Japanese Prime Minister Shinzo Abe warned his G7 counterparts that the world may on the brink of a global financial crisis on the scale of Lehman Brothers.
At $18+ trillion, America's debt is the largest in the world for a single country. If the United States defaults on its debt, foreign investors would be angry, but current and future retirees would be hurt the most. Unlike American citizens, the U.S. government doesn't pay it's debt.
Gaza economy is on the verge of collapse and youth unemployment is highest in the region at 60% according to the latest World Bank economic update.
Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.
A 60 years in the making fiasco, the city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems. The filing serves as a grim reminder of the bankruptcies that hit the auto industry four years ago. Unlike the cases of General Motors and Chrysler in 2009, the White House offered no financial help.
Contrary to neoliberal economist propaganda, whose dysfunctional "globalisation" brainwash caused more deepening poverty and rising inequality, the improvement on the global poverty as of 2005 is due to many governments around the world that radically changing course by throwing off the shackles of neoliberalism in the first decade of the 21st century. Government intervention, economic nationalism, redistributive populist policies that promoted both equity and expanded internal markets, and the commodities boom triggered by China’s development made up a potent combination that reversed trends in poverty. However, the Philippines bucked the trend towards reduced poverty because its policymakers are imprisoned in the neoliberal paradigm according to a Filipino author and incumbent Member of the Philippine House of Representatives.
12Page 1 of 2