The world economy was well on the way to recession before the coronavirus struck, Last year Bloomberg Economics created a model to determine America’s recession odds. The outcome was that the chance of a recession now stands at 100%, bring to and end the nation’s longest-running expansion.
America may be the leading world economy but the signs of recession were not just in that country. Where America goes economically the rest of the developed world usually follows.
Some figures from Forbes, October 2019:
Hong Kong, several months of protests that have battered the city’s economy, sending it into a “technical recession,” tourism and retail especially hard hit from the ongoing turmoil.
UK, uncertainty over Brexit would cause UK to fall into recession.
Germany, EU’s largest economy, due to enter recession from to drop in manufacturing and poor world auto sales.
Italy, was in a technical recession in second half of 2018 and has faced continued economic woes from weak productivity, high unemployment, huge debt problems.
China, In part due trade war and slowing world economy, its economy has continued to slow, growth in 2018, 6.6%, 2019, 6.1% and IMF forecast for 2020 5.8%
According to world economic experts other highly stressed economies around the world include Turkey, Argentina, Iran, Mexico and Brazil, among others.
Crucial statistic, The world economy will only grow 3% this year, that’s the slowest rate of expansion since the global financial crisis started in 2008.
America may be the leading world economy but the signs of recession were not just in that country. Where America goes economically the rest of the developed world usually follows.
Some figures from Forbes, October 2019:
Hong Kong, several months of protests that have battered the city’s economy, sending it into a “technical recession,” tourism and retail especially hard hit from the ongoing turmoil.
UK, uncertainty over Brexit would cause UK to fall into recession.
Germany, EU’s largest economy, due to enter recession from to drop in manufacturing and poor world auto sales.
Italy, was in a technical recession in second half of 2018 and has faced continued economic woes from weak productivity, high unemployment, huge debt problems.
China, In part due trade war and slowing world economy, its economy has continued to slow, growth in 2018, 6.6%, 2019, 6.1% and IMF forecast for 2020 5.8%
According to world economic experts other highly stressed economies around the world include Turkey, Argentina, Iran, Mexico and Brazil, among others.
Crucial statistic, The world economy will only grow 3% this year, that’s the slowest rate of expansion since the global financial crisis started in 2008.
So creaking capitalism was about to see its wheels fall off, before the coronavirus descended on us. What the covid 19 has done is merely accelerated the process by about a year or so, and no doubt it will make that recession all that more brutal for the ordinary people of this world. However the billionaire parasite class will probably see the pandemic as a blessing in disguise. Without raising public anger, as in the previous recession, by demanding a massive bailout with public money, the climate has changed and the public are accepting that the state must throw money at the billionaire parasite class to preserve jobs. In actual fact that could be rephrased as, to save the share holders from loosing to much of their loot. The top billionaire parasite class don’t care too much if businesses go bust, they will have the capacity to expand to take up any increase in demand as and when it might return, and all that taxpayers money will oil the wheels of their new plundering era, if we let it happen.
It won't be too long before they say that restrictions can be eased, eager to get you back to work, as the billionaire parasite class need you to keep building their wealth and power, so what if it cost more lives, to them a large swath of us are expendable without too much loss to their money making endeavours.
