again. More African nations face protracted recessions amid mounting debt distress, rubbing salt into deep wounds from the past.