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Economy

World economy in turmoil as oil price plunges

Tectonic shifts are taking place in the world economy. The price of oil has fallen dramatically in the past six months. The price of Brent Crude has now fallen to less than $60 a barrel. This marks a near fifty per cent drop in price from $115 a barrel in June. It heralds a new stage in the capitalist crisis, and its impact is being felt throughout the world.

Autumn Statement 2014 – Warning: Deep Cuts Ahead

Behind the gloss of various superficial measures introduced by George Osborne in his 2014 Autumn Statement on Wednesday 3rd December lay a far grimmer message for the vast majority of ordinary people. The real story of Osborne’s statement is the warning of what lies ahead after the next election: years more of austerity and deep, savage cuts.

“Red warning lights flashing”: capitalism lurches from one crisis to another

“Six years on from the financial crash that brought the world to its knees, red warning lights are once again flashing on the dashboard of the global economy.” Such ominous statements may sound familiar to our regular readers. However, these words are not those of a Marxist, but of the British Prime Minister, David Cameron, expressing his deep concerns about the state of the world economy.

Six years after Lehman Brothers’ collapse – another stage in the capitalist crisis

A few years ago, Mario Draghi, President of the European Central Bank, stated he would “do whatever it takes” to save the euro and restore growth. However, while the euro has stabilised, temporarily, the European crisis has certainly deepened. This time it is threatening to plunge the European Union into the nightmare of a Japanese-style deflation.

Economic “recovery” and the new normality

In July of this year, George Osborne, the British Chancellor, announced that the UK economy had finally recovered and reached its pre-crisis level. But the so-called “recovery” has been anything but that for the vast majority of people. Meanwhile, dark clouds are forming on the horizon, threatening to plunge the world economy into an even deeper crisis.

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