Reeves’s Shrinking Economy Already Has Its First Victims

THE TELEGRAPH: The demise of cars, flights and cafes are just the start of Britain’s slump towards full-blown recession

The car manufacturing giant Stellantis is closing a factory. EasyJet is slashing the number of flights around the UK. Even the chairman of Gail’s has said that some of his businesses may have to close. If you want to buy a new car or take a Christmas break, it is about to get a lot harder.

In reality, there is a common theme to all those stories: they are all part of Chancellor Rachel Reeves’s shrinking economy. And from retail chains to pubs and restaurant groups it is going to get a lot worse over the next few months.

For anyone who was expecting the UK to be emerging as the “fastest-growing economy in the G7” by now, as the Labour Party promised during the election campaign, it has turned into a sobering week. » | Matthew Lynn | Saturday, November 30, 2024

Led By Donkeys: Nigel Farage Loves Open Borders - for the Super Rich

Nov 28, 2024 | Nigel Farage is fine with open borders - as long as they’re only for the super-rich

UK Winner of EuroMillions Scoops £177m Jackpot

BBC: A UK ticket-holder has won the £177m EuroMillions jackpot, scooping the third biggest prize ever seen in the country.

The winning numbers were 7, 11, 25, 31, 40 with lucky stars 9 and 12.

Andy Carter, senior winners' adviser for lottery operator Allwyn, called it a "wonderful win right before Christmas" - and urged players to check their tickets.

If the winner is an individual - rather than a syndicate splitting the prize - he or she will immediately become richer than musicians Harry Styles and Adele who featured on this year's Sunday Times Rich List with fortunes of £175m and £170m respectively.

The winner can decide whether to go public or request strict anonymity once their ticket has been validated and paid.

The biggest National Lottery win of all time, £195 million, was netted by an anonymous UK ticket-holder on 19 July 2022.

On 10 May 2022, Joe and Jess Thwaite from Gloucester won a then record-breaking £184,262,899 with a Lucky Dip ticket. » | Hafsa Khalil, BBC News, Patrick Jackson, BBC News | Tuesday, November 26, 2024 ; updated: Wednesday, November 27, 2024

Yikes! Industries Warn of Devastating Effects of Trump's Tariffs; Trump Ignores His Own Poor Record

Nov 27, 2024 | Despite having seen how tariffs increased consumer prices in his first term, Donald Trump is apparently set on starting new trade wars with Canada and Mexico by hitting both major trading partners with significant new tariffs. While major American industries warn of devastation from those tariffs, other industries, from farming to construction are warning about further devastation if Trump follows through on his mass deportation plan. Alex Wagner discusses with MSNBC's Chris Hayes and Faiz Shakir, founder and executive director of More Perfect Union.

Mexico’s President Raises Prospect of Retaliatory Tariffs on U.S. Goods

THE NEW YORK TIMES: President Claudia Sheinbaum responded to President-elect Trump’s threat to impose high tariffs, saying such a move would inflict damage on both countries.

Mexico’s president, Claudia Sheinbaum, hit back on Tuesday morning at President-elect Trump’s vow to impose 25 percent tariffs on all products coming into the United States from Mexico, signaling that her country was prepared to respond with retaliatory tariffs of its own.

Ms. Sheinbaum also said that raising tariffs would fail to curb illegal migration or the consumption of illicit drugs in the United States, an argument that Mr. Trump had made in his warning on tariffs.

“The best path is dialogue,” Ms. Sheinbaum said at her daily news conference, calling for negotiations with the incoming Trump administration while laying out steps that Mexico has already taken to assuage some of Mr. Trump’s concerns.

Ms. Sheinbaum, reading from a letter she is planning to send to Mr. Trump, noted that illegal crossings at the border between Mexico and the United States had plunged from December 2023 to November 2024, largely as a result of Mexico’s own efforts to stem migration flows within its own territory. » | Simon Romero | Simon Romero reports on Mexico, Central America and the Caribbean | Tuesday, November 26, 2024

Leer en español:

La presidenta de México responde a la amenaza de aranceles de Trump: La presidenta Claudia Sheinbaum leyó el martes una carta destinada al presidente electo Donald Trump en la que habló de las medidas que tomaría su país en respuesta. »

THE WASHINGTON POST:

Trump’s ‘America First’ bullying is back: President-elect Donald Trump isn’t wasting time setting the stage for his second term, with plans for tariffs on goods from Mexico, China and Canada. »

Richard Wolff: Trump's Tariffs Will Make Inflation EXPLODE

Nov 25, 2024 | Trump wants to slap tariffs on China and other countries. What are tariffs? How will they affect your wallet? Dr. Richard Wolff explains.

Message to Americans: Do all you can to enjoy this Thanksgiving and this Christmas. Enjoy them to the max this year for you’re about to be taken on a Trumpian helter-skelter for which you will definitely need lots of pills to quell motion sickness! If rollercoasters make you vomit, the four years beginning in January will make you throw up “bigly”. You Americans asked for this, you are the ones who brought this on yourselves. Unfortunately, you showed little concern for the fall-out for us in the relatively saner world. You forgot to factor that into the equation. As an American might say: Gee thanks! – © Mark Alexander

Taxing Farm Animals’ Farts and Burps? Denmark Gives It a Try.

THE NEW YORK TIMES: Cows and pigs produce a large share of planet-warming methane. A new tax is part of a plan to clean that up.

Denmark, known for its inventive restaurants and elegant design studios, is about to become known for something more basic: the world’s first belch and manure tax.

That’s because there are five times as many pigs and cows in Denmark as there are people. Nearly two-thirds of its land is taken up by farming. And agriculture is becoming its largest share of climate pollution, putting lawmakers under intense public pressure to reduce it.

So now, Denmark’s unlikely coalition government, made up of three parties from across the political spectrum, has agreed to tax the planet-heating methane emissions that all those animals expel through their poop, farts and burps. The measure, under negotiation for years, was passed by the Danish Parliament this month, making it the only such climate levy on livestock in the world.

“I think it’s good,” said Rasmus Angelsnes, 31, who was shopping for dinner in Copenhagen one recent afternoon. “It’s kind of a nudge to make different choices, maybe more climate-friendly choices.” » | Somini Sengupta | Somini Sengupta visited farms, delis and supermarkets in Denmark to understand the unusual new law. | Tuesday, November 26, 2024

Global Capitalism: Europe 2024: Disunity, Decline, Despair | February 2024

Premiered Feb 15, 2024 | Global Capitalism, Richard D. Wolff

I am posting this video not because I necessarily agree with all Professor Wolff says, because I don’t; but what he says deserves serious consideration. I believe in assessing the viewpoints from all sides and from all angles before I make up my mind on anything. I assume that you do too. Please enjoy Professor Wolff’s presentation. Naturally, being a ‘Marxist economist’, he presents a viewpoint from the very left. – Mark Alexander

Democracy At Work: Professor Richard Wolff: Economic Update: The Political Economy of Tariffs

Jun 17, 2024 | n this week’s Economic Update, Professor Richard Wolff devotes the entire program to an analysis of tariffs. We discuss why tariffs are not a worker's issue, why capitalism's continuous swings between free trade and protectionist periods and phases make little impact on workers, and why competing capitalists seek to get workers to support their positions on tariffs.

Im Sog der Sucht-Maschine | Doku HD | ARTE

Nov 12, 2024 | Die Schattenseiten der Online-Werbung: Ein Sektor, der von einer Handvoll Tech-Giganten kontrolliert wird, dank Algorithmen exponentielle Gewinne einfährt. Zugleich tragen diese Technologien zur Verbreitung von Betrug, Hass und Desinformation bei. Kann Online-Werbung ethischer gestaltet werden? Ist es an der Zeit, die Plattformen in die Verantwortung zu nehmen?

Mit Online-Werbung werden weltweit jährlich mehr als 400 Milliarden US-Dollar umgesetzt, womit sie die traditionelle Werbung bei weitem übertrifft. Da immer mehr Daten über Internetnutzer gesammelt werden, steigen die Einnahmen exponentiell.

Indem Internetnutzer täglich – und meist ohne darüber nachzudenken –, mit einem Klick Nutzungsbedingungen und Cookies zustimmen, ermöglichen sie Websites, Apps und sozialen Netzwerken den Zugriff auf ihre persönlichen Daten, die diese nutzen, um personalisierte Werbung zu schalten. Das klingt harmlos, doch diese auf uns zugeschnittene Werbung ist das Ergebnis einer digitalen Revolution, deren Folgen noch gar nicht absehbar sind.

Digitale Werbung beeinflusst die Menschen weltweit nicht nur im Internet, sondern auch im realen Leben. Desinformation ist eine neue Form des Betrugs, die in den vergangenen Jahren entstanden ist und auf kollektiver Ebene wirkt. Manche halten die Desinformationskrise für eine der größten Bedrohungen der Menschheit.

Kann Online-Werbung ethischer gestaltet werden? Können Internetnutzer besser geschützt werden? Ist es an der Zeit, die Plattformen in die Verantwortung zu nehmen? Welche Auswirkungen hat der Digital Services Act, der 2024 in Europa in Kraft getreten ist? Cyber-Experten, Journalisten, Forscher, Betrugsopfer, Gesetzgeber und Aktivisten sind sich einig, dass die Kontrolle über das Internet und die sozialen Netzwerke zurückgewonnen werden muss. Die Dokumentation zeigt, dass ein Wandel möglich ist. Auch wenn eine gerechtere und sicherere digitale Welt noch in weiter Ferne liegt, solange ihre Hauptakteure nicht dazu gezwungen werden.

Dokumentarfilm (E/F 2023, 86 Min)
Video verfügbar bis zum 19/12/2024

Michael Lambert — Opinion: So Many Problems with the UK Economy

Nov 23, 2024 | The UK economy is in a bad way and it is difficult to see how it can improve. Government borrowing in October was £17.4 billion, much more than expected and a record amount for any October since records began. Interest on the national debt is currently £102 billion per year, equal to twice the defence budget.

Retails sales in October were down and energy prices are set to rise further. The government's plan is to go for growth whilst businesses are closing, and many are struggling.

Electricity prices are 78% higher than the average in the EU and four times the rate in the USA. Foreign investors own much of our infrastructure and major businesses, and a Japanese consortium has just been contracted to operate the new Elizabeth Line (Crossrail), taking over from the Hong Kong Metro.

Government waste seems out of control. Under the Public Order Act, police are able to detain and punish anyone who expresses opinions which they disapprove of.

In another apparent waste of public money 470 delegates from the UK attended Cop29 in Baku in Azerbaijan, and the owner of Clearsprings Ready Homes Ltd which provides accommodation for asylum seekers made a profit of £62.5 million in the year ending (y/e) January 2023 and £91 million in y/e January 2024. It is difficult to see any positive outcome for the British economy.


Michael, I wholeheartedly agree with your take on the state of the UK. I hate to sound negative, but I have lived long enough to see how the UK operates. I am sorry to say that I see no future whatsoever for this country. The country will just go on bungling along. First, we lost the Empire. Then, our economy went down and down until we became the “Sick Man of Europe”. Then, along came Lady Luck who shined upon us, blessing the nation with great good fortune — a fortunate stroke of serendipidy. We were given the chance to enter the then Common Market. The UK economy started to bloom again. That was until economically illiterate, backward-thinking people insisted that the British electorate be given that stupid Brexit referendum. The result is well-known, and its effects on the UK economy, too. So, we are now on a downward slide into poverty and insignificance.

Current British attitudes amongst the far right show no signs of contrition. On the contrary, they are doubling down, and they are pinning their hopes on the recently elected felon in the USA to reverse their fortunes. I fear that they are “whistling Dixie”. – © Mark Alexander

NZZ erklärt: Trump Regierung: Wie Musk, Hegseth, Kennedy, Gabbard & Co. die USA aufmischen wollen

Nov 22, 2024 | Trump ernennt seine Regierung in Windeseile. Einige Ernennungen sind keine Überraschung – andere schockieren. Wir ordnen ein.

Portugal Brain Drain: Young Professionals Flee Stagnating Economy

Nov 17, 2024 | A stagnant economy and spiraling cost of living in Portugal are forcing a generation of young people to seek opportunities elsewhere - a brain drain that costs the economy billions of dollars in lost revenue.

The government's planning generous tax breaks for young people to encourage them to stay. But even that might not be enough.

Al Jazeera’s Jonah Hull reports from Lisbon, Portugal.

The Guardian View on Donald Trump’s Plutocrats: Money for Something

THE GUARDIAN — EDITORIAL: The Republicans were always the party of big business, but Mr Trump is turning them into a playpen for oligarchs

One person turns up surprisingly often at Donald Trump’s side. Not his No 2, JD Vance, nor his wife, Melania, but another man a quarter-century younger and about $300bn heavier: Elon Musk. The two hunkered down in Mar-a-Lago on the night of the election, celebrating the results. This week they were in Texas, watching Mr Musk’s staff test-launch a spacecraft. During the campaign, Mr Musk personally chipped in $130m, made speeches at rallies and organised campaigns to “get out the vote”. Last week, the world’s richest man was picked by the president-elect to run a new “department of government efficiency”. So close are the pair that Mr Musk dubs himself “First Buddy”.

American politics has always been coiled around money, tight as a vine around a trunk. Nearly 25 years ago, George W Bush joked at a swanky white-tie dinner: “Some people call you the elites; I call you my base.” Nor is it confined to the right wing. Of the two main candidates in this month’s election, more billionaires backed Kamala Harris. One result is a highly warped politics that works against the very people it urges to go out and vote. » | Editorial | Wednesday, November 20, 2024

Democracy is DYING before our very eyes; in fact, one could argue that it is already DEAD. But plutocracy LIVES; in fact, it is THRIVING. — © Mark Alexander

What's behind the US Indictment of Indian Billionaire Gautam Adani? | DW News

Nov 21, 2024 | Indian billionaire Gautam Adani, one of the world's richest people, has been indicted on multiple counts of fraud in the US. The criminal charges are related to his alleged role in a scheme to bribe officials in India. Prosecutors say he and other senior executives paid more than 250 million dollars to win contracts for his renewable energy company. His Adani Group has issued a statement describing the allegations as baseless.

UK Inflation Rises to 2.3%, Increasing Pressure to Delay Interest Rate Cut

THE GUARDIAN: Figure is above Bank of England target after energy bills push up prices

Inflation increased to 2.3% in October, heaping pressure on the Bank of England to delay further interest rate cuts until next year.

Figures released by the Office for National Statistics (ONS) on Wednesday showed that a rise in energy bills pushed up the consumer prices index (CPI), reversing a downward trend this year in inflation, which was 1.7% in September.

The figure for the year to October was slightly above the 2.2% City economists had expected. » | Phillip Inman | Wednesday, November 20, 2024

THE TELEGRAPH: Interest rates to ‘stay higher for longer’ after inflation blow: Interest rates risk staying “elevated for longer”, economists have warned, after inflation rose at a faster pace than expected last month. / Policymakers are “unlikely” to cut borrowing costs at its meeting in December, analysts said, after the pace of price rises surged back above the Bank of England’s 2pc target in October. »

Argentina after One Year of President Milei | DW Documentary

Nov 19, 2024 | Is Javier Milei a savior or a destroyer? It’s been just over a year since the far-right, chainsaw-wielding 54-year-old was elected President of Argentina, and society is more divided than ever before.

Argentina’s poverty rate has soared to over 50% since Javier Milei took office. Many young voters opted for Milei because they wanted a radical break from the previous government. Many Argentinians in the business community are also hoping Milei's "shock therapy” will improve the economic situation - while others are stunned by the president's harsh reforms.

In his first year in office, Milei did not hold back, abolishing many ministries, scaling back publicly funded media and cutting many subsidies. We hear from both supporters and opponents of the president and his policies, including farmers, students, pensioners, trade unionists, journalists and entrepreneurs.

Starmer the Farmer Harmer: Inside the Protest That's Rocked the Government | The Daily Telegraph

Nov 19, 2024 | Rachel Reeves’ Budget has backfired spectacularly, with thousands of farmers protesting in central London today against the introduction of inheritance tax on farmland.

Kamal and Gordon joined the demonstration in a very wet Westminster to speak to furious farmers who say the future of British agriculture is at risk.

They also hear from shadow environment secretary Victoria Atkins and Leader of the Opposition Kemi Badenoch about how Labour simply doesn't understand the countryside.

Richard Wolff: The Decline of the US Empire Is Shown by the Record High National & Corporate Debt

Monday, Nov 18, 2024 | The relative economic decline of the US and its allies (G7) versus China and its allies (BRICS) leads to (1) realignment of global trade and investment, (2) changed global politics and alliances, and (3) basic cultural shifts inside and among nations.

The political crises facing the United States at home and abroad hinge on this question: How will the US manage its decline?


The USA is sinking into the mire. Donnie baby hasn’t got a chance in hell of turning this sinking ship around! If anything, his policies will force the ship to sink further and more quickly! America’s position in the world as the world’s superpower is about to be usurped, I fear. Americans insist on living beyond their means. They insist on believing in their delusion of the “American Dream”. One can but wonder who will take over from the leadership of the “delinquent” USA! – © Mark Alexander

Kommunismus, Sozialismus und Bolschewismus | Geschichte

Jan 31, 2019 | Kommunismus, Sozialismus und Bolschewismus – diese Begriffe werden häufig in einen Topf geworfen. Aber es gibt Unterschiede, die dir Mirko natürlich gerne erklärt.

Der Kommunismus ist eine Idealvorstellung der menschlichen Gesellschaft. In dieser Vorstellung sollen alle Produktionsmittel, also Dinge, die man braucht, um etwas zu produzieren allen Menschen gemeinsam gehören. Die Güter sollen gerecht verteilt werden. In der Realität läuft es aber anders.

Dank der Industrialisierung kann so viel produziert werden, wie noch nie zuvor. Gerecht verteilt werden die Güter aber trotzdem noch nicht. Karl Marx und Friedrich Engels fordern deshalb, dass die Errungenschaften des Fortschritts allen Menschen zukommen. Es soll kein Privateigentum mehr geben, alles soll der Gemeinschaft gehören und jeder soll nach seinen Fähigkeiten arbeiten und nach seinen Bedürfnissen vom Vorhandenen nehmen.

Niedergeschrieben haben Marx und Engels diese Vorstellungen im kommunistischen Manifest. Karl Marx begründet darauf die wissenschaftliche Lehre des Marxismus. In Russland entwickelt Wladimir Iljitsch Lenin diese Lehre weiter und wird zum Anführer der russischen Oktoberrevolution. Er will in Russland eine kommunistische Gesellschaft aufbauen. Den Weg dahin hat Marx genau ausgearbeitet. Nach verschiedenen Phasen der Ausbeutung, die sich durch die Menschheitsgeschichte ziehen, soll laut Marx auf den Kapitalismus der sogenannte Sozialismus folgen. Der Sozialismus ist laut Marx die Vorstufe zum Kommunismus.

Im Sozialismus wird der Kommunismus sozusagen vorbereitet. Um zu verhindern, dass es wieder zu Ungleichheiten kommt, soll im Sozialismus der Staat die Produktion planen. Im Sozialismus sind die Klassenunterschiede noch nicht aufgehoben, aber eine demokratische Austragung von Konflikten. Laut Marx Lehre soll sich der Sozialismus zum Kommunismus entwickeln. Die Staaten werden dann, so Marx, irgendwann überflüssig und lösen sich auf, der weltweite Kommunismus entsteht. In dieser Idealvorstellung sollen die Menschen alles gerecht teilen und nicht mehr gegeneinander kämpfen. Bevor diese Vorstellung Realität werden kann, müssen laut Marx aber zuerst die verschiedenen Stufen der Unterdrückung und der Sozialismus durchlaufen werden.

In Russland ist zur Zeit des Zarenreiches allerdings noch nicht einmal ganz im Kapitalismus angekommen. Laut Marx Lehre muss aber erst der Kapitalismus entstehen und zugrunde gehen, bevor der Sozialismus entstehen kann. Lenin und seine Genossen wollen auf dem Weg zum Kommunismus sozusagen eine Abkürzung nehmen. Das führt zum Streit innerhalb der kommunistischen Partei in Russland. Während ein Teil der Partei zuerst eine bürgerliche Revolution der Massen und eine parlamentarische Demokratie fordert, bevor man zum Sozialismus übergehen kann, fordert Lenin, direkt den Sozialismus einzuführen und den Kapitalismus sozusagen zu überspringen. Lenin und seine Anhänger erlangen die Mehrheit bei der Abstimmung über die künftige Vorgehensweise und nennen sich fortan Bolschewiki – Mehrheitler. Daher der Begriff Bolschewismus.

Mit einer Partei aus speziell ausgebildeten Berufsrevolutionären arbeitet Lenin auf die Revolution im Sinne des Bolschewismus hin. Im Oktober 1917 gelingt sein Vorhaben. Um den Sozialismus durchzusetzen, nutzen Lenin und sein Nachfolger Stalin Gewalt und Terror. Mehr zu den Begriffen Kommunismus, Sozialismus und Bolschewismus und dazu, wie du sie unterscheiden kannst, erfährst du in diesem Video.

The Observer View on Trade Relations: Closer Ties with EU Is the Lever for Economic Growth

THE OBSERVER: Amid sluggish UK productivity and global insecurity, pulling closer to Europe is diplomatically and economically vital

Achieving the fastest sustainable growth in the G7 was the Labour party’s highest-profile pledge going into the general election last July. Chancellor Rachel Reeves has said that boosting growth is “at the heart of everything she does”. But there was concerning news last week with new figures showing the economy grew by just 0.1% in the three months to the end of September, falling significantly short of expectations.

Some business leaders have linked this anaemic growth to uncertainty in the run-up to last month’s budget. But it will largely still be a product of factors outside the new chancellor’s control, including the decisions of the last Conservative government.

It is nevertheless disturbing news for Labour as well as for the country. The Resolution Foundation forecasts disposable household income per person is forecast to rise by just 0.5% a year on average over the course of this parliament. The results of the US election sound an important alarm bell about the extent to which voters are willing to punish incumbent centre-left governments for failing to deliver noticeable increases in living standards. » | Observer editorial | Saturday, November 16, 2024

Wolff Responds Special Election Reaction

Nov 6, 2024 | Today's Special "Wolff Responds", Professor Wolff is joined by Dr Harriet Fraad and Professor Shahram Azhar to discuss the results of the 2024 Presidential election

Inflation Is Not Under Control

Nov 15, 2024

Daniel Lacalle’s website here »

Britain Must ‘Welcome’ Closer Ties with Europe, Says Andrew Bailey

THE TELEGRAPH: Bank chief to urge Chancellor to forge stronger post-Brexit relations after Trump victory

Britain must rebuild trade ties with Europe to help stem the economy’s long-term decline, the Bank of England Governor has told Rachel Reeves.

In a major intervention in the wake of Donald Trump’s US election victory, Andrew Bailey is urging the Chancellor to “welcome opportunities to rebuild” post-Brexit relations with the Continent as Ms Reeves orders regulators to focus on growth as part of plans to fire up the City.

Addressing an audience of bankers at the annual Mansion House dinner, Mr Bailey will say that the UK’s economic performance since the 2008 financial crisis is “not a good story”, warning that Brexit has had “consequences” for growth. » | Szu Ping Chan Economics Editor. Eir Nolsøe Senior Economics Reporter | Thursday, November 14, 2024

Germany's Downfall: Can a New Government Turn Things Around? | To The Point

Nov 14, 2024 | Germany’s government coalition collapsed the day Donald Trump was announced winner of the US elections. Now, Germans will have to decide who will rule the country in a snap election in February. Until then, little else will get done. Olaf Scholz has become a lame duck chancellor - at a time when Germany needs strong political leadership more than ever: the economy is struggling, society is divided. Europe’s heavyweight has come to a halt, including in foreign policy. That’s especially bitter for Ukraine: while its two biggest supporters, the US and Germany, are stuck in a power vacuum, its war against Russia continues to escalate. On To the Point we ask: Germany's downfall: can a new government turn things around?

Featuring Guests:
Michaela Küfner, DW's Chief Political Editor
Felix Lee, SZ Dossier
Melinda Crane, US Expert

Trump Wants to 'Aggressively' Spread Brexit throughout Europe | Yanis Varoufakis

Nov 13, 2024 | “He has an agenda…He wants to make Brexit spread all over the European continent.”

Trump will apply “aggressive actions” to the European Union as he sees it as “a clear present danger to the United States”, says former Greek finance minister Yanis Varoufakis.

Europe Braces for Trump: ‘Worst Economic Nightmare Has Come True’

THE NEW YORK TIMES: The United States is the biggest trading partner for the European Union and Britain, whose economies could be at risk from the president-elect’s policies.

The outlook for Europe’s economy has been disappointing.

Last week — after Donald J. Trump’s presidential election — it got worse.

Deep uncertainty about the Trump administration’s policies on trade, technology, Ukraine, climate change and more is expected to chill investment and hamstring growth. The launch of a possible tariff war by the United States, the biggest trading partner and closest ally of the European Union and Britain, would hammer major industries like automobiles, pharmaceuticals and machinery.

And the need to raise military spending because of doubts about America’s guarantees in Europe would further strain national budgets and increase deficits. In addition, the president-elect’s more confrontational attitude toward China could pressure Europe to pick sides or face retribution. » | Patricia Cohen | Patricia Cohen covers the global economy from London. | Tuesday, November 12, 2024

Why Is Argentina’s Economy Such a Mess?

Sep 7, 2023 | Rampant inflation, a booming black market for US dollars and crippling debt - welcome to Argentina, one of the world's most dysfunctional economies. How did it end up like this?

Mauricio Macri: Where Argentina's Economy Is Headed

Oct 21, 2024 | This session will feature a deep discussion with former Argentine President Mauricio Macri on Argentina's economic reforms and future outlook. Having served as president from 2015 to 2019, Macri will address the recent radical economic reforms introduced by President Javier Milei, evaluating their impact and discussing criticisms. The session will compare these reforms with Macri's own administration and explore the challenges of implementing such large-scale changes within Argentina's historically Peronist political environment.

Additionally, Macri will provide insights into lessons that South Korea, which has rapidly achieved economic growth and now faces various challenges, can learn from Argentina's historical economic rise and fall. He will also discuss investment opportunities for Korean companies in Argentina and offer advice considering the country’s economic and social instability. Finally, the session will consider the potential impact of the upcoming U.S. presidential election on U.S. foreign policy towards Latin America and discuss strategies Latin American countries can adopt to advance their economies and improve living standards.

. Copyright ⓒ Maeil Business Newspaper. All rights reserved. Unauthorized reproduction, redistribution, and use (including for AI learning) are prohibited.

Argentina Collapses into Poverty

Oct 28, 2024

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The Federal Trust: Is Trump the Destroyer of Brexit?

Nov 8, 2024 | John Stevens and Brendan Donnelly discuss the implications of Donald Trump's reelection as US President. They argue that his Presidency may well usher in a reconfiguration of British politics and facilitate in the medium term the UK's return to the European Union.

SPEAKERS
Brendan Donnelly is the Director of the Federal Trust and a former Conservative MEP. John Stevens is the Chair of the Federal Trust and an analyst and commentator on economic affairs.

ABOUT THE FEDERAL TRUST
The Federal Trust is a research institute studying regional, national, European and global levels of government. It has always had a particular interest in the European Union and Britain’s place in it. The Federal Trust has no allegiance to any political party. It is registered as a charity for the purposes of education and research.

Trump Is Going to Try to Do Terrible Things!

Steve Schmidt of The Warning tells Americans what they need to do.

The Guardian View on the Return of President Trump: A Bleak Day for America and the World

THE GUARDIAN – EDITORIAL: His voters knew what they were getting when they picked him over Kamala Harris. But his opponents cannot despair

This is an exceptionally bleak and frightening moment for the United States and the world. Donald Trump swept the electoral college and is on course to take the popular vote – giving him not merely a victory, but a mandate. If many voters gambled on him in 2016, they doubled down this time. Presented with a choice between electing the first black, female president on a promise of a sunnier future, and a racist, misogynist, twice-impeached convicted felon hawking hatred and retribution, they picked Mr Trump.

The stark divide between two Americas persists. But polls did not predict the scale of this victory. Only one president has previously won two non-consecutive terms. In 2021, Mr Trump seemed briefly to have lost his own party. Now he has increased his vote share across the country and multiple groups of voters. This – even more than the two assassination attempts en route – will convince him of his invincibility. » | Editorial | Wednesday, November 6, 2024

Why Donald Trump’s return is a disaster for Europe: We face the prospect of a debilitating trade war – and an emboldened Putin. The EU and UK must now work together »

Trump’s Victory Adds Record $64bn to Wealth of Richest Top 10

THE GUARDIAN: Share surge increases Elon Musk’s fortune by $26bn in a day as Jeff Bezos, Sergey Brin and Bill Gates also benefit

The wealth of the 10 richest people in the world – a list dominated by US tech billionaires – increased by a record amount after Donald Trump’s victory in the presidential election, according to a widely cited index.

The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people gained nearly $64bn (about £49.5bn) on Wednesday, the largest daily increase since the index began in 2012.

Elon Musk, the world’s richest person, registered the largest increase with a $26.5bn addition to his fortune, which now stands at $290bn. The prominent backer of Trump’s campaign, benefited from a surge in the share price of Tesla, the electric carmaker where he is chief executive and in which he owns a 13% stake.

The gains came as tech business leaders, including Amazon’s Jeff Bezos, Mark Zuckerberg, chief executive of Facebook parent Meta, and Apple’s Tim Cook publicly congratulated Trump on his election win. » | Dan Milmo, Global technology editor | Thursday, November 7, 2024

TIMES RADIO: Elon Musk's Dad Claims His Son Has 'Seen the Light' on Donald Trump

Nov 5, 2024 | "Elon is not far Right, let's just get something clear here, Donald Trump is not far-right...He's dead centre"

Contraband Whiskey and a Secret Royal Dinner: Wall Street Goes to Riyadh

THE NEW YORK TIMES: Are you an international business titan on the hunt for billions of dollars of Saudi oil cash? Prepare for “a mind game.”

At exactly 6:19 p.m. last Tuesday, in a gold-trimmed hallway snaking off the lobby of the Ritz-Carlton, Riyadh, a lesson emerged in money, power and what Arabs call wasta, or influence.

The scene was opened by Marc Rowan, the private equity billionaire, pacing the carpet leading up the unremarkably named Meeting Room B — where a few minutes earlier chairs had been arranged in a semicircle.

Mr. Rowan, clad in a neat suit rather than his usual sweaters, was 11 minutes early — he actually doubled back a few times, apparently unwilling to arrive first — but was soon followed by a dozen or so titans of technology and finance, including top executives of the Carlyle Group, BlackRock, Citi and Standard Chartered, and founders of the giant hedge funds Bridgewater Associates and Third Point. » | Rob Copeland | Tuesday, November 5, 2024

Bernie Sanders: As This Presidential Campaign Comes to an End, Let Me Say a Few Words

Nov 4, 2024

Are Billionaires a Problem? | ARTE.tv Documentary

Mar 26, 2024 | The richest man in the world - Frenchman Bernard Arnault - is worth more than 200 billion euros. Around the world, the super rich are getting ever richer. Since money can buy power and influence. Are billionaires undermining democracy?

She Refused to Listen: Inside Thatcher's Monetarism Experiment

Nov 4, 2024 | Join Sir Tim Lankester, Margaret Thatcher's first private secretary for economic affairs, as he discusses his new book "Inside Thatcher's Monetarism Experiment" with IEA Executive Director Tom Clougherty. Drawing from his first-hand experience in the early years of the Thatcher government, Sir Tim examines the adoption of monetarism as the primary tool for fighting inflation in 1979-81, arguing that while the broader economic reforms of the period were successful, the strict adherence to monetary targets led to unnecessarily high unemployment.

In this discussion, Sir Tim reflects on his transition from studying Keynesian economics at Cambridge to becoming what he calls a "disbelieving monetarist" in government. He provides insights into Margaret Thatcher's unwavering conviction in monetarist theories, her hands-on involvement in monetary policy, and her qualities as a boss. The conversation also explores the economic context of the 1970s, including high inflation, industrial unrest, and the 1976 IMF loan that set the stage for the monetarist experiment.

The event concludes with a lively Q&A session covering topics including current monetary policy, quantitative easing, and the long-term impact of the Thatcher government's economic reforms. Sir Tim offers a balanced assessment of the period, praising the supply-side reforms while maintaining his criticism of what he terms "hard monetarism" in the early years of Thatcher's premiership.

‘Snake Oil Salesman’ Trump Loses Election Momentum | Scott Lucas

Nov 3, 2024 | “He in fact didn’t fix anything while he was president… He left the economy in a worse position.”

Donald Trump is not capable of solving the US’s economy problems, says Scott Lucas.